Atea — Investor Presentation 2025

Oct 23, 2025

Q3 2025 Presentation

Highlights – Q3 2025

Gross sales of NOK 12.3 billion Up 9.2% from last year

Revenue (IFRS) of NOK 8.4 billion Up 5.6% from last year

EBIT of NOK 348 million Up 13.3% from last year

Net profit of NOK 226 million Up 17.7% from last year

Income statement – Q3 2025

• Strong sales and profit growth in Q3 2025, with high demand across all lines of business

CURRENCY: MNOK	Q3 2025	Q3 2024	Growth
Hardware	5 873 ,	5 556 ,	7% 5
Software/Cloud	3 996 ,	3 414 ,	17 1%
Services	2 432 ,	2 296 ,	6 0%
Gross sales*	12 302 ,	11 265 ,	9 2%
Revenue (IFRS)	8 433 ,	983 7 ,	6% 5
Gross margin %	8% 29	5% 29	3% 0
Gross profit	2 514 ,	2 357 ,	7% 6
Operating expenses	2 166 ,	2 050 ,	7% 5
EBIT	348	307	13 3%
profit after Net tax	226	192	17 7%

^** Currency fluctuations impact sales growth on a Group level by +2.1% in Q3 2025

Business unit performance – Q3 2025

• Strong sales and profit performance across nearly all countries

Currency: Local in million	% Gross sales	Gross sales				EBIT
	Q3 2025	Q3 2025	Q3 2024	Growth%	Q3 2025	Q3 2024	Growth%
NOK Norway ,	25 %	3 093 ,	2 780 ,	11 2 %	123	114	8 1 %
Sweden SEK ,	% 39	4 561 ,	4 233 ,	% 7 7	154	130	% 18 3
Denmark DKK ,	23 %	1 768 ,	1 556 ,	13 % 7	15	12	25 8 %
Finland EUR ,	% 9	95 8	105 9	% 9 5 -	1 7	1 8	% 6 7 -
Baltics EUR ,	4 %	46 2	42 1	9 6 %	2 2	1 8	27 8 %
Group Functions NOK ,		100 -	61 -	N/A	8 -	2 -	N/A
Atea Group NOK* ,	100%	12 302 ,	11 265 ,	9 2%	348	307	13 3%

^** Currency fluctuations impact sales growth on a Group level by +2.1% in Q3 2025

Cash flow from operations

Cash flow from operations was an inflow of NOK 220 million in Q3 2025

CURRENCY: MNOK	Q3 2025	Q3 2024
Cash earnings	468	392
Changes in working capital (excluding of receivables) sale	108 -	239 -
Cash flow from operations before sale , of receivables	359	153
Change in sale of receivables	139 -	41 -
Cash flow from operations	220	112

Net financial position

Net debt of NOK 438 million

Net debt / EBITDA ratio of 0.2

CURRENCY: MNOK	30 Sep 2025	30 Sep 2024
Interest bearing liabilities -	1 345 - ,	1 143 - ,
Cash and cash equivalents	907	1 034 ,
Net financial position*	438 -	108 -
Q* EBITDA - rolling 4	2 033 ,	1 929 ,
Net debt / EBITDA end of (ratio) quarter ,	0 2	0 1
Loan covenant:
Maximum Net Debt / EBITDA ratio -	2 5	2 5
Maximum Net Debt balance -	083 5 ,	4 823 ,
Gap between Net Debt and Loan Covenant	4 645 ,	4 715 ,

^* 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 sales and EBIT throughout 2025, driven by new frame agreements, market consolidation, and growing demand for information technology

2025 financial guidance

• 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%*

October update

• Atea expects to deliver gross sales at the top end of the 2025 guidance
• Atea expects to achieve EBIT in the middle of the 2025 guidance interval

^* Represents growth in EBIT before restructuring costs (NOK 1,211 million in 2024)

Background – Denmark

• Atea Denmark has struggled with low profitability for many years and is significantly less profitable than Atea Norway and Atea Sweden
• Atea Denmark has high sales volumes, but with low value-add to customers. For this reason, the margins generated from each sale in Denmark lag Norway and Sweden
• Growth in services sales has stagnated and this further pressures the margin

