Last close As at 09/11/2026
NOK38.80
▲ 2.50 (6.89%)
Market capitalisation
NOK4,305m
Research: TMT
Napatech is emerging as a beneficiary of the AI infrastructure investment cycle, building on strong growth in its established network acceleration business. As AI workloads become increasingly distributed, efficient data movement is critical to maximising the utilisation of expensive computing infrastructure. Napatech’s programmable network acceleration products address this requirement. With its first AI Infrastructure production shipments in Q326, the company now has two complementary growth drivers: sustained growth in Core Infrastructure and a potentially much larger AI Infrastructure opportunity.
Napatech reported Q326 revenue of DKK66.9m, up 67% y-o-y, including DKK14.9m from AI Infrastructure. Core Infrastructure revenue grew 51% over the first nine months. Q3 EBITDA improved to break-even from a DKK6.1m loss in Q325, demonstrating operating leverage. Gross margin declined to 55%, reflecting introductory pricing on initial AI shipments and a lag in passing through higher component costs. Management expects revised Q4 pricing to support a recovery and maintains FY26 guidance of DKK200–240m in revenue and a gross margin of 60–70%. Available liquidity was DKK67.1m, although production growth is increasing working capital requirements.
Napatech’s established Core Infrastructure business continues to benefit from demand across cybersecurity, telecommunications and network visibility, supported by 13 design-win opportunities. Meanwhile, AI Infrastructure has moved into commercial production, with initial shipments against a 1,000-unit customer order. Management reports 15 AI customer engagements and technical qualifications, providing a pipeline of potential opportunities. The key question is how quickly these convert into production volumes. Strong underlying growth and a potentially substantial new market provide scope for a step change in revenue and profitability.
Napatech’s valuation reflects substantial expectations for growth, but if consensus estimates are met multiples drop to more modest levels over the next two years. We view Napatech as an interesting way for investors to gain exposure to networking infrastructure growth, driven by AI expansion and distributed inference, demand for lower latency and processing efficiency, network resilience, data sovereignty and growing cybersecurity and network visibility requirements.
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Consensus estimates |
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|---|---|---|---|---|---|
| Year end | Revenue (DKKm) | EBITDA (DKKm) | EPS (DKK) | P/E (x) | EV/EBITDA (x) |
| 12/25 | 146.6 | (58.6) | (0.76) | N/A | N/A |
| 12/26e | 237.6 | (20.9) | (0.23) | N/A | N/A |
| 12/27e | 617.1 | 118.6 | 0.51 | 54.0 | 25.4 |
| 12/28e | 1,329.0 | 395.0 | 1.86 | 14.8 | 7.6 |
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London │ New York │ Frankfurt
20 Red Lion Street
London, WC1R 4PS
United Kingdom
Research: Industrials
Theon’s strong 2026 performance continued in Q3, with revenue of €134.1m up 40.4% y-o-y (€95.5m) and adjusted EBIT of €35.1m (€22.0m) up 59.5%, representing an adjusted EBIT margin of 26.2% (23.1%). Order intake in the first nine months of 2026 (9M26) was up 22.5% y-o-y to €285.2m (€232.7m), reflecting resilient demand. While the book-to-bill for the first nine months was 0.74x, Theon continues to expect order acceleration in Q4 to deliver a book-to-bill of c 1.0x for 2026. The company remains on track to achieve its recently upgraded 2026 guidance (revenue of €600m and an adjusted EBIT margin of at least 26%). Strong commercial momentum, enhanced revenue visibility and an expanded addressable market drove an upgrade of medium-term organic revenue growth guidance from >15% to >20%.