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Itera Interim / Quarterly Report 2026
3639_rns_2026-05-08_fad35cb8-1169-4299-9a7d-07cee1120793.pdf
Interim / Quarterly Report
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ITERA
Interim report
2026
Q1 REPORT 2026
ITERA
Agenda
- Highlights of the quarter
- Business review
- Financial review
- Outlook
- Q&A
Arne Mjøs
Chief Executive Officer
Bent Hammer
Chief Financial Officer
Q1 REPORT 2026
ITERA
Highlights
Q1 2026
Q1 REPORT 2026
Highlights
Disciplined execution in a cautious market
New regional structure and operational focus have built a solid foundation for improved profitable growth as market conditions normalise.
AI embedded at the core of growth
AI is increasingly creating new opportunities, expanding the scope of customer engagements and serving as an effective entry point for new customer relationships.
Margin uplift as planned
Operational improvements implemented in 2026 progressing as planned, with an expected ~1.6-1.8 ppt annualised margin uplift from Q2 2026 onwards.
Q1 REPORT 2026
ITERA
Business review
Q1 REPORT 2026
ITERA
Q1 in brief
Revenue, MNOK
Organic growth
-1%
Constant currency terms while reported -4% in NOK
RTM operational cash flow MNOK
41
Last year: 76
EBIT margin
7.5%
Last year: 9.1%
Ending number of employees
686
Last year: 707
Q1 REPORT 2026
ITERA
Market view
Market uncertainty: Still cautious, but more selective
Caution persists, but customers are more deliberate rather than frozen, and we see a stronger focus on value and execution.
Resilience in digital spending
Digital and IT investments remain robust as AI, cloud, data, and cybersecurity become essential infrastructure.
AI-driven transformation
AI-driven transformation is reshaping investment decisions, moving into early scaling.
Shifts in delivery models
Distributed delivery across borders softens temporarily due to Nordic insourcing, but rising cost pressure is driving renewed interest
Q1 REPORT 2026
ITERA
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.
Number of offices in Europe
Countries in Europe
Years in Ukraine
01.02.2013 024
ITERA
Two main offerings
Digitalisation services
We are a comprehensive service provider dedicated to accelerating sustainable digital transformation in
- Financial Services
- Energy & Industries
- Public Sector
- Defence & Aerospace
Responsible business
We provide expert advisory services for businesses seeking to enter, rebuild, learn from and protect Ukraine
- Enter Ukraine with Itera
2019-03-01 17:14
2019-03-01
Digitalisation Services
Q1 REPORT 2026
ITERA
Sector development 2026
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.
Financial Services (FSI)
Energy & Industry
Public & Organisations
Others
Q1 REPORT 2026
ITERA
AI is becoming the operating system of the business
AI is now embedded, not optional
It shapes how customers plan transformation and how Itera delivers value.
From pilots to scale
Customers are moving from proofs of concept to AI deployed across legacy systems, regulated environments, and mission-critical operations
Tailor-made solutions are becoming affordable
Intelligence, not applications, is becoming the primary interface. AI agents enable tailor-made solutions with materially higher productivity and scalability than one-size-fits-all software by the SaaS players
Itera's differentiation
We integrate intelligence into the systems that run organisations, reimagine end-to-end processes, and support the change required to turn AI into real, measurable business value.
CASE
Complex SaaS applications are being replaced by AI agents
As example, we observe a paradigm shift where complex SaaS applications are being replaced by AI agents, where intelligence — not applications — is the primary interface.
Proven at scale: In a major customer engagement, Itera is using AI agents to replace SAP with a tailor-made solution, delivering materially higher productivity and scalability.
Customer-centric by design: AI agents enable solutions built around each customer's specific processes—avoiding one-size-fits-all applications with high license costs, heavy configuration, and long change cycles.
Blurring boundaries: As AI agents operate seamlessly across systems and processes, the distinction between using software and running the business is increasingly disappearing.
A new metric: The human-agent ratio
2
WATERCIRCLES
WaterCircles: proof point of "digital core" demand
New agreement with WaterCircles where Itera’s Cloud & Application Services assumes full responsibility for the application portfolio and cloud platform
- Shows the market shift: customers want a trusted partner to run the digital core, not just deliver projects
- Builds a platform for continuous modernisation (cloud, applications, data and AI)
- Strong strategic fit with Itera’s positioning: operational excellence, scalable delivery, AI embedded from day one
WaterCircles
Forsikring
REPORT 2026
Responsible business
Q1 REPORT 2026
ITERA
Unlocking high-potential growth opportunities in Ukraine
Ukraine brings resilience and speed; the Nordics bring EU-native infrastructure. Together, we can define the next-generation resilient digital financial system in Europe.
- Strategic convening: Itera brought together key players from the Norwegian financial services industry with the National Bank of Ukraine and leading Ukrainian banks.
- Value creation: The initiative enabled targeted knowledge sharing and exploration of concrete business partnerships.
- Growth potential: This engagement establishes a strong foundation for several opportunities with significant strategic and commercial upside.
