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Webstep Interim / Quarterly Report 2026
3788_rns_2026-05-20_4dc41198-102e-4ac4-84b4-ce0e56dedc38.pdf
Interim / Quarterly Report
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Q1 2026
webstep
Interim Report
Kristine Lund
CEO
Henning Hesjedal
CFO
Q1 2026
Interim Report
Highlights
Q1 2026
- Revenues of NOK 209.7 million (236.4), a decrease of 11.3 per cent
- EBIT¹ of NOK 15.9 million (22.6), and EBIT² margin of 7.6 per cent (9.6).
- Net profit of NOK 11.2 million (16.4), a decrease of 31.4 per cent
- Cash flow from operations of NOK negative 31.8 million (positive 23.5)
- Earnings per share of NOK 0.43 (0.63); fully diluted of NOK 0.43 (0.63)
- Number of FTE end of period 386 (444)
Significant events during and after the period
- Signed frame agreements with Havtil and won new client Nettalliansen with data platform offering
- Runar Thorsrud and Ragnar Alstad taking up their positions to strengthen Sales and Oil and Gas respectively
- Arranged the company's first National industry gathering, focusing on Oil and gas, with industry leaders from clients attending
- Continued investment in AI capabilities, including establishment of a dedicated AI team and development of new offerings
- Webstep called out as critical to our client's OSDU initiatives during the The Open Group Summit Oslo 2026
- The board of directors proposes the Annual General Meeting on May 19th a dividend of NOK 1.49 per share, total NOK 40.4 million
| NOK million | Q1 2026 | Q1 2025 | FY 2025 |
|---|---|---|---|
| Revenues | 209.7 | 236.4 | 835.2 |
| Change | -11.3% | 2.9% | -4.5% |
| EBITDA¹ | 20.0 | 26.9 | 73.0 |
| EBITDA² margin | 9.5% | 11.4% | 8.7% |
| EBIT¹ | 15.9 | 22.6 | 55.9 |
| EBIT¹ margin | 7.6% | 9.6% | 6.7% |
| Net profit | 11.2 | 16.4 | 42.0 |
| Net free cash flow¹ | -32.1 | 22.6 | 99.8 |
| Cash flow from operations | -31.8 | 23.5 | 102.0 |
| Equity ratio¹ | 56.7% | 54.7% | 55.8% |
| Earnings per share (NOK) | 0.43 | 0.63 | 1.55 |
| Earnings per share fully diluted (NOK) | 0.43 | 0.63 | 1.55 |
| Number of FTE, average | 390 | 443 | 427 |
| Number of FTE, end of period | 386 | 444 | 400 |
| Revenue per FTE (TNOK) | 537.8 | 534.0 | 1954.4 |
| EBIT per FTE (TNOK) | 40.8 | 51.1 | 130.9 |
¹ Alternative performance measure. See appendix.
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Letter from the CEO
Al may write the code. We create the value.
For Webstep, the first quarter was demanding, with continued transition and disciplined execution in a changing market. Revenue came in at NOK 209.7 million, down 11.3 per cent compared to the same quarter in 2025, and EBIT at NOK 15.9 million, down 29.6 per cent. The decline in revenue was primarily driven by a lower number of employees — 386 at the end of the quarter compared to 444 in the same period last year — and to a lesser extent by lower utilisation. Our hourly rates increased in line with the consumer price index, a solid development in a price-pressured market that reflects a disciplined commercial approach and the recognised value of our ongoing deliveries.
This performance must be seen in light of a market that is clearly evolving. We see shifts in how clients evaluate and engage with consulting partners, and the skill sets required to win. Expectations are changing, with greater emphasis on the ability to translate technology into measurable business value. This development is accelerated by rapid progress in AI and digital transformation, where the distance between technological potential and realised value becomes increasingly visible. Clients are more selective and expect clearer links between technology and business outcomes.
To support this pivot, we continue to strengthen our organisation to improve both our market position and delivery capacity. This includes evolving a more focused and structured sales organisation, with clearer ownership and stronger industry alignment. The appointments of Runar Thorsrud as National Sales Director and Ragnar Alstad as National Industry Lead for Oil and Gas strengthen our ability to identify opportunities, engage with clients and convert pipeline into larger, more strategic engagements.
