Slide 1: Interim report
ITERA Interim report 4
Slide 2: Q1 Report 2026 agenda
Q1 REPORT 2026 ITERA 1. Highlights of the quarter 2. Business review 3. Financial review 4. Outlook 5. Q&A Arne Mjøs Bent Hammer Chief Executive Officer Chief Financial Officer
Slide 3: Highlights Q1 2026
Q1 REPORT 2026 ITERA Highlights Q1 2026
Slide 4: Highlights
Q1 REPORT 2026 ITERA Highlights Disciplined execution AI embedded at the core Margin uplift in a cautious market of growth as planned New regional structure and AI is increasingly creating new Operational improvements operational focus have built a solid opportunities, expanding the scope of impleme
Slide 5: Business review
Q1 REPORT 2026 ITERA Business review
Slide 6: Q1 in brief
Q1 REPORT 2026 ITERA Q1 in brief Organic growth EBIT margin Revenue, MNOK 232 223 - 1% 7.5% 1% 213 Constant currency terms Last year: 9.1% YoY growth 203 196 +1% -4% while reported -4% in NOK -9% +7% RTM operational Ending number of cash flow MNOK employees EBIT margin 9.1% 2.1% 3.8% 1.8% 7.5% 41 68
Slide 7: Market view
Q1 REPORT 2026 ITERA Market view Market uncertainty: Still cautious, but more selective Caution persists, but customers are more deliberate rather than frozen, and we see a stronger focus on value and execution. Resilience in digital spending Digital and IT investments remain robust as AI, cloud, da
Slide 8: Nordic roots. European presence.
Q1 REPORT 2026 ITERA Nordic roots. European presence. Itera is a vibrant team of business advisors, designers, and technologists. By placing the customer at the heart of everything we do, we ensure their needs and ambitions are met with precision across all our locations. 14 Number of offices 8Count
Slide 9: Two main offerings
Q1 REPORT 2026 ITERA Digitalisation services We are a comprehensive service provider dedicated to accelerating sustainable digital transformation in ▪ Financial Services ▪ Energy & Industries ▪ Public Sector ▪ Defence & Aerospace Two main offerings Responsible business We provide expert advisory ser
Slide 10: Digitalisation Services
Q1 REPORT 2026 ITERA ITERA Digitalisation Services
Slide 11: Sector development 2026
Q1 REPORT 2026 ITERA Sector development 2026 Our key industries include financial services, This focus gives us an understanding of the energy and the public sector. Additionally, evolution of these industries, their business we are establishing a strong foothold in the issues and new and emerging t
Slide 12: AI is becoming the operating system of the business
Q1 REPORT 2026 ITERA AI is becoming the operating system of the business AI is now embedded, not From pilots to scale Tailor-made solutions are optional becoming affordable Customers are moving from It shapes how customers plan proofs of concept to AI deployed Intelligence, not applications, is tran
Slide 13: Complex SaaS applications are being replaced by AI agents
CASE Complex SaaS applications are being replaced by AI agents A new metric: The human - agent ratio As example, we observe a paradigm shift where complex SaaS applications are being replaced by AI agents, where intelligence — not applications — is the Digital primary interface. agents Proven at sca
Slide 14: WaterCircles: proof point of digital core demand
WATERCIRCLES WaterCircles: proof point of “digital core” demand New agreement with WaterCircles where Itera’s Cloud & Application Services assumes full responsibility for the application portfolio and cloud platform ▪ Shows the market shift: customers want a trusted partner to run the digital core,
Slide 15: Responsible business
Q41REPORT 2026 ITERA ITERA Responsible business
Slide 16: Unlocking high-potential growth opportunities in Ukraine
Q1 REPORT 2026 ITERA Unlocking high-potential growth opportunities in Ukraine Ukraine brings resilience and speed; the Nordics bring EU-native infrastructure. Together, we can define the next-generation resilient digital financial system in Europe. ▪ Strategic convening: Itera brought together key p
Slide 17: Kyiv partnership discussion
Q1 REPORT 2026 ITERA Kyiv partnership discussion | March 9 - 12 Norwegian, Nordic and Ukrainian FSI Engage with Ukraine’s Mobilise Norway/Nordic Co-develop of Build a more resilient innovative IT industry to FSI leadership to help cybersecurity, operational European financial keep the economy runnin
Slide 18: GovTech Lab Ukraine
Q1 REPORT 2026 ITERA GovTech Lab Ukraine Itera was selected as one of three winners of GovTech Lab Ukraine, the country’s first open innovation programme for the public sector. ▪ Itera received a grant to pilot a digital solution that automates construction documentation together with Ukraine’s Stat
Slide 19: Order intake
Q1 REPORT 2026 ITERA Order intake Order intake from selected new and existing customers. Several of the new deals signed are within AI and with expected spin-off projects. Share new customers 8% (13%) Revenue from new customers won over the past 12 months.
