Itera ASA · OSL:ITERA
Itera ASA — Q3 2026 Earnings Presentation
26 slides from Itera ASA's earnings presentation, November 2026
Slide 1: Interim report
Interim report
Slide 2: Q3 Report 2026 agenda
Q3 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 Q3 2026
Q3 REPORT 2026 ITERA Highlights Q3 2026
Slide 4: Highlights
Q3 REPORT 2026 ITERA ITERA Highlights. Transition and Stronger underlying Conversion is the next capability renewal business priority Project completions, onboarding of Improving efficiency, profitability and Turning AI-driven demand and new AI agentic talents and cash generation. differentiated cap
Slide 5: Business review
Q3 REPORT 2026 ITERA Business review
Slide 6: Q3 in brief
Q3 REPORT 2026 ITERA Q3 in brief Revenue, MNOK 196 Organic growth EBIT margin 184 183 -3% ↘ 4.0% ↗ Constant currency terms Last year: 3.8% while reported -7% in NOK EBIT margin 3.2% 3.8% 4.0% Q3 operational Ending number of cash flow MNOK employees Q3 Q3 Q3 2024 2025 2026 20.2 ↗ 670 → YoY growth Las
Slide 7: Q3 was a transition quarter
Q3 REPORT 2026 ITERA Q3 was a transition quarter Project completions and capability renewal affected activity Several projects were completed before summer, while Itera onboarded new and replacement talent with stronger commercial and agentic AI capabilities. The capability renewal affected utilisat
Slide 8: Selective market, attractive demand pockets
Q3 REPORT 2026 ITERA Selective market, attractive demand pockets Customers are moving from AI exploration to practical implementation, while prioritising modernisation, resilience and measurable business outcomes. 1 Market shift 2 High-demand pockets 3 Conversion is the next priority § AI moves from
Slide 9: From POCs to payable pilots and full scale delivery
Q3 REPORT 2026 ITERA From POCs to payable pilots and full scale delivery Several opportunities are converting into projects, while Itera continues to strengthen talent and capabilities for Agentic AI New business Accumulated technology debt Modernise Transform Operate Improve value Customer technolo
Slide 10: Sector development 2026
Q3 REPORT 2026 ITERA Sector development 2026 Financial Services increased its share, while Additionally, we are establishing a strong the portfolio became more concentrated in foothold in the rapidly growing defence Itera’s priority sectors representing 79% of industry by leveraging valuable insight
Slide 11: B2B Energy innovator of the year
Q3 REPORT 2026 ITERA B2B Energy innovator of the year External validation of Itera’s position in energy, digitalisation, AI and resilience Recognition at the CHARGE Europe 2026 Awards reinforces Itera’s relevance in a strategically important growth market.
Slide 12: Order intake
Q3 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 7% (13%) Revenue from new customers won over the past 12 months.
Slide 13: Customer mix
Q3 REPORT 2026 ITERA Customer mix Share existing customers High visibility 93% (87.0%) 72% (72%) of revenues in Q3 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 ser
Slide 14: Skilled and innovative employees
Q3 REPORT 2026 ITERA Skilled and innovative employees employees at the Nearshore 670 (705) end of the quarter ratio of 50% (49%) Our distributed delivery model of onshore and On par with Q2 nearshore consultants are increasing our price competitiveness as well as providing high scalability through a
Slide 15: Financial review
Q3 REPORT 2026 ITERA Financial review
Slide 16: Key financials
Q3 REPORT 2026 ITERA Key financials 2026 2025 Change 2026 2025 Change 2025 NOK Million 7-9 7-9 % 1-9 1-9 % FY Q3 was a transition quarter: revenue -3% Operating revenue 183,2 196,3 -7 % 616,3 630,8 -2 % 844,3 in constant currency (-7% reported) Operating revenue in 189,7 196,3 -3 % 634,6 630,8 1% 84
Slide 17: Revenue by type
Q3 REPORT 2026 ITERA Revenue by type Quarterly revenue by type (MNOK) Consultancy revenue down 7% to NOK 147 million, affected by currency (about 4 pp), lower activity in the Icelandic market and transition § Subscription revenue down 5% at NOK 20 million: healthy growth in Cloud & Application Servi
Slide 18: Revenue and EBIT development
Q3 REPORT 2026 ITERA Revenue in NOK millions Revenue and EBIT development Well positioned for renewed growth after transition § Customers moving from AI pilots to enterprise-wide deployment, with high interest in agentic AI § AI-enabled delivery at scale: Code Compass, Digital Factory and Atlas Data
Slide 19: Cash flow
Q3 REPORT 2026 ITERA Quarterly cash flow from operations Cash flow NOK million Strong operational cash generation in Q3: NOK 20.2 million (-7.2) § Driven by profits and collection from customers § Operating cash flow last twelve months NOK 66.5 million (54.1), up 23% Cash flow from investing activit
Slide 20: EBITDA to cash conversion
Q3 REPORT 2026 ITERA Strong cash conversion EBITDA to Cash conversion • EBITDA-to-cash conversion over the last 12 months came in at 99% • Up from 74% a year ago • A clear recovery from the temporary dip earlier in the year (58% at Q2) • Strong Q3 cash flow driven by profits and collection from cust
Slide 21: Consistent high distribution of earnings to shareholders
Q3 REPORT 2026 ITERA Consistent high distribution of earnings to shareholders Allocations to shareholders § Ordinary dividend of NOK 0.20 per share (NOK 16.2 million) was paid in the second quarter § Board approved an additional NOK 0.10 per share (about NOK 8.1 million), payable 9 December 2026: NO
Slide 22: Outlook
Q3 REPORT 2026 ITERA Outlook
Slide 23: Outlook
Q2 REPORT 2026 ITERA Outlook Selective demand, Agentic AI Conversion and Recurring revenue and Profitable growth and stronger pockets transformation utilisation reach cash flow • AI, cloud, data & • Nearly all engagements • Convert pipeline & grow • Grow Cloud & • Cost discipline & managed services
Slide 24: Q&A
Q3 REPORT 2026 ITERA Q&A
Slide 25: Top shareholders end of Q3
Q3 REPORT 2026 ITERA Top 20 shareholders end of Q3 Shareholding % Name Nationality 27 363 031 33,29 ARNE MJØS INVEST AS* NOR 5 238 132 6,37 OP CAPITAL AS NOR 4 555 467 5,54 SEPTIM CONSULTING AS NOR 4 540 284 5,52 GIP AS NOR 3 336 929 4,06 BOINVESTERING AS NOR 3 137 895 3,82 GAMST INVEST AS NOR 2 200
Slide 26: Slide 26