Atea — Investor Presentation 2025

Jul 16, 2025

Q2 2025 Presentation

Highlights – Q2 2025

Gross sales of NOK 16.8 billion Up 14.4% from last year

EBIT of NOK 268 million Up 10.4% from last year

Income statement – Q2 2025

• High operating profit (EBIT) in Q2 2025, driven by strong sales growth across all lines of business

CURRENCY: MNOK	Q2 2025	Q2 2024	Growth
Hardware	6 246 ,	627 5 ,	0% 11
Software	7 672 ,	6 416 ,	6% 19
Services	2 849 ,	2 616 ,	9% 8
Gross sales*	16 767 ,	14 659 ,	4% 14
Revenue (IFRS)	9 139 ,	8 380 ,	9 1%
Gross % margin	30 4%	31 5%	1 1% -
Gross profit	2 776 ,	2 642 ,	5 1%
Operating expenses	2 508 ,	2 399 ,	4 5%
EBIT	268	243	10 4%
profit after Net tax	157	139	13 3%

** Currency fluctuations impact sales growth on a Group level by +4.0% in Q2 2025

Business unit performance – Q2 2025

• Improved sales and double-digit EBIT growth in all countries except Finland

Currency: Local in million	% Gross sales		Gross sales		EBIT
	Q2 2025	Q2 2025	Q2 2024	Growth%	Q2 2025	Q2 2024	Growth%
Norway NOK ,	19 %	3 233 ,	3 187 ,	1 4 %	108	97	11 1 %
Sweden SEK ,	42 %	6 597 ,	6 032 ,	9 % 4	125	106	17 8 %
Denmark DKK ,	% 28	3 026 ,	2 381 ,	% 27 1	11	9	% 19 7
Finland EUR ,	% 7	107 0	113 8	6 0 % -	2 6	3 4	22 9 % -
Baltics EUR ,	% 4	51 3	42 7	% 20 2	1 8	1 5	% 17 4
Group Functions NOK ,		73 -	75 -	N/A	40 -	31 -	N/A
Atea Group NOK* ,	100%	16 767 ,	14 659 ,	14 4%	268	243	10 4%

Cash flow from operations – Q2 2025

• Cash flow from operations was an outflow of NOK 111 million
• Cash flow was negatively impacted by higher inventory of school PCs to be delivered in Q3

Net financial position

Net debt of NOK 440 million

Net debt / EBITDA ratio of 0.2

CURRENCY: MNOK	30 Jun 2025	30 Jun 2024
Interest bearing liabilities -	1 506 - ,	1 274 - ,
Cash and cash equivalents	1 066 ,	1 190 ,
Net financial position*	440 -	84 -
Q* EBITDA - rolling 4	1 981 ,	1 906 ,
Net debt / EBITDA end of (ratio) quarter ,	0 2	0 0
Loan covenant:
/ Maximum Net Debt EBITDA ratio -	2 5	2 5
Maximum Net Debt balance -	952 4 ,	764 4 ,
Gap between Net Debt and Loan Covenant	4 512 ,	4 680 ,

* Net financial position and rolling 4 quarter EBITDA as defined in Atea's loan covenants See Note 11 in Interim Financial Statements for further definition

Business Outlook

Solid growth in profitability throughout 2025, based on improved market conditions and new agreements

2025 financial expectations

• Gross sales of NOK 57 – 60 billion, growth rate of 6 - 11%
• EBIT of NOK 1,330 – 1,450 million, growth rate of 10 - 20%*

Forecast for 2H 2025

• Healthy market, but sales growth slows with more challenging comparables
• Continued solid EBIT development in Norway, Sweden, Baltics
• EBIT turnaround in Denmark and Finland, relative to weaker results in 2H 2024. Primary sensitivity in guidance range.

