Q2 2026 Nordic Semiconductor ASA Earnings Call

August 6, 2026

Operator: Conduct this Q2 2026 presentation. For the first part of this call, all participants will be in a listen-only mode. Afterwards, there'll be a question and answer session. This call is being recorded. I'd now like to turn the call over to Head of Investor Relations Ståle, please begin.

Speaker #1: For the first part of this call, all participants will be in listen-only mode. Afterwards, there will be a Q&A session.

Speaker #1: This call is being recorded. I would now like to turn the call over to Head of Investor Relations, Stale Ytterdal. Please begin.

Speaker #2: Thank you, Rasmus, and good morning, everyone. Please note that this presentation, as Rasmus said, is being recorded and will be accessible afterwards on our investor relations website, where you will also find the earnings press release, quarterly report, and presentation material.

Ståle Ytterdal: Thank you, Rasmus. Good morning, everyone. Please note that this presentation, as Rasmus said, is being recorded and will be accessible afterwards on our investor relations website, where you'll also find the earnings press release, quarterly report, and presentation material. With me today we have our CEO, Vegard Wollan, CFO, Pål Elstad. They will share details about our Q2 2026 financial performance and updates on key business developments. Following the presentation, we will move on to Q&A segment. During this time, live questions can be submitted through the Q&A dial-in feature. For instruction on how to dial in, please refer to the earnings call invitation available on the stock exchange notice on our IR website. Please keep in mind that the dial-in is required only if you'd like to ask questions. As a reminder, this presentation includes forward-looking statements that comes with inherent risk and uncertainties.

Steel Ytterdal: Thank you, Rasmus. Good morning, everyone. Please note that this presentation, as Rasmus said, is being recorded and will be accessible afterwards on our investor relations website, where you'll also find the earnings press release, quarterly report, and presentation material. With me today we have our Chief Executive Officer, Vegard Wollan, Chief Financial Officer, Pål Elstad. They will share details about our Q2 2026 financial performance and updates on key business developments. Following the presentation, we will move on to Q&A segment. During this time, live questions can be submitted through the Q&A dial-in feature. For instruction on how to dial in, please refer to the earnings call invitation available on the stock exchange notice on our IR website. Please keep in mind that the dial-in is required only if you'd like to ask questions. As a reminder, this presentation includes forward-looking statements that comes with inherent risk and uncertainties.

Speaker #2: With me today, we have our CEO, Vegard Wollan, and CFO, Pal Elstad. They will share details about our second quarter 2026 financial performance and updates on key business developments.

Speaker #2: Following the presentation, we will move on to the Q&A segment. During this time, live questions can be submitted through the Q&A dial-in feature. For instructions on how to dial in, please refer to the earnings call invitation available under Stock Exchange Notice on our IR website.

Speaker #2: Please keep in mind that the dial-in is required only if you would like to ask questions. As a reminder, this presentation includes forward-looking statements that come with inherent risks and uncertainties.

Speaker #2: Actual outcomes may differ materially from statements expressed or implied. We highly recommend reviewing our detailed Q2 2026 quarterly report and the 2025 annual report for a deeper understanding of the risks and uncertainties that could impact our business operations.

Ståle Ytterdal: Actual outcome may differ materially from statements expressed or implied. We highly recommend reviewing our detailed Q2 2026 quarterly report and the 2025 annual report for deeper understanding of the risks and uncertainties that could impact our business operations. With that, I will now hand the microphone over to our CEO, Vegard Wollan.

Steel Ytterdal: Actual outcome may differ materially from statements expressed or implied. We highly recommend reviewing our detailed Q2 2026 quarterly report and the 2025 annual report for deeper understanding of the risks and uncertainties that could impact our business operations. With that, I will now hand the microphone over to our Chief Executive Officer, Vegard Wollan.

Speaker #2: With that, I will now hand the microphone over to our CEO, Vegard Wollan.

Speaker #3: Thank you, Steel. And good morning, everyone. Q2 was another solid quarter for Nordic, both operationally and financially. Our product renewal program continues to progress very well.

Vegard Wollan: Thank you, Ståle. Good morning, everyone. Q2 was another solid quarter for Nordic, both operationally and financially. Our product renewal program continues to progress very well, both strengthening our competitive position and expanding our addressable market. At the same time, we continue to develop our software offering and have launched cutting-edge AI tools that enable developers to speed up and improve the quality of their product development processes. We continue to grow our cloud services business, which increase the lifetime value of our products. Financially, we achieved record revenue in Q2, an increase by 33% to $219 million. This was once again at the high end of our guiding range. This brings revenue for the last 12 months to $759 million, up 21% from Q2 last year.

Vegard Wollan: Thank you, Steel. Good morning, everyone. Q2 was another solid quarter for Nordic, both operationally and financially. Our product renewal program continues to progress very well, both strengthening our competitive position and expanding our addressable market. At the same time, we continue to develop our software offering and have launched cutting-edge AI tools that enable developers to speed up and improve the quality of their product development processes. We continue to grow our cloud services business, which increase the lifetime value of our products. Financially, we achieved record revenue in Q2, an increase by 33% to $219 million. This was once again at the high end of our guiding range. This brings revenue for the last 12 months to $759 million, up 21% from Q2 last year.

Speaker #3: Both strengthening our competitive position and expanding our addressable market. At the same time, we continue to develop our software offering and have launched cutting-edge AI tools that enable developers to speed up and improve the quality of their product development processes.

Speaker #3: And we continue to grow our cloud services business, which increases the lifetime value of our products. Financially, we achieved record revenue in the second quarter—an increase of 33% to $219 million.

Speaker #3: This was once again at the high end of our guiding range, and this brings revenue for the last 12 months to $759 million, up 21% from the second quarter last year.

Speaker #3: As in the first quarter, we saw growth both in short range and long range, and among both large customers and the broad market, and across the consumer and industrial healthcare segments.

Vegard Wollan: As in Q1, we saw growth both in short range and long range, among both large customers and the broad market, and across the consumer and industrial healthcare segments. Gross margin was 53.1% in Q2, up from 50.7% in Q2 last year, and from 52.1% in Q1 this year. Overall, this generated an EBITDA of $36 million when adjusted for non-cash costs effects related to the Memfault acquisition, up from $21 million in Q2 last year and from $24 million in Q1. As I just mentioned, we continue to see growth both among our key customers and in the broad market. This quarter, we see particularly strong performance in the broad market.

Speaker #3: Gross margin was 53.1% in the second quarter, up from 50.7% in the second quarter last year and from 52.1% in the first quarter this year.

Speaker #3: Overall, this generated an EBITDA of $36 million, when adjusted for non-cash cost effects related to demand fault acquisition. This is up from $21 million in the second quarter last year, and from $24 million in the first quarter.

Speaker #3: As I just mentioned, we continue to see growth both among our key customers and in the broad market. And this quarter, we see particularly strong performance in the broad market.

Speaker #3: Revenue from the top 10 customers is at an all-time high on a rolling 12-month basis, and we are continuing to grow the design activity with our key customers at a high level.

Vegard Wollan: Revenue from the top 10 customers are at an all-time high on a rolling 12-month basis, we are continuing to grow the design activity with our key customers at a high level. However, we have said for a long time that it has been a clear priority for us to regain traction in the broad market, we now see the strongest growth in this area. Broad market revenue is up by almost 60% from the 2024 lows on a rolling 12-month basis, although still almost 20% below the peak levels from 2022. We continue to see great upside potential, we see both new customers and returning customers. Looking at the end customer Bluetooth Low Energy certifications, we account for 31% of the total number of certifications, although we dropped somewhat below 30% in Q2 isolated.

Speaker #3: However, we have said for a long time that it has been a clear priority for us to regain traction in the broad market. And we now see the strongest growth in this area.

Speaker #3: Broad market revenue is up by almost 60% from the 2024 lows on a rolling 12-month basis, although it is still almost 20% below the peak levels from 2022.

Speaker #3: We continue to see great upside potential, and we see both new customers and returning customers. Looking at end-customer Bluetooth Low Energy certifications, we account for 31% of the total number of certifications.

Speaker #3: Although we dropped somewhat below 30% in the second quarter, isolated, designs based on the new NRF54 series accounted for more than 20% of the certifications in Q2, and this will continue to increase over time.

Vegard Wollan: Designs based on the new nRF54 Series accounted for more than 20% of the certifications in Q2, this will continue to increase over time. It's important to note that this is only counting numbers of certifications, it does not distinguish between high and low volume end products. Because of that, this cannot be translated into volume or revenue market shares. Last time, I spoke about four key drivers for Nordic. The first is the continuing wireless connectivity market growth, which creates an attractive business environment for us. The other three are up to us, and with an ever broader portfolio of next-generation hardware, cutting-edge software, and developer tools, and a growing cloud services offering, we are strengthening our competitive position, expanding our addressable market, and increasing the lifecycle value per customer end product.

Speaker #3: It's important to note that this is a count of certifications, and it does not distinguish between high- and low-volume end products. Because of that, this cannot be translated into volume or revenue market shares.

Speaker #3: Last time, I spoke about four key drug drivers for Nordic. The first is the continuing wireless connectivity market growth, which creates an attractive business environment for us.

Speaker #3: The other three are up to us. And with an ever-broader portfolio on next-generation hardware, cutting-edge software and developer tools, and a growing cloud services offering, we are strengthening our competitive position, expanding our addressable market, and increasing the lifecycle value per customer end product.

Speaker #3: What sets us apart in this competitive environment is our complete chip-to-cloud solution. Nordic is continuing to build a position as a trusted partner to its customers.

