Overview
Norway IT consultancy's Q1 revenue fell 11% yr/yr due to lower headcount
EBIT margin dropped to 7.6% from 9.6%, impacted by reduced scale
Company established dedicated AI team and signed new frame agreements
Outlook
Webstep expects market uncertainty and pricing pressure to persist through H1 2026
Company anticipates gradual improvement in business conditions in H2 2026
Result Drivers
LOWER HEADCOUNT - Revenue decline was mainly driven by reduced headcount, according to the company
UTILISATION IMPACT - Utilisation was affected by long-term projects ending, though improvement was seen as the quarter progressed
PRICING PRESSURE - Market remained challenging with continued pricing pressure and cautiousness in the private sector
Company press release:
Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
NOK 209.7 mln
Q1 EBIT
NOK 15.9 mln
Analyst Coverage
The one available analyst rating on the shares is "buy"
The average consensus recommendation for the it services & consulting peer group is "buy"
The stock recently traded at 8 times the next 12-month earnings vs. a P/E of 8 three months ago
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