Atea — Earnings Release 2025

Feb 10, 2026

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Q4 2025 Presentation

{1}------------------------------------------------

Highlights – Q4 2025

Gross sales of NOK 17.8 billion Up 7.8% from last year

EBIT before restructuring of NOK 488 million Up 23.7% from last year

Net profit of NOK 333 million Up 35.7% from last year

Operating cash flow of NOK 2.0 billion

{2}------------------------------------------------

Income statement – Q4 2025

• Strong profit growth in Q4 2025
• Driven by higher sales, increased gross margins, and relatively low growth in operating expenses

CURRENCY: MNOK	Q4 2025	Q4 2024	Growth	FY 2025	FY 2024	Growth
Hardware Software/Cloud Services	8 103 , 6 627 , 3 098 ,	7 684 , 969 5 , 2 880 ,	4% 5 11 0% 6% 7	25 974 , 23 165 , 11 028 ,	23 817 , 19 810 , 10 230 ,	1% 9 16 9% 8% 7
Gross sales	17 827 ,	16 533 ,	8% 7	60 167 ,	53 857 ,	11 7%
(IFRS) Revenue	11 252 ,	10 609 ,	6 1%	37 376 ,	34 578 ,	8 1%
Gross profit Gross % margin	3 087 , 27 4%	2 833 , 26 7%	9 0% 0 7%	11 059 , 29 6%	10 387 , 30 0%	6 5% 0 5% -
Operating expenses*	2 599 ,	2 438 ,	6% 6	9 674 ,	9 186 ,	3% 5
EBIT (adjusted)*	488	395	23 7%	1 385 ,	1 200 ,	15 4%
Restructuring costs	8	39	N/A	8	39	N/A
EBIT	480	356	35 1%	1 377 ,	1 161 ,	18 6%
profit after Net tax	333	245	35 7%	878	767	14 4%

^** Operating expenses and EBIT before restructuring costs

{3}------------------------------------------------

Business unit performance – Q4 2025

• Strong sales and profit performance across nearly all geographies

Currency: Local in million	% Gross sales	Gross sales					(adjusted)** EBIT
	Q4 2025	Q4 2025	Q4 2024	Growth%	Q4 2025	Q4 2024	Growth%
NOK Norway ,	26 %	567 4 ,	211 4 ,	8 % 5	156	139	12 % 4
Sweden SEK ,	41 %	6 877 ,	6 538 ,	2 % 5	207	157	31 % 4
Denmark DKK ,	21 %	2 394 ,	2 493 ,	4 0 % -	41	27	52 6 %
Finland EUR ,	% 7	112 7	101 6	11 0 %	2 5	2 9	14 1 % -
Baltics EUR ,	% 5	76 8	49 3	8 % 55	4 0	3 5	16 % 7
Group Functions NOK ,		129 -	61 -	N/A	32 -	22 -	N/A
Atea Group NOK* ,	100%	17 827 ,	16 533 ,	8% 7	488	395	23 7%

^** Currency fluctuations impact gross sales growth on a Group level by +3.0% in Q4 2025

^** EBIT before restructuring costs

{4}------------------------------------------------

Cash flow from operations – Q4 2025

• Cash flow from operations of NOK 2.0 billion
• High cash inflow driven by increased profit and seasonal reduction in working capital

{5}------------------------------------------------

Net financial position

Net cash balance of NOK 975 million

Net debt / EBITDA ratio of -0.5

CURRENCY: MNOK	31 Dec 2025	31 Dec 2024
Interest bearing liabilities -	619 -	622 -
Cash and cash equivalents	1 594 ,	2 004 ,
financial position* Net	975	1 382 ,
Q* EBITDA - rolling 4	2 156 ,	1 898 ,
/ of (ratio) Net debt EBITDA end quarter ,	0 5 -	0 7 -
Loan covenant:
/ Maximum Net Debt EBITDA ratio -	2 5	2 5
Maximum Net Debt balance -	5 391 ,	4 744 ,
Gap Covenant between Net Debt and Loan	6 366 ,	6 126 ,

^* Net financial position and rolling 4 quarter EBITDA as defined in Atea's loan covenants See Note 10 in Interim Financial Statements for further definition

{6}------------------------------------------------

Summary – FY 2025

Gross sales of NOK 60.2 billion Up 11.7% from last year

Revenue (IFRS) of NOK 37.4 billion Up 8.1% y-o-y

EBIT before restructuring of NOK 1,385 million Up 15.4% y-o-y

Net profit of NOK 878 million Up 14.4% y-o-y

{7}------------------------------------------------

Steady growth based on unique market position

• Consistent growth in sales and EBIT during a volatile market period

^* Represents EBIT before net gains associated with sale of investments in eRate (2021) and Atea Mobile (2022)

{8}------------------------------------------------

New customer agreements (2025)

Atea awarded landmark contract by the NATO Communication and Information Agency

Atea to deliver and manage the entire lifecycle of workplace devices "as-a-service" for end users across 32 member countries (Denmark)

Other large new customer contracts

• SKI 50.07 Networking (Denmark)
• SKI 50.43 Tablets (Denmark)
• NATO IT equipment (Denmark)
• Tradbroker (Norway)
• Ministry of Defense (Estonia)
• Outsourcing of Health regions (Finland)
• City of Gothenburg (Sweden)
• Outsourcing of Sollentuna municipality (Sweden)
• Arbeidsformidlingen (Sweden)

{9}------------------------------------------------

Partial sale of AppXite SiA

Atea to sell 51% of shares in its Latvian subsidiary AppXite SiA to the UK-based Aries Global for a price of up to EUR 10.7 million, with closing in Q1 2026

• AppXite provides a platform for the distribution and resale of subscription-based software and IT services
• The gain to be recognized upon closing is ca. EUR 13 million, of which ca. EUR 7 million is from the sale of shares and ca. EUR 6 million is from the revaluation of Atea's residual shareholding from book value to fair value