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At the same time, we are sharpening our go-to-market approach by clarifying and strengthening our existing offerings, while actively developing new AI-centered offerings. This enables us to better align with client needs and position ourselves more clearly in a rapidly evolving technology landscape. We are also investing in a dedicated AI capability and a clearer positioning in this space, enabling us to support clients in moving from experimentation to realised value.
We are committed to returning to growth in headcount, which we expect to see later this year, with a more targeted approach to hiring, ensuring that each new addition strengthens our core capabilities and supports long-term value creation. The key drivers behind the reduction in headcount is a more selective approach to recruitment, and a clearer, more demanding definition of the consultant role has reshaped the organisation. Together, these factors explain a significant share of the reduction in headcount during the quarter — a necessary recalibration rather than a setback. At the same time, we are operating in a highly competitive talent market, where demand for experienced profiles remains strong, including from clients building in-house capabilities. This has also contributed to our turnover during the period.
Against this backdrop, a key focus for Webstep is to define more precisely what characterises a Webstep consultant in today's market, and to align this with evolving client expectations. We aim for our consultants to reflect this combination through three core capabilities:
- Deep Technical Mastery: Our foundation remains unchanged.
- Business Understanding: The ability to see technology through the lens of a client's business challenges.
- Domain Expertise: Specialized knowledge in the industries where we operate.
Alongside these efforts, we continue to invest in our culture, including our WOW (Women of Webstep) initiative and a recent employee survey that is informing how we further strengthen engagement and development across the organisation.
Taken together, these measures position us for improved performance. While the external environment remains complex, we see encouraging signs within our own business: more stable utilisation in parts of the organisation, a strengthening pipeline, and continued strong interest in Webstep as an employer. We expect gradual improvement through 2026, supported by the measures we have implemented and a clearer positioning in the market.
Lund
Kristine
CEO, Webstep ASA
kristine Lund
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Financial review
Operating revenues
First quarter revenues were NOK 209.7 million (236.4), down 11.3 per cent from the same quarter last year. Revenues from own consultants decreased by 14.7 per cent and amounted to NOK 187.6 million (219.9). Webstep's revenue is primarily driven by hourly rates, number of consultants and number of workdays. Compared to the same quarter last year, the revenue development reflects a reduction in headcount through planned churn and a market in transition, which impacted both unwanted churn and overall utilisation. Our hourly rates increased at the same pace as the consumer price index, a solid development in a price pressured market, showing a disciplined commercial approach and recognised value from our ongoing deliveries.
Revenue breakdown (NOK million)
| NOK'000 | Q1 2026 | Q1 2025 | QoQ change | FY 2025 |
|---|---|---|---|---|
| Oslo | 84.7 | 105.0 | -19.3% | 366.5 |
| Regional offices | 102.9 | 114.9 | -10.4% | 398.1 |
| Subcontractors | 18.9 | 13.4 | 41.0% | 57.9 |
| Resale of licenses | 3.2 | 3.1 | 3.2% | 11.4 |
| Other | 0.1 | 0.0 | 0.0% | 1.3 |
| Total | 209.7 | 236.4 | -11.3% | 835.2 |
Revenues from subcontractors for the quarter amounted to NOK 18.9 million (13.4). The use of subcontractors is related to services outside Webstep consultants core competencies, and for frame agreements where Webstep is supported by partners. Subcontractors typically yield lower margins than our own consultants, so a higher subcontractor share puts pressure on our gross margin. Webstep is seeing a growing number of contracts where we serve as the lead partner. While this drives higher subcontractor volume, this is a conscious choice to drive higher volumes and scale our business.
Rolling 12 month operating revenues (NOK million)
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Operating costs
Cost of services and goods sold, primarily related to use of subcontractors and cost related to resale of licenses, amounted to NOK 20.6 million (15.1) for the quarter.
Salaries and personnel costs include salaries and benefits, pension, tax, vacation pay and other items like social activities for employees. A high proportion of salary is variable and correlates with revenues. Salaries and personnel costs for the first quarter amounted to NOK 156.9 million (179.9), a decrease of 12.8 per cent. The decrease is primarily driven by reduced headcount, in addition to reduced other personnel costs compared to previous year.
Other operating expenses for the quarter amounted to NOK 12.2 million (14.4). The decrease reflects lower spend in general, as well as costs related to last year's brand project, which was finalized in 2025.