Vegard Wollan: What sets us apart in this competitive environment is our complete chip to cloud solution. Nordic is continuing to build a position as a trusted partner to its customers. From concept idea through product development, and all the way to the end product's life cycle. We have world-class ultra-low power hardware offering wireless connectivity on multiple protocols, the highest performance processing and compute capabilities on the market, and continuously growing power management portfolio. We have a strong stack of embedded software solutions, including the nRF Connect Software Development Kit that works across the complete chip to cloud solution, and a newly launched AI-assisted development tool that I will get back to in a minute. We have our growing cloud services business that enable secure over-the-air monitoring, debugging, firmware updating of devices in the field, and compliance with the EU Cyber Resilience Act and other regulations coming.

Speaker #3: From concept idea through product development and all the way to the end product's lifecycle, we have world-class, ultra-low-power hardware offering wireless connectivity on multiple protocols, the highest performance processing and compute capabilities on the market, and a continuously growing power management portfolio.

Speaker #3: We have a strong stack of embedded software solutions, including the nRF Connect Software Development Kit, that works across the complete chip-to-cloud solution, and the newly launched AI-assisted development tools that I'll get back to in a minute.

Speaker #3: And we have our growing cloud services business that enables secure over-the-air monitoring, debugging, and firmware updating of devices in the field, as well as compliance with the EU Cyber Resilience Act and other upcoming regulations.

Speaker #3: Let's first take a closer look by clicking in on our hardware portfolio. This is a very busy slide, but it necessarily is so if we have to show the increasing breadth of our portfolio that enables Nordic to capture the broad market and open entirely new opportunities.

Vegard Wollan: Let's first take a closer look by clicking in on our hardware portfolio. This is a very busy slide, but it necessarily is so. If we have to show the increasing breadth of our portfolio that enables Nordic to capture the broad market and open entirely new opportunities. In two years now, we have executed an aggressive roadmap built on the highly competitive 22-nanometer processes from our key partners, GlobalFoundries and TSMC. In short range, you see the growing number of SoCs in the new nRF54 series. Spanning from entry-level parts such as the different nRF54L05 variants through the mainstream nRF54L10, nRF54L15, to the high-end large memory nRF54LM20 A and B, and the nRF54H20, aim to meet the complexity and functionality that intelligence at the edge now demands.

Speaker #3: In two years now, we have executed an aggressive roadmap built on the highly competitive 22-nanometer processes from our key partners, GlobalFoundries and TSMC. In short range, you see the growing number of SoCs in the new nRF54 series.

Speaker #3: Spanning from entry-level parts such as the different 54L05 variants, through the mainstream 54L10 and L15, to the high-end large-memory 54LM20A and B, and the 54H20, all aimed at meeting the complexity and functionality that intelligence at the edge now demands.

Speaker #3: These add to the nRF54 and the nRF53 series, which have also served us so well over the past decade and still account for the bulk of revenue, and even still have new design wins.

Vegard Wollan: These adds to the nRF54 and the nRF53 series, which have also served us so well over the past decade and still account for the bulk of revenue and even still have new design wins. In the middle, you see our long-range portfolio. We introduced the nRF9151 in late 2024, and at Mobile World Congress in March this year, we announced the upcoming nRF92 and the nRF93 series, including the new smart modem variants. This future-ready cellular IoT portfolio now spans LTE-M, NB-IoT, satellite NTN, and Cat 1bis, with options for both integrated applications processors with the open MCU series and external application processors in the smart modem series of the 9x series. We have the Wi-Fi portfolio where we expect to make a step change forward with the upcoming nRF71 series based on 22-nanometer technology and our most modern technology platform.

Speaker #3: In the middle of our long in the middle, you see our long-range portfolio. We introduced the NRF9151 in late 2024. And that mobile world congress in March this year we announced the upcoming NRF92 and the 93 series.

Speaker #3: Including the new smart modem variants, this future-ready cellular IoT portfolio now spans LTE-M, NB-IoT, satellite NTN, and Cat-1 bis. With options for both integrated applications processors with the OpenMCU series, and external application processors in the smart modem series of the 90X9X series.

Speaker #3: Then we have the Wi-Fi portfolio, where we expect to make a step change forward with the upcoming NRF71 series, based on 22-nanometer technology and our most modern technology platform.

Speaker #3: Underpinning all three—spanning short-range, long-range, and Wi-Fi—are the growing portfolio of power management solutions and range extenders. They complement the entire portfolio, improving usability and extending the addressable market.

Vegard Wollan: Underpinning all three, spanning short range, long range, and Wi-Fi, are the growing portfolio of power management solutions and range extenders. They complement the entire portfolio, improving usability and extending the addressable markets. Summing up, this represents the broadest and most modern product portfolio for low-power wireless communication in the market. We are addressing an ever-increasing part of the commercial opportunity, we have only just begun to see the financial impact of the overall product renewal program. On top of our hardware, software, and services pillars, there is one thing that ties it all together, which increasingly sets us apart. Developer experience has always been Nordic's strengths, built on trusted, established development tools, high-performance connectivity and software stacks, documentation, and support. That foundation gives developers a proven starting point when building on Nordic solutions.

Speaker #3: Summing up, this represents the broadest and most modern product portfolio for low-power wireless communication in the market. We are addressing an ever-increasing part of the commercial opportunity, and we have only just begun to see the financial impact of the overall product renewal program.

Speaker #3: On top of our hardware, software, and services pillars, there is one thing that ties it all together, which increasingly sets us apart. Developer experience has always been Nordic's strength, built on trusted, established development tools, high-performance connectivity and software stacks, documentation, and support.

Speaker #3: That foundation gives developers a proven starting point when building on Nordic solutions. AI has the potential to assist developers across the entire product lifecycle.

Vegard Wollan: AI has the potential to assist developers across the entire product life cycle, from prototyping and board bringup to debugging, release validation, fleet management, and there are many trying this at the moment. However, generic AI assistance often lack the hardware SDK configuration and device-specific context required for reliable embedded development, which creates a real pain point for developers and end product development. Nordic's AI-assisted development capabilities address this by giving AI assistance access to verified Nordic context, including nRF Connect SDK, documentation, API references, device configurations, and even field data from nRF Cloud. This is unique, the ground truth is high-quality data from Nordic and the high-quality Nordic Foundation for developers. This truly solves pain points experienced by developers. This means we are now helping developers to speed up their development cycles and achieve higher quality results.

Speaker #3: From prototyping and board bring-up to debugging, release validation, and fleet management, there are many trying this at the moment. However, generic AI assistance often lacks the hardware SDK configuration and device-specific context required for reliable embedded development.

Speaker #3: which creates a real pain point for developers and end-product development. Nordic's

Speaker #1: AI assisted development capabilities . Address this by giving AI assistants access to verified Nordic contexts , including NRF connect SDK documentation , API references , API references , device configurations , and even field data from NRF cloud .

Speaker #1: This is unique , and the ground truth is high quality data from Nordic and the high quality Nordic Foundation for developers . And this truly solves pain points experienced by developers .

Speaker #1: This means we are now helping developers to speed up their development cycles and achieve higher quality results. With that, I'll leave it to Pål to take you through the financials.

Vegard Wollan: With that, I'll leave it to Pål to take you through the financials.

Speaker #2: Thank you very much for a very interesting review of our products, systems, and tools. We have been enabling our customers to develop their products.

Pål Elstad: Thank you, Vegard, for a very interesting review of our products and systems and tools we have enabling our customers to develop their products. I'll now run through the financials for Q2. As Vegard mentioned, revenue amounted to $219 million in the Q2 2026, an increase of 33% from the same quarter last year, and 14% increase from the previous quarter. This is the highest quarterly revenue we have ever reported. The previous highest was $202 million back in 2022. On a rolling 12-month basis, revenue increased by 21% to $759 million. The revenue growth mainly reflects Nordic Semiconductor's strengthened competitive position in the short-range wireless communications market, with short-range revenue increasing 29% to around $200 million. Although short-range is driving our growth with more than 90% of total revenue, we see strong growth in the other business units.

Speaker #2: I'll now run through the financials for Q2. As I mentioned, revenue amounted to $200,219,000 in the second quarter of 2026, an increase of 33% from the same quarter last year and a 14% increase from the previous quarter.

Speaker #2: This is the highest quarterly revenue we have ever reported . The previous highest was 202 million back in 2022 . On a rolling 12 month basis , revenue increased by 21% to 759 million .

Speaker #2: The revenue growth mainly reflects Nordic's strengthened competitive position in the short-range wireless communications market, with short-range revenue increasing 29% to around $200 million.

Speaker #2: Although Short Range is driving our growth with more than 90% of total revenue, we see strong growth in the other business units.

Speaker #2: Long range revenue almost doubled to $15 million , with both higher product sales and higher cloud services revenue . After last year's acquisitions of menthols Although the scale is smaller , it's also worth noting close to a doubling of other revenue to $4 million , mainly driven by increased sales of Pmics and development kits Turning to the end user markets , we see growth across all areas .

Pål Elstad: Long-range revenue almost doubled to $50 million, with both higher product sales and higher cloud services revenue after last year's acquisitions of Memfault. Although the scale is smaller, it's also worth noting close to a doubling of other revenue to $4 million, mainly driven by increased sales of PMIC and development kits. Turning to the end user markets, we see growth across all areas. Consumer revenue increased by 25% year-over-year to $125 million, and now accounts for 57% of total revenue. Consumer growth continues to be relatively broad-based across most verticals. Industrial and healthcare revenue increased by 45% to $86 million, and accounts for 40% of the total. Growth in this segment continues to reflect strong healthcare numbers and increasing contribution from long-range, which mainly goes to the industrial consumers.

Speaker #2: Consumer revenue increased by 25% year over year to $225 million and now accounts for 57% of total revenue. Growth continues to be relatively broad-based across most verticals.