{10}------------------------------------------------

Developing our internal capabilities (2025)

• Sales growth NOK 6.5 billion with fewer FTEs
• Atea Denmark new structure and Managing Director in Nicolai Moresco
• Atea Managed Services new Managing Director in Hans Vigstad

• Development of Atea Global Services (Riga) from nearshoring to center of excellence. New office location with 600 people

• Finland returning to growth maintained capacity through difficult market period

• Built a specialist sales team for the defense sector across group
• Atea Logistics exceeds BSEK 10 in revenue (opened in 2019) and replaced ERP system with SAP
• Growth in Cybersecurity business. 16% of our customer base use Atea as partner, up from 10% last year

{11}------------------------------------------------

Business Outlook

Atea expects continued year-over-year growth in sales and EBIT during 2026

• Strong underlying customer demand but the short-term impact of supply constraints is difficult to forecast
• Order backlog at the end of 2025 is much higher than last year

Supply of components will be an industry-wide challenge during 2026

• Massive new investments in AI data centers and overall demand for electronics are causing supply shortages
• Memory units are currently experiencing supply constraints, with CPUs expected to follow
• Significantly higher unit prices and longer production lead times expected across major hardware categories

Atea is working closely with partners and customers to mitigate supply challenges

• The supply situation is expected to stabilize in the coming months
• Atea's scale, strategic partnerships, and solid balance sheet provide stability and strengthen its competitive position during periods of market disruption

{12}------------------------------------------------

Dividend

The Board will propose a dividend of NOK 7.50 per share at the 2026 AGM

Corresponds to 95% of 2025 EPS

^* For Norwegian tax purposes, the dividend shall be considered as repayment of paid in capital

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••••

We build the future with IT.

00000

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Q4 2025 Presentation

Fact pack

{15}------------------------------------------------

Highlights – Group

	Q 4	Q 4	Full year	Full year
in million NOK	2025	2024*	2025	2024*
sales Gross	17 827 ,	16 533 ,	60 167 ,	53 857 ,
Revenue	11 252 ,	10 609 ,	37 376 ,	34 578 ,
profit Gross	3 087 ,	2 833 ,	11 059 ,	10 387 ,
EBIT	480	356	1 377 ,	1 161 ,
(%) EBIT margin	4 3%	3 4%	3 7%	3 4%
profit Net	333	245	878	767
(NOK) share Earnings per	2 99	2 20	7 87	6 87
Diluted share (NOK) earnings per	2 94	2 17	73 7	6 80
Cash flow from operations	1 977 ,	2 154 ,	1 204 ,	2 028 ,
cash flow Free	1 851 ,	2 011 ,	786	1 606 ,

	31 Dec 2025 31 Dec	2024*
financial Net position	975	1 382 ,
Liquidity reserve	6 366 ,	6 126 ,
Working capital	-2 111 ,	-2 612 ,
Working capital relation last months sales (%) in 12 to gross	5% -3	8% -4
Adjusted (%) equity ratio	22 9%	22 3%
Number of full-time employees , end of period	8 165 ,	989 7 ,

^* Q4 and full year 2024 results are restated

{16}------------------------------------------------

Consolidated statement of financial position – Group

NOK in million	31 Dec 2025	31 Dec 2024*
ASSETS
Property, plant and equipment	563	498
Right-of-use assets	1,396	1,448
Deferred tax assets	126	170
Goodwill	4,526	4,465
Other intangible assets	753	712
Other long-term receivables	174	168
Non-current assets	7,537	7,461
Inventories	974	974
Trade receivables	8,721	8,074
Other receivables	2,515	2,484
Cash and cash equivalents	1,594	2,004
Current assets	13,804	13,536
Total assets	21,341	20,997
EQUITY AND LIABILITIES
Share capital and premium	680	681
Other reserves	2,061	1,954
Retained earnings	1,800	1,716
Equity	4,541	4,351
Interest-bearing long-term liabilities	588	588
Long-term leasing liabilities	1,126	1,151
Other long-term liabilities	185	198
Deferred tax liabilities	174	168
Non-current liabilities	2,072	2,105
Trade payables	9,670	9,746
Interest-bearing current liabilities	4	4
Current leasing liabilities	470	456
Tax payable	48	31
Provisions	75	135
Other current liabilities	4,460	4,170
Current liabilities	14,728	14,541
Total liabilities	16,800	16,646
Total equity and liabilities	21,341	20,997

^* Full year 2024 results are restated

{17}------------------------------------------------

Full-time employees – Group

end of period FTEs ,	31 Dec 2025	31 Dec 2024
Norway	1 791 ,	1 775 ,
Sweden	2 646 ,	2 623 ,
Denmark	1 481 ,	1 432 ,
Finland	578	546
Baltics	779	739
Logistics	306	290
Global Atea Services	514	520
Atea ASA	1 0	9
AppXite	6 0	5 5
Atea Group	8 165 ,	7 989 ,