Atea hardware margin – history

• Hardware margins in Atea Denmark have fallen since 2020, and are well below Norway and Sweden
• Business mix has shifted to high volume / low value-added customer relationships

Hardware margin – SKI vs. non-SKI

• Atea Denmark has become over-reliant on SKI agreements which generate high volumes but low margins
• We need to expand outside of SKI, where margins are higher and there are greater cross-sell opportunities
• We need to aggressively cross-sell to capture value (i.e., margin) on SKI agreements

Atea software/cloud margin – history

• Software/cloud margins have fallen as new sales are concentrated in enterprise software licensing with limited migration to cloud or upsell of value-added services
• As a result, Atea Denmark has much lower margin than Norway or Sweden in software/cloud

Denmark – Software/cloud development

Consulting - benchmarks

• Atea's business model is to add value to our product delivery through services. This differentiates Atea from competitors and enables us to charge a price premium
• Atea Denmark does not sell its services at a rate comparable with Norway and Sweden

^* Data as of June 2025

Managed services - benchmarks

• Atea Denmark is not capturing full value by selling its managed services
• Atea Denmark has a huge potential within managed services as we see in the other countries

Summary – YTD 2025

Gross sales of NOK 42.3 billion Up 13.4% from last year

Revenue (IFRS) of NOK 26.1 billion Up 9.0% from last year

Gross profit of NOK 8.0 billion Up 5.5% from last year

EBIT of NOK 897 million Up 11.3% from last year

••••

We build the future with IT.

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Q3 2025 Presentation

Fact pack

Highlights – Group

	Q 3	Q 3	YTD	YTD	Full year
million NOK in	2025	2024	2025	2024	2024
sales Gross	12 302 ,	265 11 ,	42 340 ,	37 323 ,	53 862 ,
Revenue	8 433 ,	7 983 ,	26 124 ,	23 968 ,	34 583 ,
profit Gross	2 514 ,	2 357 ,	972 7 ,	7 554 ,	10 397 ,
EBIT	348	307	897	806	1 171 ,
(%) EBIT margin	4 1%	3 8%	3 4%	3 4%	3 4%
profit Net	226	192	545	522	775
share (NOK) Earnings per	2 03	1 72	4 89	4 68	6 95
(NOK) Diluted share earnings per	2 00	1 71	4 82	4 64	6 87
Cash flow from operations	220	112	-772	-126	2 028 ,
flow cash Free	136	2 5	-1 065 ,	-404	1 606 ,

	30 Sep 2025	30 Sep 2024	31 Dec 2024
financial Net position	-438	-108	1 382 ,
Liquidity reserve	4 645 ,	4 715 ,	6 151 ,
Working capital	-707	-939	-2 569 ,
(%) Working capital in relation last months sales 12 to gross	2% -1	8% -1	8% -4
Adjusted (%) equity ratio	26 8%	28 2%	22 4%
Number of full-time employees of , end period	8 039 ,	8 006 ,	7 989 ,

Consolidated statement of financial position – Group

		Restated*	Restated*
NOK in million	30 Sep 2025	30 Sep 2024	31 Dec 2024
ASSETS
Property, plant and equipment	531	501	498
Right-of-use assets	1,447	1,419	1,448
Deferred tax assets	212	198	170
Goodwill	4,475	4,469	4,465
Other intangible assets	729	661	712
Other long-term receivables	186	183	168
Non-current assets	7,580	7,430	7,461
Inventories	1,037	946	974
Trade receivables	4,549	4,308	8,074
Other receivables	2,934	2,443	2,594
Cash and cash equivalents	907	1,034	2,004
Current assets	9,427	8,731	13,647
Total assets	17,007	16,161	21,108
EQUITY AND LIABILITIES
Share capital and premium	681	681	681
Other reserves	1,988	1,975	1,957
Retained earnings	1,483	1,469	1,757
Equity	4,152	4,125	4,394
Interest-bearing long-term liabilities	588	588	588
Long-term leasing liabilities	1,175	1,186	1,151
Other long-term liabilities	195	187	198
Deferred tax liabilities	170	156	168
Non-current liabilities	2,127	2,117	2,105
Trade payables	5,249	4,905	9,746
Interest-bearing current liabilities	730	520	4
Current leasing liabilities	475	447	456
Tax payable	221	160	144
Provisions	53	39	90
Dividend payable	390	391	-
Other current liabilities	3,608	3,458	4,169
Current liabilities	10,727	9,920	14,609
Total liabilities	12,854	12,037	16,714
Total equity and liabilities	17,007	16,161	21,108

