Slides
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February 10, 2026 Q4 2025 Presentation
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Highlights – Q4 2025 EBIT before restructuring of NOK 488 million Up 23.7% from last year Operating cash flow of NOK 2.0 billion Gross sales of NOK 17.8 billion Up 7.8% from last year Net profit of NOK 333 million Up 35.7% from last year
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• Strong profit growth in Q4 2025 • Driven by higher sales, increased gross margins, and relatively low growth in operating expenses Income statement – Q4 2025 ** Operating expenses and EBIT before restructuring costs CURRENCY: MNOK Q4 2025 Q4 2024 Growth FY 2025 FY 2024 Growth Hardware 8,103 7,684 5.4% 25,974 23,817 9.1% Software/Cloud 6,627 5,969 11.0% 23,165 19,810 16.9% Services 3,098 2,880 7.6% 11,028 10,230 7.8% Gross sales 17,827 16,533 7.8% 60,167 53,857 11.7% Revenue (IFRS) 11,252 10,609 6.1% 37,376 34,578 8.1% Gross profit 3,087 2,833 9.0% 11,059 10,387 6.5% Gross margin % 27.4% 26.7% 0.7% 29.6% 30.0% -0.5% Operating expenses* 2,599 2,438 6.6% 9,674 9,186 5.3% EBIT (adjusted)* 488 395 23.7% 1,385 1,200 15.4% Restructuring costs 8 39 N/A 8 39 N/A EBIT 480 356 35.1% 1,377 1,161 18.6% Net profit after tax 333 245 35.7% 878 767 14.4%
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• Strong sales and profit performance across nearly all geographies Business unit performance – Q4 2025 ** Currency fluctuations impact gross sales growth on a Group level by +3.0% in Q4 2025 ** EBIT before restructuring costs % Gross sales Q4 2025 Q4 2025 Q4 2024 Growth% Q4 2025 Q4 2024 Growth% Norway, NOK 26 % 4,567 4,211 8.5 % 156 139 12.4 % Sweden, SEK 41 % 6,877 6,538 5.2 % 207 157 31.4 % Denmark, DKK 21 % 2,394 2,493 -4.0 % 41 27 52.6 % Finland, EUR 7 % 112.7 101.6 11.0 % 2.5 2.9 -14.1 % Baltics, EUR 5 % 76.8 49.3 55.8 % 4.0 3.5 16.7 % Group Functions, NOK -129 -61 N/A -32 -22 N/A Atea Group, NOK* 100% 17,827 16,533 7.8% 488 395 23.7% EBIT (adjusted)**Currency: Local in million Gross sales
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-1,500 -1,000 -500 0 500 1,000 1,500 2,000 2,500 Q1 Q2 Q3 Q4 NOK in million 2022 2023 2024 2025 Cash flow from operations – Q4 2025 • Cash flow from operations of NOK 2.0 billion • High cash inflow driven by increased profit and seasonal reduction in working capital
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CURRENCY: MNOK 31 Dec 2025 31 Dec 2024 Interest-bearing liabilities -619 -622 Cash and cash equivalents 1,594 2,004 Net financial position* 975 1,382 EBITDA - rolling 4 Q* 2,156 1,898 Net debt / EBITDA, end of quarter (ratio) -0.5 -0.7 Loan covenant: - Maximum Net Debt / EBITDA ratio 2.5 2.5 - Maximum Net Debt balance 5,391 4,744 Gap between Net Debt and Loan Covenant 6,366 6,126 Net cash balance of NOK 975 million Net debt / EBITDA ratio of -0.5 Net financial position * Net financial position and rolling 4 quarter EBITDA as defined in Atea's loan covenants See Note 10 in Interim Financial Statements for further definition