Business outlook – key growth areas

Defense

• Atea is a key supplier for defense in all countries
• Defense spending will increase significantly
• NATO membership is a driving force

IT security

• Cybersecurity is now more critical than ever
• One driver for IT security investments is the EU Network and Information Systems 2 (NIS 2) directive

AI opportunities

• To take advantage of AI opportunities, customers will need infrastructure upgrades
• Software and cloud are often the starting points of the AI journey, supported by consulting

PC / Windows 10 end-of-life

• Windows 10 will go end-of-life in October 2025
• This is driving a major PC refresh cycle, as many PCs do not meet the upgrade requirements for Windows 11

Summary – H1 2025

Gross sales of NOK 30.0 billion Up 15.3% from last year

Gross profit of NOK 5.5 billion Up 5.0% from last year

Q2 2025 Presentation

Fact pack

July 16, 2025

Highlights – Group

	Q 2	Q 2	H 1	H 1	Full year
million NOK in	2025	2024	2025	2024	2024
sales Gross	16 767 ,	659 14 ,	30 038 ,	26 058 ,	53 862 ,
Revenue	9 139 ,	8 380 ,	17 692 ,	15 986 ,	34 583 ,
profit Gross	2 776 ,	2 642 ,	458 5 ,	197 5 ,	10 397 ,
EBIT	268	243	549	499	1 171 ,
(%) EBIT margin	2 9%	2 9%	3 1%	3 1%	3 4%
profit Net	157	139	319	330	775
share (NOK) Earnings per	1 41	1 24	2 86	2 96	6 95
(NOK) Diluted earnings share per	1 39	1 23	2 81	2 93	6 87
Cash flow from operations	-111	665	-992	-238	2 028 ,
flow cash Free	-216	554	-1 200 ,	-429	1 606 ,

	30 Jun 2025	30 Jun 2024	31 Dec 2024
financial Net position	-440	-84	1 382 ,
Liquidity reserve	4 512 ,	4 680 ,	6 151 ,
Working capital	-1 282 ,	-1 596 ,	-2 539 ,
(%) Working capital in relation last months sales 12 to gross	2% -2	1% -3	7% -4
Adjusted (%) equity ratio	21 0%	23 0%	22 6%
Number of full-time employees of , end period	7 967 ,	8 098 ,	7 989 ,

Consolidated statement of financial position – Group

in million NOK	30 Jun 2025	30 Jun 2024	31 Dec 2024
ASSETS
plant and equipment Property,	476	503	498
Right-of-use assets	1,518	1,407	1,448
Deferred tax assets	199	239	170
Goodwill	4,499	4,360	4,465
Other intangible assets	791	617	712
Other long-term receivables	191	180	168
Non-current assets	7,674	7,305	7,461
Inventories	1,266	998	974
Trade receivables	7,566	5,968	8,074
Other receivables	3,126	2,579	2,596
Cash and cash equivalents	1,066	1,190	2,004
Current assets	13,025	10,735	13,648
Total assets	20,699	18,040	21,109
EQUITY LIABILITIES AND
Share capital and premium	681	681	681
Other reserves	2,021	1,832	1,957
Retained earnings	1,301	1,279	1,786
Equity	4,003	3,792	4,423
Interest-bearing long-term liabilities	588	588	588
leasing liabilities Long-term	1,233	1,183	1,151
Other long-term liabilities	192	165	198
Deferred liabilities tax	170	150	168
liabilities Non-current	2,183	2,086	2,105
Trade payables	8,314	7,118	9,746
Interest-bearing liabilities current	891	655	4
leasing liabilities Current	491	458	456
payable Tax	144	159	144
Provisions	5 8	3 8	9 0
Other liabilities current	4,617	3,734	4,141
Current liabilities	14,514	12,162	14,581
Total liabilities	16,697	14,248	16,686
Total and liabilities equity	20,699	18,040	21,109

Full-time employees – Group

FTEs, end of period	30 Jun 2025	30 Jun 2024
Norway	1,765	1,754
Sweden	2,596	2,690
Denmark	1,426	1,482
Finland	562	556
Baltics	750	748
Logistics	295	283
Atea Global Services	510	520
Atea ASA	9	1 0
AppXite	5 4	5 6
Atea Group	7,967	8,098

