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Webstep
Investor Presentation • May 23, 2025
3788_rns_2025-05-23_5cf8ba49-76c7-49e2-8c39-cfdc13d612d3.pdf
Investor Presentation
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Agenda
Highlights from the quarter
Organisation and projects
Highlights from the quarter
Highlights
- Positive trend for EBIT margin despite a continued soft market
- Double digit growth in the regional offices, supported by continued traction in the energy sector
- The Annual General Meeting 16 May approved a dividend of NOK 2.30 per share, total NOK 62.3 million
- Successful delivery of our first team to Aker Digital Alliance within the digital innovation space
Organisation and projects
Haugalandet (9)
Sørlandet (21)
Oslo (213)
Stavanger (55)
Bergen (88)
Trondheim (65)
Our strategic focus areas
- 1. One Webstep: Enhance collaboration across regional office and leverage the benefits of a strong local presence in key areas, while also being an integral part of a large organization.
- 2. Be even more customer-focused and include a greater degree of business development in our sales processes
Strategic focus areas supported by organisational and operational changes:
- Further build our visibility and positioning in the market
- One national sales organisation
- Building structures and systems for knowledge sharing and competence development across the company
- Nurture the company culture Webstep should be the most attractive employer for experienced consultants
Financial review
Group Q1
Key figures
| Q1 | Q1 | FY | |
|---|---|---|---|
| NOK million | 2025 | 2024 | 2024 |
| Revenues | 236.4 | 229.7 | 874.1 |
| Change | 2.9% | (3.7%) | 1.5% |
| EBITDA² | 26.9 | 26.2 | 85.1 |
| EBITDA² margin | 11.4% | 11.4% | 9.7% |
| EBIT² | 22.6 | 21.4 | 66.7 |
| EBIT² margin | 9.6% | 9.3% | 7.6% |
| Net profit | 16.4 | 15.6 | 49.2 |
| Net free cash flow² | 22.6 | (33.1) | 22.2 |
| Cash flow from operations | 23.5 | (32.2) | 25.7 |
| Equity ratio² | 54.7% | 51.6% | 55.6% |
| Earnings per share (NOK) | 0.63 | 0.58 | 1.80 |
| Earnings per share, fully diluted (NOK) | 0.63 | 0.57 | 1.79 |
| Number of FTEs, average | 443 | 449 | 448 |
| Number of FTEs, end of period | 444 | 448 | 446 |
| Revenue per FTE (TNOK) | 534.0 | 511.8 | 1,950.8 |
| EBIT per FTE (TNOK) | 51.1 | 47.8 | 149.6 |
Q1 Comments
| ● | Operating revenues for the quarter increased by 2.9 per cent compared to the same period last year |
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|---|---|---|---|---|
| ○ | Revenue from own consultants up by 3.8 per cent ■ Increase driven by hourly rates and 1 working day more compared to last year |
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| ○ | Revenue from subcontractors down by 12.0 per cent | |||
| ● EBIT for the quarter is affected by: |
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| ○ | Costs related to subcontractors reduced by 13.1 per cent |
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| ○ | Increased salaries and personnel cost of 2.0 per cent | |||
| ○ | Tight cost focus resulting in reduced costs related to |
○ Tight cost focus resulting in reduced costs related to traveling and conference activities, offset by increased costs for internal projects
● FTEs EoP -4 last twelve months
Market update and outlook
● Limited market visibility
- Continued macroeconomic and geopolitical uncertainty; investment decisions in private sectors are slower than usual
- The public and energy sectors seem less impacted by the macro softness
- ● Services within data and insight technologies continues to be prominent
- Webstep consultants have deep expertise within data engineering, cloud-based architecture, analytics and decision support, and machine learning
- Webstep leveraging our high AI expertise to internal processes: improved efficiency within sales and proposal processes.
- ● Significant contract acquisitions with strategic importance during the quarter
- ○ Renewing our MSA with Equinor, included as a premium-tier subcontractor for Norges Bank's IT consulting services framework agreement, and signed a framework agreement with Bane NOR
- ● Highly uncertain macroeconomic outlook in the short term
○
- ○ The long-term digitalisation trends remain stable.