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Net profit of NOK 878 million Up 14.4% y-o-y Revenue (IFRS) of NOK 37.4 billion Up 8.1% y-o-y Summary – FY 2025 EBIT before restructuring of NOK 1,385 million Up 15.4% y-o-y Gross sales of NOK 60.2 billion Up 11.7% from last year
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0 200 400 600 800 1,000 1,200 1,400 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 2020 2021 2022 2023 2024 2025 Gross sales EBIT* Steady growth based on unique market position • Consistent growth in sales and EBIT during a volatile market period Gross Sales and EBIT* (MNOK) 5- year performance (2020 – 2025) • Gross sales CAGR of 9%, nearly all organic • Revenue (IFRS) CAGR of 6% • EBIT CAGR of 10% * Represents EBIT before net gains associated with sale of investments in eRate (2021) and Atea Mobile (2022)
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Atea awarded landmark contract by the NATO Communication and Information Agency Atea to deliver and manage the entire lifecycle of workplace devices “as-a-service” for end users across 32 member countries (Denmark) New customer agreements (2025) Other large new customer contracts SKI 50.07 Networking (Denmark) SKI 50.43 Tablets (Denmark) NATO – IT equipment (Denmark) Tradbroker (Norway) Ministry of Defense (Estonia) Outsourcing of Health regions (Finland) City of Gothenburg (Sweden) Outsourcing of Sollentuna municipality (Sweden) Arbeidsformidlingen (Sweden)
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• AppXite provides a platform for the distribution and resale of subscription-based software and IT services • The gain to be recognized upon closing is ca. EUR 13 million, of which ca. EUR 7 million is from the sale of shares and ca. EUR 6 million is from the revaluation of Atea’s residual shareholding from book value to fair value Atea to sell 51% of shares in its Latvian subsidiary AppXite SiA to the UK-based Aries Global for a price of up to EUR 10.7 million, with closing in Q1 2026 Partial sale of AppXite SiA
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Sales growth NOK 6.5 billion - with fewer FTEs Atea Denmark new structure and Managing Director in Nicolai Moresco Atea Managed Services new Managing Director in Hans Vigstad Development of Atea Global Services (Riga) from nearshoring to center of excellence. New office location with 600 people Developing our internal capabilities (2025) Finland returning to growth – maintained capacity through difficult market period Built a specialist sales team for the defense sector across group Atea Logistics exceeds BSEK 10 in revenue (opened in 2019) and replaced ERP system with SAP Growth in Cybersecurity business. 16% of our customer base use Atea as partner, up from 10% last year
