Slide 1: Q2 2026 Interim presentation
Q2 2026 Interim presentation Kristine Lund, CEO Henning Hesjedal, CFO Webstep ASA - 20 August 2026, Oslo
Slide 2: Agenda
Agenda 01 Highlights from the quarter 02 Financial Review 03 Market update and outlook 2
Slide 3: Highlights from the quarter
Highlights from the quarter webstep
Slide 4: Q2 Highlights
Q2 Highlights Webstep continues to strengthen its commercial AI remains a key strategic priority, and Webstep Despite continued market uncertainty and intense capabilities during the second quarter, with closer became one of only a few Norwegian companies competition, Webstep sees encouraging signs
Slide 5: Financial review
Financial review webstep
Slide 6: Q2 Financial highlights
Q2 Financial highlights 190.4 13.9 0.37 374 REVENUE EBIT EPS EMPLOYEES · EOP mNOK mNOK NOK −11.4% y/y −26.8% y/y 7.3% margin vs. 0.55 Q2 2025 −14.6% y/y 6
Slide 7: Revenue
Revenue Revenue 190.4 mNOK (-11.4% y/y) ● Revenue own consultants 167.4 mNOK (-15.2% y/y). Driven by lower headcount (-14.6% y/y) and lower utilization, offset by increased hourly rates ● Positive development in hourly rates, due to index adjustments and strong commercial focus ○ Revenue per FTE 501
Slide 8: FTEs and hiring
FTEs and hiring # of employees (EoP) 374 (-14.6% y/y) ● Maintained selected hiring in Q2, capacity added in high-demand fields, like AI skilled senior developers ● FTE reduction driven by planned churn alongside consultants transitioning to permanent client roles ● Hiring market continue to be compet
Slide 9: Opex
Opex Opex of 176.5 mNOK (-9.9% y/y) ● Personnel expenses declining 14.3% y/y, driven by reduced headcount (-14.6% y/y) and scalable salary models ● Cost of services and goods +31.0% y/y, due to higher subcontractor volumes and license reselling ● Other opex 10.9 mNOK (-10.4% y/y), reduction primaril
Slide 10: EBIT
EBIT EBIT 13.9 mNOK (-26.8% y/y) • 7.3% EBIT margin, down from 8.9% in Q2 2025 • Flexibility in salary models protects margins, however reduced scale impacts profitability • Cost focus on discretionary spend, continue to invest in training and social activities to retain and motivate the workforce 10
Slide 11: Cash flow
Cash flow • Cash flow driven by solid operational performance with 18.2 mNOK in EBITDA, offset by working capital movements due to seasonal payment cycles and new tax regulations • 40.4 mNOK dividend payment in May 2025 (1.49 per share) • No interest-bearing debt • Unutilised credit facility of 80 mNO
Slide 12: Market update and outlook
Market update and outlook webstep
Slide 13: Market update and outlook (1)
Market update and outlook (1) Sector dynamics and demand ● Public sector activity remains subdued, with spending pressure and intense competition on framework agreements ● Private sector activity varies across industries, with healthy client dialogue and a growing pipeline ● Resources are actively r
Slide 14: Market update and outlook (2)
Market update and outlook (2) Strategic focus and commercial execution ● Cross-office collaboration is opening new opportunities across regional boundaries, including Lyse and Kartverket ● Practical AI advisory and deliveries are moving into production for clients like Cubility, Stavanger Aftenblad
Slide 15: Questions?
Questions? If you have any questions or would like a more detailed walkthrough of Please contact us at ir@webstep.com Webstep’s latest quarterly results, please do not hesitate to get in touch. We are happy to provide further insights or schedule a presentation tailored to your interests. 15
Slide 16: Appendix
Appendix webstep
Slide 17: Key figures
Key figures NOK million Q2 2026 Q2 2025 YTD 2026 YTD 2025 FY 2025 Revenues 190.4 215.0 400.2 451.4 835.2 Change −11.4% -6.3% -11.3% −1.7% -4.5% EBITDA 18.2 23.3 38.2 50.3 73.0 EBITDA margin 9.6% 10.9% 9.5% 11.1% 8.7% EBIT 13.9 19.0 29.8 41.7 55.9 EBIT margin 7.3% 8.9% 7.5% 9.2% 6.7% Net profit 10.1 14
Slide 18: Customer base characteristics
Customer base characteristics Private / Public The top 10 customers account for 56% of total revenue A large and loyal customer base in both private and public sector. Optimizing sales and strengthening our focus on the enterprise market and large clients. 65/35% 56% A diversified customer base betwe
Slide 19: Cash flow and net debt
Cash flow and net debt NOK million 06/30/2026 Cash and cash equivalents* −10.3 Restricted cash 0 Debt to credit institutions 0 Leasing liabilities (current and non-current) 58.6 Net interest bearing debt (NIBD) 48.3 NIBD/EBITDA (rolling 12 months) -0.2 NIBD/EBITDA (rolling 12 months) including IFRS 1
Slide 20: Top shareholders at 18 August 2026
Top shareholders at 18 August 2026 20
Slide 21: Number of FTE EoP per geographical area
Number of FTE EoP per geographical area Q2 Q1 Q4 Q3 Q2 FTE | End of period 2026 2026 2025 2025 2025 Total 374 386 400 419 438 Oslo 174 184 191 193 205 Bergen 78 80 86 91 92 Trondheim 56 55 53 62 63 Stavanger 41 42 46 48 51 Sørlandet 21 20 18 20 20 Haugalandet 4 5 5 5 7 21
Slide 22: Disclaimers
Disclaimers This Presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. These statements and this Presentation are based on current expectations, estimates and projections ab
Slide 23: Oslo Trondheim Bergen
Oslo Trondheim Bergen Sørlandet Stavanger Universitetsgata 2, Kongens gate 16, Damsgårdsveien 14, Skippergata 19, Verksgata 1a, 0164 Oslo 7011 Trondheim 5058 Bergen 4611 Kristiansand 4013 Stavanger