Slide 1: Q3 2025 Presentation
Q3 2025 Presentation October 23, 2025
Slide 2: Highlights – Q3 2025
Highlights – Q3 2025 Gross sales of NOK 12.3 billion Revenue (IFRS) of NOK 8.4 billion Up 9.2% from last year Up 5.6% from last year EBIT EBIT of NOK 348 million Net profit of NOK 226 million Up 13.3% from last year Up 17.7% from last year
Slide 3: Income statement – Q3 2025
Income statement – Q3 2025 • Strong sales and profit growth in Q3 2025, with high demand across all lines of business CURRENCY: MNOK Q3 2025 Q3 2024 Growth Hardware 5,873 5,556 5.7% Software/Cloud 3,996 3,414 17.1% Services 2,432 2,296 6.0% Gross sales* 12,302 11,265 9.2% Revenue (IFRS) 8,433 7,983
Slide 4: Business unit performance – Q3 2025
Business unit performance – Q3 2025 • Strong sales and profit performance across nearly all countries % Gross sales EBIT Currency: Local in million Gross sales Q3 2025 Q3 2025 Q3 2024 Growth% Q3 2025 Q3 2024 Growth% Norway, NOK 25 % 3,093 2,780 11.2 % 123 114 8.1 % Sweden, SEK 39 % 4,561 4,233 7.7 %
Slide 5: Cash flow from operations
CURRENCY: MNOK Q3 2025 Q3 2024 Cash Cash earnings 468 392 flow from operations Changes in working capital -108 -239 (excluding sale of receivables) Cash flow from operations was an inflow of NOK 220 million in Cash flow from operations, before sale 359 153 Q3 2025 of receivables Change in sale of re
Slide 6: Net financial position
CURRENCY: MNOK 30 Sep 2025 30 Sep 2024 Interest-bearing liabilities -1,345 -1,143 Net Cash and cash equivalents 907 1,034 financial Net financial position* -438 -108 position EBITDA - rolling 4 Q* 2,033 1,929 Net debt / EBITDA, end of quarter (ratio) 0.2 0.1 Net debt of NOK 438 million Loan covenant
Slide 7: Business Outlook
Business Outlook Solid growth in sales and EBIT throughout 2025, driven by new frame agreements, market consolidation, and growing demand for information technology October update 2025 financial guidance • Atea expects to deliver • Gross sales of NOK 57 – 60 billion, gross sales at the top end growt
Slide 8: Background – Denmark
Background – Denmark • Atea Denmark has struggled with low profitability for many years - and is significantly less profitable than Atea Norway and Atea Sweden • Atea Denmark has high sales volumes, but with low value-add to customers. For this reason, the margins generated from each sale in Denmark
Slide 9: Atea hardware margin – history
Atea hardware margin – history • Hardware margins in Atea Denmark have fallen since 2020, and are well below Norway and Sweden • Business mix has shifted to high volume / low value-added customer relationships 14.0% 12.8% 12.6% 12.0% 10.9% 10.0% 9.1% 8.0% 6.0% 4.0% 2.0% 0.0% 2020 2021 2022 2023 2024
Slide 10: Hardware margin – SKI vs. non-SKI
Hardware margin – SKI vs. non-SKI • Atea Denmark has become over-reliant on SKI agreements which generate high volumes but low margins • We need to expand outside of SKI, where margins are higher and there are greater cross-sell opportunities • We need to aggressively cross-sell to capture value (i.
Slide 11: Atea software/cloud margin – history
Atea software/cloud margin – history • Software/cloud margins have fallen as new sales are concentrated in enterprise software licensing with limited migration to cloud or upsell of value-added services • As a result, Atea Denmark has much lower margin than Norway or Sweden in software/cloud 9.0% 8.
