Slide 1: Interim report
ITERA Interim report
Slide 2: Agenda: Q3 report 2025
Q3 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 Q3 2025
Q3 REPORT 2025 ITERA Highlights Q3 2025
Slide 4: Highlights
Q3 REPORT 2025 ITERA Highlights 7% revenue growth and Operational 29% revenue growth in 3.8% EBIT margin improvement programme Cloud and Application Services Improvements year over year were Focus on: A proven growth engine; 21% YTD. primarily driven by: • Stronger regional accountability Multi-year
Slide 5: Q3 in brief
Q3 REPORT 2025 ITERA Q3 in brief Revenue growth EBIT margin Revenue, MNOK 232 7% 3.8% 212 1% 203 196 YTD: -1% YTD: 5.2% 184 -5% -9% +7% YoY growth -5% RTM operational Ending number of cash flow MNOK Employees EBIT margin 0.1% 3.5% 9.1% 2.1% 3.8% 54 705 Last year: 86 Last year: 699 Q3 Q4 Q1 Q2 Q3 202
Slide 6: Market view
Q3 REPORT 2025 ITERA Market view ▪ We observe stability in current market landscape without major shifts—positive or negative. ▪ AI is rapidly emerging as the defining force in digital transformation. ▪ Defence and protection of critical infrastructure are becoming high-growth areas for digitalisati
Slide 7: Business review
Q3 REPORT 2025 ITERA Business review
Slide 8: Nordic roots. European presence.
Q3 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 17 Ye
Slide 9: Two main offerings
Q3 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
Q3 REPORT 2025 ITERA ITERA Digitalisation Services
Slide 11: Sector development first nine months
Q3 REPORT 2025 ITERA Sector development first nine months 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 a
Slide 12: AI is expansionary, not deflationary
Q3 REPORT 2025 ITERA AI is expansionary, not A new metric: deflationary The human-agent ratio We don’t see AI as deflationary. We do see it as expansionary similar to every tech evolution we've been Digital through. agents ▪ AI boosts efficiency in areas like coding and operations, but those saving
Slide 13: CAS: A scalable growth engine powered by AI
Q3 REPORT 2025 ITERA CAS: A scalable growth engine powered by AI Our Cloud & Application Services (CAS) unit shows strong growth after substantial investments over time, reflecting the competitive edge we've built in high-quality managed services. • 29% revenue growth in Q3, 21% YTD • Leveraging aut
Slide 14: AI-driven opportunities at Gjensidige
Q3 REPORT 2025 ITERA AI-driven opportunities at Gjensidige What began as a minor engagement has become a broad, trusted partnership that today spans across several of our expertise areas. ▪ While many of our customers in the market have experienced a slowdown, Gjensidige has moved in the opposite di
Slide 15: Scaling in Sweden with Vattenfall
Q3 REPORT 2025 ITERA Scaling in Sweden with Vattenfall Itera deepens its partnership with Vattenfall, one of Europe’s largest energy companies ▪ Consultants engaged in key domains across: ▪ Data platforms ▪ Electricity trading ▪ Customer information systems ▪ Marketing automation ▪ Strengthens our f
Slide 16: Strategic crossroads for Nordic financial services
Q3 REPORT 2025 ITERA Strategic crossroads for nordic financial services Itera’s recent “Think Twice” report for the financial sector highlights critical choices facing Nordic banks and insurers. The landscape is changing fast, and institutions must adapt to deliver real value and remain relevant. ▪
Slide 17: Responsible business
Q3 REPORT 2025 ITERA ITERA Responsible business
Slide 18: Celebrating 17 years in Ukraine
Q3 REPORT 2025 ITERA Celebrating 17 years in Ukraine In August, Itera Ukraine celebrated 17 years of operations, marking our long-term commitment to the country. ▪ Far beyond being just a technology company, Itera has built a resilient community of passionate professionals who live and work in Ukrai
Slide 19: Launch of groundbreaking donation platform in Ukraine
Q3 REPORT 2025 ITERA Launch of groundbreaking donation platform in Ukraine Epicentr in Ukraine has launched Blaho for Communities, their groundbreaking digital platform for donations, developed in partnership with Itera. ▪ Transparent, targeted platform for international donors to fund verified reco
Slide 20: Establishing a strong foothold in the defence industry
Q3 REPORT 2025 ITERA Itera is establishing a strong foothold in the rapidly growing defence industry Deliver trusted and Empower personnel Transform the Optimise decision Enhance secure digital backbone and modernise facilities capability lifecycle advantage interoperability Distribute secure hybrid
Slide 21: Operational Improvement Program
Q3 REPORT 2025 ITERA Operational Improvement Program Strategic Objective: Enhance profitability, competitiveness and resilience Key Focus Areas: • Empowering regional units • Simplified processes • Leveraging AI for efficiency • Reduce overhead and support costs • 14 local units driving regional gro
Slide 22: High sales activity
Q3 REPORT 2025 ITERA High sales activity 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 3% (8%) Revenue from new customers won over the past 12 months.