Full-time employees – Group

end of period FTEs ,	30 Sep 2025	30 Sep 2024
Norway	1 787 ,	1 774 ,
Sweden	2 607 ,	2 650 ,
Denmark	1 428 ,	1 437 ,
Finland	569	548
Baltics	775	743
Logistics	285	267
Global Services Atea	519	523
Atea ASA	9	1 0
AppXite	6 0	5 4
Atea Group	8 039 ,	8 006 ,

Financial performance actual – Segment

NOK in million	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25
Norway	1	2	1	2	2	2	2
	900	114	968	817	100	133	215
	1	2	0	8	2	3	7
	,	,	,	,	,	,	,
Sweden	2	3	3	3	3	3	3
	909	100	033	713	217	535	267
	4	2	4	0	3	3	7
	,	,	,	,	,	,	,
Denmark	1	1	1	2	1	2	1
	615	813	716	717	999	048	796
	9	9	5	8	5	4	6
	,	,	,	,	,	,	,
Finland	857	980	836	906	850	959	759
	9	2	6	5	5	2	4
The Baltics	347 5	423 6	437 5	514 7	428 4	507 5	445 4
Shared Group Services	1 917 4 ,	2 269 1 ,	2 552 4 ,	3 460 3 ,	2 528 8 ,	2 907 9 ,	2 964 1 ,
Eliminations	-1	-2	-2	-3	-2	-2	-3
	942	321	561	515	571	953	016
	7	2	6	6	6	0	3
	,	,	,	,	,	,	,
total Revenue group	7 605 6 ,	8 380 1 ,	7 982 8 ,	10 614 3 ,	8 553 0 ,	9 138 5 ,	8 432 6 ,
Norway	60	97	113	139	73	108	122
	1	4	6	0	1	3	8
Sweden	184	106	134	121	190	132	163
	7	7	0	7	4	5	3
Denmark	-11	13	19	51	0	16	23
	0	4	1	9	0	5	5
Finland	22	38	21	34	23	30	19
	5	5	1	1	2	1	6
The Baltics	15 5	17 4	20 7	40 6	17 5	20 6	26 4
Shared	7	9	22	16	8	3	26
Group	1	5	3	7	9	6	7
Services
profit before (EBIT) Operating cost group	278 8	282 9	330 9	404 0	313 1	311 5	382 3
Group cost	-23 1	-40 0	-23 8	-38 2	-32 2	-43 2	-34 5
(EBIT)	255	242	307	365	280	268	347
Operating	7	9	0	8	9	3	8
profit
Financial income	10 5	9 0	1 2	8 3	27 6	19 2	19 5
Financial expenses	20 7	74 2	58 0	45 6	99 3	84 9	75 5
financial	-10	-65	-56	-37	8	-65	-56
items	3	2	8	3	-71	7	0
Net
Profit before (EBT) taxes	245 4	177 7	250 2	328 6	209 1	202 6	291 7
Tax	53	39	58	75	47	45	65
	9	2	2	4	1	7	8
Profit for the period	191 5	138 5	192 0	253 2	162 0	156 9	225 9

