Xplora (Q1 Review): Set to launch in 160 stores with Power - Redeye
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Xplora (Q1 Review): Set to launch in 160 stores with Power - Redeye

Xplora is transitioning from a Children & Youth device franchise toward a recurring senior subscription business anchored on Doro's installed base. Q1 2026 produced the first concrete retail commitment: Power technical pilot in June and full launch in August across 160 stores in Norway and Sweden, deferred from the Q3 2025 Capital Markets Day timeline of 900 locations from January 2026.

The optical EBITDA miss versus consensus (-35%) is largely a consensus gross margin modelling error (57% modelled vs 54% actual, in line with Redeye); the miss versus Redeye (-17%, NOK5.5m) reflects a NOK4m bonus accrual and weaker Children & Youth device sales.

Redeye trims 2026e EBITDA by 3% to NOK353m; fair value range unchanged at NOK46-143 (base NOK85). Redeye sits 75% below consensus on 2026e Senior Service revenue (NOK5.5m vs NOK22m).

Downward revisions to consensus are likely to pressure the share. The stock moves on Power launch volumes from August, the first monthly senior subscription disclosure once the base crosses 10,000, Emporia closing in Q2, and the Q2 print as the first quarter with all 7 webshop markets live. The shares trade at 7.3x EV/EBITDA on 2026e, ahead of the senior retail inflection.
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