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Atea Investor Presentation 2026
3542_rns_2026-04-28_f2a5634f-e041-41dd-b3f3-bd9907ba95b4.pdf
Investor Presentation
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Q1 2026
Presentation
April 28, 2026
Highlights – Q1 2026
Gross sales of NOK 14.8 billion
Up 11.5% from last year
Net revenue (IFRS) of NOK 9.7 billion
Up 12.9% from last year
EBIT of NOK 476 million
Up from NOK 281 million last year
Net profit of NOK 389 million
Up from NOK 162 million last year
ATEA
Income statement – Q1 2026
- Strong profit growth in Q1 2026 driven by high demand for hardware and software
- In addition, Atea realized a NOK 152 million gain from the partial sale of its holding in AppXite SIA
| CURRENCY: MNOK | Q1 2026 | Q1 2025 | Growth |
|---|---|---|---|
| Hardware | 6,838 | 5,753 | 18.9% |
| Software/Cloud | 5,312 | 4,870 | 9.1% |
| Services | 2,650 | 2,648 | 0.1% |
| Gross sales | 14,799 | 13,271 | 11.5% |
| Revenue (IFRS) | 9,654 | 8,553 | 12.9% |
| Gross profit | 2,843 | 2,682 | 6.0% |
| Operating expenses | 2,519 | 2,401 | 4.9% |
| EBIT (adjusted)* | 324 | 281 | 15.4% |
| Gain from sale of shares in AppXite | 152 | - | N/A |
| EBIT | 476 | 281 | 69.5% |
| Net profit after tax | 389 | 162 | 140.4% |
- EBIT before gain from the sale of AppXite SIA
ATEA
Business unit performance – Q1 2026
- All geographies report high sales growth and increased EBIT
| Currency: Local in million | % Gross sales Q1 2026 | Gross sales | EBIT (adjusted)** | ||||
|---|---|---|---|---|---|---|---|
| Q1 2026 | Q1 2025 | Growth% | Q1 2026 | Q1 2025 | Growth% | ||
| Norway, NOK | 25 % | 3,673 | 3,117 | 17.8 % | 91.1 | 73.1 | 24.7 % |
| Sweden, SEK | 43 % | 5,985 | 5,498 | 8.9 % | 187.3 | 183.6 | 2.0 % |
| Denmark, DKK | 20 % | 1,966 | 1,855 | 6.0 % | 7.3 | 0.2 | N/A |
| Finland, EUR | 8 % | 110 | 96 | 14.1 % | 2.1 | 2.0 | 3.2 % |
| Baltics, EUR | 4 % | 56 | 45 | 24.7 % | 1.7 | 1.5 | 14.7 % |
| Group Functions, NOK | -17.9 | -23.3 | N/A | ||||
| Atea Group, NOK* | 100% | 14,799 | 13,271 | 11.5% | 324.1 | 280.9 | 15.4% |
- Currency fluctuations impact gross sales growth on a Group level by +0.7% in Q1 2026
** EBIT before gain from the sale of AppXite SIA
ATEA
Cash flow from operations – Q1 2026
- Cash flow from operations was an outflow of NOK 447 million, in line with historic seasonal trends
ATEA
Net financial position
Net cash balance of NOK 187 million
Net debt / EBITDA ratio of -0.1
| CURRENCY: MNOK | 31 March 2026 | 31 March 2025 |
|---|---|---|
| Interest-bearing liabilities | -603 | -601 |
| Cash and cash equivalents | 790 | 879 |
| Net financial position* | 187 | 278 |
| EBITDA - rolling 4 Q* | 2,358 | 1,930 |
| Net debt / EBITDA, end of quarter (ratio) | -0.1 | -0.1 |
| Loan covenant: | ||
| - Maximum Net Debt / EBITDA ratio | 2.5 | 2.5 |
| - Maximum Net Debt balance | 5,894 | 4,826 |
| Gap between Net Debt and Loan Covenant | 6,081 | 5,103 |
- Net financial position and rolling 4 quarter EBITDA as defined in Atea's loan covenants
See Note 12 in Interim Financial Statements for further definition
ATEA
Key growth areas last 12 months – and now
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 require 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 is going end-of-life
- This has led to a refresh cycle, as organizations migrate to Windows 11 by purchasing new PCs
- Many upgrading to higher-end AI PCs
ATEA
Infrastructure matters – more than ever
| Digitalization
- Continuing trend toward digital transformation
- LCM and circular | 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, but more often run locally | Hybrid / Sovereign Cloud
- Regulatory requirements for sovereign IT across Europe
- Data is local | Workplace productivity
- AI agents
- Video and high-end PC’s
- Mobility | IT security
- Cybersecurity is now more critical than ever
- AI detecting vulnerability creates panic | Networking
- Connectivity is more critical than ever
- Refresh / upgrade
- Secure networking |
| --- | --- | --- | --- | --- | --- |
ATEA
2026 Outlook
Sales and EBIT growth in 2026, with strong underlying demand for IT investment
- Atea has a very high order backlog entering Q2 2026
-
Management expects strong growth in sales and EBIT in the second quarter, in line with trends during Q1
-
Supply of hardware components will be an industry-wide challenge during 2026 and beyond
-
Significantly higher unit prices and longer lead times expected
-
Impact of higher unit pricing on customer behavior is difficult to forecast
-
Many organizations will face challenge in managing IT budgets as prices increase
-
Atea is working closely with partners and customers to mitigate supply challenges
- Atea's scale, strategic partnerships, and solid balance sheet provide stability and strengthen its competitive position during periods of market disruption
ATEA
We build the future with IT.
