Itera ASA · OSL:ITERA
Itera ASA — Q2 2026 Earnings Presentation
29 slides from Itera ASA's earnings presentation, Aug 28, 2026
Slide 1: Itera Interim report
ITERA Interim y report a
Slide 2: Q2 Report 2026 agenda and presenters
Q2 REPORT 2026 ITERA 1. Highlights of the quarter 2. Business review 3. Financial review 4. Outlook 5. Q&A Arne Mjøs Bjarte Petersen Chief Executive Officer Chief Financial Officer
Slide 3: Highlights Q2 2026
Q2 REPORT 2026 ITERA Highlights Q2 2026
Slide 4: Highlights
Q2 REPORT 2026 ITERA Highlights. Disciplined execution and AI-led demand carried through a stronger second quarter Improved growth & AI - driven Stronger profitability demand growth platform Revenue growth of 7%, higher Customer demand is shifting from Cloud & Application Services utilization, lower
Slide 5: Business review
Q2 REPORT 2026 ITERA Business review
Slide 6: Q2 in brief
Q2 REPORT 2026 ITERA Q2 in brief Organic growth Adjusted EBIT margin Revenue, MNOK 203 196 213 223 210 7% 6 .8 % Constant currency terms Last year: 2.3% -4% +7% +1% +4% while reported 4% in NOK -9% YoY growth Q2 operational Ending number of cash flow MNOK employees Adjusted EBIT margin 2.3% 4.3% 2.1
Slide 7: Market view
Q2 REPORT 2026 ITERA Market view AI is moving from experimentation to enterprise-wide business transformation — reshaping how customers modernize, operate and buy consulting services. Market evolution Activity trends AI becomes business Agentic AI gains momentum transformation AI agents and data are
Slide 8: Nordic roots. European presence. In the agentic era.
Q2 REPORT 2026 ITERA Nordic roots. European presence. In the agentic era. Itera is a vibrant team of business advisors, designers, technologists and AI agents, working together to redefine how organizations innovate, transform and create value in the agentic era. 14 Number of offices 8 Countries 18
Slide 9: Sector development 2026
Q2 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 10: AI transformation & New growth engines
Q2 REPORT 2026 ITERA AI transformation & New growth engines A staged model that moves organizations from legacy debt to measurable business value — modernization and agentic enablement compounding into reusable capability. MODERNIZE TRANSFORM OPERATE IMPROVE 4 1 2 3 New Agentic Products & Services A
Slide 11: Circular value loop
Q2 REPORT 2026 ITERA Circular value loop Every engagement cycles through modernize, transform, operate and improve — compounding into a dual value creation model for both customer and Itera. Modernize Customer Value Itera Value Faster modernization Higher human-agent ratio Improve Transform Lower op
Slide 12: The future of consulting is agentic
Q2 REPORT 2026 ITERA The future of consulting is agentic COMPOUNDING KNOWLEDGE ACROSS ENGAGEMENTS 1 2 3 4 Becomes institutional Engagement delivered Reused across customers Next project starts ahead knowledge Agents, workflows and analysis Reusable, not bespoke — captured and Applied to new engageme
Slide 13: First in Norway to certify AI management
Q2 REPORT 2026 First in Norway to certify AI management Itera is certified under ISO 42001 - first in Norway and among the first in Europe to achieve certification for AI management standard. ▪ Responsible AI by design The certification verifies how AI is governed, developed, deployed and monitored,
Slide 14: Learning resilience from Ukraine during Arendalsuka
Q2 REPORT 2026 ITERA Learning resilience from Ukraine during Arendalsuka Resilience is built before a crisis. The lessons from Ukraine are becoming increasingly relevant across sectors • Real-world laboratory – for energy resilience, digital transformation and innovation under extreme conditions. •
Slide 15: Order intake
Q2 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 9% (18%) Revenue from new customers won over the past 12 months.
Slide 16: Customer mix
Q2 REPORT 2026 ITERA Customer mix Share existing customers High visibility 91 % (82.0%) 71% (7 3 %) of revenues in Q2 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 17: Skilled and innovative employees
Q2 REPORT 2026 ITERA Skilled and innovative Number of employees end of quarter by shore employees 672 (702) employees at the end of the quarter Down by 30 last twelve months as part of the operational improvement programme. Nearshore ratio of 50% (49%) Our distributed delivery model of onshore and n
Slide 18: Financial review
Q2 REPORT 2026 ITERA Financial review
Slide 19: Key financials
Q2 REPORT 2026 ITERA Key financials 2026 2025 Change 2026 2025 Change 2025 NOK Million 4-6 4-6 % 1-6 1-6 % FY Operating revenue 210.2 202.9 4% 433.1 434.6 0% 844.3 In the second quarter, growth came to 7% in Operating revenue in 216.5 202.9 7% 445.1 434.6 2% 846.5 constant currency and 4% on a repor
Slide 20: Revenue by type
Q2 REPORT 2026 ITERA Revenue by type Quarterly revenue by type (MNOK) Revenue from FTE driven consultancy services up 5% at NOK 174 million ▪ Revenue from subscription services was on par with last year at NOK 21 million, however good underlying growth in the cloud and application services ▪ Revenue
Slide 21: Revenue and EBIT development
Q2 REPORT 2026 ITERA Revenue in NOK millions Revenue and EBIT development Opportunities for revenue and margin expansion ▪ Customers moving from AI pilots to enterprise-wide deployment and agentic AI driven ▪ AI-enabled delivery at scale: Code Compass, Digital Factory, Atlas Data Fabric and ISO 4200
Slide 22: Cash flow
Q2 REPORT 2026 ITERA Quarterly cash flow from operations Cash flow Solid cash generation in Q2, slightly below last year: NOK million ▪ Operating cash flow of NOK 18.6 million in Q2 ▪ Operating cash flow last twelve months NOK 39.0 million (68.3) Cash flow from investing activities ▪ MNOK -2.9 (-2.7
Slide 23: EBITDA to Cash conversion
Q2 REPORT 2026 ITERA Temporary dip in cash conversion EBITDA to Cash conversion Over the last 12 months, EBITDA to Cash conversion came in at 58%, a decline of 46 points year on year. Behind the drop sits higher working capital, reflecting revised employee tax schedules in Norway alongside the payme
Slide 24: Consistent high distribution of earnings to shareholders
Q2 REPORT 2026 ITERA Consistent high distribution of earnings to shareholders Allocations to shareholders ▪ An ordinary dividend for 2025 of NOK 0.20 per share (NOK 16.2 million) was paid in the quarter, and the Board was granted authorisation to approve a possible supplementary dividend later in th
Slide 25: Outlook
Q2 REPORT 2026 ITERA Outlook
Slide 26: Outlook
Q2 REPORT 2026 ITERA Outlook Demand remains AI and Agentic AI are Operation improvement Currency effect, a Profitable growth cautious, but with emerging as key growth programme delivered on stronger NOK held and cash flow remain improving pockets of drivers, accelerating target. Next step is to repo
Slide 27: Q&A
Q2 REPORT 2026 ITERA Q&A
Slide 28: Top shareholders
Q2 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 29: Slide 29