Slide 1: Q1 2026 Interim presentation
Q1 2026 Interim presentation Kristine Lund, CEO Henning Hesjedal, CFO Webstep ASA - 20 May 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: Q1 Highlights
Q1 Highlights Webstep continues to strengthen its market position As client expectations evolve, Webstep is investing in Despite continued market uncertainty and pricing through a sharper commercial focus and targeted AI-centered offerings and dedicated AI capabilities to pressure, Webstep sees enco
Slide 5: Financial review
Financial review webstep
Slide 6: Q1 Financial highlights
Q1 Financial highlights 209.7 15.9 0.43 386 REVENUE EBIT EPS EMPLOYEES · EOP mNOK mNOK NOK −11.3% y/y −30% y/y 7.6% margin vs. 0.63 Q1 2025 −13.1% y/y 6
Slide 7: Revenue
Revenue Revenue 209.7 mNOK (-11.3% y/y) ● The main driver is lower headcount, which is down -13.1% y/y ● In addition, utilization was lower than Q1 2025 driven by long term projects coming to an end ● Positive development in hourly rates, due to index adjustments and strong commercial focus, includi
Slide 8: FTEs and hiring
FTEs and hiring # of employees (EoP) 386 (-13.1% y/y) ● Selected hiring in Q1, capacity added in high-demand fields, like AI skilled senior developers ● Churn driven by increased expectations on the consultants, leading to both managed and unmanaged churn ○ Increased unmanaged churn last 9 months fro
Slide 9: Opex
Opex Opex of 193.8 mNOK (-9.3% y/y) ● 13.1% lower headcount is key driver, with personnel expenses declining 12.9% y/y ● Cost of goods sold increasing 5,5 mNOK related to subcontractors ● Other opex 12.2 mNOK (-15.3% y/y), reduction primarily due to branding project in 2025 ● Restructuring cost of N
Slide 10: EBIT
EBIT EBIT 15.9 mNOK (-30% y/y) • 7.6% EBIT margin, down from 9.6% in Q1 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 20.0 mNOK in EBITDA, offset by 50.3 mNOK in working capital movements due to seasonal payment cycles and new tax regulations • 40.4 mNOK dividend payment for 2025 (1.49 per share) scheduled in May • No interest-bearing debt • 72.4 mNOK
Slide 12: Market update and outlook
Market update and outlook webstep
Slide 13: Market update and outlook (1)
Market update and outlook (1) Market remains mixed with continued uncertainty ● Demand varies across sectors; overall activity and utilisation remain volatile ● Public sector strong, but high competition and pricing pressure reduce win rates ● Private sector subdued with longer decision cycles and m
Slide 14: Market update and outlook (2)
Market update and outlook (2) Strengthening position in a demanding market ● Increased sales activity and sharper go-to-market focus ● Improved pipeline quality and conversion a key priority ● Targeted positioning within selected industries Investing in future capabilities ● Continued build-up of do
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 Q1 2026 Q1 2025 FY 2025 Revenues 209.8 236.4 835.2 Change -11.3% 2.9% -4.5% EBITDA 20.0 26.9 73.0 EBITDA margin 9.5% 11.4% 8.7% EBIT 15.9 22.6 55.9 EBIT margin 7.6% 9.6% 6.7% Net profit 11.2 16.4 42.0 Net free cash flow -32.1 22.6 99.8 Cash flow from operations -31.8 23.5 102.0 E
Slide 18: Customer base characteristics
Customer base characteristics Private / Public The top 10 customers account for 58% 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. 64/36% 58% A diversified customer base betwe
Slide 19: Cash flow and net debt
Cash flow and net debt NOK million 03/31/2026 Cash and cash equivalents* −72,3 Restricted cash 0 Debt to credit institutions - Leasing liabilities (current and non-current) 56,2 Net interest bearing debt (NIBD) −16,1 NIBD/EBITDA (rolling 12 months) −0,8 NIBD/EBITDA (rolling 12 months) including IFRS
Slide 20: Top shareholders at May 2026
Top shareholders at 18 May 2026 20
Slide 21: Number of FTE EoP per geographical area
Number of FTE EoP per geographical area Q1 Q4 Q3 Q2 Q1 FTE | End of period 2026 2025 2025 2025 2025 Total 386 400 419 438 444 Oslo 184 191 193 205 209 Bergen 80 86 91 92 93 Trondheim 55 53 62 63 64 Stavanger 42 46 48 51 50 Sørlandet 20 18 20 20 20 Haugalandet 5 5 5 7 8 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