Slide 12: Denmark – Software/cloud development
Denmark – Software/cloud development kDKK Total Software kDKK Microsoft EA 3,500 7.0% 2,000 5.0% 1,800 4.5% 3,000 6.0% 1,600 4.0% 2,500 5.0% 1,400 3.5% 2,000 4.0% 1,200 3.0% 1,000 2.5% 1,500 3.0% 800 2.0% 1,000 2.0% 600 1.5% 400 1.0% 500 1.0% 200 0.5% 0 0.0% 0 0.0% 2023 Q1-Q3 2024 Q1-Q3 2025 Q1-Q3 2
Slide 13: Consulting - benchmarks
Consulting - benchmarks • Atea’s business model is to add value to our product delivery through services. This differentiates Atea from competitors and enables us to charge a price premium • Atea Denmark does not sell its services at a rate comparable with Norway and Sweden # System Engineers Billin
Slide 14: Managed services - benchmarks
Managed services - benchmarks • Atea Denmark is not capturing full value by selling its managed services • Atea Denmark has a huge potential within managed services as we see in the other countries kDKK AMS revenue, Q1-Q3 500 CAGR +5.9% 450 CAGR -1.0% 400 350 300 CAGR +20.2% 250 200 150 100 50 0 Nor
Slide 15: Atea Go-to-market model
Atea Go-to-market model Atea Hardware Services Solution Sales Atea Software & Cloud Atea Consulting Customer Sales Account Backoffice Management Atea Managed Services Atea Connect Partner Sales (AM) Atea Group and Countries
Slide 16: Act as
Act as Sensitivity: Internal
Slide 17: Hardware margin, Software margin, Culture, Consulting, AMS
Hardware Software margin margin Culture Consulting AMS
Slide 18: Summary – YTD 2025
Summary – YTD 2025 Gross sales of NOK 42.3 billion Revenue (IFRS) of NOK 26.1 billion Up 13.4% from last year Up 9.0% from last year Gross profit of NOK 8.0 billion EBIT EBIT of NOK 897 million Up 5.5% from last year Up 11.3% from last year
Slide 19: We build the future with IT.
We build the future with IT.
Slide 20: Q3 2025 Presentation – Fact pack
Q3 2025 Presentation Fact pack October 23, 2025
Slide 21: Highlights – Group
Highlights – Group Q3 Q3 YTD YTD Full year NOK in million 2025 2024 2025 2024 2024 Gross sales 12,302 11,265 42,340 37,323 53,862 Revenue 8,433 7,983 26,124 23,968 34,583 Gross profit 2,514 2,357 7,972 7,554 10,397 EBIT 348 307 897 806 1,171 EBIT margin (%) 4.1% 3.8% 3.4% 3.4% 3.4% Net profit 226 19
Slide 22: Consolidated statement of financial position – Group
Consolidated statement of financial position – Group Restated* Restated* NOK in million 30 Sep 2025 30 Sep 2024 31 Dec 2024 ASSETS Property, plant and equipment 531 501 498 Right-of-use assets 1,447 1,419 1,448 Deferred tax assets 212 198 170 Goodwill 4,475 4,469 4,465 Other intangible assets 729 66
Slide 23: Full-time employees – Group
Full-time employees – Group FTEs, end of period 30 Sep 2025 30 Sep 2024 Norway 1,787 1,774 Sweden 2,607 2,650 Denmark 1,428 1,437 Finland 569 548 Baltics 775 743 Logistics 285 267 Atea Global Services 519 523 Atea ASA 9 10 AppXite 60 54 Atea Group 8,039 8,006
Slide 24: Financial performance actual – Segment
Financial performance actual – Segment NOK in million Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Norway 1,900.1 2,114.2 1,968.0 2,817.8 2,100.2 2,133.3 2,215.7 Sweden 2,909.4 3,100.2 3,033.4 3,713.0 3,217.3 3,535.3 3,267.7 Denmark 1,615.9 1,813.9 1,716.5 2,717.8 1,999.5 2,048.4 1,796.6 Finland 857.9
Slide 25: Financial performance pro forma – Segment
Financial performance pro forma – Segment NOK in million Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Norway 1,900.1 2,114.2 1,968.0 2,817.8 2,100.2 2,133.3 2,215.7 Sweden 2,909.4 3,100.2 3,033.4 3,713.0 3,217.3 3,535.3 3,267.7 Denmark 1,615.9 1,813.9 1,716.5 2,717.8 1,999.5 2,048.4 1,796.6 Finland 857
Slide 26: Income statement actual – Group (NOK million)
Income statement actual – Group (NOK million) NOK in million Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Hardware 4,950.1 5,627.0 5,555.9 7,684.4 5,752.8 6,245.5 5,873.4 Software 4,010.4 6,416.5 3,413.6 5,969.1 4,869.7 7,672.5 3,996.3 Product sales 8,960.5 12,043.5 8,969.5 13,653.5 10,622.4 13,918.0 9
Slide 27: Income statement pro forma – Group (NOK million)
Income statement pro forma – Group (NOK million) NOK in million Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Hardware 4,950.1 5,627.0 5,555.9 7,684.4 5,752.8 6,245.5 5,873.4 Software 4,010.4 6,416.5 3,413.6 5,969.1 4,869.7 7,672.5 3,996.3 Product sales 8,960.5 12,043.5 8,969.5 13,653.5 10,622.4 13,918.