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Atea expects continued year-over-year growth in sales and EBIT during 2026 • Strong underlying customer demand but the short-term impact of supply constraints is difficult to forecast • Order backlog at the end of 2025 is much higher than last year Business Outlook Supply of components will be an industry-wide challenge during 2026 • Massive new investments in AI data centers and overall demand for electronics are causing supply shortages • Memory units are currently experiencing supply constraints, with CPUs expected to follow • Significantly higher unit prices and longer production lead times expected across major hardware categories Atea is working closely with partners and customers to mitigate supply challenges • The supply situation is expected to stabilize in the coming months • Atea’s scale, strategic partnerships, and solid balance sheet provide stability and strengthen its competitive position during periods of market disruption
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5.00 5.50 6.25 7.00 7.00 7.50 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 2021 2022 2023 2024 2025 2026 Dividend per share (NOK)* Dividend The Board will propose a dividend of NOK 7.50 per share at the 2026 AGM Corresponds to 95% of 2025 EPS * For Norwegian tax purposes, the dividend shall be considered as repayment of paid in capital
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Fact pack February 10, 2026 Q4 2025 Presentation
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Q4 Q4 Full year Full year NOK in million 2025 2024* 2025 2024* Gross sales 17,827 16,533 60,167 53,857 Revenue 11,252 10,609 37,376 34,578 Gross profit 3,087 2,833 11,059 10,387 EBIT 480 356 1,377 1,161 EBIT margin (%) 4.3% 3.4% 3.7% 3.4% Net profit 333 245 878 767 Earnings per share (NOK) 2.99 2.20 7.87 6.87 Diluted earnings per share (NOK) 2.94 2.17 7.73 6.80 Cash flow from operations 1,977 2,154 1,204 2,028 Free cash flow 1,851 2,011 786 1,606 31 Dec 2025 31 Dec 2024* Net financial position 975 1,382 Liquidity reserve 6,366 6,126 Working capital -2,111 -2,612 Working capital in relation to last 12 months gross sales (%) -3.5% -4.8% Adjusted equity ratio (%) 22.9% 22.3% Number of full-time employees, end of period 8,165 7,989 Highlights – Group * Q4 and full year 2024 results are restated
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NOK in million 31 Dec 2025 31 Dec 2024* ASSETS Property, plant and equipment 563 498 Right-of-use assets 1,396 1,448 Deferred tax assets 126 170 Goodwill 4,526 4,465 Other intangible assets 753 712 Other long-term receivables 174 168 Non-current assets 7,537 7,461 Inventories 974 974 Trade receivables 8,721 8,074 Other receivables 2,515 2,484 Cash and cash equivalents 1,594 2,004 Current assets 13,804 13,536 Total assets 21,341 20,997 EQUITY AND LIABILITIES Share capital and premium 680 681 Other reserves 2,061 1,954 Retained earnings 1,800 1,716 Equity 4,541 4,351 Interest-bearing long-term liabilities 588 588 Long-term leasing liabilities 1,126 1,151 Other long-term liabilities 185 198 Deferred tax liabilities 174 168 Non-current liabilities 2,072 2,105 Trade payables 9,670 9,746 Interest-bearing current liabilities 4 4 Current leasing liabilities 470 456 Tax payable 48 31 Provisions 75 135 Other current liabilities 4,460 4,170 Current liabilities 14,728 14,541 Total liabilities 16,800 16,646 Total equity and liabilities 21,341 20,997 Consolidated statement of financial position – Group * Full year 2024 results are restated
