Slide 1: Interim report
ITERA Interim ll report md
Slide 2: Q2 Report 2025 agenda
Q2 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 Q2 2025
Q2 REPORT 2025 ITERA Highlights Q2 2025
Slide 4: Highlights
Q2 REPORT 2025 ITERA Highlights Financial performance Expanding into defence Operational still affected by sector improvement with AI soft market Our revenue was further impacted Through our Enter Ukraine with We are enhancing operational by the Easter period in Q2, while in Itera initiative, we hav
Slide 5: Q2 in brief
Q2 REPORT 2025 ITERA Q2 in brief Organic growth EBIT margin Revenue, MNOK 224 232 -9% 2.1 % 212 1% Easter period in Q2, while Q2 last year: 9.4% YoY growth 203 in Q1 last year. -1% 184 -5% Previous quarter: 9.1% -9% -5% RTM operational Ending number of cash flow MNOK Employees EBIT margin 9.4% 0.1%
Slide 6: Market view
Q2 REPORT 2025 ITERA Market view ▪ Market demand remains soft but slightly improving – this led to longer sales cycles and reduced visibility. ▪ The ongoing shift towards cloud-native and data driven solutions integrated with AI capabilities is driving substantial growth. ▪ Defence is emerging as hi
Slide 7: Business review
Q2 REPORT 2025 ITERA Business review
Slide 8: Nordic roots. European presence.
Q2 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
Q2 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
Q2 REPORT 2025 ITERA ITERA Digitalisation Services
Slide 11: Sector development first six months
Q2 REPORT 2025 ITERA Sector development first six 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 an
Slide 12: AI agents redefine software development at Itera
Q2 REPORT 2025 ITERA AI agents redefine software A new metric: development at Itera The human-agent ratio Advancing AI innovation with autonomous agents at Itera ▪ Transforming development – AI agents autonomously scope, Digital code, and optimise software, cutting cycle times and freeing agents tea
Slide 13: Major milestone: framework agreement with Statkraft IT
Q2 REPORT 2025 ITERA Major milestone: framework agreement with Statkraft IT Itera has strengthened its position in the renewable energy sector by signing a framework agreement with Statkraft IT. The partnership aims to deliver high-quality consulting services and to foster a long-term collaboration
Slide 14: Strengthening public sector with Bane NOR
Q2 REPORT 2025 ITERA Strengthening public sector with Bane NOR Itera has entered a new framework agreement with Bane NOR, Norway’s key railway operator. ▪ Direct entry into critical national infrastructure with specialised testing services and potential six-year partnership. ▪ Strengthens public sec
Slide 15: Expanding Itera's presence in Iceland
Q2 REPORT 2025 ITERA Expanding Itera’s presence in Iceland ▪ Entered a framework agreement with Digital Iceland for wep app development – enabling multi-year public sector engagement. ▪ Formed partnership with legal tech firm Lagaviti – expanding into high-potential innovation sectors. ▪ Joined the
Slide 16: Strengthening Pelagia's operations with cloud transformation
Q2 REPORT 2025 ITERA Strengthening Pelagia’s operations with cloud transformation Itera partnered with Pelagia this quarter to deliver Discovery & Assessment and solution design services at factory sites. ▪ Advanced Pelagia’s infrastructure and applications by integrating IT and OT systems via cloud
Slide 17: Responsible business
Q2 REPORT 2025 ITERA ITERA Responsible business
Slide 18: Enter Ukraine initiative secures NOK 1.5 billion deal
Q2 REPORT 2025 ITERA Enter Ukraine with Itera initiative secures NOK 1.5 Billion housing and infrastructure deal Itera facilitated a NOK 1.5 billion housing and infrastructure agreement between Vlasne Misto and Moelven Byggmodul at the Ukraine Recovery Conference in Rome. ▪ The Borodianka housing pi
Slide 19: Platform for post-war recovery in Ukraine
Q2 REPORT 2025 ITERA Norwegian-Ukrainian partnership launches platform for post-war recovery Itera has signed a memorandum of understanding with Epicentr Group to develop Blaho for Communities – a digital platform enabling transparent and targeted support for the reconstruction of small towns and ru
Slide 20: Establishing a foothold in the defence industry
Q2 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: Arendalsuka 2025 – positioning Itera in Defence
Q2 REPORT 2025 ITERA Arendalsuka 2025 – positioning Itera in Defence From left: Eirik Lie (Kongsberg), Hårek Elvenes (Høyre), Marte Gerhardsen (Arbeiderpartiet), Torbjørn Røe Isaksen (E24), Stian Jensen (Aker ASA), Eirik Kristoffersen (Forsvaret), Arne Mjøs (Itera).