April 28, 2026
Q1 2026 Presentation
Fact pack
AT&A
Highlights – Group
| NOK in million | Q1 2026 | Q1 2025 | Full year 2025 |
|---|---|---|---|
| Gross sales | 14,799 | 13,271 | 60,167 |
| Revenue | 9,654 | 8,553 | 37,376 |
| Gross profit | 2,843 | 2,682 | 11,059 |
| EBIT | 476 | 281 | 1,377 |
| EBIT margin (%) | 4.9% | 3.3% | 3.7% |
| Net profit | 389 | 162 | 878 |
| Earnings per share (NOK) | 3.50 | 1.45 | 7.87 |
| Diluted earnings per share (NOK) | 3.47 | 1.44 | 7.73 |
| Cash flow from operations | -447 | -881 | 1,204 |
| Free cash flow | -554 | -984 | 786 |
| 31 Mar 2026 | 31 Mar 2025 | 31 Dec 2025 | |
| --- | --- | --- | --- |
| Net financial position | 187 | 278 | 1,002 |
| Liquidity reserve | 6,081 | 5,103 | 6,393 |
| Working capital | -1,127 | -1,338 | -2,111 |
| Working capital in relation to last 12 months gross sales (%) | -1.8% | -2.4% | -3.5% |
| Adjusted equity ratio (%) | 27.0% | 28.7% | 22.9% |
| Number of full-time employees, end of period | 8,068 | 7,894 | 8,165 |
ATER
Consolidated statement of financial position – Group
| NOK in million | 31 Mar 2026 | 31 Mar 2025 | 31 Dec 2025 |
|---|---|---|---|
| ASSETS | |||
| Property, plant and equipment | 561 | 474 | 563 |
| Right-of-use assets | 1,391 | 1,436 | 1,396 |
| Deferred tax assets | 130 | 182 | 126 |
| Goodwill | 4,334 | 4,403 | 4,526 |
| Other intangible assets | 683 | 747 | 753 |
| Investment in associated companies | 71 | - | - |
| Other long-term receivables | 177 | 195 | 174 |
| Non-current assets | 7,347 | 7,437 | 7,537 |
| Inventories | 1,428 | 1,104 | 974 |
| Trade receivables | 6,134 | 4,994 | 8,721 |
| Other receivables | 2,740 | 2,667 | 2,515 |
| Cash and cash equivalents | 790 | 879 | 1,594 |
| Current assets | 11,092 | 9,644 | 13,804 |
| Total assets | 18,439 | 17,081 | 21,341 |
| EQUITY AND LIABILITIES | |||
| Share capital and premium | 680 | 681 | 680 |
| Other reserves | 1,786 | 1,883 | 2,061 |
| Retained earnings | 2,116 | 1,893 | 1,800 |
| Equity | 4,582 | 4,456 | 4,541 |
| Interest-bearing long-term liabilities | 588 | 588 | 588 |
| Long-term leasing liabilities | 1,125 | 1,167 | 1,126 |
| Other long-term liabilities | 175 | 191 | 185 |
| Deferred tax liabilities | 163 | 167 | 174 |
| Non-current liabilities | 2,051 | 2,113 | 2,072 |
| Trade payables | 7,389 | 5,950 | 9,670 |
| Interest-bearing current liabilities | 15 | 13 | 4 |
| Current leasing liabilities | 467 | 470 | 470 |
| Tax payable | 115 | 83 | 48 |
| Provisions | 60 | 64 | 75 |
| Other current liabilities | 3,761 | 3,932 | 4,460 |
| Current liabilities | 11,806 | 10,512 | 14,728 |
| Total liabilities | 13,857 | 12,625 | 16,800 |
| Total equity and liabilities | 18,439 | 17,081 | 21,341 |
ATER
Full-time employees – Group
| FTEs, end of period | 31 Mar 2026 | 31 Mar 2025 |
|---|---|---|
| Norway | 1,757 | 1,766 |
| Sweden | 2,643 | 2,569 |
| Denmark | 1,495 | 1,438 |
| Finland | 574 | 545 |
| Baltics | 777 | 732 |
| Logistics | 300 | 273 |
| Atea Global Services | 511 | 508 |
| Atea ASA | 10 | 9 |
| AppXite | 0 | 54 |
| Atea Group | 8,068 | 7,894 |
ATER
Financial performance actual – Segment
| NOK in million | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 |
|---|---|---|---|---|---|
| Norway | 2,100.2 | 2,133.3 | 2,215.7 | 2,947.2 | 2,517.8 |
| Sweden | 3,217.3 | 3,535.3 | 3,267.7 | 4,230.8 | 3,749.9 |