Speaker #2: Industrial and healthcare revenue increased by 45% to $86 million and accounts for 40% of the total growth. In this segment, we continue to reflect strong healthcare numbers and increasing contribution from long range, which mainly goes to the industrial consumers.

Speaker #2: As we have communicated for a long time, revenue in industrial and healthcare will still depend on a relatively small number of customers, with high sales to individual key customers supporting revenue.

Pål Elstad: As we have communicated for a long time, revenue in industrial healthcare will still depend on relatively small number of customers with high sales to individual key customers supporting revenue also in this quarter. This means that we will see significant variations from quarter to quarter. Interesting point this quarter is that our other revenue grew to $7 million, up from $4 million last year. Other revenue mainly reflects online catalog sales, supporting the positive development that Vegard mentioned in the broad market. Turning to gross profit. Gross profit was $116 million in Q2, up from $83 million in the same quarter last year. The gross margin hence increased to 53.1% from 50.7% last year. The increased margin reflects changes in product mix, higher sales to broad market customers, and increasing positive contribution from high-margin cloud services revenue.

Speaker #2: Also , in this quarter . This means that we will see significant variations from quarter to quarter . Interesting point this quarter is that our other revenue grew to 7 million , up from 4 million last year , other revenue , mainly reflects online catalog sales , supporting the positive development that Viega mentioned in the broad market Turning to gross profit .

Speaker #2: Gross profit was $116 million in Q2, up from $83 million in the same quarter last year. The gross margin hence increased to 53.1% from 50.7% last year.

Speaker #2: The increased margin reflects changes in product mix, higher sales to broad market customers, and increasing positive contribution from high-margin cloud services revenue.

Speaker #2: We expect the gross margin to remain above 50% . Also in the third quarter , and reiterate our long term ambition to keep gross margins above the 50% level The growth is improving margins and increasing our operational leverage , with 33% revenue growth and improving gross margins , gross profit increased by 40% with higher volumes .

Pål Elstad: We expect the gross margin to remain above 50% also in Q3, and reiterate our long-term ambition to keep gross margins above the 50% level. The growth is improving margins and increasing our operational leverage. With 33% revenue growth and improving gross margins, gross profit increased by 40%. With higher volumes, we also see the effects of the operational leverage in our business model. The adjusted EBITDA margin increased by close to 4%, to 16.6%, and adjusted EBITDA increased by 75% year over year to $36 million. Splitting our cost base, you see that R&D increased in both absolute terms and in percentage of revenue. We continue to invest in the short-range portfolio, although this area accounts for less than 60% of R&D spending, despite accounting for more than 90% of revenue. The R&D to revenue ratio in this area has now dropped to around 15%.

Speaker #2: We also see the effects of the operational leverage in our business model. The adjusted EBITDA margin increased by close to 4% to 16.6%, and adjusted EBITDA increased by 75% year over year to $36 million, splitting our cost base.

Speaker #2: You see that R&D increased in both absolute terms and as a percentage of revenue. We continue to invest in the short-range portfolio, although this area accounts for less than 60% of R&D spending.

Speaker #2: Despite accounting for more than 90% of revenue, the R&D to revenue ratio in this area has now dropped to around 15%. However, we...

Pål Elstad: However, we still invest significant amount in R&D in long range and/or early-stage businesses, and combined, these account for more than 40% of R&D, despite accounting for just 10% of revenue. These are investments for the future, and as revenue grows over time, we expect gradually more balanced R&D to revenue ratios also in these areas. SG&A OPEX also increased somewhat in absolute terms, although the higher revenue means the SG&A to revenue declined by almost two percentage points to 13.7%. Turning to cash cost development. In absolute terms, you can see that cash costs have increased from around $63 million in Q2 last year to $80 million this year. Salaries accounted for $14 million of the increase, with around $4 million explained by acquisitions done last year, $2 million from salary adjustments, and $5 million from variable pay accruals.

Speaker #2: We still invest a significant amount in R&D, in long-range and/or early-stage businesses, and combined these account for more than 40% of R&D.

Speaker #2: Despite accounting for just 10% of revenue . These are investments for the future . And as revenue growth over time , we expect gradually more balanced R&D to revenue ratios .

Speaker #2: Also in these areas , sG&A , OpEx also increased somewhat in absolute terms , although the higher revenue means R&D . Now , the sG&A to revenue declined by almost two percentage points to 13.7% .

Speaker #2: Turning to cash cost development in absolute terms, you can see that cash costs have increased from around $62 million in the second quarter last year to $80 million this year.

Speaker #2: Salaries accounted for $14 million of the increase, with around $4 million explained by acquisitions done last year, $2 million from salary adjustments, and $5 million from variable pay accruals.

Pål Elstad: In addition, we have approximately -$3 million effect of the weaker US dollar. At the end of H1, Nordic had 14,065 employees, including the 59 employees that joined through acquisitions last year. This corresponds to an organic increase of 6% and a total increase of 10% compared to the same period last year. Other cash expenses amounted to $26 million, up from $23 million last year, mainly driven by higher hardware and software spend, along with increased sales activity. I said last time that we overall expected a similar cash cost level in Q2 as in Q1, and although we saw a $2 million increase, we are pretty much on the same level as the last couple of quarters after we took on the acquisitions. Overall, we see no major changes to the cost picture in Q3.

Speaker #2: In addition, we have approximately a $3 million negative effect from the weaker US dollar at the end of the first half-year in Nordic. We have 4,465 employees, including the 59 employees that joined through two acquisitions last year.

Speaker #2: This corresponds to an organic increase of 6%, and a total increase of 10% compared to the same period last year. Other cash expenses amounted to $26 million, up from $23 million last year, mainly driven by higher hardware and software spend, along with increased sales activity.

Speaker #2: I said last time that we overall expected a similar cash cost level in Q2 as in Q1, and although we saw a $2 million increase, we are pretty much on the same level as the last couple of quarters.

Speaker #2: After we took on the overall, we see no major changes to the cost picture in the third quarter. CapEx in the second quarter was $8 million, slightly below both the second quarter 2025 and the first quarter this year.

Pål Elstad: CapEx in Q2 was $8 million, slightly below both Q2 2025 and Q1 this year. Around 90% of this is back-end production testers as we're investing for added manufacturing capacity throughout the supply chain. CapEx intensity over the last 12 months is 3.8%, back within the 3% to 4% range we have typically seen over the last few years. Turning to cash flow, overall, there was a slight reduction in cash during the quarter. However, it is important to understand the underlying developments. Operational cash flow from operations of $15 million was driven by profits. However, the reduction versus last year is explained by increase in working capital during the quarter. The increase in working capital is driven by higher inventory that mainly reflects a deliberate front-end loaded build to secure supply and capacity.

Speaker #2: Around 90% of this is back-end production testers. As we're investing for added manufacturing capacity throughout the supply chain. CapEx intensity over the last 12 months is 3.8%.

Speaker #2: Back within the 3 to 4% range, which we have typically seen over the last few years. Turning to cash flow, overall there was a slight reduction in cash during the quarter.

Speaker #2: However, it is important to understand the underlying developments. Operational cash flow from operations of $15 million was driven by profits, profits.

Speaker #2: However, the reduction versus last year is explained by an increase in working capital during the quarter. The increase in working capital is driven by higher inventory.

Speaker #2: That mainly reflects the deliberate front end loader build to secure supply and capacity . Nordic has raised wafer purchases to support the ramp of next generation products , notably the NRF 54 series , and to build inventory ahead of the additional test capacity being brought online in the supply chain .

Pål Elstad: Nordic has raised wafer purchases to support the ramp of next-generation products, notably the nRF54 Series, and to build inventory ahead of the additional test capacity being brought online in the supply chain, as I commented on the CapEx slide. As a result, net working capital was $200 million at the end of Q2, up from $143 million last year. Measured as a percentage of last 12 months revenue, net working capital increased to 26%. This is slightly above our target of 25%. Finally, cash and cash equivalents ended at $276 million, which is a strong balance sheet to support future growth. In addition, we have $200 million in an unused credit facility. Before handing the word back to Vegard, we can have a look at our near-term outlook.

Speaker #2: As I commented on the CapEx slide, as a result, net working capital was $200 million at the end of Q2, up from $143 million last year, measured as a percentage of the last 12 months.

Speaker #2: Revenue , net working capital increased to 26% . This is slightly above our target of 25% . Finally , cash and cash equivalents ended at 276 million , which is a strong balance sheet to support future growth .

Speaker #2: In addition, we have $200 million in an unused credit facility. Before handing the work back to Vega, we can have a look at our near-term outlook based on current customer orders and forecasts.

Pål Elstad: Based on current customer orders and forecasts, we are guiding for revenue of $220 to 240 million in Q3 2026. This corresponds to a year-on-year growth between 23% and 34%, or a midpoint of 28%, and sequential growth between 1% and 10%. We reported a gross margin of 53% in Q2 and expect the gross margin to remain above 50% also in Q3. With that, I'll leave the floor over to Vegard for some closing remarks. Vegard?

Speaker #2: We are guiding for revenue of 220 to $240 million in the third quarter of 2026 . This corresponds to a year on year growth between 23 to 34% , or a midpoint of 28% , and sequential growth between 1 and 10% .

Speaker #2: We reported a gross margin of 53% in Q2 , and expect the gross margin to remain above the 50% . Also , in the third quarter .

Speaker #2: With that, I'll leave the floor over to Vega for some closing remarks. Vega?

Vegard Wollan: Thank you, Pal. As I said last time, we are progressing to plan financially, operationally, and strategically. It's good to see the positive developments continuing, and I'm extremely proud of the Nordic team's execution at the moment. Financially, we reported 33% growth on a record high revenue of $219 million for Q2. With improving gross margins and good cost control, this translates into a 75% year-on-year growth in adjusted EBITDA. As Pal just said, we expect continued growth in Q3. Operationally, we see short-range nRF54 Series and the broadening long-range portfolio gaining momentum and start contributing more to revenue. Moving forward, we will continue with an extensive product renewal program and advancing our chip to cloud solutions.

