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Webstep Investor Presentation 2025
3788_rns_2025-11-11_3cac1118-656b-47db-9c49-971f61944c3e.pdf
Investor Presentation
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Q3 Interim presentation2025
Kristine Lund, CEO Henning Hesjedal, CFO
Webstep ASA - 11. November 2025, Oslo
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Agenda
01 Highlights from the quarter
02 Financial Review
03 Market update and outlook
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Highlights Q3
Market continues to be soft, seeing signs of recovery. EBIT margin protected by flexible salary models, EBIT 7.9% year to date, flat vs. the same period in 2024.
"Next Step": sharper customer focus, greater agility, and a performance culture that sets the industry standard – these are pillars of the future Webstep.
Data & AI business continues strong performance, strengthening AI position with concrete AI project delivery and targeted client training on how to get started with AI
Major contract wins at The Norwegian Courts Administration, Statnett, Fifty, Norwegian Defense Materiel Agency (NDMA), Norsk Tipping and Trondheim municipality
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Q3 highlights
178.3
Revenue, mNOK
(189.4)
8.2
EBIT, mNOK
(10.9)
4.6%
EBIT margin
(5.7%)
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Group results Q3
- Revenue NOK 178.3 million (189.4); a decline of 5.8 per cent, primarily driven by lower headcount and lower utilisation. Hourly rates up compared to Q3 2024, as we continue to protect our hourly rates from the worst price pressure
- EBIT NOK 8.2 million (10.9); decline in EBIT margin to 4.6 per cent (5.7)
- Excluding bad debt write off, EBIT 9.3 million, EBIT margin 5.2 %
- FTE 419 end of period; down from 449 same period last year, and from 438 end of prior quarter
| Revenue (mNOK) | EBIT (mNOK) | EBIT margin | FTE, EoP |
|---|---|---|---|
| 178.3 | 8.2 | 4.6% | 419 |
| (189.4) | (10.9) | (5.7%) | (449) |
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Group results YTD
- Revenue NOK 629.7 million (648.6); a decline by 2.9 per cent, primarily driven by lower utilisation and lower headcount
- EBIT NOK 49.9 million (51.3); a decline by of 2.7 per cent from the same period last year
- EBIT margin 7.9 per cent (7.9); same as last year
- FTE 419 end of period (449); down 20 FTE (6.8 per cent) from the same period last year
| Revenue (mNOK) | EBIT (mNOK) | EBIT margin | FTE, EoP |
|---|---|---|---|
| 629.7 | 49.9 | 7.9% | 419 |
| (648.6) | (51.3) | (7.9%) | (449) |
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Market update and outlook (1)
Long-term trends of digitalisation remain stable
- AI-based technology is a key part of Websteps strategy
- Webstep delivering real customer value with AI: moving on from the pilot and proof-of-concept stage with interesting pipeline developing around these cases
- AI focus also drive strong demand for services in data engineering, cloud-based data architecture, analytics and decision support, and machine learning
New brand identity already positioning Webstep stronger in market
● Launched in Q2, seeing early results in terms of increased general awareness, traffic and engagement across our digital platforms
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Market update and outlook (2)
Several important contract wins during the quarter
- 2+1+1 years contract with The Norwegian Courts Administration
- Renewed framework agreement with Statnett
- Ranked number one in a framework agreement with Fifty (Statnett subsidiary)
- 4 years contract with the Norwegian Defense Materiel Agency
- 4 years contract with Norsk Tipping
- 2+1+1 years frame agreement with Trondheim kommune
Continue to view the macroeconomic outlook as uncertain in the short term
- Despite steady growth in Q3 and YTD, signals of reduced activity within the energy market may impact revenue performance. We prioritise maintaining our premium prices
- Public sector business steady performance in Q3
- Headcount impacted by discontinuing non-core activities, and churn among consultants. Continue to hire, but may take some time to return to headcount growth
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Please contact us at [email protected]
Questions? If you have any questions or would like a more detailed walkthrough of Webstep's latest quarterly results, please do not hesitate to get in touch. We are happy to provide further insights or schedule a presentation tailored to your interests.
