Slide 1: Itera Interim report
ITERA Interim report
Slide 2: Q4 Report 2025 agenda
Q4 REPORT 2025 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 Q4 2025
Q4 REPORT 2025 ITERA Highlights Q4 2025
Slide 4: Highlights
Q4 REPORT 2025 ITERA Highlights Navigating a soft 19% annual growth in Operational 1.5–2.0 pts market AI & cloud margin uplift As we move into 2026, volatility Cloud & Application Services (CAS), Costs related to the operational persists, but our new regional our AI-powered growth engine, changes ar
Slide 5: Q4 in brief
Q4 REPORT 2025 ITERA Q4 in brief Organic growth EBIT margin Revenue, MNOK 232 +1 % 1.8% 212 1% 213 YoY growth 203 196 Same currency: +2% Full year: 4.3% Full year: -1% -5% -9% +1% +7% RTM operational Ending number of cash flow MNOK Employees EBIT margin 3.5% 9.1% 2.1% 3.8% 1.8% 63 695 Last year: 74
Slide 6: Market view
Q4 REPORT 2025 ITERA Market view Market uncertainty and caution Geopolitical tensions and uneven macroeconomic conditions delay investment decisions and reduce project visibility. Resilience in digital spending Digital and IT investments remain robust as AI, cloud, data, and cybersecurity become ess
Slide 7: Business review
Q4 REPORT 2025 ITERA Business review
Slide 8: Nordic roots. European presence.
Q4 REPORT 2025 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 8 Countries 18 Ye
Slide 9: Two main offerings
Q4 REPORT 2025 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
Q4 REPORT 2025 ITERA ITERA Digitalisation Services
Slide 11: Sector development 2025
Q4 REPORT 2025 ITERA Sector development 2025 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: We don't just advise, we work hands-on and deliver real outcomes
PRIVATBANK ITERA.COM We help companies turn technology, data, and AI into tangible business value. W e don’t just Strategy, IT, Technical advise, we work Complexity and Architecture hands-on and deliver real outcomes User and Economics and We bring practical delivery across Organizational Cost effec
Slide 13: The IT landscape is undergoing a fundamental shift
Q4 REPORT 2025 ITERA The IT landscape is undergoing a fundamental shift AI is now the key driver CAS as an AI-powered growth engine The industry is shifting from Our Cloud & Application Services (CAS) unit shows strong cloud-driven environments to AI growth after substantial investments over time tr
Slide 14: AI is not a threat — it is an opportunity
Q4 REPORT 2025 ITERA AI is not a threat — it is an A new metric: opportunity The human-agent ratio AI boosts efficiency in areas like coding and operations, but those saving don’t disappear. Digital agents ▪ Cost savings are reinvested into new customer priorities — the list of digital ambitions is
Slide 15: A strategic reallocation has begun – the senior opportunity
Q4 REPORT 2025 ITERA A strategic reallocation has begun – the senior opportunity Experience starvation Task complexity AI enables high-experience workers to complete more tasks. This leaves low-experience workers with fewer tasks. Experience of worker Source: Gartner Symposium Barcelona 2025
Slide 16: A strategic reallocation has begun – the junior opportunity
Q4 REPORT 2025 ITERA A strategic reallocation has begun – the junior opportunity Experience compression Task complexity AI reduces time required to gain experience. Low-experience talent can outperform higher-experience talent. Experience of worker Source: Gartner Symposium Barcelona 2025
Slide 17: Responsible business
Q4 REPORT 2025 ITERA ITERA Responsible business
Slide 18: Delivering from Ukraine: Resilience in action
Q4 REPORT 2025 ITERA Delivering from Ukraine: Resilience in action Our Ukrainian colleagues continue to deliver exceptional work despite the challenging conditions they face every day. This January alone, there hasn't been a single day without attacks on Ukraine's energy infrastructure, yet our team
Slide 19: Powering Ukraine with critical energy capacity
Q4 REPORT 2025 ITERA Powering Ukraine with critical energy capacity Itera continued its deep collaboration with Bergen Engines, supporting the delivery of critical energy capacity to Ukraine. • A new agreement in Q4 adds 40 MW of power-generation capacity, building on approximately 160 MW previously
Slide 20: New strategic partnerships in Defence
Q4 REPORT 2025 ITERA New strategic partnerships in Defence Itera expanded its presence in the defence and geospatial sector, signing new contracts with Rift Dynamics and TKartor. • The partnership with Rift Dynamics accelerates innovation in defence technology, leveraging combined technical and oper
Slide 21: Order intake
Q4 REPORT 2025 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 1 2% (1 4%) Revenue from new customers won over the past 12 months.