Speaker #1: Thank you . Paul As I said last time , we are progressing to plan financially , operationally and strategically . And it's good to see the positive developments continuing .

Speaker #1: And I'm extremely proud of the Nordic team . Nordics team execution at the moment . Financially , we reported 33% growth on a record high revenue of $219 million for the second quarter , with improving gross margins and good cost control .

Speaker #1: This translates into a 75% year on year growth in adjusted EBITDA . And as Paul just said , we expect continued growth in the third quarter .

Speaker #1: Operationally , we see short range and 54 series , and the broadening long range portfolio gaining momentum and start contributing more to revenue moving forward , we will continue with an extensive product renewal program and advancing our chip to cloud solutions to support all this , we have introduced AI assisted development tools that will add speed and quality to our customers , product development processes all the way from first prototype to the deployed fleet .

Vegard Wollan: To support all this, we have introduced AI-assisted development tools that will add speed and quality to our customers' product development processes, all the way from first prototype to the deployed fleet. It is a strategic goal to increase the lifetime value of our products and services. By adding new software and solutions, we are increasing the value through our nRF Cloud lifecycle services. Finally, we continue to strengthen our organization. This quarter, we welcome Jo Uthus, an old colleague of mine from Atmel and Microchip, as EVP with responsible for marketing and developer experience in Nordic. Christer Ruud, who many of you will know from his long tenure as a research analyst and investment banker with DNB Carnegie. He will take responsibility for strategy and corporate development, and both will be valuable additions to a management team working on a clear strategic profitable growth agenda.

Speaker #1: It is a strategic goal to increase the lifetime value of our products and services, and by adding new software and solutions, we are increasing the value through our NRF Cloud lifecycle services.

Speaker #1: And finally , we continue to strengthen our organization . This quarter , we welcomed Joe Uterus , an old colleague of mine from Atmel , and Microchip as EVP with responsible for marketing and developer experience in Nordic and Crystal Ruth , who many of you will know from his long tenure as a analyst and investment banker with DNB , Carnegie .

Speaker #1: He will take responsibility for strategy and corporate development, and both will be valuable additions to a management team working on a clear, strategic, profitable growth agenda.

Vegard Wollan: With that, I think we're all ready and open for questions. I'll hand back over to you, Ståle.

Speaker #1: With that, I think we are ready and open for questions, and I'll hand back over to you, Stale.

Ståle Ytterdal: Thank you, Vegard. We will now open the line for questions. For instruction how to join the Q&A, please refer to the earnings call invitation posted on our IR website under the Stock Exchange Notice section. To allow as many participants as possible to ask questions before the market opens, we kindly ask that you limit yourself to one question. Following our initial response, you will have the opportunity to ask one follow-up. With that, I will hand over to Rasmus to begin the Q&A session.

Steel Ytterdal: Thank you, Vegard. We will now open the line for questions. For instruction how to join the Q&A, please refer to the earnings call invitation posted on our IR website under the Stock Exchange Notice section. To allow as many participants as possible to ask questions before the market opens, we kindly ask that you limit yourself to one question. Following our initial response, you will have the opportunity to ask one follow-up. With that, I will hand over to Rasmus to begin the Q&A session.

Speaker #3: Thank you .

Speaker #1: Vega .

Speaker #3: We will now line up for questions. For instructions on how to join the Q&A, please refer to the earnings call invitation posted on our IR website under the Stock Exchange Notice section.

Speaker #3: To allow as many participants as possible to ask questions before the market opens, we kindly ask that you limit yourself to one question.

Speaker #3: Following our initial response, you will have the opportunity to ask one follow-up. With that, I will hand over to Rasmus to begin the Q&A session.

Operator: Thank you, Ståle. We will now start the Q&A session. To ask a question during this Q&A, please press 5 star on your telephone keypad. To withdraw your question, you may do so by pressing 5 star again. We'll have a brief pause while questions are being registered. Our first question is from the line of Christoffer Bjørnsen from DNB Carnegie. Your line will now be unmuted.

Speaker #4: Thank you, Steve. We will now start the Q&A session. To ask a question during this Q&A, please press "five star" on your telephone keypad. To withdraw your question, please press the same.

Speaker #4: You may do so by pressing five star. Again, we'll have a brief pause while questions are being registered. And our first question is from the line of Christopher Johnson from NB Carnegie.

Speaker #4: Your line will now be unmuted.

Christoffer Wang Bjørnsen: Hey, good morning. Thanks for taking my question. Congrats on the great quarter. I just wanted to get your thoughts on some more outlook stuff. You've had now several quarters with top-line momentum ahead of your own expectations. It seems to be tracking well ahead of the growth trajectory you set out at the Capital Markets Day. At the same time, you're seeing clear signs of pull forward in different segments amid supply crunch. Some customers raising prices and products because of the memory situation and some people struggling with demand destruction. I just want to give the opportunity to give any thoughts on whether the recent strength in revenues is coming on the back of the pull forward, or if you see any whatsoever signs that we might be having to give this back in future quarters or into 2027.

Speaker #5: Hey . Good morning . Thanks for taking my question and congrats on a great quarter . , I just wanted to , to , to , to get your thoughts on , on , on some more outlook stuff .

Speaker #5: You know , you've had now several quarters with , with top line momentum , , ahead of your own expectations . It seems , and it seems to be tracking well ahead of the growth trajectory you set out at the , at the capital Markets day .

Speaker #5: You know, at the same time, you're seeing clear signs of pull-forward in different segments amid the supply crunch, and some customers are raising prices on products because of the memory situation.

Speaker #5: And some people struggling with demand destruction just want to give it the opportunity to give any thoughts on , on , on whether the , the recent strength in revenues is coming on the back of pull forward or if you see any whatsoever signs that we might be having to give this back in future quarters or into 2027 .

Christoffer Wang Bjørnsen: I appreciate you don't guide specifically, but just how you see the market now would be appreciated. Then I have a follow-up.

Speaker #5: I appreciate you don't guide specifically, but just any—any comment on how you see the market now would be appreciated. Appreciated.

Speaker #5: Then I have a follow-up.

Vegard Wollan: Yeah. Thanks, Christoffer. I think our strength, which we are experiencing at the moment, is multifold. It's a result of a lot of things happening. Obviously, the market is fairly strong. Product renewal process for us is the foundation, it's extremely important to deliver on what we do, that's executing very well for us. I think all of this is obviously very important for us, that's really what we are working and driving internally. I think on the near term, tactics of potential pull-ins or not, we obviously all see the semiconductor market overall being extremely tight and maybe even continue to be tighter and tighter at the moment from a supply side. I think we are well supported and managing this extremely well with our key partners at the moment.

Speaker #1: Yeah , thanks , Christopher . , I think our strength , which were experiencing , , at the moment is , is multifold .

Speaker #1: So it's a result of a lot of things happening . , obviously the market is fairly strong . , product renewal process for us is , , is the foundation and is extremely important to deliver on , on what we do .

Speaker #1: And that's executing very well for us. So, I think all of this is obviously very important for us. And that's really what we are working on.

Speaker #1: And driving internally . I think , I think on the on the near term , you know , tactics of potential pull ins or not , we obviously all see that semiconductor market overall being , extremely tight and maybe even continue to be tighter and tighter at the moment .

Speaker #1: , from a supply side , although I think we are , we are well supported and managing this extremely well with our key partners at the moment .

Vegard Wollan: I think overall, key thing for us is that market continues to improve, we don't see evidence of pull-ins, particularly with our key customers and the largest customers we have, which is a fairly large group even beyond these top tens, which we obviously exchange a lot closer to. Having said that, I think there is some angst and concern in the market for potential constraints. That's obvious, we all hear about that. We cannot rule out the possibility that some customers are advancing orders because they worry about future capacity constraints, either from us or elsewhere.

Speaker #1: But I think the overall key thing for us is that the market continues to improve, and we don't see evidence of pulling, particularly with our key customers.

Speaker #1: And the largest customers we have , which is a fairly large group even beyond these top tens , which we obviously exchange a lot closer to , , having said that , I think there is some angst , angst , and concern in the market for , for potential constraints .

Speaker #1: That's obvious . And we all hear about that . So , so we cannot rule out the possibility that some customers are advancing orders , , because they worry about future capacity constraints , either from us or elsewhere

Christoffer Wang Bjørnsen: All right. For my follow-up, I just wanted to double-click a bit on the guidance for Q3. We've all seen that some of your customers and your key customers have had particular supply chain challenges ahead of Q2. Just trying to understand if you in any way have reflected any particular headwinds in that guidance number in any part of the range for Q3, if not, if that's something to come later on in Q4, how we should think about that being reflected at all.

Speaker #5: All right . And so my follow up , I just wanted to double click a bit on the , on the guidance for , for Q3 .

Speaker #5: We will see in that some of your customers and your key customers have had particular supply chain challenges , , ahead of the , the second , quarter .

Speaker #5: So just trying to understand if you have in any way reflected any particular headwinds in that guidance number in any part of the range for Q3, or if not, if that's something to come later on in Q4, or how we should think about that being reflected at all?

Pål Elstad: I guess the forecast we have is based on a very tight dialogue with our customers. As Vegard said, it's not possible to rule out all possibilities, but it's based on a very detailed analysis and discussions with our customers and also them seeing the market improving.

Speaker #2: Now , I guess the , the forecast we have is based on , a very tight dialogue with , with the customers and as , is , Vega said , it's not possible to rule out all possibilities , but it's based on a very detailed analysis and discussions with our company customers and also them seeing the market improving

Christoffer Wang Bjørnsen: All right. Thanks.