Slide 23: High visibility
Q3 REPORT 2025 ITERA High visibility Share existing customers High visibility 87% (92%) 72% (80%) of revenues in Q3 2025 Top 30 customers, share of revenue Customer diversification Revenue customers split (in MNOK) Largest customers’ share of revenue and growth platform ▪ Strategic relationships ▪ F
Slide 24: Skilled and innovative employees
Q3 REPORT 2025 ITERA Skilled and innovative Number of employees end of quarter by shore employees 705 (699) employees at the end of the quarter Up by 6 last twelve months and sequentially up by 3. Nearshore ratio of 49% (51%) Our distributed delivery model combining local consultants close to custom
Slide 25: Financial review
Q3 REPORT 2025 ITERA Financial review
Slide 26: Key financials
Q3 REPORT 2025 ITERA Key financials Return to growth and margin improvement 2025 2024 Change 2025 2024 Change 2024 NOK Million 7-9 7-9 % 1-9 1-9 % FY • Utilisation is improving well overall, Operating revenue 196.3 184.2 7% 630.8 636.9 -1% 848.8 albeit with variations across locations Gross profit 1
Slide 27: Revenue and EBIT development
Q3 REPORT 2025 ITERA Revenue in NOK millions Revenue and EBIT development Opportunities for revenue and margin expansion • Further utilisation improvements • Rate increases • Increasing recurring revenue and cloud migration and modernisation driven by AI and security EBIT in NOK millions • Expansion
Slide 28: Revenue by type
Q3 REPORT 2025 ITERA Revenue by type Quarterly revenue by type (MNOK) Revenue per employee up by 7% • Revenue from own consultants up 7% at NOK 158 million • Revenue from subscription services increased by 6% to NOK 21 million • Revenue from third-party services decreased by 33% to NOK 5 million Las
Slide 29: Cash flow
Q3 REPORT 2025 ITERA Quarterly cash flow from operations Cash flow NOK million Cash flow from operations • MNOK -7.2 (7.0) in Q3 2025 • MNOK 54.1 (85.6) last 12 months Cash flow from investing activities • MNOK -3.9 (-2.5) in Q3 2025 • MNOK -11.0 (-11.1) last 12 months Last twelve months cash flow f
Slide 30: Strong cash conversion
Q3 REPORT 2025 ITERA Strong cash conversion EBITDA to Cash conversion of 74.5% in the last 12 months, down 18.6 points from the previous year, due to revenue growth negatively impacting working capital. -18.6pts EBITDA to Cash conversion EBITDA to Cash conversion last 12 months
Slide 31: Consistent high distribution of earnings to shareholders
Q3 REPORT 2025 ITERA Consistent high distribution of earnings to shareholders Allocations to shareholders • Ordinary dividend of NOK 0.20 for 2024 paid in June • A supplementary dividend of NOK 0.10 for 2024 to be paid on 9 December 2025 • Share price was NOK 8.58 at the end of September 2025, a cha
Slide 32: Outlook
Q3 REPORT 2025 ITERA Outlook
Slide 33: Outlook
Q3 REPORT 2025 ITERA Outlook Underlying strong Readiness to migrate Enter Ukraine with Itera Gaining momentum in Profitable growth demand for digital and operate larger scale initiative may see spikes the Defence industry by and cash flow are transformation with the cloud transformations to in profi
Slide 34: Q&A
Q3 REPORT 2025 ITERA Q&A
Slide 35: Top shareholders
Q3 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 6.02 NOR 4,949,577 3 SEPTIM CONSULTING AS 5.48 NOR 4,500,000 4 GIP AS 5.40 NOR 4,440,425 5 BOINVESTERING AS 3.92 NOR 3,225,577 6 GAMST INVEST AS 3.60 NOR 2,954,751 7 JØSYR
Slide 36: Slide 36