Financial performance actual – Segment

in million NOK	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25
Norway	1	2	1	2	2	2
	900	114	968	817	100	133
	1	2	0	8	2	3
	,	,	,	,	,	,
Sweden	2	3	3	3	3	3
	909	100	033	713	217	535
	4	2	4	0	3	3
	,	,	,	,	,	,
Denmark	615	813	716	2	999	2
	9	9	1	8	1	048
	1	1	5	717	5	4
	,	,	,	,	,	,
Finland	857	980	836	906	850	959
	9	2	6	5	5	2
The Baltics	347 5	423 6	437 5	514 7	428 4	507 5
Shared Group Services	1 917 4 ,	2 269 1 ,	2 552 4 ,	3 460 3 ,	2 528 8 ,	2 907 9 ,
Eliminations	-1	-2	-2	-3	-2	-2
	942	321	561	515	571	953
	7	2	6	6	6	0
	,	,	,	,	,	,
total Revenue group	605 6 7 ,	8 380 1 ,	982 8 7 ,	10 614 3 ,	8 553 0 ,	9 138 5 ,
Norway	60	97	113	139	73	108
	1	4	6	0	1	3
Sweden	184	106	134	121	190	132
	7	7	0	7	4	5
Denmark	-11	13	19	51	0	16
	0	4	1	9	0	5
Finland	22	38	21	34	23	30
	5	5	1	1	2	1
The Baltics	15 5	17 4	20 7	40 6	17 5	20 6
Shared	7	9	22	16	8	3
Group	1	5	3	7	9	6
Services
(EBIT) Operating profit before cost group	278 8	282 9	330 9	404 0	313 1	311 5
Group cost	-23 1	-40 0	-23 8	-38 2	-32 2	-43 2
(EBIT)	255	242	307	365	280	268
Operating	7	9	0	8	9	3
profit
Financial income	10 5	9 0	2 1	8 3	27 6	19 2
Financial expenses	20 7	74 2	58 0	45 6	99 3	84 9
financial	-10	-65	-56	-37	-71	-65
items	3	2	8	3	8	7
Net
Profit before (EBT) taxes	245 4	177 7	250 2	328 6	209 1	202 6
Tax	53	39	58	75	47	45
	9	2	2	4	1	7
Profit for the period	191 5	138 5	192 0	253 2	162 0	156 9

Financial performance pro forma – Segment

in million NOK	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25
Norway	1	2	1	2	2	2
	900	114	968	817	100	133
	1	2	0	8	2	3
	,	,	,	,	,	,
Sweden	2	3	3	3	3	3
	909	100	033	713	217	535
	4	2	4	0	3	3
	,	,	,	,	,	,
Denmark	615	813	716	2	999	2
	9	9	1	8	1	048
	1	1	5	717	5	4
	,	,	,	,	,	,
Finland	857	980	836	906	850	959
	9	2	6	5	5	2
The Baltics	347 5	423 6	437 5	514 7	428 4	507 5
Shared Group Services	1 917 4 ,	2 269 1 ,	2 552 4 ,	3 460 3 ,	2 528 8 ,	2 907 9 ,
Eliminations	-1	-2	-2	-3	-2	-2
	942	321	561	515	571	953
	7	2	6	6	6	0
	,	,	,	,	,	,
total Revenue group	605 6 7 ,	8 380 1 ,	982 8 7 ,	10 614 3 ,	8 553 0 ,	9 138 5 ,
Norway	60	97	113	139	73	108
	1	4	6	0	1	3
Sweden	184	106	134	121	190	132
	7	7	0	7	4	5
Denmark	-11	13	19	51	0	16
	0	4	1	9	0	5
Finland	22	38	21	34	23	30
	5	5	1	1	2	1
The Baltics	15 5	17 4	20 7	40 6	17 5	20 6
Shared	7	9	22	16	8	3
Group	1	5	3	7	9	6
Services
(EBIT) Operating profit before cost group	278 8	282 9	330 9	404 0	313 1	311 5
Group cost	-23 1	-40 0	-23 8	-38 2	-32 2	-43 2
(EBIT)	255	242	307	365	280	268
Operating	7	9	0	8	9	3
profit
Financial income	10 5	9 0	2 1	8 3	27 6	19 2
Financial expenses	20 7	74 2	58 0	45 6	99 3	84 9
financial	-10	-65	-56	-37	-71	-65
items	3	2	8	3	8	7
Net
Profit before (EBT) taxes	245 4	177 7	250 2	328 6	209 1	202 6
Tax	53	39	58	75	47	45
	9	2	2	4	1	7
Profit for the period	191 5	138 5	192 0	253 2	162 0	156 9