Depreciation and impairment for the quarter amounted to NOK 4.1 million (4.3).
Operating profit
Total EBIT for the quarter amounted to NOK 15.9 million (22.6), with an EBIT margin of 7.6 per cent (9.6).
Adj. EBIT excludes one-off costs in 2023, 2024 and 2025 related to the cost reduction programme and strategic organisational restructuring.
Net financial income for the quarter was negative NOK 1.4 million (negative 1.6) and tax expense amounted to NOK 3.2 million (4.6). Net profit for the quarter was NOK 11.2 million (16.4).
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Financial position
Total assets 31 March 2026 amounted to NOK 604.8 million (673.4).
Non-current assets were NOK 376.9 million (385.0) which primarily consisted of acquisition-related goodwill for the Norwegian business amounting to NOK 313.6 million (313.6). Right-of-use assets amounted to NOK 54.8 million (60.3).
Total current assets of NOK 227.9 million (288.4) consisted of trade receivables, other short-term receivables and cash and short-term deposits. Trade receivables amounted to NOK 144.8 million (155.3). Other current receivables were NOK 10.8 million (31.8). The decrease is mainly reflected by the second installment of the proceeds from the sale of Webstep AB of NOK 25.4 million received in the second quarter last year. Cash and short-term deposits amounted to NOK 72.4 million (101.4).
Total equity 31 March 2026 was NOK 342.7 million (368.1).
Total liabilities amounted to NOK 262.1 million (305.3). Non-current liabilities amounted to NOK 44.1 million (50.0). Current liabilities of NOK 218.0 million (255.3) consisted of other short-term liabilities, trade payables, current leasing liabilities, social taxes and VAT.
Cash flow
Cash flow from operations was negative by NOK 31.8 million (positive 23.5) for the quarter. The change is primarily driven by an increase in trade receivables and current liabilities, and higher cash outflows following the transition to monthly payroll tax settlements as a result of the new Norwegian tax regulations. The increase in trade receivables is due to seasonal payment fluctuations, the aging of the receivables are as expected, and we don't anticipate bad debt write offs. The increase in other current liabilities is primarily due to higher accrued wages, reflecting seasonal growth in revenues compared to the prior quarter.
Cash flow from investing activities amounted to negative NOK 0.3 million in the quarter (negative 0.8).
Cash flow from financing activities was negative by NOK 1.1 million (negative 3,6) for the quarter.
Webstep has a facility agreement with SpareBank 1 Sør-Norge of NOK 110 million, of which NOK 0.0 million was utilised as of 31 March 2026.
Employees
Webstep is headquartered in Oslo and has offices in Bergen, Stavanger, Trondheim, Kristiansand and Haugesund. The Group provides high-end IT consultancy services to public and private clients across the country.
Webstep had 386 FTE at the end of the quarter, a decrease of 55 FTE since the same quarter last year. The reduction is driven by a combination of higher churn and lower recruitment. The background for the churn is two-sided: higher performance expectations leading to some planned churn, and consultants transitioning into permanent roles with their clients. Webstep has remained deliberately selective in its recruitment to match the changing market needs, not backfilling the leaving consultants at the same pace.
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Our staff is distributed across the regional offices in Norway. Webstep believes in the power of local business and the decentralised model is based on strong local presence. The regional offices provide expertise and capacity to local clients, while leveraging the full organisational capacity.
Webstep's consultants have on average more than 10 years of relevant experience. This creates a solid foundation for a strong professional environment and high-quality deliveries.
Webstep strives to assign its consultants interesting and challenging projects that ensure personal development and contentment. By constantly developing the consultants' skill sets, the quality of Webstep's services are also improved. The incentive model for consultants is designed to attract and motivate experienced expert consultants. The salary model for consultants has been a pillar in Webstep ever since its inception in 2000.
Number of FTE (end of quarter)
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Market update and outlook
As we move through 2026, the technology landscape continues to evolve rapidly. For many organisations, technology is advancing faster than strategy, making it more difficult to translate investments into tangible business value. This is increasingly reflected in client demand, where expectations are shifting from delivery capacity to measurable business outcomes.