Speaker #5: All right . Thanks .

Vegard Wollan: Thank you, Christoffer.

Speaker #1: Thank you . Christopher

Operator: Thanks, Christoffer. Our next question will be from the line of Sébastien Sztabowicz from Kepler Cheuvreux. Please go ahead. Your line will now be unmuted.

Speaker #4: Thanks , Christopher . Our next question will be from the line of Sebastian Stepovich from Kepler . Chivo . Please go ahead . Your line will now be unmuted

Sébastien Sztabowicz: Yeah. Hello, everyone. Thanks for taking my question. On the long range, could you comment a little bit on the order intake over the past few months? Just looking to understand the growth of the second quarter. Is it more driven by the consolidation of Memfault? Is it also the product business picking up strongly? On the nRF92 Series, when should we expect the sales volume to kick in? The follow-up question will be on the pricing environment in the market. We have seen many of the competitors raising prices. What have you done so far, and what do you want to do? Attached to that, how do you see your input cost trending in the next few quarters? Thank you.

Speaker #6: Yeah . Hello , everyone . Thanks for taking my question on the long range . Could you comment a little bit on the order intake over the past few months ?

Speaker #6: I just want to understand the growth in the second quarter. Is it more driven by the consolidation of Manifold, or is it also the product business picking up strongly?

Speaker #6: And on the NRF 92 series , when should we expect the first volume to kick in ? And the follow up question will be on the pricing environment in the market , we have seen many of the competitors raising prices .

Speaker #6: What have you done so far, and what do you want to do? And attached to that, how do you see your input costs trending in the next few quarters?

Speaker #6: Thank you

Pål Elstad: That was three questions.

Speaker #2: That was two questions. That's good.

Vegard Wollan: That's probably three, four questions, Sébastien. Appreciate that. Thank you. We'll try to cover them.

Speaker #1: That's probably three four questions . And I appreciate that . Thank you . We'll try to cover them . Yeah . thank you .

Sébastien Sztabowicz: Yeah.

Sébastien Sztabowicz: Yeah.Thank you.

Vegard Wollan: Thank you. I think as a starting point, as in prior quarters, we are not breaking out our cloud services and long-range hardware business separately. I think we can assure you that they are both growing, and they are both growing, I would say, as we also said initially, amongst our breadth of customers as well as breadth of segments. We see that happen in both of that, and we are very pleased with that. I think that was the long-range question.

Vegard Wollan: I think as a starting point, as in prior quarters, we are not breaking out our cloud services and long-range hardware business separately. I think we can assure you that they are both growing, and they are both growing, I would say, as we also said initially, amongst our breadth of customers as well as breadth of segments. We see that happen in both of that, and we are very pleased with that. I think that was the long-range question.

Speaker #1: I think as a starting point , as in prior quarters , we are not breaking out our cloud services and , , and long range hardware , , hardware business separately .

Speaker #1: I think we can assure you that they are both growing , , and they are both growing . I would say , as we also said initially amongst , , amongst our breadth of , of customers , as well as breadth of segments .

Speaker #1: So , so we see that happen in both of that . And we are very pleased with that . And , , , yeah , so I think that was the long range question .

Ståle Ytterdal: On nRF92 Series.

Steel Ytterdal: On nRF92 Series.

Speaker #1: , and

Speaker #2: 92 , sorry .

Vegard Wollan: nRF92 Series contributing to revenue. It's a product which we have just started to sample to some key customers. Lots of interest, lots of execution happening on the nRF92 at the moment. We have seen a fairly solid ramp of the nRF9151. The nRF92 Series is a successor to that, which is planned exactly this way. We are all in all very comfortable with our current solution and the bring up of the next generation in long range on that regard. The nRF92 Series is a great product with a lot more compute power, a lot more performance of a already market-leading product. It's a great position we feel we are in with that at the moment. Last question was around pricing and cost, I think.

Speaker #1: 92 series contributing to revenue . , I , it's a product which we just started to sample to , to some key customers .

Speaker #1: , lots of interest , lots of execution happening on the 92 at the moment . , we have seen a fairly solid ramp of the 91 , 51 , the 92 series is a successor to that , which is planned .

Speaker #1: , exactly this way . So we are all , all in all , very comfortable with our , , our current solution . And , and bring up of the next generation in long range , , on , on , on that regard .

Speaker #1: And the 92 series is a great product, with a lot more compute power and a lot more performance of an already market-leading product.

Speaker #1: So it's a great position we feel we are in with that at the moment. Last question was around pricing and cost.

Vegard Wollan: Sébastien, I think on a general note, we need to say there that we don't specifically call out any changes we do on outbound pricing to our customers, nor do we talk about our cogs and costs from our suppliers. Having said that, I think it's also clear that we all see the semiconductor market is very tight on most process nodes, back-end assembly and test at the moment. We are working extremely closely with all of our supply partners, as well as customers. What we are doing is having a clear aim to balance growth and margins, and I think we are doing that at the moment, and our plan is clearly to be continuing doing that. Did that cover all the topics?

Speaker #1: I think . And , and Sebastian , I think on a general note , we need to say there that we , we don't specifically call out any changes .

Speaker #1: We do , , on outbound pricing to our customers . , nor , nor do we , , talk about our cogs and costs from our suppliers .

Speaker #1: Having said that, I think it's also clear that we all see the semiconductor market is very tight on most process nodes. The back end assembly and test at the moment.

Speaker #1: And we are working extremely closely with all of our supply partners , as well as customers and , and what we are doing is , is having a clear aim to balance growth and margins .

Speaker #1: And , and I think we are doing that at the moment . And our plan is clearly to be continuing doing that Did that cover all the topics ?

Ståle Ytterdal: Yeah.

Ståle Ytterdal: Yeah. Thank you.

Vegard Wollan: Yeah. Thank you.

Speaker #1: Yeah . Thank you .

Pål Elstad: Yeah. Thank you.

Sébastien Sztabowicz: Yeah. Thank you.

Operator: Thanks, Sébastien. Our next question will be from the line of Owen Bengta from Jefferies. Please go ahead. Your line will now be unmuted.

Speaker #6: Yeah. Thank you, thank you.

Speaker #4: Thanks, Sebastian. Our next question will be from the line of Owen Becker from Jefferies. Please go ahead. Your line will now be unmuted.

Owen Bengta: Hi. Thanks for letting me on. My first question was on your gross margin. We've seen this is the Q2 where your gross margin has gone up very nicely to 53%. I was wondering how much of this positive effect was attributed to broad market momentum versus potentially the cloud software service accretion?

Om Bakhda: Hi. Thanks for letting me on. My first question was on your gross margin. We've seen this is the Q2 where your gross margin has gone up very nicely to 53%. I was wondering how much of this positive effect was attributed to broad market momentum versus potentially the cloud software service accretion?

Speaker #7: Hi . Thanks for letting me on . My first question was on your gross margins . So we've seen this is the second quarter where your gross margin has gone up very nicely to 53% .

Speaker #7: And I was wondering how much of this positive effect was attributed to , you know , broad market momentum versus potentially , you know , the cloud software service secretion ?

Pål Elstad: No, I think it's a good mix of the three items I mentioned. First of all, it's a customer mix, the broad market's improving this Q2. You saw that on the slides Vegard mentioned. That has a positive impact. Also on the product mix is important, seeing more influx of the nRF54 in the equation. Then of course finally, the contribution from the cloud is a positive impact. I guess summing up the three of them is explaining the increase year-over-year.

Speaker #2: No , I think it's a it's a good mix of the three items I mentioned . First of all , it's , it's , , it's , , it's a customer mix .

Speaker #2: So , so the broad market improving this quarter , you saw that on , on the slide , , I mentioned . So , so that has a positive impact .

Speaker #2: Also on the , on the product mix is , is important to seeing , , more influx of the NRF 54 in the equation .

Speaker #2: And then of course , finally , the contribution from , from the cloud is , is , is a positive impact . So , so I guess summing up the three of them is , is explaining the increase year over year

Owen Bengta: Okay, great. Would you then say that the nRF54 is proving to be gross margin accretive in the initial revenues that you're getting? Also just as a follow-up on, you mentioned that the other sales, that being PMIC and development kits, had doubled in the quarter. I was just wondering if you're seeing that the 54 series is now providing a platform where you're seeing more stickiness on your adjacencies, that being customers then designing in are more likely to design in on PMIC solutions.

Om Bakhda: Okay, great. Would you then say that the nRF54 is proving to be gross margin accretive in the initial revenues that you're getting? Also just as a follow-up on, you mentioned that the other sales, that being PMIC and development kits, had doubled in the quarter. I was just wondering if you're seeing that the 54 series is now providing a platform where you're seeing more stickiness on your adjacencies, that being customers then designing in are more likely to design in on PMIC solutions.

Speaker #7: And so, would you then say that the NRF54 is proving to be gross margin accretive in the initial revenues that you're getting?

Speaker #7: And then also , just as a follow up on , you mentioned that the other sales , , that being and development kit had doubled in the quarter .

Speaker #7: So I was just wondering if you're seeing that the 54 Series is now providing a platform where you're seeing more stickiness on your adjacencies.

Speaker #7: And so, that being customers, then designing in, they are more likely to design in or mix solutions.

Vegard Wollan: It's a very delicate question. I think we have to say we don't share specific margins on subfamilies, obviously, of competitive reasons and protecting Nordic optimizing, balancing our margin picture at the current and future times. I don't think we can answer that specifically. I think what we can say generally is obviously that 54 series is running on a very modern, optimized processing technologies from TSMC, GF, the nRF series. Extremely important for us. We think that's very modern, high performance, cost-optimized technology, which is a good place to be in at the moment. That's in a tighter space. We are quite pleased about that positioning compared to some of our competitors.