Income statement actual – Group (NOK million)

NOK in million	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25
Hardware	4 950 1 ,	5 627 0 ,	5 555 9 ,	7 684 4 ,	5 752 8 ,	6 245 5 ,
Software	4 010 4 ,	6 416 5 ,	3 413 6 ,	5 969 1 ,	4 869 7 ,	7 672 5 ,
Product sales	8,960.5	12,043.5	8,969.5	13,653.5	10,622.4	13,918.0
Services sales	2,438.6	2,615.6	2,295.6	2,884.9	2,648.4	2,849.4
sales Gross	11,399.1	14,659.1	11,265.1	16,538.4	13,270.9	16,767.4
Hardware (%) margin	14 3%	13 2%	13 3%	12 3%	13 0%	13 0%
Software (%) margin	8 8%	6 2%	8 6%	8% 5	9% 7	0% 5
(%) Product margin	11.8%	9.5%	11.5%	9.5%	10.6%	8.6%
(%) Services margin	61.3%	57.3%	57.7%	53.7%	58.7%	55.5%
sales margin (%) Gross	22.4%	18.0%	20.9%	17.2%	20.2%	16.6%
Hardware	4 950 1 ,	5 627 0 ,	5 555 9 ,	7 684 4 ,	5 752 8 ,	6 245 5 ,
Software	351 7	398 1	294 6	346 0	383 1	381 2
Product revenue	5,301.7	6,025.1	5,850.5	8,030.4	6,135.9	6,626.7
Services revenue	2,303.8	2,355.0	2,132.3	2,583.9	2,417.1	2,511.8
Revenue	7,605.6	8,380.1	7,982.8	10,614.3	8,553.0	9,138.5
Hardware	708 5	745 1	737 2	946 8	745 5	813 2
Software	351 7	398 1	294 6	346 0	383 1	381 2
Product gross profit	1,060.1	1,143.2	1,031.9	1,292.8	1,128.6	1,194.4
gross profit Services	1,495.4	1,498.4	1,325.0	1,550.1	1,553.5	1,581.5
Total gross profit	2,555.5	2,641.6	2,356.8	2,842.9	2,682.1	2,775.9
Payroll and other operating expenses	1 918 6 ,	2 004 6 ,	1 661 6 ,	2 021 8 ,	1 994 0 ,	2 071 4 ,
Other operating costs	201 2	214 7	203 1	263 5	219 6	242 1
of leasing Depreciation ROU ,	98 3	97 9	101 3	108 3	103 7	108 1
of other Depreciation assets	79 0	78 6	81 0	80 7	81 3	83 5
of acquired intangibles Amortization	2 8	2 8	2 7	2 7	2 6	2 5
Total operating expenses	2,299.8	2,398.6	2,049.8	2,477.1	2,401.2	2,507.6
profit (EBIT) Operating	255.7	242.9	307.0	365.8	280.9	268.3
(%) EBIT	3.4%	2.9%	3.8%	3.4%	3.3%	2.9%

