Xplora's Q3 revenue came in at NOK 555m, in a historically seasonally strong quarter (back-to-school etc), 4% ahead of our estimates and 6% higher than consensus. Gross profit came in at NOK 282m, 8% stronger than our estimates and 13% ahead of consensus. Opex was in line with our estimates at NOK 210m, but higher than consensus. EBITDA for the quarter came in at NOK 72m, a proper beat to both our estimates (+28%) and consensus (+24%). Our main takeaways: 1) Power now offer Doro Connect across 130 stores in Norway; 2) Doro (Senior) device sales are back (even on very strong 2025 comps) and proves that the weak Q2 2026 was transitory not structural; 3) Spike in Q3 opex across segments following two sequential quarters of solid trimming is concerning, however, opex-to-sales remains at a stable 40%. We expect cons revisions of +6% for 2026 on the back of a strong quarter, and argue a similar share development would be fair. The lack of news on the Senior conversion rates is a disappointment, so any information here from the presentation will also be fit to move the share today.
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