Itera — Interim / Quarterly Report 2025

May 9, 2025

• 1. Highlights of the quarter
• 1. Business review
• 1. Financial review
• 1. Outlook
• 1. Q&A

Arne Mjøs Chief Executive Officer

Highlights Q1 2025

Growth and margin improvement

Solid sequential improvements in both revenue and profitability, improving utilization and strong sales pipeline.

Enter Ukraine with Itera

Successful "Enter Ukraine with Itera" is showing strong momentum and will impact revenue and profitability during the year.

Embracing AI across our business

We are actively embracing AI as a transformative force within our business to increase our productivity and growth.

Q1 in brief

Q1 Q2 Q3 Q4 Q1 229 224 184 212 232 -1% -1% -5% -5% 1% Revenue, MNOK YoY growth EBIT margin

Organic growth

1%

Q1 last year: -1% Previous quarter: -4%

RTM operational cash flow MNOK

76 ^→

Q1 last year: 81 Previous quarter: 74

EBIT margin 9.1%

Q1 last year: 8.4% Previous quarter: 5.6%

Ending number of Employees

Q1 last year: 733 Previous quarter: 725

Market view

• Market demand remains soft but slightly improving after a slow-down in the past couple of year.
• No signs of effect from increased geopolitical uncertainty in our key industries but increased focus on Europe.
• The ongoing shift towards cloud-native and data driven solutions integrated with AI capabilities is driving substantial growth
• Defense and aerospace are becoming a fast-growing market for digitalisation, largely driven by the war in Ukraine.

Business review

We are open to new ideas and listen to people with something to say. It is the nature of our company to constantly pursue development and growth, for Itera and our customers. "

Our value-driven culture

At Itera, we place great emphasis on our core values. These values describe how we wish to act in relation to our environment and each other.

Trust	Transparency
Entrepreneurship	Diversity

Nordic roots. European presence.

Itera is a vibrant team of business advisors, designers, and technologists.

By placing the customer at the heart of everything we do, we ensure their needs and ambitions are met with precision across all our locations.

8

Countries in Europe

Ukraine

Two main offerings

Our core business offering

We are a comprehensive service provider dedicated to accelerating sustainable digital transformation in

• Financial Services
• Energy & Industries
• Public Sector
• Others

Responsible business

We provide expert advisory services for businesses seeking to enter, rebuild, learn from and protect Ukraine

• Enter Ukraine with Itera
• Defense & Aerospace

Our core business

offering

ITERA

Sector development

Our key industries include financial services, energy and the public sector. Additionally, we are establishing a strong foothold in the rapidly growing defence industry by leveraging valuable insights from Ukraine.

This focus gives us an understanding of the evolution of these industries, their business issues and new and emerging technologies.

Driving Digital and Business Transformation through AI

By 2027, GenAI tools are expected to significantly reduce modernisation costs by 70% by explaining legacy business applications and creating appropriate replacements.

Gartner

From: Weeks and months

To: Minutes and hours

Traditional application assessment

Purpose

To evaluate legacy systems, identify inefficiencies, and uncover opportunities for modernisation.

Challenges

• Complexity of legacy systems
• Integration issues
• Incomplete documentation
• Data silos
• Resource intensive
• Skills gap
• Security risks

AI-powered application assessment

Purpose

More efficient, accurate, and actionable process that drive better outcomes for organisation to managing complex software environments.

Benefits

• Automated assessment process
• Identify inefficiencies
• Always up-to-date architecture & dependencies
• System resilience and vulnerability insights
• Confidence in cyber risks & regulatory compliance
• Enhanced efficiency
• Faster innovation

Design delivers growth, profitability, and strategic value

The Experience department has achieved a remarkable utilisation rate of 80-90%, showcasing our operational strength and unwavering commitment to excellence.

Growing demand for critical design services

As a full-service consulting firm, we are encouraged by the increasing demand for mission-critical design solutions — an important indicator as these services often face declines first during economic downturns.

Successful partnerships

The growing demand for mission-critical design services and successful collaborations, such as with Kongsberg Digital and Viken Skog, further underscore the team's impact.

. Under André Nymoen's leadership, we have enhanced our team with several senior highly skilled designers and expanded the services across all our locations .

Our commitment to Europe's digital future

Through our Cloud and Application Services capabilities we are monitoring the development of the global cloud market closely from a security and sovereignty perspective.

Upholding democratic values

In these uncertain times, it is essential for Europe to unite in its commitment to freedom and democracy, which are foundational to our societies.

Securing digital sovereignty

To counter vulnerabilities from reliance on external technologies, Europe must prioritise local data usage and trusted applications developed by European companies.

https://www.linkedin.com/pulse/reclaiming-europes-technological-sovereignty-call-action-berend-puts-bprfe/

Responsible business

ITERA

Enter Ukraine with Itera

Enter Ukraine with Itera is a dual-track initiative launched in 2023, encompassing both business and humanitarian objectives to aid Ukraine's recovery.