| Denmark | 1,999.5 | 2,048.4 | 1,796.6 | 2,481.1 | 2,110.7 |
| Finland | 850.5 | 959.2 | 759.4 | 968.8 | 882.0 |
| The Baltics | 428.4 | 507.5 | 445.4 | 731.5 | 454.3 |
| Group Shared Services | 2,528.8 | 2,907.9 | 2,964.1 | 3,770.2 | 3,135.9 |
| Eliminations | -2,571.6 | -2,953.0 | -3,016.3 | -3,877.5 | -3,196.3 |
| Revenue group total | 8,553.0 | 9,138.5 | 8,432.6 | 11,252.0 | 9,654.4 |
| Norway | 73.1 | 108.3 | 122.8 | 156.3 | 91.1 |
| Sweden | 190.4 | 132.5 | 163.3 | 222.5 | 198.2 |
| Denmark | 0.0 | 16.5 | 23.5 | 56.6 | 9.8 |
| Finland | 23.2 | 30.1 | 19.6 | 29.5 | 23.2 |
| The Baltics | 17.5 | 20.6 | 26.4 | 47.6 | 19.6 |
| Group Shared Services | 8.9 | 3.6 | 26.7 | 12.2 | 15.8 |
| Operating profit before group cost (EBIT) | 313.1 | 311.5 | 382.3 | 524.5 | 357.8 |
| Group cost | -32.2 | -43.2 | -34.5 | -44.2 | 118.3 |
| Operating profit (EBIT) | 280.9 | 268.3 | 347.8 | 480.3 | 476.0 |
| Financial income | 27.6 | 19.2 | 19.5 | 16.3 | 18.0 |
| Financial expenses | 99.3 | 84.9 | 75.5 | 59.6 | 33.7 |
| Net financial items | -71.8 | -65.7 | -56.0 | -43.3 | -15.7 |
| Profit before taxes (EBT) | 209.1 | 202.6 | 291.7 | 437.0 | 460.4 |
| Tax | 47.1 | 45.7 | 65.8 | 104.2 | 70.9 |
| Profit for the period | 162.0 | 156.9 | 225.9 | 332.8 | 389.5 |
ATER
Financial performance pro forma – Segment
| NOK in million | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 |
|---|---|---|---|---|---|
| Norway | 2,100.2 | 2,133.3 | 2,215.7 | 2,947.2 | 2,517.8 |
| Sweden | 3,217.3 | 3,535.3 | 3,267.7 | 4,230.8 | 3,749.9 |
| Denmark | 1,999.5 | 2,048.4 | 1,796.6 | 2,481.1 | 2,110.7 |
| Finland | 850.5 | 959.2 | 759.4 | 968.8 | 882.0 |
| The Baltics | 428.4 | 507.5 | 445.4 | 731.5 | 454.3 |
| Group Shared Services | 2,528.8 | 2,907.9 | 2,964.1 | 3,770.2 | 3,135.9 |
| Eliminations | -2,571.6 | -2,953.0 | -3,016.3 | -3,877.5 | -3,196.3 |
| Revenue group total | 8,553.0 | 9,138.5 | 8,432.6 | 11,252.0 | 9,654.4 |
| Norway | 73.1 | 108.3 | 122.8 | 156.3 | 91.1 |
| Sweden | 190.4 | 132.5 | 163.3 | 222.5 | 198.2 |
| Denmark | 0.0 | 16.5 | 23.5 | 56.6 | 9.8 |
| Finland | 23.2 | 30.1 | 19.6 | 29.5 | 23.2 |
| The Baltics | 17.5 | 20.6 | 26.4 | 47.6 | 19.6 |
| Group Shared Services | 8.9 | 3.6 | 26.7 | 12.2 | 15.8 |
| Operating profit before group cost (EBIT) | 313.1 | 311.5 | 382.3 | 524.5 | 357.8 |
| Group cost | -32.2 | -43.2 | -34.5 | -44.2 | 118.3 |
| Operating profit (EBIT) | 280.9 | 268.3 | 347.8 | 480.3 | 476.0 |
| Financial income | 27.6 | 19.2 | 19.5 | 16.3 | 18.0 |
| Financial expenses | 99.3 | 84.9 | 75.5 | 59.6 | 33.7 |
| Net financial items | -71.8 | -65.7 | -56.0 | -43.3 | -15.7 |
| Profit before taxes (EBT) | 209.1 | 202.6 | 291.7 | 437.0 | 460.4 |
| Tax | 47.1 | 45.7 | 65.8 | 104.2 | 70.9 |
| Profit for the period | 162.0 | 156.9 | 225.9 | 332.8 | 389.5 |
ATER
Income statement actual – Group (NOK million)
| NOK in million | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 |
|---|---|---|---|---|---|
| Hardware | 5,752.8 | 6,245.5 | 5,873.4 | 8,102.7 | 6,837.7 |
| Software/Cloud | 4,869.7 | 7,672.5 | 3,996.3 | 6,626.6 | 5,311.8 |
| Product sales | 10,622.4 | 13,918.0 | 9,869.7 | 14,729.3 | 12,149.5 |
| Services sales | 2,648.4 | 2,849.4 | 2,432.4 | 3,097.8 | 2,649.8 |
| Gross sales | 13,270.9 | 16,767.4 | 12,302.1 | 17,827.1 | 14,799.3 |
