Xplora (Q3 Initial take): emporia adds volume, EBITDA well ahead - Redeye

Senior volume drove Xplora's Q3 2026 beat: EBITDA of NOK72m was NOK27m (59%) above our NOK45m and 24% above consensus NOK58m. Senior sold 439k phones (over 100k of them emporia) against our 265k and consensus 313k, and Senior sales were NOK77m above our forecast. The average Senior price was NOK674 against our NOK827. Net sales of NOK555m were 12% above our NOK494m, 6% above consensus NOK525m and up 9% y/y. EBITDA was NOK77m excluding NOK5m of emporia transaction costs. Subscriptions ended at 552k and ARR at NOK384m, up from NOK359m in Q2. Doro Connect is now sold in 130 Power stores in Norway; senior subscriptions are not yet disclosed. We doubt Q3's Senior volume repeats in full in Q4: Doro has sold up to about 905k phones so far this year, and the company expects Doro volumes to normalise toward a ~1m annual run rate. So, we suspect part of the beat is Christmas sell-in occurring in September rather than October. We are likely to raise our estimates on higher emporia volumes and positive EBITDA (versus guidance of neutral). We think the report gives investors confidence to bid up the share 10%+ today.