† From left: Andriy Poddyerogin (Director of Payment Systems and Innovation Development of National Bank of Ukraine), Eivind Gjemdal (CEO Bits), Artem Vilihura (Head of Biz Dev Itera Ukraine), Olha Vasylieva (Deputy Head Of Payment Systems and Innovation Development Department of National Bank of Ukraine), Oleksii Shaban (Deputy Governor of National Bank of Ukraine), Arne Mjøs (CEO Itera) and Oleksandr Storokha (Country head of Itera Ukraine)
Q1 REPORT 2026
ITERA
2
Kyiv partnership discussion | March 9–12
Norwegian, Nordic and Ukrainian FSI
| Mobilise Norway/Nordic FSI leadership to help building a modern, resilient Ukrainian financial ecosystem | Co-develop of cybersecurity, operational resilience, and protection of critical financial services infrastructure | Build a more resilient European financial infrastructure with reduced dependence on US-based systems | Engage with Ukraine’s innovative IT industry to keep the economy running behind the frontline - the second-largest export sector after agriculture |
|---|---|---|---|
ITERA
BITS
DNB
Gjensidige
Q1 REPORT 2026
ITERA
GovTech Lab Ukraine
Itera was selected as one of three winners of GovTech Lab Ukraine, the country's first open innovation programme for the public sector.
- Itera received a grant to pilot a digital solution that automates construction documentation together with Ukraine's State Inspectorate of Architecture and Urban Planning.
- The project provides concrete evidence that Itera can deliver in regulated, mission-critical public sector environments and convert governance discussions into practical implementation.
↑ The winners of GovTech Lab Ukraine.
Q1 REPORT 2024
ITERA
2
Order intake
Order intake from selected new and existing customers.
Several of the new deals signed are within AI and with expected spin-off projects.
Share new customers
8% (13%)
Revenue from new customers won over the past 12 months.
AON
Gjensidige
KONGSBERG
eika.
alotta
TRAFSYS
OFFSHORE NORGE
K Kredinor
WaterCircles
Forsikring
Q1 REPORT 2026
ITERA
Customer mix
Share existing customers
92.4% (87.0%)
of revenues in Q1 2026
Customer diversification and growth platform
- Strategic relationships
- Full range of services
-
Distributed delivery across borders
-
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
75% (73%)
Share of revenue from Top 30 customers
Revenue customers split (in MNOK)
Share of revenue
Q1 REPORT 2026
ITERA
Skilled and innovative employees
686 (709) employees at the end of the quarter
Down by 21 last twelve months as part of the operational improvement programme.
Nearshore ratio of 50% (49%)
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.
Number of employees end of quarter by shore
Rolling 12 months net FTE growth
Q1 REPORT 2026
ITERA
Financial review
Q1 REPORT 2026
ITERA
Key financials
Gross profit growth in constant currency
- Gross profit increased 1% in constant currency terms
- Cloud & Application Services up 11%
- Improved utilisation, though margins were affected by a less favourable revenue mix (Nordic vs CEE)
- Bad debt provision of 3 MNOK, implying an underlying EBIT margin of 8.8%.
- Operational improvement programme (e.g., overhead reductions) partially impacted Q1, with full annualised impact 1.6-1.8 pts on margins towards end of second quarter
Revenue
222.9m -4%
EBIT margin
7.5% -1.6 pts
| NOK Million | 2026
1-3 | 2025
1-3 | Change
% | 2025
FY |
| --- | --- | --- | --- | --- |
| Operating revenue | 222.9 | 231.6 | -4% | 844.3 |
| Gross profit | 209.5 | 214.0 | -2% | 781.8 |
| EBITDA margin | 11.0 % | 12.6 % | -1.5pts | 8.2 % |
| EBIT | 16.7 | 21.0 | -21% | 36.8 |
| EBIT margin | 7.5% | 9.1% | -1.6pts | 4.4% |
| Earnings per share (EPS) | 0.16 | 0.18 | -13% | 0.28 |
| Dividends per share (DPS) | 0.00 | 0.00 | | 0.30 |
| Equity ratio | 20.0% | 20.0% | 0pts | 16.7% |
Q1 REPORT 2026
ITERA
Revenue and EBIT development
Opportunities for revenue and margin expansion
- Increasing recurring revenue and cloud migration and modernisation driven by AI and security
- Improved utilisation in CEE and its local opportunities
- Significant outsourcing opportunities
- Expansion in Sweden, Denmark and Region Rogaland (NO), as well as incumbent markets
- Promising portfolio of Enter Ukraine with Itera business advisory services
3-year CAGR
2.0% -8.9 pts
3-year EBIT margin
5.7% -2.2 pts
Revenue in NOK millions
EBIT in NOK millions
Q1 REPORT 2026