{18}------------------------------------------------

Financial performance actual – Segment

in million NOK	Q1 24	Q2 24	Q3 24	24* Q4	Q1 25	Q2 25	Q3 25	Q4 25
Norway	1	2	1	2	2	2	2	2
	900	114	968	817	100	133	215	947
	1	2	0	8	2	3	7	2
	,	,	,	,	,	,	,	,
Sweden	2	3	3	3	3	3	3	4
	909	100	033	713	217	535	267	230
	4	2	4	0	3	3	7	8
	,	,	,	,	,	,	,	,
Denmark	615	813	716	2	999	2	796	2
	9	9	1	712	1	048	6	481
	1	1	5	8	5	4	1	1
	,	,	,	,	,	,	,	,
Finland	857	980	836	906	850	959	759	968
	9	2	6	5	5	2	4	8
The Baltics	347 5	423 6	437 5	514 7	428 4	507 5	445 4	731 5
Shared Group Services	1 917 4 ,	2 269 1 ,	2 552 4 ,	3 460 3 ,	2 528 8 ,	2 907 9 ,	2 964 1 ,	3 770 2 ,
Eliminations	-1	-2	-2	-3	-2	-2	-3	-3
	942	321	561	515	571	953	016	877
	7	2	6	6	6	0	3	5
	,	,	,	,	,	,	,	,
total Revenue group	605 6 7 ,	8 380 1 ,	982 8 7 ,	10 609 4 ,	8 553 0 ,	9 138 5 ,	8 432 6 ,	252 0 11 ,
Norway	60	97	113	139	73	108	122	156
	1	4	6	0	1	3	8	3
Sweden	184	106	134	121	190	132	163	222
	7	7	0	7	4	5	3	5
Denmark	-11	13	19	41	0	16	23	56
	0	4	1	7	0	5	5	6
Finland	22	38	21	34	23	30	19	29
	5	5	1	1	2	1	6	5
The Baltics	15 5	17 4	20 7	40 6	17 5	20 6	26 4	6 47
Shared	7	9	22	16	8	3	26	12
Group	1	5	3	7	9	6	7	2
Services
(EBIT) Operating profit before cost group	278 8	282 9	330 9	393 8	313 1	311 5	382 3	524 5
Group cost	-23 1	-40 0	-23 8	-38 2	-32 2	-43 2	-34 5	-44 2
Operating	255	242	307	355	280	268	347	480
profit	7	9	0	6	9	3	8	3
(EBIT)
Financial income	10 5	9 0	2 1	8 3	27 6	19 2	19 5	16 3
Financial expenses	20 7	74 2	58 0	45 6	99 3	84 9	75 5	59 6
financial	-10	-65	-56	-37	-71	-65	-56	-43
Net	3	2	8	3	8	7	0	3
items
Profit before (EBT) taxes	245 4	177 7	250 2	318 4	209 1	202 6	291 7	437 0
Tax	53	39	58	73	47	45	65	104
	9	2	2	2	1	7	8	2
Profit for the period	191 5	138 5	192 0	245 2	162 0	156 9	225 9	332 8

^* Q4 2024 results are restated

{19}------------------------------------------------

Financial performance pro forma – Segment

in million NOK	Q1 24	Q2 24	Q3 24	24* Q4	Q1 25	Q2 25	Q3 25	Q4 25
Norway	1	2	1	2	2	2	2	2
	900	114	968	817	100	133	215	947
	1	2	0	8	2	3	7	2
	,	,	,	,	,	,	,	,
Sweden	2	3	3	3	3	3	3	4
	909	100	033	713	217	535	267	230
	4	2	4	0	3	3	7	8
	,	,	,	,	,	,	,	,
Denmark	1	1	1	2	1	2	1	2
	615	813	716	712	999	048	796	481
	9	9	5	8	5	4	6	1
	,	,	,	,	,	,	,	,
Finland	857	980	836	906	850	959	759	968
	9	2	6	5	5	2	4	8
The Baltics	347 5	423 6	437 5	514 7	428 4	507 5	445 4	731 5
Shared Group Services	1 917 4 ,	2 269 1 ,	2 552 4 ,	3 460 3 ,	2 528 8 ,	2 907 9 ,	2 964 1 ,	3 770 2 ,
Eliminations	-1	-2	-2	-3	-2	-2	-3	-3
	942	321	561	515	571	953	016	877
	7	2	6	6	6	0	3	5
	,	,	,	,	,	,	,	,
total Revenue group	7 605 6 ,	8 380 1 ,	7 982 8 ,	10 609 4 ,	8 553 0 ,	9 138 5 ,	8 432 6 ,	11 252 0 ,
Norway	60	97	113	139	73	108	122	156
	1	4	6	0	1	3	8	3
Sweden	184	106	134	121	190	132	163	222
	7	7	0	7	4	5	3	5
Denmark	-11	13	19	41	0	16	23	56
	0	4	1	7	0	5	5	6
Finland	22	38	21	34	23	30	19	29
	5	5	1	1	2	1	6	5
The Baltics	15 5	17 4	20 7	40 6	17 5	20 6	26 4	47 6
Shared	7	9	22	16	8	3	26	12
Group	1	5	3	7	9	6	7	2
Services
(EBIT) Operating profit before cost group	278 8	282 9	330 9	393 8	313 1	311 5	382 3	524 5
Group cost	-23 1	-40 0	-23 8	-38 2	-32 2	-43 2	-34 5	-44 2
Operating	255	242	307	355	280	268	347	480
profit	7	9	0	6	9	3	8	3
(EBIT)
Financial income	10 5	9 0	1 2	8 3	27 6	19 2	19 5	16 3
Financial expenses	20 7	74 2	58 0	45 6	99 3	84 9	75 5	59 6
financial	-10	-65	-56	-37	-71	-65	-56	-43
Net	3	2	8	3	8	7	0	3
items
Profit before (EBT) taxes	245 4	177 7	250 2	318 4	209 1	202 6	291 7	437 0
Tax	53	39	58	73	47	45	65	104
	9	2	2	2	1	7	8	2
Profit for the period	191 5	138 5	192 0	245 2	162 0	156 9	225 9	332 8