Speaker #1: And it's a very delicate question . , and I think we , we have to say we don't share specific margins on subfamilies .

Speaker #1: Obviously , of competitive reasons . And , and protecting , protecting , , , you know , Nordic optimizing , balancing our margin picture , , at the current and future times .

Speaker #1: So , , so I don't think we can answer that specifically . I think what we can say generally is obviously that 54 series is running on a very modern optimized , , processing technologies from , , from TSMC and GF .

Speaker #1: The LNH series , , extremely important for us . We think that's very modern . , high performance , cost optimized technology , which is a good place to be in at the moment .

Speaker #1: That's , , in a , in a tighter space . So , so we , we are quite pleased about that positioning compared to some of our competitors .

Pål Elstad: There was a question on PMIC and also the, I guess, cross-sell with and how that impacts.

Speaker #2: And then there was a question on PMIC and also the, I guess, cross-sell with—and how that... Yes.

Vegard Wollan: Yes.

Pål Elstad: Yeah.

Vegard Wollan: Yeah. I think in that regard, you can usually say that's also usually not a disadvantage if you look at it from a margin point of view. Without being specific on anything, I think that's as much as we can say on that. Thanks for asking.

Speaker #1: Yeah. And I think in that regard, you can usually say that's also usually not a disadvantage if you look at it from a margin point of view.

Speaker #1: So, so, so without being specific on anything, I think that's as much as we can say on that. Thanks for asking.

Owen Bengta: Great. Thanks for that.

Om Bakhda: Great. Thanks for that.

Speaker #7: Great . Thanks . That

Operator: Thanks, Owen. The next question will be from the line of Øystein Elton Lodgaard from ABG. Please go ahead. Your line will now be unmuted.

Speaker #4: Thanks, Owen. The next question will be from the line of Stan from ABG. Please go ahead. Your line will now be unmuted.

Øystein Elton Lodgaard: Good morning, and congrats on the good quarter. Just a couple questions on cellular. Cellular did very well this quarter. Can you say something about How much of revenues now are from nRF9151? How much is still the older nRF9160? Can you also say something about which categories are driving the strong growth we are seeing in cellular in this quarter?

Speaker #8: , good morning and congrats on the good quarter . , just a couple of questions on cellular , , cellular did very well this quarter .

Speaker #8: Can you say something about , , , how much of of revenues now are from like 91 , 51 ? And how much is still the older 91 , 60 ?

Speaker #8: And can you , , also say something about which categories are driving the strong growth ? We're seeing in , in cellular in this quarter

Vegard Wollan: Thanks, Ståle. We appreciate the interest and the question. Again, to protect our competitive position, we are not sharing how the mix is between, let's say, new products vis-a-vis older products. I think we can generally say that the nRF9151, similarly as the nRF54 Series, is starting to contribute to revenues and the design activity has been and is very strong on these new products, which we are very much appreciating. Overall in cellular, also having taken the technically leading position on the NTN and satellite connectivity within IoT, I think that's another tailwind and a driver which is strong for us on the cellular and long-range side. Has been now for about a year's time since we started prototype with the very first customers.

Speaker #1: Yeah . Thanks , Stan . We appreciate the interest and the question . And again , to protect our competitive position , we are not sharing how the mix is between , let's say , new products vis a vis older products .

Speaker #1: , I think we can generally say that the 9151 similarly , as the 54 series is starting to contribute . Up to , to revenues and the design activity has been and is very strong on these new products , which we , which we are , , very , very much appreciating .

Speaker #1: I think overall in , in cellular , I think also having , having taken the leading , leading , technically leading position on the , on the end to end and satellite connectivity within IoT , I think that's , that's another tailwind and a driver , which is strong for us on , on the cellular and long range side has been now for about a year , time since we started prototype with very first customers .

Vegard Wollan: There is a lot of people either selecting Nordic for that optionality for future enablement, or they enable that immediately. I do want to mention that, and we are now also commenting on that we believe we will see customers now coming with Nordic products long range, using NTN with satellite connectivity throughout H2 of this year.

Speaker #1: And , and there is a lot of people either selecting Nordic for that optionality for future enablement , or they enable that , , immediately .

Speaker #1: And , , so I do want to mention that . And we will , we are now also commenting on that , that we believe we will see customers now coming with Nordic products , long range using end to end with satellite connectivity throughout the second half of this year

Øystein Elton Lodgaard: Interesting. You're seeing now an acceleration both in cellular and PMIC. Is this something you expect to continue, that we're now seeing kind of an inflection point in these segments and that they should continue to grow strongly in quarters ahead?

Speaker #8: Interesting . And , and , and , and both the you're seeing now in acceleration , both in cellular and pmic , is there something you expect to continue that the that , that , we're now seeing kind of an inflection point in these segments and that they should continue to , , grow strongly in quarters ahead ?

Vegard Wollan: Yeah, again, I said, I think we've got to be cautious about talking too much ahead because we are stringent on our guiding principles. I think what we do see at the moment, particularly in long range and PMIC, is that we are executing to that plan we have communicated a couple of years ago. Of course, we say we are on track to execute on that plan, which you can read out what continuation you believe that leads to. We are not guiding beyond the current quarter, but executing to plan and that's what you are seeing.

Speaker #1: Yeah . Again , again , and I think we got to be cautious about talking too much ahead because we , we are , we are , , we are stringent on our guiding principles .

Speaker #1: I think we , what we do see at the moment , particularly in long range and pmic is that we are executing to that plan .

Speaker #1: We have communicated , , a couple of years ago , , and of course , say we are on track to execute on that plan , which , , yeah , you can read out what , what continuation you believe that leads to , but , , we are not guiding beyond the current quarter , but executing to plan .

Speaker #1: And that's what you are seeing.

Øystein Elton Lodgaard: Okay. Thank you very much.

Speaker #8: Okay. Thank you very much.

Vegard Wollan: Thank you.

Speaker #1: Thank you

Operator: Thank you, Stein. Our next question will be from the line of Martin Jungfleisch from BNP Paribas. Please go ahead. Your line will now be unmuted.

Speaker #4: Thank you . Stan . Our next question will be from the line of Martin from B&B . Piper , please go ahead . Your line will now be unmuted .

Martin Jungfleisch: Yeah. Hi, good morning. First question is really on demand visibility as a follow-up. What are your thoughts on the seasonality on revenues this year? Would you still expect that kind of Q3 is your best quarter and you see Q4 down around the usual 5% sequentially? Is there any moving parts that would potentially make seasonality a bit different this year? Thank you.

Speaker #9: Yeah . Hi . Good morning . , first question is really on demand visibility as a follow up . what are your thoughts on the seasonality on revenues this year ?

Speaker #9: Would you still expect that kind of Q3? Is your best quarter Q3? And do you see Q4 down, around the usual 5% sequentially?

Speaker #9: And , you know , is there any moving parts that would potentially make seasonality a bit bit different this year ? Thank you .

Vegard Wollan: Yeah. Thanks, Martin. Again, I think I just need to repeat that we don't guide beyond the current quarter, so we don't guide and talk about Q4 at the moment. I think generally we can just say there are different forces, pros and cons to the seasonality effect. Of course, I think overall, the consumer market portion of Nordic's business is relatively large, and there is a natural seasonality in that part of the market, and that's not something we are changing. Thanks, Martin.

Speaker #1: Yeah . Thanks , Martin . , and again , I think I just need to repeat that we we don't go beyond the current quarter .

Speaker #1: So, we don't guide and talk about Q4 at the moment. I think generally we can just say there are different forces.

Speaker #1: You know , pros and cons to , to the seasonality effects . But of course , I think overall , you know , the consumer market portion of Nordics business is , is relatively large .

Martin Jungfleisch: Okay. Yeah, thanks. Just secondly on the OPEX. OPEX was a bit higher in Q2 sequentially. What are your thoughts on OPEX going into Q3? Remember last year you had this, I think OPEX and payroll were a bit higher sequentially Q on Q in Q3. What are your expectations around payroll specifically going into Q3?

Speaker #9: What are your thoughts on OpEx going into Q3? Remember last year you had this— I think OpEx and payroll were a bit higher sequentially.

Speaker #9: Q and Q in the third quarter . So what are your expectations around , , payroll specifically and going into Q3 ?

Pål Elstad: Yes, if you look at from Q2 to Q3 last year, there was a step up that came as due to the acquisitions effects impact and also higher variable pay. That's been pretty stable over the last 3 quarters, and we expect it to be relatively stable into Q3. Of course, FX is difficult to predict, and there will be some salary increases also this year, but overall relatively stable from Q2 to Q3.

Speaker #2: Yes . If you if you look at , , from , from Q2 to Q3 last year , there was a step up that came as a , due to the acquisitions , effects , impacts , and also and also higher variable pay .

Speaker #2: That's been pretty stable over the last three quarters . And then , and we expect it to be relatively stable into Q3 . Of course , FX is difficult to predict .

Speaker #2: And there will be some salary increases, also this year. But overall, relatively stable from Q2 to Q3.

Martin Jungfleisch: Okay, sounds good. Thank you very much.

Speaker #10: Okay. Sounds good. Thank you very much.

Vegard Wollan: Thank you.

Speaker #1: Thank you

Operator: Thanks, Martin. Our next question will be from the line of Andrea Olsen from Danske Bank. Please go ahead. Your line will now be unmuted.

Speaker #4: Thanks, Martin. Our next question will be from the line of Andrea Olsen from Danske Bank. Please go ahead; your line will now be unmuted.

