Xplora Technologies: Record quarter - Nordea

Xplora's gross profit came in stronger than expected at NOK 312m, 7% higher than consensus, driven by strong sale in the senior segment. The topline came in stronger than expected at NOK 606m, driven by the senior segment. The kids segment came in softer than expected driven by lower sell-in in the kids segment, while Xplora reported strong sell-out quarter, indicating pent-up demand for smartwatches. Subscription revenue came in NOK 6m below our estimates. The Adj. EBITDA came in stronger than expected at NOK 101m, driven by a higher gross profit beat. Xplora has given a breakdown of the path to one million subscription with 800k coming from Kids/youth segment (475k existing and 325k new subscribers) and 200k from the senior segment, where they expect to reach one million subscription by 2028/29. We estimate 960K subscription by the end of 2028 broken down into 736k subscribers from kids/youth segment and 224k from the senior segment. We expect cons to make positive revision on the back of record sales and strong quarterly sell-out of smartwatches.

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