Slide 22: Customer mix
Q4 REPORT 2025 ITERA Customer mix Share existing customers High visibility 87.6% (86.5%) 73% (79%) of revenues in Q4 2025 Top 30 customers, share of revenue Customer diversification and growth platform Revenue customers split (in MNOK) Largest customers’ share of revenue ▪ Strategic relationships ▪
Slide 23: Skilled and innovative employees
Q4 REPORT 2025 ITERA Skilled and innovative Number of employees end of quarter by shore employees 695 (725) employees at the end of the quarter Down by 30 last twelve months as part of the business optimisation program. Nearshore ratio of 49% (50%) Our distributed delivery model of onshore and nears
Slide 24: Financial review
Q4 REPORT 2025 ITERA Financial review
Slide 25: Key financials
Q4 REPORT 2025 ITERA Key financials Positive growth despite lower capacity 2025 2024 Change 2025 2024 Change 2024 • Cloud & Application Services up 17% in the quarter NOK Million 10-12 10-12 % 1-12 1-12 % FY and 19% full year Operating revenue 213.4 211.9 1% 844.3 848.8 -1% 848.8 Gross profit 198.4
Slide 26: Revenue and EBIT development
Q4 REPORT 2025 ITERA Revenue in NOK millions Revenue and EBIT development 250 871.6 880 870 200 860 150 848.8 850 846.5 840 100 Opportunities for revenue and margin expansion 830 • Further normalisation of utilisation 50 222.1 228.5 224.1 184.2 211.9 231.6 202.9 198.5 213.4 820 • Significant outsour
Slide 27: Revenue by type
Q4 REPORT 2025 ITERA Revenue by type 250 Quarterly revenue by type (MNOK) 200 20 20 19 20 18 21 17 20 20 18 21 21 20 150 Revenue per employee up by 2% 100 197 190 191 192 175 186 183 174 177 163 166 158 • Revenue from own consultants up 2% at NOK 148 50 177 million • Revenue from subscription servic
Slide 28: Cash flow
Q4 REPORT 2025 ITERA Quarterly cash flow from operations Cash flow 57.2 54.4 45.3 NOK million 28.0 Cash flow from operations 20.8 • MNOK 54.4 (45.3) in Q4 2025 7.0 • MNOK 63.2 (73.7) full year Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 -6.5 -4.8 Cash flow from investing activities -7.2 •
Slide 29: EBITDA to Cash conversion
Q4 REPORT 2025 ITERA Strong cash conversion EBITDA to Cash conversion of 91.8 in the last 12 months, up 0.8 points from the previous year 120% 104.5% 100% 93.1% 91.0% 91.6% 91.8% EBITDA to Cash conversion 86.5% 83.3% 80% 75.8% 74.5% 60% 40% 20% 0% Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-2
Slide 30: Consistent high distribution of earnings to shareholders
Consistent high distribution of earnings to shareholders Allocations to shareholders ▪ A supplementary dividend of NOK 0.10 per share paid in Q4 2025 (NOK 0.30 in 2025) 1.20 1.00 ▪ Proposed ordinary dividend of NOK 0.20 for 0.80 NOK per share 2025, to be decided in AGM in May 0.60 ▪ Share price was
Slide 31: Outlook
Q4 REPORT 2025 ITERA Outlook
Slide 32: Outlook
Q4 REPORT 2025 ITERA Outlook Market conditions in the Distributed delivery Business improvement Enter Ukraine with Itera Profitable growth Nordics show early demand is expected to programme largely continues to expand and and cash flow are signs of gradual normalise as sourcing implemented and repre
Slide 33: Q&A
Q4 REPORT 2025 ITERA Q&A
Slide 34: Top shareholders
Q4 REPORT 2025 ITERA Top 20 shareholders No. Name % Nat. Shareholding 1 ARNE MJØS INVEST AS 33.29 NOR 27,363,031 2 OP CAPITAL AS 6.18 NOR 5,076,558 3 SEPTIM CONSULTING AS 5.51 NOR 4,525,080 4 GIP AS 5.44 NOR 4,470,000 5 BOINVESTERING AS 3.93 NOR 3,230,577 6 GAMST INVEST AS 3.63 NOR 2,983,814 7 JØSYR
Slide 35: Make a difference
Make a difference