Slide 20: Customer mix
Q1 REPORT 2026 ITERA Customer mix Share existing customers High visibility 92.4 % (87.0%) 75 % (73%) of revenues in Q1 2026 Share of revenue from Top 30 customers Revenue customers split (in MNOK) Share of revenue Customer diversification and growth platform ▪ Strategic relationships ▪ Full range of
Slide 21: Skilled and innovative employees
Q1 REPORT 2026 ITERA Skilled and innovative Number of employees end of quarter by shore employees 686 (709) employees at the end of the quarter Down by 21 last twelve months as part of the operational improvement programme. Nearshore ratio of 50% (49%) Our distributed delivery model of onshore and n
Slide 22: Financial review
Q1 REPORT 2026 ITERA Financial review
Slide 23: Key financials
Q1 REPORT 2026 ITERA Key financials Gross profit growth in constant currency 2026 2025 Change 2025 NOK Million 1-3 1-3 % FY ▪ Gross profit increased 1% in constant Operating revenue 222.9 231.6 -4% 844.3 currency terms Gross profit 209.5 214.0 -2% 781.8 ➢ Cloud & Application Services up 11% EBITDA m
Slide 24: Revenue and EBIT development
Q1 REPORT 2026 ITERA Revenue in NOK millions Revenue and EBIT development 250 869.8 880 870 200 860 150 851.9 850 Opportunities for revenue and margin expansion 100 837.8 840 ▪ Increasing recurring revenue and cloud migration and 50 830 modernisation driven by AI and security 820 228.5 224.1 184.2 2
Slide 25: Revenue by type
Q1 REPORT 2026 ITERA Revenue by type 250 Quarterly revenue by type (MNOK) 200 20 20 19 20 18 21 20 20 20 18 21 21 20 150 Revenue per employee unchanged 100 197 190 191 192 188 ▪ Revenue from own consultants down 2% at 163 186 183 148 174 166 158 177 NOK 188 million (+1% in constant currency) 50 ▪ Re
Slide 26: Cash flow
Q1 REPORT 2026 ITERA Quarterly cash flow from operations Cash flow 53.4 45.3 NOK million Weaker cash flow in Q1 primarily reflects: 28.0 ▪ higher advance payments from customers in Q4 2025 20.8 ▪ temporary working-capital effects related to the share- 7.0 based incentive programme Q1-24 Q2-24 Q3-24
Slide 27: EBITDA to Cash conversion
Q1 REPORT 2026 ITERA Temporary dip in cash conversion EBITDA to Cash conversion of 63.9% in the last 12 months, down 27.7 points from the previous year 120% 104.5% 100% 93.1% 91.0% 91.6% 90.3% EBITDA to Cash conversion 83.3% 80% 75.8% 74.5% 63.9% 60% 40% 20% 0% Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3
Slide 28: Consistent high distribution of earnings to shareholders
Q1 REPORT 2026 ITERA Consistent high distribution of earnings to shareholders Allocations to shareholders ▪ Proposed ordinary dividend of NOK 0.20 for 1.20 2026, to be decided in AGM in May. The Board 1.00 will also ask for an authorisation to pay an 0.80 additional dividend later in the year NOK pe
Slide 29: Outlook
Q1 REPORT 2026 ITERA Outlook
Slide 30: Outlook
Q1 REPORT 2026 ITERA Outlook Market conditions in the Distributed delivery Operational Enter Ukraine with Itera Profitable growth Nordics show early demand is expected to improvements continues to expand and and cash flow are signs of gradual normalise as sourcing implemented expected represents a l
Slide 31: Bjarte Petersen as new CFO
Q1 REPORT 2026 ITERA Bjarte Petersen as new CFO Bjarte Petersen will be joining Itera as our new Chief Financial Officer from 1 August 2026. Extensive experience 20+ years in senior finance roles within listed and capital-market-oriented companies, most recently as CFO and EVP Finance at Kongsberg D
Slide 32: Q&A
Q1 REPORT 2026 ITERA Q&A
Slide 33: Top 20 shareholders
Q1 REPORT 2026 ITERA Top 20 shareholders No. Name % Nat. Shareholding 1 ARNE MJØS INVEST AS 33.29 NOR 27,363,031 2 OP CAPITAL AS 6.26 NOR 5,146,222 3 SEPTIM CONSULTING AS 5.54 NOR 4,555,467 4 GIP AS 5.45 NOR 4,481,744 5 BOINVESTERING AS 4.02 NOR 3,302,402 6 GAMST INVEST AS 3.74 NOR 3,073,351 7 JØSYR
Slide 34: Make a difference