Xplora Technologies: Strong Q4, Doro launch on track - ABG

EBITDA 25% above driven by lower marketing costs
Reiterates launch of Doro pre-installed sim cards in Q2
Cons likely to lift '25e EBITA by 5% and share to outperform


EBITDA 25% above driven by lower marketing

Total revenue was NOK 243m, spot on ABGSCe of NOK 243m, corresponding to a y-o-y growth of 15%. Gross margin was 47.7% slightly below ABGSCe at 48.5%, resulting in gross profit 2% below. Opex was NOK 93m, 6% lower than ABGSCe of NOK 99m entirely driven by lower marketing costs (NOK 25m vs. ABGSCe NOK 31m), which is flat y-o-y. As a result, EBITDA came in at NOK 23m, 25% above ABGSCe of NOK 18m. This corresponds to an EBITDA margin of 9.4% vs. 3.0% in Q4'23. As such, we start to see operating leverage coming through with opex/sales at 38%, down from 41% in Q4'23. EBITA (bef M&A amortization) was NOK 17m, 4m above ABGSCe of NOK 13m.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/xplora_technologies/Equity-research/2025/2/xplora-technologies---strong-q4-doro-launch-on-track/