Itera

Earnings Release • Feb 14, 2025

Resilient performance amidst market stabilisation

Resilient performance amidst market stabilisation

Oslo, 14th February 2025: Itera reports a 4% decrease in revenue for the fourth quarter, attributed to improving but soft billable utilisation and a rightsized organisation. The fourth quarter's book-to-bill ratio of 1.4 indicates increasing demand for Itera's services.

Itera reports operating revenue of NOK 212.2 million (NOK 222.1 million) for the fourth quarter of 2024. For 2024, operating revenue was NOK 848.9 million (NOK 871.6 million).

Gjensidige Forsikring has signed a new frame agreement with Itera as their strategic partner for a minimum of three additional years. For over two decades, Itera has supported Gjensidige on their digital transformation journey, driving substantial advancements in automation and service delivery within the Nordic insurance market. As a result, Gjensidige is globally recognised for offering some of the most outstanding digital claim solutions.

— We are observing positive trends in the demand for our services. Our ability to maintain a stable revenue stream, with only a marginal 3% decrease in the soft market in 2024, is a testament to the robustness of our business model. We have a positive outlook for the years ahead, says Arne Mjøs, CEO of Itera.

The adjusted operating result before depreciation and amortisation (EBITDA) for the fourth quarter of 2024 was a profit of NOK 19.8 million (NOK 29.5 million), giving an adjusted EBITDA margin of 9.3% (13.3%).

The adjusted operating result (EBIT) for the fourth quarter was a profit of NOK 11.7 million (NOK 18.1 million), giving an adjusted EBIT margin of 5.6% (9.5%).

During the fourth quarter, Itera strategically expanded its operations by opening a new office in Rogaland, Norway and integrating two smaller companies into its portfolio. This strategic decision aims to bolster Itera's position in the energy and offshore sectors, which are pivotal in driving the green shift and sustainable initiatives. By establishing a stronger presence in these sectors, Itera is well-positioned to contribute to the ongoing transformation towards a greener future.

EBITDA-to-cash conversion was 91% in 2024, and the Board of Directors has passed a resolution to propose to the Annual General Meeting the distribution of an ordinary dividend for 2024 of NOK 0.20 per share. In addition, the Board will ask for an authorisation to approve a possible supplementary dividend later in the year.

— Our business advisory offering Enter Ukraine with Itera has already proved successful in supporting Ukraine. We are very proud that we were able to facilitate the complexities of the Ukrainian market and secure funding for the delivery of gas turbines from Bergen Engines to Ukraine capable of generating 160 MW electricity. Together, we are contributing to the development of a more distributed and resilient energy system in Ukraine, says Arne Mjøs.

For more information:

Arne Mjøs, CEO | arne.mjos@itera.com | +47 905 23 172

Bent Hammer, CFO | bent.hammer@itera.com | +47 982 15 497

About Itera – specialist in sustainable digital transformation

Itera is a leading international tech company that helps businesses and organisations to accelerate their sustainable digital transformation. We have a holistic ability to bring digital to the core of their business because of our full range of services in digital strategy and consulting, customer experience, technology, and cloud operations. Our integrated services and multi-disciplined teams meet customer needs rapidly and at scale through our world-class distributed delivery model across borders and our Digital Factory at Scale, doing more for less. Working from our 15 offices in the Nordics and Central and Eastern Europe, we serve customers in 20 countries worldwide. Itera is a listed company on the Oslo Stock Exchange under the ticker ITERA.