Demand is mixed across sectors, contributing to variability in activity levels and predictability. In the public sector, activity levels are high, but competition is intense and pricing pressure is significant, resulting in win rates below historical patterns. In the private sector, demand remains subdued, with longer decision cycles and more selective client behaviour. Overall activity levels remain mixed, with continued variability in demand, project starts, and utilisation across both private and public sectors. This reflects a market where available consulting capacity currently exceeds demand in several segments.
The current development is driven by a combination of macroeconomic uncertainty and structural shifts in demand. Clients are increasingly seeking consultants who combine technical depth with business understanding and industry insight, while moving away from general capacity-based engagements towards more outcome-oriented partnerships. At the same time, demand for AI-related services, data, and advanced analytics is growing. Overall, the market is characterised by cautious spending, strong competition, and continued pricing pressure.
In response to these developments, Webstep maintains high activity levels and continues to adapt its commercial and competence strategy to evolving client needs. We continue to strengthen our competence profile through targeted investments in industry domains and AI-related capabilities. This includes structured initiatives for knowledge sharing and development, as well as the
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establishment of a dedicated team focused on scaling our AI deliveries and implementation approach.
On the commercial side, we have increased sales activity and sharpened our go-to-market approach, with a clear focus on improving pipeline quality and conversion. As also highlighted in the CEO letter, it is key to develop a more focused and consistent sales organisation, with stronger prioritisation and execution. We are also strengthening our position within selected industries through targeted client engagement. During the quarter, we entered into a new frame agreement with Havtil and signed a new customer, Nettalliansen. The engagement includes delivering a modern, scalable data platform based on AWS, Snowflake and dbt, demonstrating our ability to take end-to-end responsibility for data platform deliveries.
Looking ahead, we expect market conditions to remain uncertain in the near term. Pricing pressure and cautious client behaviour are likely to persist through at least the first half of 2026. However, we believe the worst of the headcount adjustment is behind us, and we expect improvement through the second half of the year as utilisation recovers and recruitment contributes to a gradually expanding revenue base.
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Statement by the board of directors and the CEO
To the best of our knowledge, the condensed interim financial statements for the period ended 31 March 2026 have been prepared in accordance with IAS 34 Interim Financial Reporting, and present a fair update of the Group's financial position and performance for the period.
Furthermore, we confirm that the interim report includes a description of significant events and transactions that have occurred during the period, and the principal risks and uncertainties for the remaining months of the financial year.
The Board of directors and CEO
WEBSTEP ASA
Oslo, 19 May 2026
| Sign. | Sign. | Sign. |
|---|---|---|
| Kjell Magne Leirgulen | ||
| Chair of the Board | Siw Ødegaard | |
| Board member | Bendik Nicolai Blindheim | |
| Board member | ||
| Sign. | Sign. | Sign. |
| Tone Lunde Bakker | ||
| Board member | Morten Vårdal | |
| Board member | Kristine Lund | |
| Chief Executive Officer |
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Financial statements
Consolidated statement of comprehensive income
| Unaudited | Unaudited | Audited | ||
|---|---|---|---|---|
| Q1 | Q1 | FY | ||
| NOK'000 | Note | 2026 | 2025 | 2025 |
| Revenues | 209,746 | 236,363 | ||
| Total revenues | 209,746 | 236,363 | 835,197 | |
| Cost of services and goods | 20,630 | 15,114 | 66,041 | |
| Salaries and personnel cost | 156,912 | 179,924 | 645,591 | |