Andrea Olsen: Thanks for taking my questions and congrats with the solid quarter. Just a follow-up on Stein's questions on long range. Can you give any breakdown on how much of the long-range revenues is the cellular IoT compared to Memfault in Q2, and also comments on your expectations for both of these segments into next quarter? You mentioned that we will see some customers using satellite technology. Can we expect that in next quarter?

Henriette Trondsen: Thanks for taking my questions and congrats with the solid quarter. Just a follow-up on Stein's questions on long range. Can you give any breakdown on how much of the long-range revenues is the cellular IoT compared to Memfault in Q2, and also comments on your expectations for both of these segments into next quarter? You mentioned that we will see some customers using satellite technology. Can we expect that in next quarter?

Speaker #11: Thanks for taking my questions, and congrats on a solid quarter. Just a follow-up on the questions about long range. Can you give any breakdown on how much of the long-range revenue is cellular compared to, say, Anyfalk, in Q2?

Speaker #11: And also, could you comment on your expectations for both of these segments into the next quarter? You mentioned that we will see some customers using satellites.

Speaker #11: Technology. Can we expect that in the next quarter? Thank you.

Vegard Wollan: Thank you.

Henriette Trondsen: Thank you.

Vegard Wollan: Yeah. Thank you, Andrea. We have decided not to break out our cloud services revenue separately, and we are currently reporting it, as you know, under the long range and cellular products business. We are doing that for protecting our competitiveness reasons. That's why we are continuing to do that. What I can assure you is that they are both growing and progressing well, and to the plans at the moment. We are still obviously developing them jointly and cohesively in the three pillar strategy, while we also expand our nRF Cloud services to be enabled and applicable even more so, and even in a even stronger way to all Nordic products, obviously.

Speaker #1: Yeah . Thank you . I think we , yeah . So so we have decided not to break out , , our cloud services revenue separately .

Speaker #1: , and we are currently reporting it , as , you know , under the long range and cellular products business . And , and we are doing that for , for , , you know , protecting our competitiveness reasons .

Speaker #1: So that's why we are continuing to do that. What I can assure you is that they are both growing and progressing well.

Speaker #1: And , , and to , to the plans , , at the moment and , and we are still obviously developing them jointly and , and cohesively , , in the three pillars strategy , , while we also expand , , our NRF cloud services to , to be enabled and applicable even more so .

Speaker #1: And even in a even stronger way to all Nordic products , obviously . And , and also being , , our , , forefront , , mechanism to , to enable , , cyber resilience act , , compliance , , as well as our customers ability to , to update , , access and , , and from an AI point of view , have the solid monitoring and interaction with their products in the market .

Vegard Wollan: being our forefront mechanism to enable Cyber Resilience Act compliance, as well as our customers' ability to update access and, from an AI point of view, have the solid monitoring and interaction with their products in the market. I think it's fair to say that both the long range hardware and the nRF Cloud solutions are currently very solidly developing for us, both with key customers and in the broad market. That's the same for both of them. I think that's probably as much as we can share and will share to give some color on that. The details have to come a bit later.

Speaker #1: I think it's fair to say that both , both the long range hardware and the , and the NRF cloud solutions are currently currently very solidly developing for us , both with key customers and in the broad market .

Speaker #1: And that's , that's the same for both of them . I think that's probably as much as we can share and will share of some to give some color on that , and the details have to come , , a bit later .

Pål Elstad: The question on satellites, you've talked a lot about that on the designs we have there and how that's developing.

Speaker #2: And the question on satellites , you talked a lot about that on the designs . We have there and how that's developing . Yeah .

Vegard Wollan: Yeah. On the satellite technology, it's also a lot about having this optionality for quite a lot of customers, such that that can be enabled, and that's a great thing you can do with Nordic. You can either start using it immediately or you can via a software upgrade, again, using nRF Cloud for that software upgrade, you are in good hands with Nordic. We see people planning for that immediately when they launch products and some other people planning for that in a later stage. We are expanding and developing further with more and more satellite systems and technologies and providers. As I also said, during the H2, we will see first commercial products in the market based on Nordic technology and GNSS satellite systems.

Speaker #1: Yeah . So on the satellite technology , it's also about it's also a lot , having this optionality for quite a lot of customers , such that that can be enabled .

Speaker #1: And that's a great thing you can do with Nordic. You can either start using it immediately, or you can wait via a software upgrade.

Speaker #1: And again , using NRF cloud for that software upgrade , you are in good hands with Nordic and , and we see people planning for that immediately when they launch products .

Speaker #1: And some other people planning for that in a , in a later stage . And we are expanding and developing further with more and more , , satellite systems and technologies and providers and , , as I also said , during the second half , we will see , , first commercial products in the market based on Nordic technology and , , and , and satellite systems

Andrea Olsen: Thank you.

Henriette Trondsen: Thank you.

Andrea Olsen: Thanks, Andrea. Our next question will be from the line of Craig McDowell from J.P. Morgan. Please go ahead. Your line will now be unmuted.

Operator: Thanks, Andrea. Our next question will be from the line of Craig McDowell from J.P. Morgan. Please go ahead. Your line will now be unmuted.

Speaker #12: Thank you .

Speaker #4: Thanks , Andrea . Our next question will be from the line of Greg McDowell from JP Morgan . Please go ahead . Your line will now be unmuted

Craig McDowell: Hi. Good morning, gentlemen. Thanks for taking my question. My first one was on channel inventory, and in particular, your large distributor customers. I think the year started relatively low in terms of channel inventory there. Can you talk about how that's trending and how you see sell-through? Then my second question was on your own inventory, a big step up from Q1 into Q2. Can you just remind us of the composition here? Should we see that as precautionary ahead of potential wafer price rises, et cetera? Thank you.

Speaker #13: Hi . Good morning gentlemen . Thanks for taking my question . , my first one was on on channel inventory and in particular in your , your large distributor customers .

Speaker #13: , I think the year started relatively low in terms of channel inventory . There . Can you , can you talk about how that's trending and how , how you see sell through ?

Speaker #13: And then my second question was , on your own inventory . , a big step up from , from Q1 into Q2 . Can you just remind us of the composition here ?

Speaker #13: , should we see that as precautionary ahead of , , potentially a wafer price rises , etc. . Thank you .

Pål Elstad: If we start with distribution inventories, we haven't commented it, but it's more or less unchanged from what we said in Q1, so at healthy levels. When it comes to inventory, the build-up is deliberate build-up, where we're buying wafers, we're planning for our growth, and we're securing wafer deliveries into our production. It's a good question. We have it in wafers, we have it in semi-finished, we have it in finished goods. It's a healthy mix between these three categories in our inventory.

Speaker #2: Yeah . If we , if we start with distribution inventories , , we haven't commented it , it's , but it's more or less , , unchanged from what we said in Q1 .

Speaker #2: So as healthy levels , , when it comes to , to inventory , it's , , the buildup is , , it's deliberate build up .

Speaker #2: We , we're buying wafers . , we're planning for a growth we're securing wafer deliveries into our , into our production . , it's , it's a good question .

Speaker #2: We mixed , we have it in wafers . We have it in semi-finished . We have it in finished goods . So it's a healthy mix between these three categories in , in our inventory

Craig McDowell: Very clear. Thank you.

Speaker #13: Very clear. Thank you.

Vegard Wollan: Thank you, Craig.

Speaker #1: Thank you Greg

Operator: Thanks, Craig. Our next question will be from the line of Marcus Heiberg from SEB. Please go ahead. Your line will now be unmuted.

Speaker #4: Thanks, Greg. Our next question will be from the line of Marcus from SEB. Please go ahead. Your line will now be unmuted.

Marcus Heiberg: Thank you. I have one question here is on the design registration. Maybe you can elaborate more on the 115 Bluetooth designs that you have, which is around 28% of your addressable market. On a last 12-month basis, it's up moderately year over year, I would say. Do you think it's possible to really regain the market share in your broad market without this market share going back to 40%? I appreciate that you have higher value now per design, but do you expect your historical market share also to trend towards historical levels on this metric?

Markus Heiberg: Thank you. I have one question here is on the design registration. Maybe you can elaborate more on the 115 Bluetooth designs that you have, which is around 28% of your addressable market. On a last 12-month basis, it's up moderately year over year, I would say. Do you think it's possible to really regain the market share in your broad market without this market share going back to 40%? I appreciate that you have higher value now per design, but do you expect your historical market share also to trend towards historical levels on this metric?

Speaker #14: Thank you . , so I want question here is on the design registration . So maybe you can elaborate more on on the 115 Bluetooth designs that you have , which is around 28% of , , of your addressable market .

Speaker #14: So on a last 12 month basis , it's up moderately year over year , I would say , but , but do you think it's possible to , to really regain the market share in your broad market without this market share going back to to 40% ?

Speaker #14: I appreciate that you have higher value now per per design . But , but do you expect your , your historical market share also to trend towards historical levels on this metric ?

Vegard Wollan: Well, it's a great question, Marcus. I think first of all, we remain a very clear market leader here in terms of product certifications. Again, you have the certification activity will naturally vary a bit from quarter to quarter, and that's depending individual customer design cycles and a lot of things. I think what we want to make sure we say in this regard is that it's important that we don't look at this as a model for revenue market share or volume market share. We are presenting the data, continuing to present the data, I have to say mainly to be consistent with the past, but we also see reasons for this not necessarily being a good reflector of what's happening. I don't want to get into the details of that because that's probably a much longer discussion.

Speaker #1: Yeah , it's a great question , Markus . I think , I think first of all , we remain a very clear market leader here in terms of product certifications .

Speaker #1: , and again , you have the , the , the certification activity will naturally vary a bit from quarter to quarter . And that's depending individual customer design cycles and a lot of things .

Speaker #1: I think what we want to make sure we say in this regard is that we , it's important that we don't look at this as a , , as a model for , , for , , revenue market share or volume , market share .