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FTEs, end of period 31 Dec 2025 31 Dec 2024 Norway 1,791 1,775 Sweden 2,646 2,623 Denmark 1,481 1,432 Finland 578 546 Baltics 779 739 Logistics 306 290 Atea Global Services 514 520 Atea ASA 10 9 AppXite 60 55 Atea Group 8,165 7,989 Full-time employees – Group
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NOK in million Q1 24 Q2 24 Q3 24 Q4 24* Q1 25 Q2 25 Q3 25 Q4 25 Norway 1,900.1 2,114.2 1,968.0 2,817.8 2,100.2 2,133.3 2,215.7 2,947.2 Sweden 2,909.4 3,100.2 3,033.4 3,713.0 3,217.3 3,535.3 3,267.7 4,230.8 Denmark 1,615.9 1,813.9 1,716.5 2,712.8 1,999.5 2,048.4 1,796.6 2,481.1 Finland 857.9 980.2 836.6 906.5 850.5 959.2 759.4 968.8 The Baltics 347.5 423.6 437.5 514.7 428.4 507.5 445.4 731.5 Group Shared Services 1,917.4 2,269.1 2,552.4 3,460.3 2,528.8 2,907.9 2,964.1 3,770.2 Eliminations -1,942.7 -2,321.2 -2,561.6 -3,515.6 -2,571.6 -2,953.0 -3,016.3 -3,877.5 Revenue group total 7,605.6 8,380.1 7,982.8 10,609.4 8,553.0 9,138.5 8,432.6 11,252.0 Norway 60.1 97.4 113.6 139.0 73.1 108.3 122.8 156.3 Sweden 184.7 106.7 134.0 121.7 190.4 132.5 163.3 222.5 Denmark -11.0 13.4 19.1 41.7 0.0 16.5 23.5 56.6 Finland 22.5 38.5 21.1 34.1 23.2 30.1 19.6 29.5 The Baltics 15.5 17.4 20.7 40.6 17.5 20.6 26.4 47.6 Group Shared Services 7.1 9.5 22.3 16.7 8.9 3.6 26.7 12.2 Operating profit before group cost (EBIT) 278.8 282.9 330.9 393.8 313.1 311.5 382.3 524.5 Group cost -23.1 -40.0 -23.8 -38.2 -32.2 -43.2 -34.5 -44.2 Operating profit (EBIT) 255.7 242.9 307.0 355.6 280.9 268.3 347.8 480.3 Financial income 10.5 9.0 1.2 8.3 27.6 19.2 19.5 16.3 Financial expenses 20.7 74.2 58.0 45.6 99.3 84.9 75.5 59.6 Net financial items -10.3 -65.2 -56.8 -37.3 -71.8 -65.7 -56.0 -43.3 Profit before taxes (EBT) 245.4 177.7 250.2 318.4 209.1 202.6 291.7 437.0 Tax 53.9 39.2 58.2 73.2 47.1 45.7 65.8 104.2 Profit for the period 191.5 138.5 192.0 245.2 162.0 156.9 225.9 332.8 Financial performance actual – Segment * Q4 2024 results are restated
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NOK in million Q1 24 Q2 24 Q3 24 Q4 24* Q1 25 Q2 25 Q3 25 Q4 25 Norway 1,900.1 2,114.2 1,968.0 2,817.8 2,100.2 2,133.3 2,215.7 2,947.2 Sweden 2,909.4 3,100.2 3,033.4 3,713.0 3,217.3 3,535.3 3,267.7 4,230.8 Denmark 1,615.9 1,813.9 1,716.5 2,712.8 1,999.5 2,048.4 1,796.6 2,481.1 Finland 857.9 980.2 836.6 906.5 850.5 959.2 759.4 968.8 The Baltics 347.5 423.6 437.5 514.7 428.4 507.5 445.4 731.5 Group Shared Services 1,917.4 2,269.1 2,552.4 3,460.3 2,528.8 2,907.9 2,964.1 3,770.2 Eliminations -1,942.7 -2,321.2 -2,561.6 -3,515.6 -2,571.6 -2,953.0 -3,016.3 -3,877.5 Revenue group total 7,605.6 8,380.1 7,982.8 10,609.4 8,553.0 9,138.5 8,432.6 11,252.0 Norway 60.1 97.4 113.6 139.0 73.1 108.3 122.8 156.3 Sweden 184.7 106.7 134.0 121.7 190.4 132.5 163.3 222.5 Denmark -11.0 13.4 19.1 41.7 0.0 16.5 23.5 56.6 Finland 22.5 38.5 21.1 34.1 23.2 30.1 19.6 29.5 The Baltics 15.5 17.4 20.7 40.6 17.5 20.6 26.4 47.6 