Financial performance pro forma – Segment

million NOK in	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25
Norway	1	2	1	2	2	2	2
	900	114	968	817	100	133	215
	1	2	0	8	2	3	7
	,	,	,	,	,	,	,
Sweden	2	3	3	3	3	3	3
	909	100	033	713	217	535	267
	4	2	4	0	3	3	7
	,	,	,	,	,	,	,
Denmark	1	1	1	2	1	2	1
	615	813	716	717	999	048	796
	9	9	5	8	5	4	6
	,	,	,	,	,	,	,
Finland	857	980	836	906	850	959	759
	9	2	6	5	5	2	4
The Baltics	347 5	423 6	437 5	514 7	428 4	507 5	445 4
Shared Group Services	1 917 4 ,	2 269 1 ,	2 552 4 ,	3 460 3 ,	2 528 8 ,	2 907 9 ,	2 964 1 ,
Eliminations	942	-2	-2	-3	-2	-2	-3
	-1	321	561	6	6	953	016
	7	2	6	515	571	0	3
	,	,	,	,	,	,	,
total Revenue group	7 605 6 ,	8 380 1 ,	7 982 8 ,	10 614 3 ,	8 553 0 ,	9 138 5 ,	8 432 6 ,
Norway	60	97	113	139	73	108	122
	1	4	6	0	1	3	8
Sweden	184	106	134	121	190	132	163
	7	7	0	7	4	5	3
Denmark	-11	13	19	51	0	16	23
	0	4	1	9	0	5	5
Finland	22	38	21	34	23	30	19
	5	5	1	1	2	1	6
The Baltics	15 5	17 4	20 7	40 6	17 5	20 6	26 4
Shared	7	9	22	16	8	3	26
Services	1	5	3	7	9	6	7
Group
profit before (EBIT) Operating cost group	278 8	282 9	330 9	404 0	313 1	311 5	382 3
Group cost	-23 1	-40 0	-23 8	-38 2	-32 2	-43 2	-34 5
profit	255	242	307	365	280	268	347
(EBIT)	7	9	0	8	9	3	8
Operating
Financial income	10 5	9 0	1 2	8 3	27 6	19 2	19 5
Financial expenses	20 7	74 2	58 0	45 6	99 3	84 9	75 5
financial	-10	-65	-56	-37	-71	-65	-56
Net	3	2	8	3	8	7	0
items
(EBT) Profit before taxes	245 4	177 7	250 2	328 6	209 1	202 6	291 7
Tax	53	39	58	75	1	45	65
	9	2	2	4	47	7	8
Profit for the period	191 5	138 5	192 0	253 2	162 0	156 9	225 9

Income statement actual – Group (NOK million)

in million NOK	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25
Hardware	4 950 1 ,	5 627 0 ,	5 555 9 ,	7 684 4 ,	5 752 8 ,	6 245 5 ,	5 873 4 ,
Software	4 010 4 ,	6 416 5 ,	3 413 6 ,	5 969 1 ,	4 869 7 ,	7 672 5 ,	3 996 3 ,
Product sales	8,960.5	12,043.5	8,969.5	13,653.5	10,622.4	13,918.0	9,869.7
sales Services	2,438.6	2,615.6	2,295.6	2,884.9	2,648.4	2,849.4	2,432.4
Gross sales	11,399.1	14,659.1	11,265.1	16,538.4	13,270.9	16,767.4	12,302.1
(%) Hardware margin	3% 14	2% 13	3% 13	3% 12	0% 13	0% 13	4% 13
Software (%) margin	8% 8	2% 6	6% 8	8% 5	9% 7	0% 5	0% 8
Product margin (%)	11.8%	9.5%	11.5%	9.5%	10.6%	8.6%	11.2%
Services margin (%)	61.3%	57.3%	57.7%	53.7%	58.7%	55.5%	57.7%
sales (%) Gross margin	22.4%	18.0%	20.9%	17.2%	20.2%	16.6%	20.4%
Hardware	4 950 1 ,	5 627 0 ,	5 555 9 ,	7 684 4 ,	5 752 8 ,	6 245 5 ,	5 873 4 ,
Software	351 7	398 1	294 6	346 0	383 1	381 2	320 5
Product revenue	5,301.7	6,025.1	5,850.5	8,030.4	6,135.9	6,626.7	6,193.9
Services revenue	2,303.8	2,355.0	2,132.3	2,583.9	2,417.1	2,511.8	2,238.7
Revenue	7,605.6	8,380.1	7,982.8	10,614.3	8,553.0	9,138.5	8,432.6
Hardware	708 5	745 1	737 2	946 8	745 5	813 2	789 0
Software	351 7	398 1	294 6	346 0	383 1	381 2	320 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
Services gross profit	1,495.4	1,498.4	1,325.0	1,550.1	1,553.5	1,581.5	1,404.4
Total gross profit	2,555.5	2,641.6	2,356.8	2,842.9	2,682.1	2,775.9	2,513.9
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 ,
Other operating costs	201 2	214 7	203 1	263 5	219 6	242 1	212 9
of leasing Depreciation ROU ,	98 3	97 9	101 3	108 3	103 7	108 1	111 5
of other Depreciation assets	79 0	78 6	81 0	80 7	81 3	83 5	82 8
Amortization of acquired intangibles	2 8	2 8	2 7	2 7	2 6	2 5	2 5
Total operating expenses	2,299.8	2,398.6	2,049.8	2,477.1	2,401.2	2,507.6	2,166.2
Operating profit (EBIT)	255.7	242.9	307.0	365.8	280.9	268.3	347.8
(%) EBIT	3.4%	2.9%	3.8%	3.4%	3.3%	2.9%	4.1%