Our mission is to contribute meaningfully to Ukraine's rebuilding process by helping Nordic companies to enter, rebuild, learn from and protect Ukraine.

Our instrumental support for rebuilding Ukraine

370 m temporary bridges

Ensuring the delivery of humanitarian cargo, the passage of ambulances, repair teams, and the evacuation of the population in the early phase of the war.

Partnership with State Agency of Restoration of Ukraine

Resilience of the energy system

Engaging Bergen Engines AS on fast-track delivery of 160 MW power generating gas engines to support 1,500,000 people in the Dnipro region in partnership with Naftogaz.

MoU with State Agency of Energy Efficiency and Energy Savings of Ukraine

New homes, hospitals, military barracks and more

Improving the living conditions for Ukrainian citizens and internally displaced refugees by rapidly increasing the availability of safe and suitable homes, hospitals, etc. as well as barracks for 100,000 soldiers on the battlefield.

MoU with Ukrainian Financial Housing Company – governed by MinEconomy Ukraine

Naftogaz explores energy and digitalisation partnership with Bergen Engines and Itera

Itera has entered into a strategic partnership with Naftogaz, the largest national energy company in Ukraine, focusing on cooperation in energy and digital technologies.

Itera has played a crucial role by facilitating the supply of gas engines with a capacity of 160 MW from Bergen Engines.

LOI also address opportunities for the digitalisation of natural gas production at Naftogaz to enhance well efficiency and optimise operations.

" Amid constant attacks on Ukraine's energy infrastructure, reliable backup power is not just equipment — it's a guarantee of warmth and light for Ukrainian homes.

CEO Roman Chumak from Naftogaz

Meeting in Kyiv between Roman Chumak (no 3 from the left), Acting Chairman of the Executive Board of Naftogaz Group, John Erik Rov (no 4 from the left), CEO of Bergen Engines, and Jon Erik Høgberg (no 3 from the right), COO of Itera, to discuss cooperation in energy and digital technologies.

Itera is establishing a strong foothold in the rapidly growing defence industry

Deliver trusted and secure digital backbone	Empower personnel and modernise facilities	Transform the capability lifecycle	Optimise decision advantage	Enhance interoperability
Distribute secure hybrid cloud enabled capabilities across platforms, infrastructure and services	Securely meet the needs of military personnel and their families and digitally improve facilities and services.	Transform military capabilities through concept, design, procure, build, maintain, and dispose in partnership with base. the defense industrial	Leverage AI/ML and automation to modernise intelligence, underpin readiness and optimise mission planning and execution.	Enable secure data and information sharing with partners, allies and agencies.

ITERA

Cybersecurity, compliance and privacy

Itera Digital Factory at Scale

Itera's brand has a strong association with Ukraine

Arne Mjøs featured on TV2 Nyhetene from Kyiv on March 1, 2025. Jon Erik Høgberg (Group COO, Itera) interviewed from Kyiv on TV2 Nyhetene on April 9, 2025.

Our responsible business is adding value to Itera

Brand

New and stronger position

Expansion

Five new offices

Enter Uk raine

ITERA

New service offering

Digital Factory at Scale

Defense

A rtificial Intelligence

All services

Order intake

Order intake from selected new and existing customers.

Book-to-bill ratio*) of 1.0 in Q1 and 1.0 for the last 12 months.

Secured significant new and extended agreements in recent quarters.

Growing pipeline of promising opportunities.

*) The book-to-bill ratio is the ratio of orders received to the amount of revenue for a specific period for Itera units

Customer mix

Share existing customers

87.0% (94.7%)

of revenues in Q4 2024

New customers

30.2 (12.2) NOK mill.

Revenue from new customers won over the past year Q4 2024 (13.0% share)

* Existing customers defined as customers that were invoiced in the corresponding quarter last year ** New customers defined as customers won since end of corresponding quarter last year

High visibility

73% (83%)

Top 30 customers, share of revenue

High customer concentration signifies

• Strategic relationships
• Full range of services
• Distributed delivery across borders

Revenue customers split (in MNOK)

Largest customers' share of revenue

Skilled and innovative employees

707 (736) employees at the end of the quarter

Down by 29 last twelve months as part of the business optimisation program.

Nearshore ratio of 49% (51%)

Our distributed delivery model of onshore and nearshore consultants are increasing our price competitiveness as well as providing high scalability through access to a very large talent pool.