^* Q4 2024 results are restated

{20}------------------------------------------------

Income statement actual – Group (NOK million)

million NOK in	Q1 24	Q2 24	Q3 24	24* Q4	Q1 25	Q2 25	Q3 25	Q4 25
Hardware	950 1 4 ,	627 0 5 ,	9 5 555 ,	684 7 4 ,	752 8 5 ,	6 245 5 ,	873 5 4 ,	8 102 7 ,
Software/Cloud	4 010 4 ,	6 416 5 ,	3 413 6 ,	5 969 1 ,	4 869 7 ,	7 672 5 ,	3 996 3 ,	6 626 6 ,
Product sales	8,960.5	12,043.5	8,969.5	13,653.5	10,622.4	13,918.0	9,869.7	14,729.3
Services sales	2,438.6	2,615.6	2,295.6	2,880.0	2,648.4	2,849.4	2,432.4	3,097.8
sales Gross	11,399.1	14,659.1	11,265.1	16,533.4	13,270.9	16,767.4	12,302.1	17,827.1
Hardware (%) margin	14 3%	13 2%	13 3%	12 3%	13 0%	13 0%	13 4%	13 0%
Software/Cloud (%) margin	8 8%	6 2%	8 6%	5 8%	7 9%	5 0%	8 0%	6 2%
(%) Product margin	11.8%	9.5%	11.5%	9.5%	10.6%	8.6%	11.2%	10.0%
(%) Services margin	61.3%	57.3%	57.7%	53.5%	58.7%	55.5%	57.7%	52.2%
(%) sales margin Gross	22.4%	18.0%	20.9%	17.1%	20.2%	16.6%	20.4%	17.3%
Hardware	4 950 1 ,	5 627 0 ,	5 555 9 ,	7 684 4 ,	5 752 8 ,	6 245 5 ,	5 873 4 ,	8 102 7 ,
Software/Cloud	351 7	398 1	294 6	346 0	383 1	381 2	320 5	413 5
Product revenue	5,301.7	6,025.1	5,850.5	8,030.4	6,135.9	6,626.7	6,193.9	8,516.2
Services revenue	2,303.8	2,355.0	2,132.3	2,578.9	2,417.1	2,511.8	2,238.7	2,735.9
Revenue	7,605.6	8,380.1	7,982.8	10,609.4	8,553.0	9,138.5	8,432.6	11,252.0
Hardware	708 5	745 1	737 2	946 8	745 5	813 2	789 0	1 055 5 ,
Software/Cloud	351 7	398 1	294 6	346 0	383 1	381 2	320 5	413 5
Product gross profit	1,060.1	1,143.2	1,031.9	1,292.8	1,128.6	1,194.4	1,109.5	1,468.9
gross profit Services	1,495.4	1,498.4	1,325.0	1,539.9	1,553.5	1,581.5	1,404.4	1,617.8
Total gross profit	2,555.5	2,641.6	2,356.8	2,832.8	2,682.1	2,775.9	2,513.9	3,086.8
Payroll and related costs	918 6 1 ,	2 004 6 ,	661 6 1 ,	2 021 8 ,	994 0 1 ,	2 071 4 ,	756 1 5 ,	2 142 2 ,
Other operating costs	201 2	214 7	203 1	263 5	219 6	242 1	212 9	263 7
of leasing Depreciation ROU ,	98 3	97 9	101 3	108 3	103 7	108 1	111 5	111 8
of other Depreciation assets	79 0	78 6	81 0	80 7	81 3	83 5	82 8	86 5
of acquired intangibles Amortization	2 8	2 8	2 7	2 7	2 6	2 5	2 5	2 3
Total operating expenses	2,299.8	2,398.6	2,049.8	2,477.1	2,401.2	2,507.6	2,166.2	2,606.4
profit (EBIT) Operating	255.7	242.9	307.0	355.6	280.9	268.3	347.8	480.3
(%) EBIT	3.4%	2.9%	3.8%	3.4%	3.3%	2.9%	4.1%	4.3%

^* Q4 2024 results are restated

{21}------------------------------------------------

Income statement pro forma – Group (NOK million)

NOK in million	Q1 24	Q2 24	Q3 24	Q4 24*	Q1 25	Q2 25	Q3 25	Q4 25
Hardware	4,950.1	5,627.0	5,555.9	7,684.4	5,752.8	6,245.5	5,873.4	8,102.7
Software/Cloud	4,010.4	6,416.5	3,413.6	5,969.1	4,869.7	7,672.5	3,996.3	6,626.6
Product sales	8,960.5	12,043.5	8,969.5	13,653.5	10,622.4	13,918.0	9,869.7	14,729.3
Services sales	2,438.6	2,615.6	2,295.6	2,880.0	2,648.4	2,849.4	2,432.4	3,097.8
Gross sales	11,399.1	14,659.1	11,265.1	16,533.4	13,270.9	16,767.4	12,302.1	17,827.1
Hardware margin (%)	14.3%	13.2%	13.3%	12.3%	13.0%	13.0%	13.4%	13.0%
Software/Cloud margin (%)	8.8%	6.2%	8.6%	5.8%	7.9%	5.0%	8.0%	6.2%
Product margin (%)	11.8%	9.5%	11.5%	9.5%	10.6%	8.6%	11.2%	10.0%
Services margin (%)	61.3%	57.3%	57.7%	53.5%	58.7%	55.5%	57.7%	52.2%
Gross sales margin (%)	22.4%	18.0%	20.9%	17.1%	20.2%	16.6%	20.4%	17.3%
Hardware	4,950.1	5,627.0	5,555.9	7,684.4	5,752.8	6,245.5	5,873.4	8,102.7
Software/Cloud	351.7	398.1	294.6	346.0	383.1	381.2	320.5	413.5
Product revenue	5,301.7	6,025.1	5,850.5	8,030.4	6,135.9	6,626.7	6,193.9	8,516.2
Services revenue	2,303.8	2,355.0	2,132.3	2,578.9	2,417.1	2,511.8	2,238.7	2,735.9
Revenue		7,605.6 8,380.1 7,982.8			10,609.4 8,553.0 9,138.5 8,432.6			11,252.0
Hardware	708.5	745.1	737.2	946.8	745.5	813.2	789.0	1,055.5
Software/Cloud	351.7	398.1	294.6	346.0	383.1	381.2	320.5	413.5
Product gross profit	1,060.1	1,143.2	1,031.9	1,292.8	1,128.6	1,194.4	1,109.5	1,468.9
Services gross profit	1,495.4	1,498.4	1,325.0	1,539.9	1,553.5	1,581.5	1,404.4	1,617.8
Total gross profit					2,555.5 2,641.6 2,356.8 2,832.8 2,682.1 2,775.9 2,513.9 3,086.8
Payroll and related costs	1,918.6	2,004.6	1,661.6	2,021.8	1,994.0	2,071.4	1,756.5	2,142.2
Other operating costs	201.2	214.7	203.1	263.5	219.6	242.1	212.9	263.7
Depreciation of ROU, leasing	98.3	97.9	101.3	108.3	103.7	108.1	111.5	111.8
Depreciation of other assets	79.0	78.6	81.0	80.7	81.3	83.5	82.8	86.5
Amortization of acquired intangibles	2.8	2.8	2.7	2.7	2.6	2.5	2.5	2.3
Total operating expenses	2,299.8	2,398.6	2,049.8	2,477.1	2,401.2	2,507.6	2,166.2	2,606.4
Operating profit (EBIT)	255.7	242.9	307.0	355.6	280.9	268.3	347.8	480.3
EBIT (%)	3.4%	2.9%	3.8%	3.4%	3.3%	2.9%	4.1%	4.3%

