Xplora Technologies 202610090742 flash

Commissioned research: Xplora Technologies – Monthly Subscriptions Update September 2026 Marketing material commissioned by Xplora Technologies

Xplora's monthly subscriptions update shows that the Xplora Kids subscribers base for Q2 2026 ended at 552k (Xplora does not give a split for the subscriber base). The company continued its strong conversion of new subscribers with a gross inflow of 100k in Q3 and increased its subscriber base by 109k y/y. The reported Q3 subscriber base of 552k was ~2% above our estimate of 539k, and we do, on the back of this, expect to make slight positive revisions for this segment ahead of the Q3 report.

Our subscriber estimates for the Kids segment for Q3 2026: l Connectivity: 325k l Premium services: 148k l B2B subscription: 41k

xplora kids: subscriber base development xplora kids: monthly inflow and outflow

# of subscribers in thousands # of subscribers in thousands

y/y growth Total subscribers Gross new subscribers Churn

Source: Company data and Nordea estimates Source: Company data and Nordea estimates

Summary Table - Key Figures NOKm E 2027E 2028E Total revenues ,918 1,885 2,078 2,327 EBITDA (adj.) - EBIT (adj.) - EBIT (adj.) margin -16.9% -3.32% 3.32% 9.80% 4.47% 6.49% 10.3% EPS (adj.) - EPS (adj.) growth -293.6% 64.5% 129.4% -129.5% 2,007% 41.2% 111.9% DPS EV/Sales n.a. n.a. n.a. EV/EBIT (adj.) n.a. n.a. n.a. P/E (adj.) n.a. n.a. n.a. n.m. P/BV n.a. n.a. n.a. Dividend yield n.a. n.a. n.a. 0.00% 0.00% 0.00% 0.00% FCF yield before AD, lease adj n.a. n.a. n.a. -0.55% 14.1% 12.1% 16.9% Net interest bearing debt - Net debt/EBITDA n.m. - ROCE -19.5% -6.50% 6.72% 21.2% 6.59% 10.7% 17.3% Source: Company data and Nordea estimates

Brage Sverdrup-Asker Analyst Nordea | Investment Banking & Equities | Equity Research Norway Tel: E-mail:

Completion date: 09/10/2026 07:42 CEST As of today, Nordea Abp holds no positions of 0.5% or more of shares issued by Xplora Technologies. This report has not been reviewed by the Issuer prior to publication. Nordea analysts do not hold shares in the companies that they cover. No holdings or other affiliations by analysts or associates.

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