| Depreciation and impairment | 4,078 | 4,324 | 17,100 | |
| Other operating expenses | 12,200 | 14,379 | 50,516 | |
| Total operating expenses | 193,821 | 213,742 | 779,248 | |
| Operating profit/(loss) | 15,925 | 22,622 | 55,949 | |
| Net financial items | -1,439 | -1,596 | -1,865 | |
| Profit/(loss) before tax from continuing operations | 14,486 | 21,026 | 54,085 | |
| Tax expense (income) | 3,247 | 4,642 | 12,121 | |
| Profit/(loss) from continuing operations | 11,239 | 16,384 | 41,964 |
Profit/(loss) after tax from discontinuing operations
| Profit/(loss) from discontinued operations | - | - | -1,605 |
|---|---|---|---|
| Profit/(loss) from total operations | 11,239 | 16,384 | 40,359 |
| Earnings per share (NOK) from continuing operations | 4 | 0.43 | 0.63 |
| Earnings per share, fully diluted (NOK) from continuing operations | 4 | 0.43 | 0.63 |
| Earnings per share (NOK) from discontinuing operations | 4 | - | - |
| Earnings per share, fully diluted (NOK) from discontinuing operations | 4 | - | - |
| Total Earnings per share (NOK) | 0.43 | 0.63 | 1.55 |
| Total Earnings per share, fully diluted (NOK) | 0.43 | 0.63 | 1.55 |
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Other comprehensive income:
| Presentation currency effects | - | - | -905 |
| --- | --- | --- | --- |
| Recycling of currency translation differences | - | - | -13,070 |
Other comprehensive income for the period, net of tax
| Total comprehensive income for the year, net of tax | 11,239 | 16,384 | 40,359 |
| --- | --- | --- | --- |
Total comprehensive income is attributable to:
| Equity holders of the parent company | 11,239 | 16,384 | 40,359 |
| --- | --- | --- | --- |
Profit/(loss) is attributable to:
| Equity holders of the parent company | 11,239 | 16,384 | 40,359 |
| --- | --- | --- | --- |
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Consolidated statement of financial position
| NOK'000 | Note | Unaudited | Unaudited | Audited |
|---|---|---|---|---|
| 03/31/2026 | 03/31/2025 | 12/31/2025 | ||
| ASSETS | ||||
| Deferred tax asset | 3,468 | 3,487 | 3,468 | |
| Goodwill | 313,575 | 313,575 | 313,575 | |
| Fixed assets | 5,061 | 7,686 | 5,695 | |
| Right-of-use-assets | 54,778 | 60,264 | 55,866 | |
| Total non-current assets | 376,883 | 385,012 | 378,604 | |
| Trade receivables | 144,760 | 155,263 | 105,345 | |
| Other current receivables | 10,759 | 31,780 | 4,109 | |
| Cash and short-term deposits | 72,352 | 101,368 | 105,547 | |
| Total current assets | 227,871 | 288,411 | 215,002 | |
| Total assets | 604,754 | 673,423 | 593,606 | |
| EQUITY | ||||
| Share capital | 4 | 28,188 | 28,188 | 28,188 |
| Treasury shares | -1,013 | -1,091 | -1,013 | |
| Share premium | 187,953 | 187,953 | 187,953 | |
| Retained earnings | 127,558 | 153,051 | 116,178 | |
| Total Shareholders equity | 342,685 | 368,100 | 331,305 | |
| Total equity | 342,685 | 368,100 | 331,305 | |
| LIABILITIES | ||||
| Non-current leasing liabilities | 44,072 | 50,032 | 45,181 | |
| Total non-current liabilities | 44,072 | 50,032 | 45,181 | |
| Current leasing liabilities | 12,154 | 10,597 | 11,879 | |
| Trade and other payables | 20,473 | 13,552 | 7,717 | |
| Tax payable | 1,177 | 10,149 | 12,264 | |
| Social taxes and VAT | 59,180 | 84,393 | 71,976 | |
| Other short-term debt | 125,012 | 136,600 | 113,284 |
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Consolidated statement of change in equity
| NOK'000 | Issued capital | Treasury shares | Share premium | Foreign currency translation reserve | Retained earnings | Total earned equity |
|---|---|---|---|---|---|---|
| 1 January 2025 | 28,188 | -1,091 | 187,953 | - | 136,562 | 351,612 |
| Profit for the period | 40,359 | 49,514 | ||||
| Share incentive program | 531 | 531 | ||||
| Dividends | -62,322 | -62,322 | ||||
| Sale of treasury shares | 78 | 1,048 | 1,126 | |||
| 31 December 2025 | 28,188 | -1,013 | 187,953 | - | 116,178 | 331,305 |
| Profit for the period | 11,239 | 11,239 | ||||
| Share incentive program | 141 | 141 | ||||
| 31 March 2026 | 28,188 | -1,013 | 187,953 | - | 127,558 | 342,685 |
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Consolidated statement of cash flows
| Unaudited | Unaudited | Audited | |
|---|---|---|---|
| Q1 | Q1 | FY | |
| NOK'000 | 2026 | 2025 | 2025 |
| Operating activities | |||