^* Q4 2024 results are restated

{22}------------------------------------------------

Income statement actual – Norway (NOK million)

in million NOK	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25
sales Product	2 176 0 ,	2 504 0 ,	2 188 9 ,	3 513 9 ,	2 427 0 ,	2 538 2 ,	2 442 4 ,	3 831 4 ,
sales Services	616 8	682 6	591 1	697 1	689 9	694 4	650 4	736 0
sales Gross	2 792 7 ,	3 186 6 ,	2 780 0 ,	4 211 0 ,	3 116 9 ,	3 232 7 ,	3 092 7 ,	4 567 4 ,
(%) Product margin	7% 11	5% 11	5% 11	6% 9	3% 11	4% 11	8% 10	6% 9
(%) Services margin	69 6%	64 4%	64 4%	63 9%	66 1%	64 7%	64 4%	64 2%
sales (%) Gross margin	24 5%	22 8%	22 8%	18 6%	23 4%	22 8%	22 0%	18 4%
Product revenue	1 305 2 ,	1 509 7 ,	1 412 8 ,	2 183 8 ,	1 454 1 ,	1 502 9 ,	1 612 5 ,	2 272 9 ,
Services revenue	594 9	604 5	555 2	634 0	646 1	630 4	603 2	674 3
Revenue	1 900 1 ,	2 114 2 ,	1 968 0 ,	2 817 8 ,	2 100 2 ,	2 133 3 ,	2 215 7 ,	2 947 2 ,
Product gross profit	254 4	288 0	251 8	337 6	273 8	289 1	262 8	368 3
gross profit Services	429 2	439 8	380 8	445 3	455 7	449 3	419 1	472 2
Total gross profit	683 6	727 8	632 6	782 8	729 4	738 5	681 9	840 5
Payroll and other operating expenses	589 7	596 1	485 2	609 3	621 5	595 9	523 4	647 6
and Depreciation amortization	33 8	34 3	33 8	34 6	34 9	34 3	35 7	36 6
Total operating expenses	623 5	630 4	519 0	643 9	656 4	630 2	559 1	684 2
(EBIT) Operating profit	60 1	97 4	113 6	139 0	73 1	108 3	122 8	156 3
(%) EBIT	3 2%	6% 4	8% 5	9% 4	3 5%	1% 5	5% 5	3% 5

{23}------------------------------------------------

Income statement actual – Sweden (SEK million)

in million SEK	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25
Product sales	3 912 0 ,	071 5 1 ,	3 446 0 ,	483 0 5 ,	540 8 4 ,	580 5 4 ,	3 693 8 ,	759 3 5 ,
sales Services	903 6	960 8	787 3	1 054 7 ,	957 2	1 016 1 ,	867 2	1 118 1 ,
sales Gross	4 815 6 ,	6 031 9 ,	4 233 3 ,	6 537 7 ,	5 498 0 ,	6 596 6 ,	4 561 0 ,	6 877 4 ,
(%) Product margin	0% 11	8% 8	4% 11	5% 8	5% 9	5% 8	9% 10	7% 8
(%) Services margin	58 8%	52 1%	52 6%	48 8%	2% 55	51 8%	50 8%	47 4%
sales (%) Gross margin	19 9%	15 7%	19 1%	15 0%	17 4%	15 2%	18 5%	15 0%
Product revenue	2 007 9 ,	2 222 0 ,	2 210 7 ,	2 647 3 ,	2 218 0 ,	2 373 1 ,	2 276 2 ,	2 890 7 ,
Services revenue	866 6	870 8	738 2	985 0	881 1	944 7	803 3	1 051 5 ,
Revenue	2 874 5 ,	3 092 8 ,	2 948 8 ,	3 632 3 ,	3 099 1 ,	3 317 8 ,	3 079 5 ,	3 942 2 ,
Product gross profit	429 1	443 9	394 5	464 5	430 4	476 4	401 7	503 2
gross profit Services	531 1	500 9	414 4	514 3	528 2	526 2	440 4	529 4
Total gross profit	960 2	944 7	808 9	978 8	958 7	1 002 5 ,	842 1	1 032 6 ,
Payroll and other operating expenses	733 6	794 2	633 8	815 1	729 7	831 3	642 8	781 2
and Depreciation amortization	44 2	44 3	45 0	45 0	45 3	46 2	45 3	44 6
Total operating expenses	777 8	838 6	678 8	860 1	775 0	877 5	688 2	825 8
(EBIT) Operating profit	182 4	106 2	130 1	118 8	183 6	125 0	153 9	206 8
(%) EBIT	6 3%	3 4%	4% 4	3 3%	9% 5	3 8%	0% 5	2% 5