Group Shared Services 7.1 9.5 22.3 16.7 8.9 3.6 26.7 12.2 Operating profit before group cost (EBIT) 278.8 282.9 330.9 393.8 313.1 311.5 382.3 524.5 Group cost -23.1 -40.0 -23.8 -38.2 -32.2 -43.2 -34.5 -44.2 Operating profit (EBIT) 255.7 242.9 307.0 355.6 280.9 268.3 347.8 480.3 Financial income 10.5 9.0 1.2 8.3 27.6 19.2 19.5 16.3 Financial expenses 20.7 74.2 58.0 45.6 99.3 84.9 75.5 59.6 Net financial items -10.3 -65.2 -56.8 -37.3 -71.8 -65.7 -56.0 -43.3 Profit before taxes (EBT) 245.4 177.7 250.2 318.4 209.1 202.6 291.7 437.0 Tax 53.9 39.2 58.2 73.2 47.1 45.7 65.8 104.2 Profit for the period 191.5 138.5 192.0 245.2 162.0 156.9 225.9 332.8 Financial performance pro forma – Segment * Q4 2024 results are restated
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NOK in million Q1 24 Q2 24 Q3 24 Q4 24* Q1 25 Q2 25 Q3 25 Q4 25 Hardware 4,950.1 5,627.0 5,555.9 7,684.4 5,752.8 6,245.5 5,873.4 8,102.7 Software/Cloud 4,010.4 6,416.5 3,413.6 5,969.1 4,869.7 7,672.5 3,996.3 6,626.6 Product sales 8,960.5 12,043.5 8,969.5 13,653.5 10,622.4 13,918.0 9,869.7 14,729.3 Services sales 2,438.6 2,615.6 2,295.6 2,880.0 2,648.4 2,849.4 2,432.4 3,097.8 Gross sales 11,399.1 14,659.1 11,265.1 16,533.4 13,270.9 16,767.4 12,302.1 17,827.1 Hardware margin (%) 14.3% 13.2% 13.3% 12.3% 13.0% 13.0% 13.4% 13.0% Software/Cloud margin (%) 8.8% 6.2% 8.6% 5.8% 7.9% 5.0% 8.0% 6.2% Product margin (%) 11.8% 9.5% 11.5% 9.5% 10.6% 8.6% 11.2% 10.0% Services margin (%) 61.3% 57.3% 57.7% 53.5% 58.7% 55.5% 57.7% 52.2% Gross sales margin (%) 22.4% 18.0% 20.9% 17.1% 20.2% 16.6% 20.4% 17.3% Hardware 4,950.1 5,627.0 5,555.9 7,684.4 5,752.8 6,245.5 5,873.4 8,102.7 Software/Cloud 351.7 398.1 294.6 346.0 383.1 381.2 320.5 413.5 Product revenue 5,301.7 6,025.1 5,850.5 8,030.4 6,135.9 6,626.7 6,193.9 8,516.2 Services revenue 2,303.8 2,355.0 2,132.3 2,578.9 2,417.1 2,511.8 2,238.7 2,735.9 Revenue 7,605.6 8,380.1 7,982.8 10,609.4 8,553.0 9,138.5 8,432.6 11,252.0 Hardware 708.5 745.1 737.2 946.8 745.5 813.2 789.0 1,055.5 Software/Cloud 351.7 398.1 294.6 346.0 383.1 381.2 320.5 413.5 Product gross profit 1,060.1 1,143.2 1,031.9 1,292.8 1,128.6 1,194.4 1,109.5 1,468.9 Services gross profit 1,495.4 1,498.4 1,325.0 1,539.9 1,553.5 1,581.5 1,404.4 1,617.8 Total gross profit 2,555.5 2,641.6 2,356.8 2,832.8 2,682.1 2,775.9 2,513.9 3,086.8 Payroll and related costs 1,918.6 2,004.6 1,661.6 2,021.8 1,994.0 2,071.4 1,756.5 2,142.2 Other operating costs 201.2 214.7 203.1 263.5 219.6 242.1 212.9 263.7 Depreciation of ROU, leasing 98.3 97.9 101.3 108.3 103.7 108.1 111.5 111.8 Depreciation of other assets 79.0 78.6 81.0 80.7 81.3 83.5 82.8 86.5 Amortization of acquired intangibles 2.8 2.8 2.7 2.7 2.6 2.5 2.5 2.3 Total operating expenses 2,299.8 2,398.6 2,049.8 2,477.1 2,401.2 2,507.6 2,166.2 2,606.4 Operating profit (EBIT) 255.7 242.9 307.0 355.6 280.9 268.3 347.8 480.3 EBIT (%) 3.4% 2.9% 3.8% 3.4% 3.3% 2.9% 4.1% 4.3% Income statement actual – Group (NOK million) * Q4 2024 results are restated