Income statement pro forma – Group (NOK million)

NOK in million	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25
Hardware	4,950.1	5,627.0	5,555.9	7,684.4	5,752.8	6,245.5	5,873.4
Software	4,010.4	6,416.5	3,413.6	5,969.1	4,869.7	7,672.5	3,996.3
Product sales	8,960.5	12,043.5	8,969.5	13,653.5	10,622.4	13,918.0	9,869.7
Services sales	2,438.6	2,615.6	2,295.6	2,884.9	2,648.4	2,849.4	2,432.4
Gross sales	11,399.1	14,659.1	11,265.1	16,538.4	13,270.9	16,767.4	12,302.1
Hardware margin (%)	14.3%	13.2%	13.3%	12.3%	13.0%	13.0%	13.4%
Software margin (%)	8.8%	6.2%	8.6%	5.8%	7.9%	5.0%	8.0%
Product margin (%)	11.8%	9.5%	11.5%	9.5%	10.6%	8.6%	11.2%
Services margin (%)	61.3%	57.3%	57.7%	53.7%	58.7%	55.5%	57.7%
Gross sales margin (%)	22.4%	18.0%	20.9%	17.2%	20.2%	16.6%	20.4%
Hardware	4,950.1	5,627.0	5,555.9	7,684.4	5,752.8	6,245.5	5,873.4
Software	351.7	398.1	294.6	346.0	383.1	381.2	320.5
Product revenue	5,301.7	6,025.1	5,850.5	8,030.4	6,135.9	6,626.7	6,193.9
Services revenue	2,303.8	2,355.0	2,132.3	2,583.9	2,417.1	2,511.8	2,238.7
Revenue		7,605.6 8,380.1 7,982.8				10,614.3 8,553.0 9,138.5 8,432.6
Hardware	708.5	745.1	737.2	946.8	745.5	813.2	789.0
Software	351.7	398.1	294.6	346.0	383.1	381.2	320.5
Product gross profit	1,060.1	1,143.2	1,031.9	1,292.8	1,128.6	1,194.4	1,109.5
Services gross profit	1,495.4	1,498.4	1,325.0	1,550.1	1,553.5	1,581.5	1,404.4
Total gross profit		2,555.5 2,641.6 2,356.8 2,842.9 2,682.1 2,775.9 2,513.9
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
Other operating costs	201.2	214.7	203.1	263.5	219.6	242.1	212.9
Depreciation of ROU, leasing	98.3	97.9	101.3	108.3	103.7	108.1	111.5
Depreciation of other assets	79.0	78.6	81.0	80.7	81.3	83.5	82.8
Amortization of acquired intangibles	2.8	2.8	2.7	2.7	2.6	2.5	2.5
Total operating expenses	2,299.8	2,398.6	2,049.8	2,477.1	2,401.2	2,507.6	2,166.2
Operating profit (EBIT)	255.7	242.9	307.0	365.8	280.9	268.3	347.8
EBIT (%)	3.4%	2.9%	3.8%	3.4%	3.3%	2.9%	4.1%

Income statement actual – Norway (NOK million)

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

Income statement actual – Sweden (SEK million)

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

Income statement actual – Sweden (NOK million)