Income statement pro forma – Group (NOK million)

in million NOK	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25
Hardware	4 950 1 ,	5 627 0 ,	5 555 9 ,	7 684 4 ,	5 752 8 ,	6 245 5 ,
Software	4 010 4 ,	6 416 5 ,	3 413 6 ,	5 969 1 ,	4 869 7 ,	7 672 5 ,
Product sales	8,960.5	12,043.5	8,969.5	13,653.5	10,622.4	13,918.0
sales Services	2,438.6	2,615.6	2,295.6	2,884.9	2,648.4	2,849.4
Gross sales	11,399.1	14,659.1	11,265.1	16,538.4	13,270.9	16,767.4
(%) Hardware margin	3% 14	2% 13	3% 13	3% 12	0% 13	0% 13
Software margin (%)	8% 8	2% 6	6% 8	8% 5	9% 7	0% 5
Product margin (%)	11.8%	9.5%	11.5%	9.5%	10.6%	8.6%
Services margin (%)	61.3%	57.3%	57.7%	53.7%	58.7%	55.5%
sales (%) Gross margin	22.4%	18.0%	20.9%	17.2%	20.2%	16.6%
Hardware	4 950 1 ,	5 627 0 ,	5 555 9 ,	7 684 4 ,	5 752 8 ,	6 245 5 ,
Software	351 7	398 1	294 6	346 0	383 1	381 2
Product revenue	5,301.7	6,025.1	5,850.5	8,030.4	6,135.9	6,626.7
Services revenue	2,303.8	2,355.0	2,132.3	2,583.9	2,417.1	2,511.8
Revenue	7,605.6	8,380.1	7,982.8	10,614.3	8,553.0	9,138.5
Hardware	708 5	745 1	737 2	946 8	745 5	813 2
Software	351 7	398 1	294 6	346 0	383 1	381 2
Product gross profit	1,060.1	1,143.2	1,031.9	1,292.8	1,128.6	1,194.4
Services gross profit	1,495.4	1,498.4	1,325.0	1,550.1	1,553.5	1,581.5
Total gross profit	2,555.5	2,641.6	2,356.8	2,842.9	2,682.1	2,775.9
Payroll and other operating expenses	1 918 6 ,	2 004 6 ,	1 661 6 ,	2 021 8 ,	1 994 0 ,	2 071 4 ,
Other operating costs	201 2	214 7	203 1	263 5	219 6	242 1
of leasing Depreciation ROU ,	98 3	97 9	101 3	108 3	103 7	108 1
of other Depreciation assets	79 0	78 6	81 0	80 7	81 3	83 5
of Amortization acquired intangibles	2 8	2 8	2 7	2 7	2 6	2 5
Total operating expenses	2,299.8	2,398.6	2,049.8	2,477.1	2,401.2	2,507.6
Operating profit (EBIT)	255.7	242.9	307.0	365.8	280.9	268.3
(%) EBIT	3.4%	2.9%	3.8%	3.4%	3.3%	2.9%

Income statement actual – Norway (NOK million)

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

Income statement actual – Sweden (SEK million)

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

Income statement actual – Sweden (NOK million)

Q1	Q2	Q3	Q4	Q1	Q2
24	24	24	24	25	25
3	5	3	5	4	5
956	079	542	602	704	941
8	3	5	9	9	3
,	,	,	,	,	,
915 2	963 1	810 0	078 8 1 ,	993 9	083 0 1 ,
4	6	4	6	5	7
872	042	352	681	698	024
0	4	5	7	8	3
,	,	,	,	,	,
11	8	11	8	9	8
0%	8%	5%	5%	5%	5%
7%	1%	7%	8%	2%	8%
58	52	52	48	55	51
20	15	19	15	17	15
0%	7%	1%	0%	5%	2%
2	2	2	2	2	2
031	227	274	705	302	528
6	1	0	4	1	4
,	,	,	,	,	,
877 8	873 1	759 4	1 007 5 ,	915 2	1 006 9 ,
2	3	3	3	3	3
909	100	033	713	217	535
4	2	4	0	3	3
,	,	,	,	,	,
434	3	405	8	446	507
5	445	9	474	5	2
537	502	426	526	548	560
6	1	6	1	2	7
972 1	947 3	832 5	1 000 9 ,	994 6	1 067 9 ,
742	796	652	833	757	886
7	2	3	2	3	2
44	44	46	46	47	49
7	4	2	0	0	2
787	840	698	879	804	935
5	6	5	2	3	4
184	106	134	121	190	132
7	7	0	7	4	5
6	3	4%	3	9%	3
3%	4%	4	3%	5	7%