Slide 28: Income statement actual – Norway (NOK million)
Income statement actual – Norway (NOK million) NOK in million Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Product sales 2,176.0 2,504.0 2,188.9 3,513.9 2,427.0 2,538.2 2,442.4 Services sales 616.8 682.6 591.1 697.1 689.9 694.4 650.4 Gross sales 2,792.7 3,186.6 2,780.0 4,211.0 3,116.9 3,232.7 3,092.7 P
Slide 29: Income statement actual – Sweden (SEK million)
Income statement actual – Sweden (SEK million) SEK in million Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Product sales 3,912.0 5,071.1 3,446.0 5,483.0 4,540.8 5,580.4 3,693.8 Services sales 903.6 960.8 787.3 1,054.7 957.2 1,016.1 867.2 Gross sales 4,815.6 6,031.9 4,233.3 6,537.7 5,498.0 6,596.6 4,561
Slide 30: Income statement actual – Sweden (NOK million)
Income statement actual – Sweden (NOK million) NOK in million Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Product sales 3,956.8 5,079.3 3,542.5 5,602.9 4,704.9 5,941.3 3,918.7 Services sales 915.2 963.1 810.0 1,078.8 993.9 1,083.0 920.0 Gross sales 4,872.0 6,042.4 4,352.5 6,681.7 5,698.8 7,024.3 4,838
Slide 31: Income statement actual – Denmark (DKK million)
Income statement actual – Denmark (DKK million) DKK in million Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Product sales 1,090.9 1,929.8 1,173.7 2,011.0 1,439.1 2,521.3 1,398.3 Services sales 408.6 450.7 381.8 485.0 416.0 505.0 370.2 Gross sales 1,499.4 2,380.5 1,555.5 2,496.0 1,855.1 3,026.3 1,768.5
Slide 32: Income statement actual – Denmark (NOK million)
Income statement actual – Denmark (NOK million) NOK in million Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Product sales 1,668.9 2,999.5 1,850.5 3,168.5 2,247.6 3,949.1 2,211.0 Services sales 625.7 698.2 602.1 764.2 649.1 789.0 584.3 Gross sales 2,294.6 3,697.7 2,452.6 3,932.7 2,896.6 4,738.0 2,795.3
Slide 33: Income statement actual – Finland (EUR million)
Income statement actual – Finland (EUR million) EUR in million Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Product sales 78.9 99.7 92.2 86.5 81.6 93.4 83.1 Services sales 13.5 14.2 13.7 15.1 14.6 13.6 12.7 Gross sales 92.5 113.8 105.9 101.6 96.2 107.0 95.8 Product margin (%) 11.8% 9.2% 8.5% 9.4% 11.4%
Slide 34: Income statement actual – Finland (NOK million)
Income statement actual – Finland (NOK million) NOK in million Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Product sales 902.1 1,151.0 1,083.5 1,016.3 950.2 1,088.5 980.6 Services sales 154.6 163.8 161.7 177.5 169.9 158.7 150.1 Gross sales 1,056.7 1,314.8 1,245.3 1,193.8 1,120.1 1,247.2 1,130.7 Produc
Slide 35: Income statement actual – Baltic (EUR million)
Income statement actual – Baltic (EUR million) EUR in million Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Product sales 25.5 28.9 28.3 32.0 29.1 36.2 31.6 Services sales 13.9 13.8 13.9 17.3 15.6 15.1 14.6 Gross sales 39.3 42.7 42.1 49.3 44.7 51.3 46.2 Product margin (%) 11.2% 13.2% 13.2% 14.6% 12.4% 9
Slide 36: Income statement actual – Baltic (NOK million)
Income statement actual – Baltic (NOK million) NOK in million Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Product sales 290.6 332.6 332.7 375.8 339.8 421.3 372.3 Services sales 158.4 159.9 163.3 203.8 181.9 176.4 172.0 Gross sales 449.0 492.5 496.1 579.6 521.7 597.7 544.3 Product margin (%) 11.2% 13.2
Slide 37: Income statement actual – Group Shared Services (MNOK)
Income statement actual – Group Shared Services* (MNOK) NOK in million Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Product sales 1,640.4 1,985.9 2,237.9 3,141.0 2,230.6 2,595.5 2,642.6 Services sales 296.2 307.8 339.9 350.1 322.7 339.6 346.7 Gross sales 1,936.6 2,293.6 2,577.8 3,491.1 2,553.4 2,935.0