Redeye reads Xplora's Q2 2026 as a volume miss with margins intact. Group revenue of NOK422.0m fell 9 per cent y/y and came in below every published estimate, with the shortfall almost entirely in Senior devices, while gross margin rose to 54 per cent and EBITDA excluding one-offs held at NOK61m against NOK60m. Subscriptions and service revenue landed where the July pre-announcement implied, but ARR fell sequentially to NOK359m and grew 10 per cent y/y against subscriber growth of 27 per cent. The quarter damages the 2027-28 senior services thesis. Senior subscriptions are the product of device volume, attach rate and store count: this print took device volume down and leaves the store count far below what a full August rollout implied, so the two inputs compound rather than offset. Redeye expects the shares to be marked 10-15 per cent lower.
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