| Hardware margin (%) | 13.0% | 13.0% | 13.4% | 13.0% | 12.9% |
| Software/Cloud margin (%) | 7.9% | 5.0% | 8.0% | 6.2% | 8.0% |
| Product margin (%) | 10.6% | 8.6% | 11.2% | 10.0% | 10.7% |
| Services margin (%) | 58.7% | 55.5% | 57.7% | 52.2% | 58.1% |
| Gross sales margin (%) | 20.2% | 16.6% | 20.4% | 17.3% | 19.2% |
| Hardware | 5,752.8 | 6,245.5 | 5,873.4 | 8,102.7 | 6,837.7 |
| Software/Cloud | 383.1 | 381.2 | 320.5 | 413.5 | 422.7 |
| Product revenue | 6,135.9 | 6,626.7 | 6,193.9 | 8,516.2 | 7,260.4 |
| Services revenue | 2,417.1 | 2,511.8 | 2,238.7 | 2,735.9 | 2,394.0 |
| Revenue | 8,553.0 | 9,138.5 | 8,432.6 | 11,252.0 | 9,654.4 |
| Hardware | 745.5 | 813.2 | 789.0 | 1,055.5 | 879.9 |
| Software/Cloud | 383.1 | 381.2 | 320.5 | 413.5 | 422.7 |
| Product gross profit | 1,128.6 | 1,194.4 | 1,109.5 | 1,468.9 | 1,302.5 |
| Services gross profit | 1,553.5 | 1,581.5 | 1,404.4 | 1,617.8 | 1,540.8 |
| Total gross profit | 2,682.1 | 2,775.9 | 2,513.9 | 3,086.8 | 2,843.4 |
| Payroll and related costs | 1,994.0 | 2,071.4 | 1,756.5 | 2,142.2 | 2,092.4 |
| Other operating costs | 219.6 | 242.1 | 212.9 | 263.7 | 233.0 |
| Depreciation of ROU, leasing | 103.7 | 108.1 | 111.5 | 111.8 | 108.6 |
| Depreciation of other assets | 81.3 | 83.5 | 82.8 | 86.5 | 83.2 |
| Amortization of acquired intangibles | 2.6 | 2.5 | 2.5 | 2.3 | 2.1 |
| Total operating expenses | 2,401.2 | 2,507.6 | 2,166.2 | 2,606.4 | 2,519.3 |
| EBIT (adjusted) | 280.9 | 268.3 | 347.8 | 480.3 | 324.1 |
| Gains arising from the derecognition of subsidiary | - | - | - | - | 151.9 |
| Operating profit (EBIT) | 280.9 | 268.3 | 347.8 | 480.3 | 476.0 |
| EBIT (%) | 3.3% | 2.9% | 4.1% | 4.3% | 4.9% |
ATER
Income statement pro forma – Group (NOK million)
| NOK in million | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 |
|---|---|---|---|---|---|
| Hardware | 5,752.8 | 6,245.5 | 5,873.4 | 8,102.7 | 6,837.7 |
| Software/Cloud | 4,869.7 | 7,672.5 | 3,996.3 | 6,626.6 | 5,311.8 |
| Product sales | 10,622.4 | 13,918.0 | 9,869.7 | 14,729.3 | 12,149.5 |
| Services sales | 2,648.4 | 2,849.4 | 2,432.4 | 3,097.8 | 2,649.8 |
| Gross sales | 13,270.9 | 16,767.4 | 12,302.1 | 17,827.1 | 14,799.3 |
| Hardware margin (%) | 13.0% | 13.0% | 13.4% | 13.0% | 12.9% |
| Software/Cloud margin (%) | 7.9% | 5.0% | 8.0% | 6.2% | 8.0% |
| Product margin (%) | 10.6% | 8.6% | 11.2% | 10.0% | 10.7% |
| Services margin (%) | 58.7% | 55.5% | 57.7% | 52.2% | 58.1% |
| Gross sales margin (%) | 20.2% | 16.6% | 20.4% | 17.3% | 19.2% |
| Hardware | 5,752.8 | 6,245.5 | 5,873.4 | 8,102.7 | 6,837.7 |
| Software/Cloud | 383.1 | 381.2 | 320.5 | 413.5 | 422.7 |
| Product revenue | 6,135.9 | 6,626.7 | 6,193.9 | 8,516.2 | 7,260.4 |
| Services revenue | 2,417.1 | 2,511.8 | 2,238.7 | 2,735.9 | 2,394.0 |
| Revenue | 8,553.0 | 9,138.5 | 8,432.6 | 11,252.0 | 9,654.4 |
| Hardware | 745.5 | 813.2 | 789.0 | 1,055.5 | 879.9 |
| Software/Cloud | 383.1 | 381.2 | 320.5 | 413.5 | 422.7 |
| Product gross profit | 1,128.6 | 1,194.4 | 1,109.5 | 1,468.9 | 1,302.5 |
| Services gross profit | 1,553.5 | 1,581.5 | 1,404.4 | 1,617.8 | 1,540.8 |
| Total gross profit | 2,682.1 | 2,775.9 | 2,513.9 | 3,086.8 | 2,843.4 |
| Payroll and related costs | 1,994.0 | 2,071.4 | 1,756.5 | 2,142.2 | 2,092.4 |
| Other operating costs | 219.6 | 242.1 | 212.9 | 263.7 | 233.0 |