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Oslo
Universitetsgata 2, 0164 Oslo
Trondheim
Kongens gate 16, 7011 Trondheim
Bergen Damsgårdsveien 14, 5058 Bergen
Sørlandet Skippergata 19, 4611 Kristiansand Stavanger Verksgata 1a, 4013 Stavanger
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Appendix
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Key figures
| NOKmillion | Q3 2025 | Q3 2024 | YTD 2025 | YTD 2024 | FY 2024 |
|---|---|---|---|---|---|
| Revenues | 178.3 | 189.4 | 629.7 | 648.6 | 874.1 |
| Change | -5.8% | 2.4% | -2.9 % | 2.0 % | 1.5 % |
| EBITDA | 12.5 | 15.7 | 62.8 | 65.6 | 85.1 |
| EBITDA margin | 7.0 % | 8.3 % | 10.0 % | 10.1 % | 9.7 % |
| EBIT | 8.2 | 10.9 | 49.9 | 51.3 | 66.7 |
| EBIT margin | 4.6 % | 5.7 % | 7.9 % | 7.9 % | 7.6 % |
| Net profit | 5.1 | 7.0 | 36.3 | 36.7 | 49.5 |
| Net free cash flow | 12.0 | -19.2 | 52.8 | -21.5 | 22.2 |
| Cash flow from operations | 12.4 | -18.5 | 54.6 | -16.7 | 28.1 |
| Equity ratio | 55.1 % | 56.6 % | 55.1 % | 56.6 % | 50.7 % |
| Earnings per share (NOK) | 0.19 | 0.25 | 1.33 | 1.33 | 1.81 |
| Earnings per share fully diluted (NOK) | 0.19 | 0.25 | 1.33 | 1.33 | 1.80 |
| Number of FTE, average | 424 | 448 | 436 | 448 | 449 |
| Number of FTE, end of period | 419 | 449 | 419 | 449 | 446 |
| Revenue per FTE (TNOK) | 420.5 | 422.7 | 1,444.4 | 1,447.4 | 1,949.0 |
| EBIT per FTE (TNOK) | 19.4 | 24.3 | 114.4 | 114.4 | 148.8 |
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Customer base characteristics
Private / Public
A large and loyal customer base in both private and public sector.
61/39%
The top 10 customers account for 59% of total revenue.
Optimizing sales and strengthening our focus on the enterprise market and large clients.
59%
A diversified customer base between business sectors.
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Cash flow and net debt
| NOKmillion | YTD 2025 |
|---|---|
| Cash and cash equivalents* | −62,4 |
| Restricted cash | 0,3 |
| Debt to credit institutions | - |
| Leasing liabilities (current and non-current) | 60,0 |
| Net interest bearing debt (NIBD) | −2,2 |
| NIBD/EBITDA (rolling 12 months) | 0 |
| NIBD/EBITDA (rolling 12 months) including IFRS 16 Lease liabilities | −0,8 |
- The Group has credit facility of MNOK 110
- Credit facility was unutilised by the end of third quarter
- Capex relates to office and equipment
* Negative indicates positive amount
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Top shareholders at 10 November 2025
| Total share outstanding | 28 187 668 | 100,0% | ||
|---|---|---|---|---|
| Other | 5 587 377 | 19,8% | ||
| Top 20 shareholders | 22 600 291 | 80,2% | ||
| 20 | CANACAS AS | 111 113 | 0,4% | Nominee |
| 19 | ALIDERA AS | 112 000 | 0,4% | |
| 18 | KRONOKO HOLDING AS | 155 000 | 0,5% | |
| 17 | Nordnet Bank AB | 175 782 | 0,6% | |
| 16 | J.P. Morgan SE | 200 000 | 0,7% | |
| 15 | BJARØY KAPITAL AS | 200 000 | 0,7% | |
| 14 | LEROLI AS | 224 000 | 0,8% | |
| 13 | MP PENSJON PK | 230 979 | 0,8% | |
| 12 | ESPEDAL & CO AS | 308 980 | 1,1% | |
| 11 | INTERTRADE SHIPPING AS | 400 000 | 1,4% | |
| 10 | J.P. Morgan SE | 600 000 | 2,1% | |
| 9 | J.P. Morgan SE | 664 317 | 2,4% | Nominee |
| 8 | VERDIPAPIRFONDET DNB SMB | 794 149 | 2,8% | Nominee |
| 7 | WEBSTEP ASA | 973 282 | 3,5% | |
| 6 | VPF FONDSFINANS UTBYTTE | 1 012 939 | 3,6% | |
| 5 | SALT VALUE AS | 1 349 125 | 4,8% | |
| 4 | PROTECTOR FORSIKRING ASA | 1 547 102 | 5,5% | |
| 3 | HOLMEN SPESIALFOND | 2 238 860 | 7,9% | |
| 2 | HVALER INVEST AS | 2 989 936 | 10,6% | |
| 1 | EMBRO EIENDOM AS | 8 312 727 | 29,5% | |
| Shareholder name | Shares | % | ||
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Revenue, EBIT and FTE development
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Number of FTE EoP per geographical area
| Q3 | Q2 | Q1 | Q4 | Q3 | |
|---|---|---|---|---|---|
| FTE End of period | 2025 | 2025 | 2025 | 2024 | 2024 |
| Total | 419 | 438 | 444 | 446 | 449 |
| Oslo | 193 | 205 | 209 | 213 | 210 |
| Bergen | 91 | 92 | 93 | 96 | 95 |
| Trondheim | 62 | 63 | 64 | 61 | 63 |
| Stavanger | 48 | 51 | 50 | 49 | 53 |
| Sørlandet | 20 | 20 | 20 | 20 | 21 |
| Haugalandet | 5 | 7 | 8 | 8 | 8 |
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Disclaimers
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.