Slide 22: Order intake
Q2 REPORT 2025 ITERA Order intake Order intake from selected new and existing customers. Book-to-bill ratio*) of 0.8 in Q2 and 1.1 for the last 12 months. Secured significant new and extended agreements in recent quarters. Growing pipeline of promising opportunities. *) The book-to-bill ratio is the
Slide 23: Customer mix
Q2 REPORT 2025 ITERA Customer mix Share existing customers High visibility Revenue customers split (in MNOK) 82.0% (94.7%) 73% (82%) of revenues in Q2 2025 Top 30 customers, share of revenue New customers High customer concentration signifies 36.4 (1 1 .9) ▪ ▪ Strategic relationships Full range of s
Slide 24: Skilled and innovative employees
Q2 REPORT 2025 ITERA Skilled and innovative Number of employees end of quarter by shore employees 702 (713) employees at the end of the quarter Down by 11 last twelve months as part of the business optimisation program. Nearshore ratio of 49% (50%) Our distributed delivery model of onshore and nears
Slide 25: Financial review
Q2 REPORT 2025 ITERA Financial review
Slide 26: Key financials
Q2 REPORT 2025 ITERA Key financials 2025 2024 Change 2025 2024 Change 2024 A setback before expected return to NOK Million 4-6 4-6 % 1-6 1-6 % FY growth Operating revenue 202.9 224.1 -9% 434.6 452.6 -4% 848.8 Gross profit 187.9 205.2 -8% 401.9 417.4 -4% 783.0 • Continued soft market from geopolitica
Slide 27: Revenue and EBIT development
Q2 REPORT 2025 ITERA Revenue in NOK millions Revenue and EBIT development Opportunities for revenue and margin expansion • Conversion of promising pipeline • Normalisation of utilisation • Increasing recurring revenue and cloud migration and modernisation driven by AI and security EBIT in NOK millio
Slide 28: Revenue by type
Q2 REPORT 2025 ITERA Revenue by type Quarterly revenue by type (MNOK) Revenue per employee down by 7% • Revenue from own consultants down 9% at NOK 166 million • Revenue from subscription services increased by 1% to NOK 21 million • Revenue from third-party services decreased by 50% to NOK 6 million
Slide 29: Cash flow
Q2 REPORT 2025 ITERA Quarterly cash flow from operations Cash flow NOK million Cash flow from operations • MNOK 20.8 (28.0) in Q2 2025 • MNOK 68.3 (76.3) last 12 months Cash flow from investing activities • MNOK -2.7 (-1.9) in Q2 2025 • MNOK -9.6 (-16.6) last 12 months Last twelve months cash flow f
Slide 30: EBITDA to Cash conversion
Q2 REPORT 2025 ITERA Strong cash conversion EBITDA to Cash conversion of 104.5 in the last 12 months, up 28.7 points from the previous year +28.7 pts EBITDA to Cash conversion EBITDA to Cash conversion last 12 months
Slide 31: Consistent high distribution of earnings to shareholders
Q2 REPORT 2025 ITERA Consistent high distribution of earnings to shareholders Allocations to shareholders • Ordinary dividend of NOK 0.20 for 2024 paid in June, and authorisation to Board to decide any supplementary dividend granted by AGM in May • Share price was NOK 9.42 at the end of June 2025, a
Slide 32: Outlook
Q2 REPORT 2025 ITERA Outlook
Slide 33: Outlook
Q2 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
Q2 REPORT 2025 ITERA Q&A
Slide 35: Top 20 shareholders
Q2 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 5.84 NOR 4 802 152 3 SEPTIM CONSULTING AS 5.43 NOR 4 465 000 4 GIP AS 5.40 NOR 4 440 000 5 BOINVESTERING AS 3.91 NOR 3 215 577 6 GAMST INVEST AS 3.57 NOR 2 930 505 7 JØSYR
Slide 36: Slide 36