| Depreciation of ROU, leasing | 103.7 | 108.1 | 111.5 | 111.8 | 108.6 |
| Depreciation of other assets | 81.3 | 83.5 | 82.8 | 86.5 | 83.2 |
| Amortization of acquired intangibles | 2.6 | 2.5 | 2.5 | 2.3 | 2.1 |
| Total operating expenses | 2,401.2 | 2,507.6 | 2,166.2 | 2,606.4 | 2,519.3 |
| EBIT (adjusted) | 280.9 | 268.3 | 347.8 | 480.3 | 324.1 |
| Gains arising from the derecognition of subsidiary | - | - | - | - | 151.9 |
| Operating profit (EBIT) | 280.9 | 268.3 | 347.8 | 480.3 | 476.0 |
| EBIT (%) | 3.3% | 2.9% | 4.1% | 4.3% | 4.9% |
ATER
Income statement actual – Norway (NOK million)
| NOK in million | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 |
|---|---|---|---|---|---|
| Product sales | 2,427.0 | 2,538.2 | 2,442.4 | 3,831.4 | 2,955.8 |
| Services sales | 689.9 | 694.4 | 650.4 | 736.0 | 717.1 |
| Gross sales | 3,116.9 | 3,232.7 | 3,092.7 | 4,567.4 | 3,672.9 |
| Product margin (%) | 11.3% | 11.4% | 10.8% | 9.6% | 10.4% |
| Services margin (%) | 66.1% | 64.7% | 64.4% | 64.2% | 65.1% |
| Gross sales margin (%) | 23.4% | 22.8% | 22.0% | 18.4% | 21.1% |
| Product revenue | 1,454.1 | 1,502.9 | 1,612.5 | 2,272.9 | 1,858.1 |
| Services revenue | 646.1 | 630.4 | 603.2 | 674.3 | 659.8 |
| Revenue | 2,100.2 | 2,133.3 | 2,215.7 | 2,947.2 | 2,517.8 |
| Product gross profit | 273.8 | 289.1 | 262.8 | 368.3 | 307.1 |
| Services gross profit | 455.7 | 449.3 | 419.1 | 472.2 | 466.9 |
| Total gross profit | 729.4 | 738.5 | 681.9 | 840.5 | 774.0 |
| Payroll and other operating expenses | 621.5 | 595.9 | 523.4 | 647.6 | 646.9 |
| Depreciation and amortization | 34.9 | 34.3 | 35.7 | 36.6 | 36.0 |
| Total operating expenses | 656.4 | 630.2 | 559.1 | 684.2 | 682.9 |
| Operating profit (EBIT) | 73.1 | 108.3 | 122.8 | 156.3 | 91.1 |
| EBIT (%) | 3.5% | 5.1% | 5.5% | 5.3% | 3.6% |
ATER
Income statement actual – Sweden (SEK million)
| SEK in million | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 |
|---|---|---|---|---|---|
| Product sales | 4,540.8 | 5,580.4 | 3,693.8 | 5,759.3 | 5,019.5 |
| Services sales | 957.2 | 1,016.1 | 867.2 | 1,118.1 | 966.0 |
| Gross sales | 5,498.0 | 6,596.6 | 4,561.0 | 6,877.4 | 5,985.5 |
| Product margin (%) | 9.5% | 8.5% | 10.9% | 8.7% | 9.7% |
| Services margin (%) | 55.2% | 51.8% | 50.8% | 47.4% | 51.7% |
| Gross sales margin (%) | 17.4% | 15.2% | 18.5% | 15.0% | 16.5% |
| Product revenue | 2,218.0 | 2,373.1 | 2,276.2 | 2,890.7 | 2,666.8 |
| Services revenue | 881.1 | 944.7 | 803.3 | 1,051.5 | 860.3 |
| Revenue | 3,099.1 | 3,317.8 | 3,079.5 | 3,942.2 | 3,527.1 |
| Product gross profit | 430.4 | 476.4 | 401.7 | 503.2 | 487.8 |
| Services gross profit | 528.2 | 526.2 | 440.4 | 529.4 | 499.2 |
| Total gross profit | 958.7 | 1,002.5 | 842.1 | 1,032.6 | 987.0 |
| Payroll and other operating expenses | 729.7 | 831.3 | 642.8 | 781.2 | 755.2 |
| Depreciation and amortization | 45.3 | 46.2 | 45.3 | 44.6 | 44.5 |
| Total operating expenses | 775.0 | 877.5 | 688.2 | 825.8 | 799.7 |
| Operating profit (EBIT) | 183.6 | 125.0 | 153.9 | 206.8 | 187.3 |
| EBIT (%) | 5.9% | 3.8% | 5.0% | 5.2% | 5.3% |
ATER
Income statement actual – Sweden (NOK million)
| NOK in million | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 |
|---|---|---|---|---|---|
| Product sales | 4,704.9 | 5,941.3 | 3,918.7 | 6,189.7 | 5,349.2 |
| Services sales | 993.9 | 1,083.0 | 920.0 | 1,199.7 | 1,026.0 |
