* Q2 EBITDA 13% below cons on lower senior device sales
* Doro Connect first retail pilot complete, Norway rollout from September
* Expect cons to lower '26 EBITDA by 4-6%, share to follow
EBITDA NOK 49m, -13% vs cons
Revenue was NOK 422m, 9% below cons of NOK 462m and 6% below ABGSCe of NOK 447m. The gross margin was 54.1% vs. cons of 51.5% and ABGSCe of 51.9%. Opex was NOK 180m, about in line with ABGSCe of NOK 179m and cons of NOK 182m, and we argue this shows good cost control. This gave an EBITDA of NOK 49m, 13% below cons of 56m and 8% below ABGSCe of NOK 53m, corresponding to an EBITDA margin of 11.5% vs. 12.9% in Q2'25. Capex was NOK 11m (ABGSCe NOK 12m), resulting in EBITDA-capex of NOK 38m, 8% below ABGSCe of NOK 41m. The miss vs cons is driven almost entirely by lower device sales in the Senior segment, which is not very surprising given the exceptionally strong growth the company has had in this segment the past year partly boosted by the shutdown of 2G networks.
Senior device sales 8% below ABGSCe
Total device revenue was NOK 332m, 6% below ABGSCe of NOK 355m. Kids & Youth device sales of NOK 137m was 1% below ABGSCe, and Senior device sales (Doro) of NOK 198m was 8% below ABGSCe. Kids & Youth service revenue was NOK 90m, 2% below ABGSCe of NOK 92m, corresponding to a growth of 10% y-o-y. Number of Kids subscriptions ended at 502k as pre-announced, of which 310k were Connectivity (ABGSCe 314k), 138k were Premium (ABGSCe 135k), 32k were B2B (ABGSCe 37k), and 22k were Service fee (ABGSCe 19k). This gave a monthly ARPU of NOK 61 vs. ABGSCe of NOK 62, which compares to NOK 72 in Q2'25. Watch activations was 127k in the quarter, in line with sales of 127k units.
Some progress on Doro Connect and a good launch for XploraOne
During Q2'26, Doro connect saw the first retail pilot launch in Hamar in Norway at Power, and is preparing for full rollout in September. Further, the company is preparing for pilot launch in Sweden in September. Additionally, the kids phone XploraOne was launched in Q1, and achieved 6k units sold during the quarter. This is a very promising start in our view.
Expect a mid-single digit share underperformance today
Outlook remains relatively unchanged. On the back of a weaker report we expect consensus to reduce '26e EBITDA by 4-6%.