{24}------------------------------------------------

Income statement actual – Sweden (NOK million)

in million NOK	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25
Product sales	3 956 8 ,	079 3 5 ,	3 542 5 ,	602 9 5 ,	704 9 4 ,	941 3 5 ,	3 918 7 ,	6 189 7 ,
sales Services	915 2	963 1	810 0	1 078 8 ,	993 9	1 083 0 ,	920 0	1 199 7 ,
sales Gross	4 872 0 ,	6 042 4 ,	4 352 5 ,	6 681 7 ,	5 698 8 ,	7 024 3 ,	4 838 7 ,	7 389 4 ,
(%) Product margin	0% 11	8% 8	5% 11	5% 8	5% 9	5% 8	9% 10	7% 8
(%) Services margin	58 7%	52 1%	52 7%	48 8%	55 2%	51 8%	50 8%	47 3%
sales margin (%) Gross	20 0%	15 7%	19 1%	15 0%	17 5%	15 2%	18 5%	15 0%
Product revenue	2 031 6 ,	2 227 1 ,	2 274 0 ,	2 705 4 ,	2 302 1 ,	2 528 4 ,	2 415 6 ,	3 102 6 ,
Services revenue	877 8	873 1	759 4	1 007 5 ,	915 2	1 006 9 ,	852 2	1 128 2 ,
Revenue	2 909 4 ,	3 100 2 ,	3 033 4 ,	3 713 0 ,	3 217 3 ,	3 535 3 ,	3 267 7 ,	4 230 8 ,
Product gross profit	434 5	445 3	405 9	474 8	446 5	507 2	426 2	540 6
Services gross profit	537 6	502 1	426 6	526 1	548 2	560 7	467 3	567 6
gross profit Total	972 1	947 3	832 5	000 9 1 ,	994 6	067 9 1 ,	893 5	108 3 1 ,
Payroll and other operating expenses	742 7	796 2	652 3	833 2	757 3	886 2	682 1	837 9
and Depreciation amortization	44 7	44 4	46 2	46 0	47 0	49 2	48 1	47 9
Total operating expenses	787 5	840 6	698 5	879 2	804 3	935 4	730 2	885 8
profit (EBIT) Operating	184 7	106 7	134 0	121 7	190 4	132 5	163 3	222 5
(%) EBIT	6 3%	3 4%	4 4%	3 3%	5 9%	3 7%	5 0%	5 3%

{25}------------------------------------------------

Income statement actual – Denmark (DKK million)

million DKK in	Q1 24	Q2 24	Q3 24	24* Q4	Q1 25	Q2 25	Q3 25	Q4 25
Product sales	1 090 9 ,	1 929 8 ,	1 173 7 ,	2 011 0 ,	1 439 1 ,	2 521 3 ,	1 398 3 ,	1 888 0 ,
Services sales	408 6	450 7	381 8	481 8	416 0	505 0	370 2	506 0
sales Gross	1 499 4 ,	2 380 5 ,	1 555 5 ,	2 492 8 ,	1 855 1 ,	3 026 3 ,	1 768 5 ,	2 394 0 ,
Product margin (%)	10 2%	6 4%	8 7%	8 0%	8 4%	4 2%	8 8%	8 6%
(%) Services margin	7% 52	7% 49	0% 53	7% 42	7% 50	8% 44	8% 53	9% 42
sales (%) Gross margin	21 8%	6% 14	19 6%	7% 14	9% 17	0% 11	18 2%	9% 15
Product revenue	678 9	763 5	733 6	320 3 1 ,	902 2	908 4	794 2	170 1 7 ,
Services revenue	377 2	407 8	354 8	401 2	377 8	400 9	343 2	405 5
Revenue	1 056 1 ,	1 171 3 ,	1 088 4 ,	1 721 4 ,	1 280 0 ,	1 309 3 ,	1 137 4 ,	1 576 1 ,
Product gross profit	2 111	124 1	102 1	161 3	120 8	105 7	123 5	163 0
gross profit Services	215 3	224 1	202 3	205 8	211 0	226 5	199 1	216 8
Total gross profit	326 6	348 2	304 4	367 0	331 9	332 2	322 6	379 8
Payroll and other operating expenses	302 9	309 1	261 6	306 5	301 9	290 9	275 8	312 7
Depreciation and amortization	31 0	30 2	30 8	34 0	29 8	30 5	31 6	31 5
Total operating expenses	333 9	339 3	292 3	340 5	331 7	321 5	307 4	344 2
Operating profit (EBIT)	-7 3	9 0	12 0	26 6	0 2	10 7	15 1	35 6
(%) EBIT	-0 7%	0 8%	1% 1	5% 1	0 0%	0 8%	3% 1	2 3%