| Gross sales | 5,698.8 | 7,024.3 | 4,838.7 | 7,389.4 | 6,375.3 |
| Product margin (%) | 9.5% | 8.5% | 10.9% | 8.7% | 9.7% |
| Services margin (%) | 55.2% | 51.8% | 50.8% | 47.3% | 51.8% |
| Gross sales margin (%) | 17.5% | 15.2% | 18.5% | 15.0% | 16.5% |
| Product revenue | 2,302.1 | 2,528.4 | 2,415.6 | 3,102.6 | 2,836.3 |
| Services revenue | 915.2 | 1,006.9 | 852.2 | 1,128.2 | 913.6 |
| Revenue | 3,217.3 | 3,535.3 | 3,267.7 | 4,230.8 | 3,749.9 |
| Product gross profit | 446.5 | 507.2 | 426.2 | 540.6 | 518.6 |
| Services gross profit | 548.2 | 560.7 | 467.3 | 567.6 | 531.0 |
| Total gross profit | 994.6 | 1,067.9 | 893.5 | 1,108.3 | 1,049.5 |
| Payroll and other operating expenses | 757.3 | 886.2 | 682.1 | 837.9 | 804.0 |
| Depreciation and amortization | 47.0 | 49.2 | 48.1 | 47.9 | 47.4 |
| Total operating expenses | 804.3 | 935.4 | 730.2 | 885.8 | 851.3 |
| Operating profit (EBIT) | 190.4 | 132.5 | 163.3 | 222.5 | 198.2 |
| EBIT (%) | 5.9% | 3.7% | 5.0% | 5.3% | 5.3% |
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Income statement actual – Denmark (DKK million)
| DKK in million | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 |
|---|---|---|---|---|---|
| Product sales | 1,439.1 | 2,521.3 | 1,398.3 | 1,888.0 | 1,560.1 |
| Services sales | 416.0 | 505.0 | 370.2 | 506.0 | 406.0 |
| Gross sales | 1,855.1 | 3,026.3 | 1,768.5 | 2,394.0 | 1,966.2 |
| Product margin (%) | 8.4% | 4.2% | 8.8% | 8.6% | 8.7% |
| Services margin (%) | 50.7% | 44.8% | 53.8% | 42.9% | 54.4% |
| Gross sales margin (%) | 17.9% | 11.0% | 18.2% | 15.9% | 18.1% |
| Product revenue | 902.2 | 908.4 | 794.2 | 1,170.7 | 1,011.4 |
| Services revenue | 377.8 | 400.9 | 343.2 | 405.5 | 373.6 |
| Revenue | 1,280.0 | 1,309.3 | 1,137.4 | 1,576.1 | 1,385.0 |
| Product gross profit | 120.8 | 105.7 | 123.5 | 163.0 | 135.5 |
| Services gross profit | 211.0 | 226.5 | 199.1 | 216.8 | 221.0 |
| Total gross profit | 331.9 | 332.2 | 322.6 | 379.8 | 356.5 |
| Payroll and other operating expenses | 301.9 | 290.9 | 275.8 | 312.7 | 318.2 |
| Depreciation and amortization | 29.8 | 30.5 | 31.6 | 31.5 | 31.0 |
| Total operating expenses | 331.7 | 321.5 | 307.4 | 344.2 | 349.2 |
| Operating profit (EBIT) | 0.2 | 10.7 | 15.1 | 35.6 | 7.3 |
| EBIT (%) | 0.0% | 0.8% | 1.3% | 2.3% | 0.5% |
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Income statement actual – Denmark (NOK million)
| NOK in million | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 |
|---|---|---|---|---|---|
| Product sales | 2,247.6 | 3,949.1 | 2,211.0 | 2,972.6 | 2,379.5 |
| Services sales | 649.1 | 789.0 | 584.3 | 796.1 | 617.0 |
| Gross sales | 2,896.6 | 4,738.0 | 2,795.3 | 3,768.7 | 2,996.5 |
| Product margin (%) | 8.4% | 4.2% | 8.8% | 8.6% | 8.7% |
| Services margin (%) | 50.7% | 44.9% | 53.8% | 42.9% | 54.4% |
| Gross sales margin (%) | 17.9% | 11.0% | 18.2% | 15.9% | 18.1% |
| Product revenue | 1,409.9 | 1,421.4 | 1,254.7 | 1,843.0 | 1,542.9 |
| Services revenue | 589.6 | 627.0 | 542.0 | 638.1 | 567.8 |
| Revenue | 1,999.5 | 2,048.4 | 1,796.6 | 2,481.1 | 2,110.7 |
| Product gross profit | 188.6 | 165.5 | 194.8 | 256.7 | 206.2 |
| Services gross profit | 329.4 | 353.9 | 314.3 | 341.3 | 335.7 |
| Total gross profit | 518.0 | 519.4 | 509.1 | 598.0 | 541.9 |
| Payroll and other operating expenses | 471.5 | 455.2 | 435.6 | 491.8 | 484.9 |