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NOK in million Q1 24 Q2 24 Q3 24 Q4 24* Q1 25 Q2 25 Q3 25 Q4 25 Hardware 4,950.1 5,627.0 5,555.9 7,684.4 5,752.8 6,245.5 5,873.4 8,102.7 Software/Cloud 4,010.4 6,416.5 3,413.6 5,969.1 4,869.7 7,672.5 3,996.3 6,626.6 Product sales 8,960.5 12,043.5 8,969.5 13,653.5 10,622.4 13,918.0 9,869.7 14,729.3 Services sales 2,438.6 2,615.6 2,295.6 2,880.0 2,648.4 2,849.4 2,432.4 3,097.8 Gross sales 11,399.1 14,659.1 11,265.1 16,533.4 13,270.9 16,767.4 12,302.1 17,827.1 Hardware margin (%) 14.3% 13.2% 13.3% 12.3% 13.0% 13.0% 13.4% 13.0% Software/Cloud margin (%) 8.8% 6.2% 8.6% 5.8% 7.9% 5.0% 8.0% 6.2% Product margin (%) 11.8% 9.5% 11.5% 9.5% 10.6% 8.6% 11.2% 10.0% Services margin (%) 61.3% 57.3% 57.7% 53.5% 58.7% 55.5% 57.7% 52.2% Gross sales margin (%) 22.4% 18.0% 20.9% 17.1% 20.2% 16.6% 20.4% 17.3% Hardware 4,950.1 5,627.0 5,555.9 7,684.4 5,752.8 6,245.5 5,873.4 8,102.7 Software/Cloud 351.7 398.1 294.6 346.0 383.1 381.2 320.5 413.5 Product revenue 5,301.7 6,025.1 5,850.5 8,030.4 6,135.9 6,626.7 6,193.9 8,516.2 Services revenue 2,303.8 2,355.0 2,132.3 2,578.9 2,417.1 2,511.8 2,238.7 2,735.9 Revenue 7,605.6 8,380.1 7,982.8 10,609.4 8,553.0 9,138.5 8,432.6 11,252.0 Hardware 708.5 745.1 737.2 946.8 745.5 813.2 789.0 1,055.5 Software/Cloud 351.7 398.1 294.6 346.0 383.1 381.2 320.5 413.5 Product gross profit 1,060.1 1,143.2 1,031.9 1,292.8 1,128.6 1,194.4 1,109.5 1,468.9 Services gross profit 1,495.4 1,498.4 1,325.0 1,539.9 1,553.5 1,581.5 1,404.4 1,617.8 Total gross profit 2,555.5 2,641.6 2,356.8 2,832.8 2,682.1 2,775.9 2,513.9 3,086.8 Payroll and related costs 1,918.6 2,004.6 1,661.6 2,021.8 1,994.0 2,071.4 1,756.5 2,142.2 Other operating costs 201.2 214.7 203.1 263.5 219.6 242.1 212.9 263.7 Depreciation of ROU, leasing 98.3 97.9 101.3 108.3 103.7 108.1 111.5 111.8 Depreciation of other assets 79.0 78.6 81.0 80.7 81.3 83.5 82.8 86.5 Amortization of acquired intangibles 2.8 2.8 2.7 2.7 2.6 2.5 2.5 2.3 Total operating expenses 2,299.8 2,398.6 2,049.8 2,477.1 2,401.2 2,507.6 2,166.2 2,606.4 Operating profit (EBIT) 255.7 242.9 307.0 355.6 280.9 268.3 347.8 480.3 EBIT (%) 3.4% 2.9% 3.8% 3.4% 3.3% 2.9% 4.1% 4.3% Income statement pro forma – Group (NOK million) * Q4 2024 results are restated
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NOK in million Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Product sales 2,176.0 2,504.0 2,188.9 3,513.9 2,427.0 2,538.2 2,442.4 3,831.4 Services sales 616.8 682.6 591.1 697.1 689.9 694.4 650.4 736.0 Gross sales 2,792.7 3,186.6 2,780.0 4,211.0 3,116.9 3,232.7 3,092.7 4,567.4 Product margin (%) 11.7% 11.5% 11.5% 9.6% 11.3% 11.4% 10.8% 9.6% Services margin (%) 69.6% 64.4% 64.4% 63.9% 66.1% 64.7% 64.4% 64.2% Gross sales margin (%) 24.5% 22.8% 22.8% 18.6% 23.4% 22.8% 22.0% 18.4% Product revenue 1,305.2 1,509.7 1,412.8 2,183.8 1,454.1 1,502.9 1,612.5 2,272.9 Services revenue 594.9 604.5 555.2 634.0 646.1 630.4 603.2 674.3 Revenue 1,900.1 2,114.2 1,968.0 2,817.8 2,100.2 2,133.3 2,215.7 2,947.2 Product gross profit 254.4 288.0 251.8 337.6 273.8 289.1 262.8 368.3 Services gross profit 429.2 439.8 380.8 445.3 455.7 449.3 419.1 472.2 Total gross profit 683.6 727.8 632.6 782.8 729.4 738.5 681.9 840.5 Payroll and other operating expenses 589.7 596.1 485.2 609.3 621.5 595.9 523.4 647.6 Depreciation and amortization 33.8 34.3 33.8 34.6 34.9 34.3 35.7 36.6 Total operating expenses 623.5 630.4 519.0 643.9 656.4 630.2 559.1 684.2 Operating profit (EBIT) 60.1 97.4 113.6 139.0 73.1 108.3 122.8 156.3 EBIT (%) 3.2% 4.6% 5.8% 4.9% 3.5% 5.1% 5.5% 5.3% Income statement actual – Norway (NOK million)