{26}------------------------------------------------

Income statement actual – Denmark (NOK million)

million NOK in	Q1 24	Q2 24	Q3 24	24* Q4	Q1 25	Q2 25	Q3 25	Q4 25
Product sales	1 668 9 ,	2 999 5 ,	1 850 5 ,	3 168 5 ,	2 247 6 ,	3 949 1 ,	2 211 0 ,	2 972 6 ,
Services sales	625 7	698 2	602 1	759 2	649 1	789 0	584 3	796 1
sales Gross	2 294 6 ,	3 697 7 ,	2 452 6 ,	3 927 8 ,	2 896 6 ,	4 738 0 ,	2 795 3 ,	3 768 7 ,
Product margin (%)	10 2%	6 4%	8 7%	8 0%	8 4%	4 2%	8 8%	8 6%
(%) Services margin	7% 52	7% 49	0% 53	7% 42	7% 50	9% 44	8% 53	9% 42
sales (%) Gross margin	21 8%	6% 14	19 6%	7% 14	9% 17	0% 11	18 2%	9% 15
Product revenue	038 3 1 ,	181 9 1 ,	156 9 1 ,	2 080 6 ,	409 9 1 ,	421 1 4 ,	254 1 7 ,	843 0 1 ,
Services revenue	577 7	632 0	559 6	632 3	589 6	627 0	542 0	638 1
Revenue	1 615 9 ,	1 813 9 ,	1 716 5 ,	2 712 8 ,	1 999 5 ,	2 048 4 ,	1 796 6 ,	2 481 1 ,
Product gross profit	170 1	192 5	161 0	254 1	188 6	165 5	194 8	256 7
gross profit Services	329 9	347 1	319 1	324 3	329 4	353 9	314 3	341 3
Total gross profit	500 0	539 6	480 1	578 4	518 0	519 4	509 1	598 0
Payroll and other operating expenses	463 6	479 5	412 4	483 1	471 5	455 2	435 6	491 8
Depreciation and amortization	47 5	46 8	48 5	53 6	46 5	8 47	50 0	49 6
Total operating expenses	511 1	526 2	461 0	536 7	518 0	503 0	485 6	541 4
Operating profit (EBIT)	-11 0	13 4	19 1	41 7	0 0	16 5	23 5	56 6
(%) EBIT	-0 7%	0 7%	1% 1	5% 1	0 0%	0 8%	3% 1	2 3%

{27}------------------------------------------------

Income statement actual – Finland (EUR million)

in million EUR	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25
Product sales	78 9	99 7	92 2	86 5	81 6	93 4	83 1	97 3
sales Services	13 5	14 2	13 7	15 1	14 6	13 6	12 7	15 4
sales Gross	92 5	113 8	105 9	101 6	96 2	107 0	95 8	112 7
Product margin (%)	11 8%	9 2%	8 5%	9 4%	11 4%	10 7%	9 3%	10 1%
(%) Services margin	7% 51	56 2%	48 3%	7% 57	53 0%	7% 51	50 3%	5% 55
sales (%) Gross margin	17 7%	15 1%	13 7%	16 6%	17 8%	15 9%	14 8%	16 4%
Product revenue	63 2	72 3	59 2	63 8	60 9	70 5	53 6	69 0
Services revenue	11 9	12 5	12 0	13 3	12 1	11 7	10 8	13 4
Revenue	75 1	84 8	71 1	77 1	73 1	82 2	64 4	82 4
Product gross profit	9 3	9 2	8 7	8 2	9 3	10 0	7 7	9 9
gross profit Services	7 0	8 0	6 6	8 7	7 7	7 0	6 4	8 6
Total gross profit	16 3	17 2	14 5	16 9	17 1	17 0	14 1	18 4
Payroll and other operating expenses	13 7	13 1	12 0	13 3	3 14	13 6	6 11	0 15
and Depreciation amortization	0 7	0 7	0 7	0 7	0 7	0 9	0 9	0 9
Total operating expenses	14 4	13 8	12 7	14 0	15 1	14 4	12 5	15 9
(EBIT) Operating profit	2 0	3 4	1 8	2 9	2 0	2 6	1 7	2 5
(%) EBIT	2 6%	4 0%	2 5%	3 8%	2 7%	3 1%	2 6%	3 0%

{28}------------------------------------------------

Income statement actual – Finland (NOK million)

in million NOK	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25
Product sales	902 1	1 151 0 ,	1 083 5 ,	1 016 3 ,	950 2	1 088 5 ,	980 6	1 144 7 ,
sales Services	154 6	163 8	161 7	177 5	169 9	158 7	150 1	181 5
sales Gross	1 056 7 ,	1 314 8 ,	1 245 3 ,	1 193 8 ,	1 120 1 ,	1 247 2 ,	1 130 7 ,	1 326 2 ,
(%) Product margin	8% 11	2% 9	5% 8	4% 9	4% 11	7% 10	3% 9	1% 10
(%) Services margin	51 7%	56 1%	48 3%	57 7%	53 0%	51 7%	50 2%	55 5%
sales margin (%) Gross	17 7%	15 1%	13 7%	16 6%	17 8%	15 9%	14 7%	16 3%
Product revenue	721 9	835 4	695 9	749 9	709 4	822 2	631 9	811 5
Services revenue	135 9	144 9	140 7	156 6	141 1	137 0	127 5	157 3
Revenue	857 9	980 2	836 6	906 5	850 5	959 2	759 4	968 8
Product gross profit	106 8	106 4	92 3	96 0	108 7	116 5	91 2	116 0
Services gross profit	80 0	92 0	78 2	102 5	90 1	82 1	75 4	100 8
gross profit Total	186 7	198 4	170 5	198 5	198 8	198 6	166 6	216 8
Payroll and other operating expenses	156 3	151 5	140 7	155 9	166 9	158 5	136 3	176 7
and Depreciation amortization	7 9	8 3	8 7	8 5	8 7	10 0	10 7	10 7
Total operating expenses	164 2	159 8	149 4	164 4	175 6	168 5	147 0	187 4
profit (EBIT) Operating	22 5	38 5	21 1	34 1	23 2	30 1	19 6	29 5
(%) EBIT	2 6%	3 9%	2 5%	3 8%	2 7%	3 1%	2 6%	3 0%