| Depreciation and amortization | 46.5 | 47.8 | 50.0 | 49.6 | 47.2 |
| Total operating expenses | 518.0 | 503.0 | 485.6 | 541.4 | 532.1 |
| Operating profit (EBIT) | 0.0 | 16.5 | 23.5 | 56.6 | 9.8 |
| EBIT (%) | 0.0% | 0.8% | 1.3% | 2.3% | 0.5% |
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Income statement actual – Finland (EUR million)
| EUR in million | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 |
|---|---|---|---|---|---|
| Product sales | 81.6 | 93.4 | 83.1 | 97.3 | 96.8 |
| Services sales | 14.6 | 13.6 | 12.7 | 15.4 | 12.9 |
| Gross sales | 96.2 | 107.0 | 95.8 | 112.7 | 109.8 |
| Product margin (%) | 11.4% | 10.7% | 9.3% | 10.1% | 10.9% |
| Services margin (%) | 53.0% | 51.7% | 50.3% | 55.5% | 56.3% |
| Gross sales margin (%) | 17.8% | 15.9% | 14.8% | 16.4% | 16.3% |
| Product revenue | 60.9 | 70.5 | 53.6 | 69.0 | 66.6 |
| Services revenue | 12.1 | 11.7 | 10.8 | 13.4 | 11.0 |
| Revenue | 73.1 | 82.2 | 64.4 | 82.4 | 77.6 |
| Product gross profit | 9.3 | 10.0 | 7.7 | 9.9 | 10.6 |
| Services gross profit | 7.7 | 7.0 | 6.4 | 8.6 | 7.3 |
| Total gross profit | 17.1 | 17.0 | 14.1 | 18.4 | 17.9 |
| Payroll and other operating expenses | 14.3 | 13.6 | 11.6 | 15.0 | 15.0 |
| Depreciation and amortization | 0.7 | 0.9 | 0.9 | 0.9 | 0.8 |
| Total operating expenses | 15.1 | 14.4 | 12.5 | 15.9 | 15.8 |
| Operating profit (EBIT) | 2.0 | 2.6 | 1.7 | 2.5 | 2.1 |
| EBIT (%) | 2.7% | 3.1% | 2.6% | 3.0% | 2.7% |
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Income statement actual – Finland (NOK million)
| NOK in million | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 |
|---|---|---|---|---|---|
| Product sales | 950.2 | 1,088.5 | 980.6 | 1,144.7 | 1,101.6 |
| Services sales | 169.9 | 158.7 | 150.1 | 181.5 | 147.0 |
| Gross sales | 1,120.1 | 1,247.2 | 1,130.7 | 1,326.2 | 1,248.6 |
| Product margin (%) | 11.4% | 10.7% | 9.3% | 10.1% | 10.9% |
| Services margin (%) | 53.0% | 51.7% | 50.2% | 55.5% | 56.3% |
| Gross sales margin (%) | 17.8% | 15.9% | 14.7% | 16.3% | 16.3% |
| Product revenue | 709.4 | 822.2 | 631.9 | 811.5 | 757.1 |
| Services revenue | 141.1 | 137.0 | 127.5 | 157.3 | 125.0 |
| Revenue | 850.5 | 959.2 | 759.4 | 968.8 | 882.0 |
| Product gross profit | 108.7 | 116.5 | 91.2 | 116.0 | 120.3 |
| Services gross profit | 90.1 | 82.1 | 75.4 | 100.8 | 82.8 |
| Total gross profit | 198.8 | 198.6 | 166.6 | 216.8 | 203.1 |
| Payroll and other operating expenses | 166.9 | 158.5 | 136.3 | 176.7 | 170.7 |
| Depreciation and amortization | 8.7 | 10.0 | 10.7 | 10.7 | 9.1 |
| Total operating expenses | 175.6 | 168.5 | 147.0 | 187.4 | 179.8 |
| Operating profit (EBIT) | 23.2 | 30.1 | 19.6 | 29.5 | 23.2 |
| EBIT (%) | 2.7% | 3.1% | 2.6% | 3.0% | 2.6% |
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Income statement actual – Baltic (EUR million)
| EUR in million | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 |
|---|---|---|---|---|---|
| Product sales | 29.1 | 36.2 | 31.6 | 57.6 | 39.5 |
| Services sales | 15.6 | 15.1 | 14.6 | 19.2 | 16.3 |
| Gross sales | 44.7 | 51.3 | 46.2 | 76.8 | 55.8 |
| Product margin (%) | 12.4% | 9.9% | 12.0% | 13.3% | 11.7% |
| Services margin (%) | 61.7% | 68.3% | 66.6% | 52.4% | 60.2% |
| Gross sales margin (%) | 29.6% | 27.1% | 29.3% | 23.1% | 25.8% |
