Webstep

Earnings Release • May 20, 2021

Webstep ASA: First quarter results 2021

Webstep ASA: First quarter results 2021

Oslo 20 May 2021: Webstep ASA reports revenue of NOK 194.2 million and EBIT of

NOK 18.1 million for the first quarter, up 6.1 percent and 38.5 percent from the

same period last year. A three year framework agreement with Equinor of

approximately NOK 85 million was signed in February.

Webstep recorded revenues in the first quarter of NOK 194.2 million, up from NOK

183.0 million in the first quarter last year. Revenue growth was driven by

increased headcount, higher utilization and higher hourly rates. EBIT for the

first quarter amounted to NOK 18.1 million, up from NOK 13.1 million in the

corresponding quarter last year. The EBIT margin for the first quarter was 9.3

percent, up from 7.1 percent in the first quarter last year. Net profit came to

NOK 13.6 million, compared with NOK 9.6 million in the same period last year.

- As a result of a strong market and a broad set of services offered, Webstep

continues to grow in the first quarter. We are also pleased to see that Webstep

continues to attract well-qualified IT experts, which is essential to develop

further, says CEO of Webstep ASA, Save Asmervik.

Webstep had 435 employees at the end of the first quarter, up by 20 from the

previous quarter.

The financial position 31 March was strong, with total equity of NOK 388.7

million (NOK 389.3 million), corresponding to an equity ratio of 63.0 percent

(64.8 percent). Cash and cash equivalents 31 March were NOK 45.5 million (NOK

39.1 million). The Group had a net free cash flow of NOK 7.4 million (NOK 15.5

million) in the first quarter.

Contact details for further information:

Fredrik Rytter Skuland, Interim CFO

Cell: +47 406 39 433

Email : ir@webstep.com

Website :  (http://www.webstep.com)www.webstep.com

Webstep ASA is a provider of consultancy services to the private and public

sector, with the IT expertise necessary to deliver the most demanding

digitalisation and IT services.The Webstep Group employs approximately 400

employees in Norway and Sweden. The company offers its services to more than 200

customers annually and has been recognised for its work environment.

This information is subject to the disclosure requirements pursuant to section 5

-12 of the Norwegian Securities Trading Act.