{29}------------------------------------------------

Income statement actual – Baltic (EUR million)

in million EUR	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25
Product sales	25 5	28 9	28 3	32 0	29 1	36 2	31 6	57 6
sales Services	13 9	13 8	13 9	17 3	15 6	15 1	14 6	19 2
sales Gross	39 3	42 7	42 1	49 3	44 7	51 3	46 2	76 8
Product margin (%)	11 2%	13 2%	13 2%	14 6%	12 4%	9 9%	12 0%	13 3%
(%) Services margin	65 8%	64 2%	62 9%	62 9%	61 7%	68 3%	66 6%	52 4%
sales (%) Gross margin	30 5%	29 7%	29 6%	31 6%	29 6%	27 1%	29 3%	23 1%
Product revenue	17 4	23 5	24 7	28 1	22 9	29 7	24 4	46 9
Services revenue	13 1	13 2	12 5	15 7	13 9	13 9	13 4	15 3
Revenue	30 4	36 7	37 2	43 8	36 8	43 6	37 8	62 1
Product gross profit	2 9	3 8	3 7	4 7	3 6	3 6	3 8	7 7
gross profit Services	9 1	8 9	8 7	10 9	9 6	10 3	9 7	10 1
Total gross profit	12 0	12 7	12 5	15 6	13 2	13 9	13 5	17 7
Payroll and other operating expenses	8 9	9 5	9 1	10 4	10 0	10 3	9 6	12 1
and Depreciation amortization	1 7	1 6	1 6	1 7	1 7	1 8	1 7	1 6
Total operating expenses	10 6	11 2	10 7	12 1	11 7	12 1	11 3	13 7
(EBIT) Operating profit	1 4	1 5	1 8	3 5	1 5	1 8	2 2	4 0
(%) EBIT	4 4%	4 1%	4 7%	9% 7	4 1%	4 1%	9% 5	6 5%

{30}------------------------------------------------

Income statement actual – Baltic (NOK million)

million NOK in	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25
Product sales	290 6	332 6	332 7	375 8	339 8	421 3	372 3	678 7
Services sales	158 4	159 9	163 3	203 8	181 9	176 4	172 0	226 0
sales Gross	449 0	492 5	496 1	579 6	521 7	597 7	544 3	904 7
(%) Product margin	2% 11	13 2%	13 2%	6% 14	12 4%	9 9%	12 0%	13 3%
(%) Services margin	65 8%	64 2%	62 8%	62 9%	61 7%	68 3%	66 6%	52 4%
sales margin (%) Gross	30 5%	29 8%	29 6%	31 6%	29 6%	27 1%	29 3%	23 1%
Product revenue	197 9	271 0	290 8	329 7	266 9	345 6	287 2	552 1
Services revenue	149 5	152 5	146 8	185 0	161 4	162 0	158 2	179 4
Revenue	347 5	423 6	437 5	514 7	428 4	507 5	445 4	731 5
Product gross profit	32 6	44 0	44 1	54 9	42 0	41 6	44 8	90 3
Services gross profit	104 2	102 7	102 7	128 2	112 2	120 5	114 6	118 3
Total gross profit	136 9	146 7	146 7	183 1	154 2	162 1	159 4	208 6
Payroll and other operating expenses	101 7	110 3	106 7	122 8	116 4	120 7	113 3	142 0
and Depreciation amortization	19 6	19 0	19 3	19 7	20 3	20 9	19 7	19 1
Total operating expenses	121 3	129 3	126 0	142 5	136 7	141 5	133 0	161 0
(EBIT) Operating profit	15 5	17 4	20 7	40 6	17 5	20 6	26 4	47 6
(%) EBIT	5% 4	1% 4	7% 4	9% 7	1% 4	1% 4	9% 5	5% 6

{31}------------------------------------------------

Income statement actual – Group Shared Services* (MNOK)

million NOK in	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25
Product sales	1 640 4 ,	1 985 9 ,	2 237 9 ,	3 141 0 ,	2 230 6 ,	2 595 5 ,	2 642 6 ,	3 437 0 ,
Services sales	296 2	307 8	339 9	350 1	322 7	339 6	346 7	363 8
sales Gross	936 6 1 ,	2 293 6 ,	2 8 577 ,	3 491 1 ,	2 553 4 ,	2 935 0 ,	2 989 3 ,	3 800 7 ,
Product (%) margin	2 2%	2 1%	1 8%	1 6%	1 8%	2 0%	2 1%	1 8%
Services margin (%)	77 6%	77 4%	72 4%	71 6%	77 3%	74 0%	75 4%	73 0%
(%) sales margin Gross	8% 13	2% 12	1% 11	6% 8	4% 11	3% 10	6% 10	6% 8
Product revenue	1 621 2 ,	1 961 3 ,	2 212 5 ,	3 110 2 ,	2 206 1 ,	2 568 3 ,	2 617 4 ,	3 406 4 ,
Services revenue	296 2	307 8	339 9	350 1	322 7	339 6	346 7	363 8
Revenue	1 917 4 ,	2 269 1 ,	2 552 4 ,	3 460 3 ,	2 528 8 ,	2 907 9 ,	2 964 1 ,	3 770 2 ,
Product gross profit	36 9	40 9	40 8	50 1	40 5	52 1	54 9	61 9
Services gross profit	230 0	238 2	246 1	250 7	249 4	251 4	261 5	265 4
Total gross profit	266 8	279 1	286 9	300 9	289 9	303 5	316 5	327 3
Payroll and other operating expenses	233 4	243 2	236 1	255 0	251 0	267 9	257 2	278 5
and Depreciation amortization	26 4	26 5	28 4	29 3	30 1	31 9	32 6	36 6
Total operating expenses	259 8	269 6	264 6	284 2	281 1	299 8	289 8	315 1
profit (EBIT) Operating	7 1	9 5	22 3	16 7	8 9	3 6	26 7	12 2
(%) EBIT	0 4%	0 4%	0 9%	0 5%	0 4%	0 1%	0 9%	0 3%

^* Atea Logistics, Atea Global Services, Atea Group Functions, AppXite and Securitization SPV