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

Income statement actual – Denmark (DKK million)

in million DKK	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25
Product sales	1 090 9 ,	1 929 8 ,	1 173 7 ,	2 011 0 ,	1 439 1 ,	2 521 3 ,	1 398 3 ,
Services sales	408 6	450 7	381 8	485 0	416 0	505 0	370 2
sales Gross	1 499 4 ,	2 380 5 ,	1 555 5 ,	2 496 0 ,	1 855 1 ,	3 026 3 ,	1 768 5 ,
(%) Product margin	10 2%	6 4%	8 7%	8 0%	8 4%	2% 4	8 8%
(%) Services margin	52 7%	49 7%	53 0%	43 8%	50 7%	44 8%	53 8%
sales margin (%) Gross	21 8%	14 6%	19 6%	15 0%	17 9%	11 0%	18 2%
Product revenue	678 9	763 5	733 6	1 320 3 ,	902 2	908 4	794 2
Services revenue	377 2	407 8	354 8	404 3	377 8	400 9	343 2
Revenue	1 056 1 ,	1 171 3 ,	1 088 4 ,	1 724 6 ,	1 280 0 ,	1 309 3 ,	1 137 4 ,
Product gross profit	111 2	124 1	102 1	161 3	120 8	105 7	123 5
Services gross profit	215 3	224 1	202 3	212 2	211 0	226 5	199 1
Total gross profit	326 6	348 2	304 4	373 5	331 9	332 2	322 6
Payroll and other operating expenses	302 9	309 1	261 6	306 5	301 9	290 9	275 8
and Depreciation amortization	31 0	30 2	30 8	34 0	29 8	30 5	31 6
Total operating expenses	333 9	339 3	292 3	340 5	331 7	321 5	307 4
profit (EBIT) Operating	-7 3	9 0	12 0	33 0	0 2	10 7	15 1
(%) EBIT	-0 7%	0 8%	1 1%	1 9%	0 0%	0 8%	1 3%

Income statement actual – Denmark (NOK million)

in million NOK	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25
Product sales	1 668 9 ,	2 999 5 ,	1 850 5 ,	3 168 5 ,	2 247 6 ,	3 949 1 ,	2 211 0 ,
Services sales	625 7	698 2	602 1	764 2	649 1	789 0	584 3
sales Gross	2 294 6 ,	3 697 7 ,	2 452 6 ,	3 932 7 ,	2 896 6 ,	4 738 0 ,	2 795 3 ,
(%) Product margin	10 2%	6 4%	8 7%	8 0%	8 4%	2% 4	8 8%
(%) Services margin	52 7%	49 7%	53 0%	43 8%	50 7%	44 9%	53 8%
sales margin (%) Gross	21 8%	14 6%	19 6%	15 0%	17 9%	11 0%	18 2%
Product revenue	1 038 3 ,	1 181 9 ,	1 156 9 ,	2 080 6 ,	1 409 9 ,	1 421 4 ,	1 254 7 ,
Services revenue	577 7	632 0	559 6	637 2	589 6	627 0	542 0
Revenue	1 615 9 ,	1 813 9 ,	1 716 5 ,	2 717 8 ,	1 999 5 ,	2 048 4 ,	1 796 6 ,
Product gross profit	170 1	192 5	161 0	254 1	188 6	165 5	194 8
Services gross profit	329 9	347 1	319 1	334 5	329 4	353 9	314 3
Total gross profit	500 0	539 6	480 1	588 6	518 0	519 4	509 1
Payroll and other operating expenses	463 6	479 5	412 4	483 1	471 5	455 2	435 6
and Depreciation amortization	47 5	46 8	48 5	53 6	46 5	47 8	50 0
Total operating expenses	511 1	526 2	461 0	536 7	518 0	503 0	485 6
profit (EBIT) Operating	-11 0	13 4	19 1	51 9	0 0	16 5	23 5
(%) EBIT	-0 7%	0 7%	1 1%	1 9%	0 0%	0 8%	1 3%

Income statement actual – Finland (EUR million)

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

Income statement actual – Finland (NOK million)

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

Income statement actual – Baltic (EUR million)

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

Income statement actual – Baltic (NOK million)

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

Income statement actual – Group Shared Services* (MNOK)

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

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