| Profit/(loss) before tax from continuing operations | 14,486 | 21,026 | 54,085 |
| Profit/(loss) before taxes from discontinuing operations | - | - | -1,605 |
| Profit/(loss) before taxes from total operations | 14,486 | 21,026 | 52,48 |
| Adjustments for: | |||
| Taxes paid for the period | -14,333 | -8,989 | -14,333 |
| Depreciation of property, plant and equipment | 4,078 | 4,324 | 17,100 |
| Share-based payment expense | 140 | 104 | 531 |
| Net change in trade and other receivables | -46,065 | -25,175 | 52,414 |
| Net change in other liabilities | 9,862 | 32,178 | -6,154 |
| Net foreign exchange differences | |||
| Net cash flow from operating activities | -31,831 | 23,468 | 102,038 |
Investing activities
| Purchase of property and equipment | -256 | -836 | -2,223 |
|---|---|---|---|
| Net cash flow from investing activities | -256 | -836 | -2,223 |
Financing activities
| Payment of principal portion of lease liabilities | -1,109 | -3,634 | -15,439 |
|---|---|---|---|
| Sale of treasury shares | - | - | 1,126 |
| Payment of dividends | - | - | -62,322 |
| Net cash flows from financing activities | -1,109 | -3,634 | -76,636 |
| Net increase/(decrease) in cash and cash equivalents | -33,195 | 18,999 | 23,178 |
| --- | --- | --- | --- |
| Cash and cash equivalents at the beginning of the period | 105,547 | 82,369 | 82,369 |
| --- | --- | --- | --- |
| Cash and cash equivalents at the end of the period | 72,352 | 101,368 | 105,547 |
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Notes to the consolidated financial statements
Note 1
Significant accounting principles
Basis for preparation
The financial statements are presented in NOK, rounded to the nearest thousand, unless otherwise stated. As a result of rounding adjustments, the figures in one or more rows or columns included in the financial statements and notes may not add up to the total of that row or column.
Statements
These condensed consolidated interim financial statements for the first quarter 2026 have been prepared in accordance with IAS 34 as approved by the EU (IAS 34). They have not been audited or subject to a review by the auditor. They do not include all the information required for full annual financial statements of the Group and should consequently be read in conjunction with the consolidated financial statements for 2025. The accounting policies applied are consistent with those applied and described in the consolidated annual financial statements for 2025, which are available on www.webstep.com and upon request from the Company's registered office at Universitetsgata 2, 0164 Oslo, Norway.
These condensed consolidated interim financial statements for the first quarter 2026 were approved by the Board of Directors and the CEO on 19 May 2026.
Accounting policies
The Group prepares its consolidated annual financial statements in accordance with IFRS as adopted by the EU (International Financial Reporting Standards - IFRS) and the Norwegian Accounting Act. References to IFRS in these accounts refer to IFRS as approved by the EU. The date of transition was 1 January 2016. The accounting policies adopted are consistent with those of the previous financial year. Changes to IFRSs which have been effective from 1 January 2021 have had no material impact on the Group's financial statements.
Note 2
Estimates, judgments and assumptions
The preparation of condensed consolidated interim financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. In preparing these condensed consolidated interim financial statements, the significant judgments made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those applied to the annual consolidated financial statements for 2025 and as described in note 3 to the 2025 statements.
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Note 3
Seasonality or cyclicality of interim operations
The Group's net operating revenues are affected by the number of workdays within each reporting period while employee expenses are recognised for full calendar days. The number of workdays in a month is affected by public holidays and vacations. The timing of public holidays' during quarters and whether they fall on weekdays or not impact revenues. The first quarter of 2026 had the same number of working days as the first quarter in 2025.