ITERA
Revenue by type
Revenue per employee unchanged
- Revenue from own consultants down 2% at NOK 188 million (+1% in constant currency)
- Revenue from subscription services decreased by 3% to NOK 20 million due to less cloud consumption by one customer
- Revenue from third-party services decreased by 35% to NOK 6 million
- Other revenue decreased 15% to NOK 9 million
Quarterly revenue by type (MNOK)
Last 12 months revenue by type (MNOK)
Q1 REPORT 2026
ITERA
Cash flow
Weaker cash flow in Q1 primarily reflects:
- higher advance payments from customers in Q4 2025
- temporary working-capital effects related to the share-based incentive programme
Cash flow from operations
- MNOK -25.8 (-4.8) in Q1 2026
- MNOK 41.2 (75.5) last twelve months
Cash flow from investing activities
- MNOK -3.6 (-3.0) in Q1 2026
Cash flow from financing activities
- MNOK -9.5 (-5.0) in Q1 2026 from net acquisition of own shares
Quarterly cash flow from operations
Last twelve months cash flow from operations
Q1 REPORT 2026
ITERA
Temporary dip in cash conversion
EBITDA to Cash conversion of 63.9% in the last 12 months, down 27.7 points from the previous year
Q1 REPORT 2026
ITERA
Consistent high distribution of earnings to shareholders
- Proposed ordinary dividend of NOK 0.20 for 2026, to be decided in AGM in May. The Board will also ask for an authorisation to pay an additional dividend later in the year
- Share price was NOK 6.90 at the end of March 2026, a change of -22% incl. dividends from NOK 9.24 at the end of March 2025
- Current holding of own shares is 1,034,016. Value at 31 March 2026 was MNOK 6.9
Allocations to shareholders
EBIT in 2021 and 2022 is excluding discontinued operations of -0.23 and -0.17 per share
Q1 REPORT 2026
ITERA
Outlook
Q1 REPORT 2026
ITERA
Outlook
Market conditions in the Nordics show early signs of gradual improvement driven by AI, with increasing customer engagement and rising activity levels in core strategic segment
Distributed delivery demand is expected to normalise as sourcing strategies rebalance and project volumes return, accelerated by targeted sales focus.
Operational improvements implemented expected that are to yield an annualised 1.6–1.8 percentage-point uplift in margins going forward (all else equal)
Enter Ukraine with Itera continues to expand and represents a long-term growth opportunity with potential for high-value revenue streams across multiple sectors
Profitable growth and cash flow are key focus areas.
Itera does not provide guidance on the market on future growth
Q1 REPORT 2026
ITERA
Bjarte Petersen as new CFO
Bjarte Petersen will be joining Itera as our new Chief Financial Officer from 1 August 2026.
Extensive experience
20+ years in senior finance roles within listed and capital-market-oriented companies, most recently as CFO and EVP Finance at Kongsberg Digital
Consulting expertise
Solid understanding of the consulting business model, including prior role at EY
Execution focus
Proven ability to translate strategy into measurable results
Acknowledgement
We would like to thank Bent Hammer for an excellent collaboration, strong dedication, and his contributions to the development of Itera
Q1 REPORT 2026
ITERA
Q&A
Q1 REPORT 2026
ITERA
Top 20 shareholders
| No. | Name | % | Nat. | Shareholding |
|---|---|---|---|---|
| 1 | ARNE MJØS INVEST AS | 33.29 | NOR | 27,363,031 |
| 2 | OP CAPITAL AS | 6.26 | NOR | 5,146,222 |
| 3 | SEPTIM CONSULTING AS | 5.54 | NOR | 4,555,467 |
| 4 | GIP AS | 5.45 | NOR | 4,481,744 |
| 5 | BOINVESTERING AS | 4.02 | NOR | 3,302,402 |
| 6 | GAMST INVEST AS | 3.74 | NOR | 3,073,351 |
| 7 | JØSYRA INVEST AS | 2.68 | NOR | 2,200,000 |
| 8 | SOBER KAPITAL AS | 1.64 | NOR | 1,500,000 |
| 9 | HØGBERG, JON ERIK | 1.46 | NOR | 1,347,356 |
| 10 | DZ PRIVATBANK S.A. | 1.83 | LUX | 1,200,000 |
| 11 | AANESTAD PANAGRI AS | 1.22 | NOR | 1,000,000 |
| 12 | ITERA ASA | 1.21 | NOR | 997,979 |
| 13 | EIKESTAD AS | 1.12 | NOR | 922,500 |
| 14 | NYVANG, JETMUND GUNNAR | 0.92 | NOR | 759,680 |
| 15 | FRAMAR INVEST AS | 0.91 | NOR | 750,000 |
| 16 | ALTEA AS | 0.85 | NOR | 700,000 |
| 17 | JENSEN, LARS PETER | 0.79 | NOR | 650,300 |
| 18 | MORTEN JOHNSEN HOLDING AS | 0.73 | NOR | 600,000 |
| 19 | HAMMER, BENT | 0.72 | NOR | 594,133 |
| 20 | FRATERNITAS A/S | 0.63 | NOR | 514,413 |
| TOP 20 | 75.02 | 61,658,578 |
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