- Webstep is strongly positioned in a high-value niche, with solid growth potential
- Our long-term goals of a 10 percent EBIT margin, combined with healthy top-line growth, remains.
Questions?
Please contact us at [email protected]
Appendix
Customer base characteristics
Optimizing sales and strengthening focus on enterprise market and large clients
A large and loyal customer base in both private and public sector
A diversified customers base between business sectors
Cash flow and net debt
| NOK million | 31 March 2025 |
|---|---|
| Cash and cash equivalents* | (101.4) |
| Restricted cash | 0.3 |
| Debt to credit institutions | 0.0 |
| Leasing liabilities (current and non-current) | 60.6 |
| Net interest bearing debt (NIBD) | (40.4) |
| NIBD/EBITDA (rolling 12 months) | (1.4) |
|---|---|
| NIBD/EBITDA (rolling 12 months) including IFRS 16 Lease liabilities | (0.5) |
- The Group has credit facility of MNOK 110
- Credit facility was unutilised by the end of first quarter
- Capex relates to office and equipment
Top 20 shareholders at 21 May 2025
| Shareholder name | Shares | % | |
|---|---|---|---|
| 1 EMBRO EIENDOM AS | 8,312,727 | 29.5% | |
| 2 HVALER INVEST AS | 2.989.936 | 10.6% | |
| 3 HOLMEN SPESIALFOND | 2,238,860 | 7.9% | |
| 4 PROTECTOR FORSIKRING ASA | 1.706.715 | 6.1% | |
| 5 SALT VALUE AS | 1,547,102 | 5.5% | |
| 6 VPF FONDSFINANS UTBYTTE | 1,349,125 | 4.8% | |
| 7 WEBSTEP ASA | 1,090,939 | 3.9% | |
| 8 VERDIPAPIRFONDET DNB SMB | 973.282 | 3.5% | |
| 9 J.P. Morgan SE | 794.149 | 2.8% | Nominee |
| 10 J.P. Morgan SE | 664.317 | 2.4% | Nominee |
| 11 INTERTRADE SHIPPING AS | 400,000 | 1.4% | |
| 12 ESPEDAL & CO AS | 308,980 | 1.1% | |
| 13 MP PENSJON PK | 224,000 | 0.8% | |
| 14 LEROLIAS | 200,000 | 0.7% | |
| 15 BJARØY KAPITAL AS | 175,782 | 0.6% | |
| 16 J.P. Morgan SE | 105,666 | 0.4% | Nominee |
| 17 Nordnet Bank AB | 105.115 | 0.4% Nominee | |
| 18 KRONOKO HOLDING AS | 96.137 | 0.3% | |
| 19 ALIDERA AS | 91,269 | 0.3% | |
| 20 CANACAS AS | 86,756 | 0.3% | |
| Top 20 shareholders | 23,460,857 | 83.2% | |
| Other | 4,726,811 | 16.8% | |
| Total share outstanding | 28,187,668 | 100.0% |
Revenue, EBIT and FTE development
Revenue (LTM) EBIT (LTM)
Number of FTEs (EoP)
Number of FTEs, end of period
| Q1 | Q4 | Q3 | Q2 | Q1 | |
|---|---|---|---|---|---|
| Number of FTEs, end of period | 2025 | 2024 | 2024 | 2024 | 2024 |
| Total | 444 | 446 | 449 | 451 | 448 |
| Oslo | 209 | 213 | 210 | 213 | 211 |
| Bergen | 93 | 96 | 95 | 88 | 84 |
| Trondheim | 64 | 61 | 63 | 65 | 65 |
| Stavanger | 50 | 49 | 53 | 55 | 56 |
| Sørlandet | 20 | 20 | 21 | 21 | 23 |
| Haugalandet | 8 | 8 | 8 | 9 | 9 |
Disclaimer
This Presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. These statements and this Presentation are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for Webstep ASA and Webstep ASA's (including subsidiaries and affiliates) lines of business. These expectations, estimates and projections are generally identifiable by statements containing words such as "expects", "believes", "estimates" or similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for Webstep ASA. Although Webstep ASA believes that its expectations and the Presentation are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in the Presentation. Webstep ASA is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the Presentation, and neither Webstep ASA nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use.