Note 4
Earnings per share
| Q1 | Q1 | FY | |
|---|---|---|---|
| NOK'000 (except number of shares in thousand) | 2026 | 2025 | 2025 |
| Profit for the period from continued operations | 11,239 | 16,384 | 41,964 |
| Profit for the period from discontinued operations | - | - | (1,605) |
| Total profit for the period | 11,239 | 16,384 | 40,359 |
| Average number of shares (excl. treasury shares) | 26,162 | 26,006 | 26,071 |
| Average number of shares fully diluted (excl. treasury shares) | 26,162 | 26,028 | 26,081 |
| Earnings per share (NOK) from continuing operations | 0.43 | 0.63 | 1.61 |
| Earnings per share, fully diluted (NOK) from continuing operations | 0.43 | 0.63 | 1.61 |
| Earnings per share (NOK) from discontinuing operations | - | - | (0.06) |
| Earnings per share, fully diluted (NOK) from discontinuing operations | - | - | (0.06) |
| Earnings per share (NOK) | 0.43 | 0.63 | 1.55 |
| Earnings per share, fully diluted (NOK) | 0.43 | 0.63 | 1.55 |
Based on the number of share options outstanding, the strike price of the options, the average share price during the quarter, and the remaining vesting period of the options, the dilution effect of the long-term incentive program accounts for 0 shares for the quarter.
Note 5
Events after the balance sheet date
There have been no events after the balance sheet date significantly affecting the Group's financial position.
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Appendix
| EBITDA | Q1 | Q1 | FY |
|---|---|---|---|
| NOK'000 | 2026 | 2025 | 2025 |
| Operating profit/(loss) | 15,925 | 22,622 | 55,949 |
| Depreciation | 4,078 | 4,324 | 17,1 |
| EBITDA - Continuing operations | 20,004 | 26,946 | 73,048 |
NIBD (Net Interest Bearing Debt)
| NOK'000 | 03/31/2026 | 03/31/2025 | 12/31/2025 |
|---|---|---|---|
| Cash and cash equivalents (minus indicates positive amount) | -72,352 | -101,368 | -105,547 |
| Restricted cash | 0 | 301 | 415 |
| Leasing liabilities (non-current and current) | 56,226 | 60,629 | 57,06 |
| NIBD | -16,125 | -40,438 | -48,072 |
Group equity ratio
| NOK'000 | 03/31/2026 | 03/31/2025 | 12/31/2025 |
|---|---|---|---|
| Total equity | 342,685 | 368,1 | 351,612 |
| Total assets | 604,754 | 673,423 | 632,738 |
| Group equity ratio | 0.57 | 0.55 | 0.56 |
NIBD/EBITDA
| NOK'000 | 03/31/2026 | 03/31/2025 | 12/31/2025 |
|---|---|---|---|
| EBITDA rolling 12 months | 64,502 | 74,051 | 71,445 |
| NIBD | -16,125 | -40,438 | -48,072 |
| NIBD/EBITDA (rolling 12 months) | -0.25 | -0.55 | -0.67 |
| NIBD/EBITDA (rolling 12 months)* | -1.12 | -1.36 | -1.47 |
*Effects related to IFRS 16 (leasing) are excluded
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Interim Report
Alternative performance measures
Webstep discloses alternative performance measures as a supplement to the financial statements prepared in accordance with IFRS. Webstep believes that the alternative performance measures provide useful supplemental information to management, investors, equity analysts and other stakeholders. These measures are commonly used and are meant to provide an enhanced insight into the financial development of Webstep's business operations and to improve comparability between periods.
- EBITDA is short for Earnings before Interest and other financial items, Taxes, Depreciation and Amortisation and is a term commonly used by equity analysts and investors.
- EBIT is short for Earnings before Interest and other financial items and Taxes and is a term commonly used by equity analysts and investors.
- Net free cash flow is calculated as net cash flow from operating activities plus net cash flow from investing activities.
- NIBD is short for Net Interest Bearing Debt and is defined as interest bearing debt minus unrestricted cash and cash equivalents.
- NIBD/EBITDA is calculated as Net Interest Bearing Debt divided by Earnings before Interest and other financial items, Taxes, Depreciation and Amortisation (EBITDA). The ratio is one of the debt covenants of the Group and it is based on the rolling twelve months EBITDA. If the Group has more cash than debt, the ratio can be negative.
- Equity ratio is defined as the total consolidated equity of the Group divided by total assets.
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23
Oslo
Universitetsgata 2, 0164 Oslo
Bergen
Damsgårdsveien 14, 5058 Bergen
Stavanger
Verksgata 1a, 4013 Stavanger
Trondheim
Kongens gate 16, 7011 Trondheim
Sørlandet
Skippergata 19, 4611 Kristiansand
Haugalandet
Haraldsgata 90, 5528 Haugesund
+47 916 83 601
[email protected]
www.webstep.no
webstep