| Product revenue | 22.9 | 29.7 | 24.4 | 46.9 | 25.1 |
| Services revenue | 13.9 | 13.9 | 13.4 | 15.3 | 14.9 |
| Revenue | 36.8 | 43.6 | 37.8 | 62.1 | 40.0 |
| Product gross profit | 3.6 | 3.6 | 3.8 | 7.7 | 4.6 |
| Services gross profit | 9.6 | 10.3 | 9.7 | 10.1 | 9.8 |
| Total gross profit | 13.2 | 13.9 | 13.5 | 17.7 | 14.4 |
| Payroll and other operating expenses | 10.0 | 10.3 | 9.6 | 12.1 | 10.9 |
| Depreciation and amortization | 1.7 | 1.8 | 1.7 | 1.6 | 1.8 |
| Total operating expenses | 11.7 | 12.1 | 11.3 | 13.7 | 12.7 |
| Operating profit (EBIT) | 1.5 | 1.8 | 2.2 | 4.0 | 1.7 |
| EBIT (%) | 4.1% | 4.1% | 5.9% | 6.5% | 4.3% |
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Income statement actual – Baltic (NOK million)
| NOK in million | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 |
|---|---|---|---|---|---|
| Product sales | 339.8 | 421.3 | 372.3 | 678.7 | 450.1 |
| Services sales | 181.9 | 176.4 | 172.0 | 226.0 | 185.1 |
| Gross sales | 521.7 | 597.7 | 544.3 | 904.7 | 635.1 |
| Product margin (%) | 12.4% | 9.9% | 12.0% | 13.3% | 11.6% |
| Services margin (%) | 61.7% | 68.3% | 66.6% | 52.4% | 60.2% |
| Gross sales margin (%) | 29.6% | 27.1% | 29.3% | 23.1% | 25.8% |
| Product revenue | 266.9 | 345.6 | 287.2 | 552.1 | 284.5 |
| Services revenue | 161.4 | 162.0 | 158.2 | 179.4 | 169.8 |
| Revenue | 428.4 | 507.5 | 445.4 | 731.5 | 454.3 |
| Product gross profit | 42.0 | 41.6 | 44.8 | 90.3 | 52.4 |
| Services gross profit | 112.2 | 120.5 | 114.6 | 118.3 | 111.4 |
| Total gross profit | 154.2 | 162.1 | 159.4 | 208.6 | 163.9 |
| Payroll and other operating expenses | 116.4 | 120.7 | 113.3 | 142.0 | 124.2 |
| Depreciation and amortization | 20.3 | 20.9 | 19.7 | 19.1 | 20.1 |
| Total operating expenses | 136.7 | 141.5 | 133.0 | 161.0 | 144.3 |
| Operating profit (EBIT) | 17.5 | 20.6 | 26.4 | 47.6 | 19.6 |
| EBIT (%) | 4.1% | 4.1% | 5.9% | 6.5% | 4.3% |
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Income statement actual – Group Shared Services* (MNOK)
| NOK in million | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 |
|---|---|---|---|---|---|
| Product sales | 2,230.6 | 2,595.5 | 2,642.6 | 3,437.0 | 2,797.6 |
| Services sales | 322.7 | 339.6 | 346.7 | 363.8 | 351.0 |
| Gross sales | 2,553.4 | 2,935.0 | 2,989.3 | 3,800.7 | 3,148.6 |
| Product margin (%) | 1.8% | 2.0% | 2.1% | 1.8% | 2.2% |
| Services margin (%) | 77.3% | 74.0% | 75.4% | 73.0% | 72.0% |
| Gross sales margin (%) | 11.4% | 10.3% | 10.6% | 8.6% | 10.0% |
| Product revenue | 2,206.1 | 2,568.3 | 2,617.4 | 3,406.4 | 2,784.9 |
| Services revenue | 322.7 | 339.6 | 346.7 | 363.8 | 351.0 |
| Revenue | 2,528.8 | 2,907.9 | 2,964.1 | 3,770.2 | 3,135.9 |
| Product gross profit | 40.5 | 52.1 | 54.9 | 61.9 | 60.6 |
| Services gross profit | 249.4 | 251.4 | 261.5 | 265.4 | 252.8 |
| Total gross profit | 289.9 | 303.5 | 316.5 | 327.3 | 313.4 |
| Payroll and other operating expenses | 251.0 | 267.9 | 257.2 | 278.5 | 263.6 |
| Depreciation and amortization | 30.1 | 31.9 | 32.6 | 36.6 | 34.0 |
| Total operating expenses | 281.1 | 299.8 | 289.8 | 315.1 | 297.6 |
| Operating profit (EBIT) | 8.9 | 3.6 | 26.7 | 12.2 | 15.8 |
| EBIT (%) | 0.4% | 0.1% | 0.9% | 0.3% | 0.5% |
- Atea Logistics, Atea Global Services, Atea Group Functions, AppXite and Securitization SPV
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