Roblon

In this fundamental analysis report, analysts Gustaf Tegnér and Olle Linder provide an in-depth analysis
of Roblon A/S, a Danish developer and manufacturer of fiber-based materials primarily serving
offshore energy applications. Following the divestment of the unprofitable U.S. subsidiary, the
Company has streamlined operations and refocused the product mix toward higher-margin composite
solutions. This strategic shift has structurally improved profitability and working capital efficiency,
while increasing exposure to fast-growing subsea energy transmission markets. As demand for offshore
power infrastructure accelerates, particularly within floating wind installations, Roblon is well
positioned to benefit from both top-line growth and margin expansion. Based on an equally weighted
DCF and peer valuation, the analysis indicates a potential upside of 27.4% from current levels.

Investment Thesis
● Divestment of U.S. operations structurally improves margins and cash flow generation
● Shift toward high-margin composite solutions supports sustained EBIT margin expansion
● Increasing exposure to high-growth subsea energy transmission markets drives long-term
growth