Rolling 12 months net FTE growth

Financial review

Key financials

Growth and margin improvement

• Return to positive year-over-year growth
• Higher revenue per FTE gives 9% growth in EBIT
  • Higher rates
  • New service offerings

	2025	2024	Change	2024
NOK Million	1-3	1-3	%	FY
Operating revenue	231.6	228.5	1%	848.8
Gross profit	214.0	212.1	1%	783.0
EBITDA margin	12.6 %	12.1 %	0.4pts	9.5 %
EBIT	21.0	19.2	9%	48.0
EBIT margin	9.1%	8.4%	0.7pts	5.7%
Earnings per share (EPS)	0.18	0.17	3%	0.43
Dividends per share (DPS)	0.00	0.00		0.60
Equity ratio	19.9%	19.6%	0.3pts	16.8%

231.6m +1% 9.1% +0.7 pts Revenue EBIT margin

ITERA

Revenue and EBIT development

Opportunities for revenue and margin expansion

• Conversion of promising pipeline
• Normalisation of utilisation
• Increasing recurring revenue and cloud migration and modernisation driven by AI and security
• Expansion in Sweden and Rogaland (NO), as well as incumbent markets
• Enter Ukraine with Itera business advisory services

10.9% -8.5 pts 3-year CAGR

7.9% -2.3 pts 3-year EBIT margin

EBIT in NOK millions

Revenue by type

Revenue per employee up by 6%

• Revenue from own consultants unchanged at NOK 192 million despite 4% fewer employees
• Revenue from subscription services increased by 5% to NOK 20 million
• Revenue from third-party services decreased by 15% to NOK 8 million
• Other revenue increased 43% to NOK 11 million

Last 12 months revenue by type (MNOK)

Cash flow from operations

• MNOK -4.5 (-6.8) in Q1 2025
• MNOK 75.5 (81.3) last 12 months

Cash flow from investing activities

• MNOK -3.0 (-2.9) in Q1 2025
• MNOK -8.8 (-18.4) last 12 months

Cash flow from financing activities

• MNOK -5.0 (-4.5) in Q1 2025
• MNOK -62.7 (-77.4) last 12 months

Improved cash conversion

• EBITDA to Cash conversion of 91.8% in the last 12 months, up 8.3 points from last year

EBITDA to Cash conversion last 12 months

Quarterly cash flow from operations

Last twelve months cash flow from operations

Cash flow from operations

Cash flow

• MNOK -4.5 (-6.8) in Q1 2025
• MNOK 75.5 (81.3) last 12 months

Cash flow from investing activities

• MNOK -3.0 (-2.9) in Q1 2025
• MNOK -8.8 (-18.4) last 12 months

Cash flow from financing activities

• MNOK -5.0 (-4.5) in Q1 2025
• MNOK -62.7 (-77.4) last 12 months

Improved cash conversion

EBITDA to Cash conversion of 91.86 in the last 12 months, up 8.3 points from last year

EBITDA to Cash conversion last 12 months

Consistent high distribution of earnings to shareholders

• Proposed ordinary dividend of NOK 0.20 for 2024 and authorisation to pay supplementary dividend, to be decided in AGM in May
• Share price was NOK 9.24 at the end of March 2025, a change of -17% incl. dividends from NOK 11.90 at the end of March 2024
• Current holding of own shares is 472,596. Value at 31 Mar 2025 was MNOK 4.4

EBIT in 2021 and 2022 is excluding discontinued operations of -0.23 and -0.17 per share

Outlook

Outlook

Underlying strong demand for digital transformation with the market expected to gradually return in the coming months, supported by new framework agreements

Readiness to migrate and operate larger scale cloud transformations to enable the AI opportunity

Growth opportunities through new Rogaland office

Connecting Ukraine and the Nordics to enable the green energy shift and rebuild Ukraine

Profitable growth and cash flow are key focus areas.

Itera does not provide guidance to the market on future prospects.

ITERA

Top 20 shareholders

No	Name	%	Nat	Shareholding
1	MJØS INVEST AS ARNE	33 29	NOR	27 363 031
2	OP CAPITAL AS	5 77	NOR	4 739 085
3	GIP AS	5 39	NOR	4 432 246
4	SEPTIM CONSULTING AS	5 23	NOR	4 300 000
5	BOINVESTERING AS	3 89	NOR	3 198 324
6	GAMST INVEST AS	3 46	NOR	2 843 520
7	JØSYRA INVEST AS	2 68	NOR	2 200 000
8	DZ PRIVATBANK S A	2 04	LUX	1 680 000
9	HØGBERG JON ERIK ,	1 64	NOR	347 356 1
1 0	EIKESTAD AS	1 49	NOR	1 225 000
1 1	SOBER KAPITAL AS	1 47	NOR	1 207 878
1 2	AANESTAD PANAGRI AS	1 22	NOR	1 000 000
1 3	FRAMAR INVEST AS	0 91	NOR	750 000
1 4	NYVANG GUNNAR JETMUND ,	0 89	NOR	731 784
1 5	ALTEA AS	0 85	NOR	700 000
1 6	JENSEN LARS PETER ,	0 78	NOR	644 000
1 7	MORTEN JOHNSEN HOLDING AS	0 73	NOR	600 000
1 8	HAMMER BENT ,	0 72	NOR	594 133
1 9	A/S FRATERNITAS	0 63	NOR	514 413
2 0	ASLESØNN ENGER KRISTIAN ,	0 61	NOR	503 289
	TOP 20	73 .70		60 059 574