Speaker #1: So , , so , so we are presenting the data , continuing to present the data . I have to say mainly to be consistent with the past , but we also see reasons for this , not necessarily being a good reflector of what's happening .

Speaker #1: And I don't want to get into the details of that, because that's probably a much longer discussion. But the key thing is that this is truly counting the number of designs.

Vegard Wollan: Key thing is that this is truly counting number of designs. There are other reasons, which we may talk about at a separate point in time. I think we are strong here. We are confident in what we are seeing and it's something we are happy with. At the same time, we warn with some caution about how to assess and analyze based on the certification share.

Speaker #1: , there are other reasons , , which we may talk about at a , at a separate point in time . So , so , so I think we are strong here .

Speaker #1: We are confident in what we are seeing . And it's , , it's something we are , we are happy with at the same time , , we , we warn with some caution about how to , how to assess and analyze based on the certification share

Marcus Heiberg: That's clear. Thank you.

Markus Heiberg: That's clear. Thank you.

Speaker #14: That's good. Thank you.

Vegard Wollan: Thank you, Marcus.

Speaker #1: Thank you . Markus

Operator: Thanks, Marcus. Our next question will be from the line of Christoffer Bjørnsen from DNB Carnegie. Please go ahead. Your line will now be unmuted.

Speaker #4: Thanks . Markus . Our next question will be from the line of Christopher Johnson from DNB Carnegie . Please go ahead . Your line will now be unmuted

Christoffer Wang Bjørnsen: Yeah, thanks for letting me back on. I just wanted to double click a bit more on the 54H. You've had it available to lead customers, not really as far as we can see, kind of expanded availability to the broad markets. Could you maybe give an update on how that's progressing, with those lead customers? How many customers are you handholding and supporting that ramp, and what kind of timing are you thinking about, kind of the true proper scale ramps there? We already see it in gaming mice and so on, those are not maybe the biggest volume applications in the market for that kind of product. That would be helpful.

Speaker #5: Yeah . Thanks for letting me back home . So I just wanted to to double click a bit more on the on the 54 H .

Speaker #5: , you know , you've had it available to , to lead customers , but not really as far as we can see . , kind of expand the availability to the broad market .

Speaker #5: So, could you maybe give an update on how that's progressing with those lead customers? Like, how many customers are you handholding and supporting through that ramp?

Speaker #5: And , and what kind of timing are you thinking about kind of the true , proper scale ramps that we already see it in gaming mice and so on .

Speaker #5: But , but those are not maybe the , the biggest volume applications in the market for that kind of product . That would be helpful .

Vegard Wollan: Yeah. Thanks, Kristoffer. Great question. I think nRF54H20 is a very good product, we already now see quite a few customers actually in the market with products based on it. It is our highest performance device at the moment in the short range space aside with the 54LM20 series. These are built for the most demanding applications, high-end applications, we work with several key customers to develop products on both the nRF54H20 and the LM20. We have several key customers developing on both of them. On the H20, that is a complex product, it's still requiring additional support from Nordic for our customers to utilize the full capabilities of the nRF54H20. That's why we are focusing the support for the broad market with the nRF54L LM series.

Speaker #1: Yeah , yeah , that's , , thanks , Christopher . Great question . I think 54 age 20 is , , is a , is a very good product .

Speaker #1: And we already now see quite a few customers actually in the market with products based on it . And it is , , it is our highest performance device at the moment in the short range space aside with the 54 M20 series , , and , these are built for the most demanding applications .

Speaker #1: , high end applications . And we work with several key customers to develop products on both the 54 20 and the M20 . , so , so we have several key customers on both of them on the edge .

Speaker #1: 20, that is a complex product and it's still requiring additional support from Nordic for our customers to utilize the full capabilities of the 54.

Speaker #1: Edge 20 , , that's why we are focusing the support for the broad market with the NRF 54 L series , , where the current 54 LM 20 A and B , which also has two megabytes of memory , is competing very well .

Vegard Wollan: Where the current 54LM20 A and B, which also has 2 megabytes of memory, is competing very well and winning very strong designs in that market too. Thanks for the question, Kristoffer.

Speaker #1: And winning very strong designs in that market, too. Thanks for the question, Christopher.

Christoffer Wang Bjørnsen: Thank you.

Speaker #5: Thank you

Operator: Thanks, Christoffer. Our next question will be from the line of Sébastien Sztabowicz from Kepler Cheuvreux. Please go ahead. Your line will now be unmuted.

Speaker #4: Thanks, Christopher. Our next question will be from the line of Sebastian Stepovich from Kepler Cheuvreux. Please go ahead. Your line will now be unmuted.

Sébastien Sztabowicz: Yeah, thanks for taking the additional question. Follow-up on the healthcare business. Have you made any specific progress to diversify your healthcare business beyond your large customer? Do you see the opportunity in the healthcare market developing both in the short term but also more on the midterm view? Thank you.

Speaker #6: Yes . Thanks for taking the additional question . Follow up on the healthcare business . Have you made any specific progress to diversify your healthcare business beyond your , , large customer ?

Speaker #6: And do you see the opportunity in the healthcare market developing both in a short term , but also more on a , on a mid-term view ?

Speaker #6: Thank you .

Vegard Wollan: Yeah. Thanks, Sébastien. Very good question. I think the healthcare market is developing very interestingly for us, and we are providing quite a lot of different solutions into that space, at the moment. We have fairly large customers here, but we also have quite a few smaller and mid-size customers. We have customers both, I would say, utilizing all of our products. We have customers here also on long range products, nRF Cloud and PMIC products. In the coming time, expecting Wi-Fi products as well. There is a breadth here. It's growing systemically. We are investing in it, and that's really something we believe in as a future important segment for us. CGM obviously being a key driver for some of the highest volume growth opportunities in that space at the moment.

Speaker #1: Yeah , thanks , Sebastian . Very good question . I think the healthcare market is developing very interestingly for us . And we are providing quite a lot of different solutions into that space at the moment .

Speaker #1: , we have very large customers here , but we also have quite a few smaller and mid-sized customers . And we have customers both , , I would say utilizing all of our products .

Speaker #1: So we have customers here also on long-range products, NRF Cloud, and PMIC products. In the coming time, we are expecting Wi-Fi products as well.

Speaker #1: So , so there is a breadth here and it's growing systemically . We are investing in it . And that's really something we are , , we believe in as a future important segment for us .

Speaker #1: , CGM obviously being a key driver for the , for some of the highest volume growth opportunities in that space at the moment .

Vegard Wollan: There is also quite a lot additional opportunity happening in connected healthcare and connected medical devices, where obviously having the highest quality wireless connectivity makes a lot of sense. That is clearly a space for Nordic Semiconductor. Thank you, Sébastien.

Speaker #1: But there is also , , quite a lot additional opportunity happening in connected healthcare and connected medical devices , which is , , where obviously having the highest quality , , wireless connectivity makes a lot of sense .

Speaker #1: So that is clearly a space for Nordic Semiconductor. Thank you, Sebastian.

Operator: Thanks, Sébastien. As we have no further questions in the queue, I'll hand the word back to Ståle.

Speaker #6: Thank you .

Speaker #4: Thanks, Sebastian. As we have no further questions in the queue, I'll hand the word back to Stale.

Ståle Ytterdal: Thank you, Rasmus. Before we close today's session, I have one brief announcement. Nordic will conduct two post Q2 result Q&A group calls with analysts and investors. The first group call will be for US investors and will be hosted by Jefferies, and is scheduled for today, Thursday, 6 August at 5:00 PM, Central European Summer Time. The second group call will be for European investors hosted by UBS, and is scheduled for tomorrow, Friday at 11:00 AM, Central European Summer Time. Both call will be attended by Vegard Wollan and Pål Elstad. Each call will be moderated by the covering analyst at respective brokerage. For registration details, please visit the IR calendar on our website. With that, I will now hand over to Vegard Wollan for his closing remarks.

Steel Ytterdal: Thank you, Rasmus. Before we close today's session, I have one brief announcement. Nordic will conduct two post Q2 result Q&A group calls with analysts and investors. The first group call will be for US investors and will be hosted by Jefferies, and is scheduled for today, Thursday, 6 August at 5:00 PM, Central European Summer Time. The second group call will be for European investors hosted by UBS, and is scheduled for tomorrow, Friday at 11:00 AM, Central European Summer Time. Both call will be attended by Vegard Wollan and Pål Elstad. Each call will be moderated by the covering analyst at respective brokerage. For registration details, please visit the IR calendar on our website. With that, I will now hand over to Vegard Wollan for his closing remarks.

Speaker #3: Thank you . Erasmus , before we close today's session , I have one brief announcement . Nordic will conduct two posts . Q2 result Q&A group calls with analysts and investors .

Speaker #3: The first group call will be for US investors and will be hosted by Jefferies. It is scheduled for today, Thursday, August 6th, at 5 p.m.

Speaker #3: Central European Summer Time. The second group call will be for European investors, hosted by UBS, and is scheduled for tomorrow, Friday, at 11 a.m.

Speaker #3: Central European Summer Time. Both calls will be attended by Vegard Wollan and Paul. Each call will be moderated by the covering analyst at the respective brokerage. For registration details, please visit the IR calendar on our website.

Speaker #3: With that, I will now hand over to Vegard Wollan for his closing remarks.

Vegard Wollan: Thank you, everyone. Great questions today. Thanks for joining us. This concludes today's call. Thank you.

Speaker #1: Thank you everyone . Great questions today . Thanks for joining us . And this concludes today's call . Thank you .

Operator: Thank you.

Pål Elstad: Thank you.

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Q2 2026 Nordic Semiconductor ASA Earnings Call

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