Income statement actual – Denmark (DKK million)

in million DKK	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25
Product sales	090 9 1 ,	929 8 1 ,	173 1 7 ,	2 011 0 ,	439 1 1 ,	2 521 3 ,
sales Services	408 6	450 7	381 8	485 0	416 0	505 0
sales Gross	1 499 4 ,	2 380 5 ,	1 555 5 ,	2 496 0 ,	1 855 1 ,	3 026 3 ,
(%) Product margin	2% 10	4% 6	7% 8	0% 8	4% 8	2% 4
(%) Services margin	52 7%	49 7%	53 0%	43 8%	50 7%	44 8%
sales (%) Gross margin	21 8%	14 6%	19 6%	15 0%	17 9%	11 0%
Product revenue	678 9	763 5	733 6	1 320 3 ,	902 2	908 4
Services revenue	377 2	407 8	354 8	404 3	377 8	400 9
Revenue	056 1 1 ,	3 1 171 ,	088 1 4 ,	724 6 1 ,	280 0 1 ,	309 3 1 ,
Product gross profit	111 2	124 1	102 1	161 3	120 8	105 7
Services gross profit	215 3	224 1	202 3	212 2	211 0	226 5
Total gross profit	326 6	348 2	304 4	373 5	331 9	332 2
Payroll and other operating expenses	302 9	309 1	261 6	306 5	301 9	290 9
and Depreciation amortization	31 0	30 2	30 8	34 0	29 8	30 5
Total operating expenses	333 9	339 3	292 3	340 5	331 7	321 5
profit (EBIT) Operating	3 -7	9 0	12 0	33 0	0 2	10 7
(%) EBIT	-0 7%	0 8%	1 1%	1 9%	0 0%	0 8%

Income statement actual – Denmark (NOK million)

million NOK in	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25
Product sales	1 668 9 ,	2 999 5 ,	1 850 5 ,	3 168 5 ,	2 247 6 ,	3 949 1 ,
Services sales	625 7	698 2	602 1	764 2	649 1	789 0
sales Gross	2 294 6 ,	3 697 7 ,	2 452 6 ,	3 932 7 ,	2 896 6 ,	4 738 0 ,
Product margin (%)	10 2%	6 4%	8 7%	8 0%	8 4%	4 2%
(%) Services margin	7% 52	7% 49	0% 53	8% 43	7% 50	9% 44
sales (%) Gross margin	21 8%	14 6%	19 6%	15 0%	17 9%	11 0%
Product revenue	1 038 3 ,	1 181 9 ,	1 156 9 ,	2 080 6 ,	1 409 9 ,	1 421 4 ,
Services revenue	577 7	632 0	559 6	637 2	589 6	627 0
Revenue	1 615 9 ,	1 813 9 ,	1 716 5 ,	2 717 8 ,	1 999 5 ,	2 048 4 ,
gross profit Product	170 1	192 5	161 0	254 1	188 6	165 5
gross profit Services	329 9	347 1	319 1	334 5	329 4	353 9
Total gross profit	500 0	539 6	480 1	588 6	518 0	519 4
Payroll and other operating expenses	463 6	479 5	412 4	483 1	471 5	455 2
and Depreciation amortization	47 5	46 8	48 5	53 6	46 5	47 8
Total operating expenses	511 1	526 2	461 0	536 7	518 0	503 0
(EBIT) Operating profit	-11 0	13 4	19 1	51 9	0 0	16 5
(%) EBIT	-0 7%	0 7%	1% 1	9% 1	0 0%	0 8%

Income statement actual – Finland (EUR million)

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

Income statement actual – Finland (NOK million)

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

Income statement actual – Baltic (EUR million)

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

Income statement actual – Baltic (NOK million)

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

Income statement actual – Group Shared Services* (MNOK)

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