Stable performance, positioned for AI driven growth

Financial highlights – Q1 2026:

Revenue: NOK 222.9 million (-1% constant currency, -4% reported)
Gross profit: NOK 209.5 million (+1% constant currency, -2% reported)
EBITDA: NOK 24.6 million (29.1), margin 11.0% (12.6%)
EBIT: NOK 16.7 million (21.0), margin 7.5% (9.1%)
Cash flow from operations: NOK 25.8 million ( 4.8)
Employees (end of period): 686 (707)

The operating results include a bad-debt provision of NOK 3 million.

Operational performance:
The quarter reflects continued cautious customer spending, while operational improvements and growing AI driven demand support Itera’s strategic positioning. Billable utilisation improved further in the Nordics, while remaining subdued in Central and Eastern Europe.

The operational improvement measures initiated in 2025 are progressing as planned and are expected to contribute an annualised margin uplift of approximately 1.6–1.8 percentage points from the second quarter of 2026, all else being equal.

"While short term performance is below our ambitions, we see encouraging signs through improving utilisation in the Nordics, growing demand for AI enabled services, and a strengthening position within cloud and application services," says Arne Mjøs, CEO of Itera.

AI and the digital core driving demand:
AI is increasingly becoming an integrated part of customer demand. Customers are moving from experimentation to implementation at scale, expanding the scope of engagements and reinforcing demand for data, cloud and application modernisation.

Itera’s Cloud & Application Services (CAS) unit continued to strengthen its position as a growth driver, delivering 11% gross profit growth in the quarter. New contracts, including a three year agreement valued at NOK 28 million, reflect growing demand for partners that can take responsibility for customers’ digital core.

Cash flow and dividend:
Cash flow from operations was NOK 25.8 million, mainly reflecting timing effects related to advance payments received in the fourth quarter of 2025, as well as other working capital movements.

Returning cash to shareholders remains an ongoing objective. The Board has proposed an ordinary dividend of NOK 0.20 per share for 2025 and will seek authorisation to consider a supplementary dividend later in 2026.