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SEK in million Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Product sales 3,912.0 5,071.1 3,446.0 5,483.0 4,540.8 5,580.4 3,693.8 5,759.3 Services sales 903.6 960.8 787.3 1,054.7 957.2 1,016.1 867.2 1,118.1 Gross sales 4,815.6 6,031.9 4,233.3 6,537.7 5,498.0 6,596.6 4,561.0 6,877.4 Product margin (%) 11.0% 8.8% 11.4% 8.5% 9.5% 8.5% 10.9% 8.7% Services margin (%) 58.8% 52.1% 52.6% 48.8% 55.2% 51.8% 50.8% 47.4% Gross sales margin (%) 19.9% 15.7% 19.1% 15.0% 17.4% 15.2% 18.5% 15.0% Product revenue 2,007.9 2,222.0 2,210.7 2,647.3 2,218.0 2,373.1 2,276.2 2,890.7 Services revenue 866.6 870.8 738.2 985.0 881.1 944.7 803.3 1,051.5 Revenue 2,874.5 3,092.8 2,948.8 3,632.3 3,099.1 3,317.8 3,079.5 3,942.2 Product gross profit 429.1 443.9 394.5 464.5 430.4 476.4 401.7 503.2 Services gross profit 531.1 500.9 414.4 514.3 528.2 526.2 440.4 529.4 Total gross profit 960.2 944.7 808.9 978.8 958.7 1,002.5 842.1 1,032.6 Payroll and other operating expenses 733.6 794.2 633.8 815.1 729.7 831.3 642.8 781.2 Depreciation and amortization 44.2 44.3 45.0 45.0 45.3 46.2 45.3 44.6 Total operating expenses 777.8 838.6 678.8 860.1 775.0 877.5 688.2 825.8 Operating profit (EBIT) 182.4 106.2 130.1 118.8 183.6 125.0 153.9 206.8 EBIT (%) 6.3% 3.4% 4.4% 3.3% 5.9% 3.8% 5.0% 5.2% Income statement actual – Sweden (SEK million)
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NOK in million Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Product sales 3,956.8 5,079.3 3,542.5 5,602.9 4,704.9 5,941.3 3,918.7 6,189.7 Services sales 915.2 963.1 810.0 1,078.8 993.9 1,083.0 920.0 1,199.7 Gross sales 4,872.0 6,042.4 4,352.5 6,681.7 5,698.8 7,024.3 4,838.7 7,389.4 Product margin (%) 11.0% 8.8% 11.5% 8.5% 9.5% 8.5% 10.9% 8.7% Services margin (%) 58.7% 52.1% 52.7% 48.8% 55.2% 51.8% 50.8% 47.3% Gross sales margin (%) 20.0% 15.7% 19.1% 15.0% 17.5% 15.2% 18.5% 15.0% Product revenue 2,031.6 2,227.1 2,274.0 2,705.4 2,302.1 2,528.4 2,415.6 3,102.6 Services revenue 877.8 873.1 759.4 1,007.5 915.2 1,006.9 852.2 1,128.2 Revenue 2,909.4 3,100.2 3,033.4 3,713.0 3,217.3 3,535.3 3,267.7 4,230.8 Product gross profit 434.5 445.3 405.9 474.8 446.5 507.2 426.2 540.6 Services gross profit 537.6 502.1 426.6 526.1 548.2 560.7 467.3 567.6 Total gross profit 972.1 947.3 832.5 1,000.9 994.6 1,067.9 893.5 1,108.3 Payroll and other operating expenses 742.7 796.2 652.3 833.2 757.3 886.2 682.1 837.9 Depreciation and amortization 44.7 44.4 46.2 46.0 47.0 49.2 48.1 47.9 Total operating expenses 787.5 840.6 698.5 879.2 804.3 935.4 730.2 885.8 Operating profit (EBIT) 184.7 106.7 134.0 121.7 190.4 132.5 163.3 222.5 EBIT (%) 6.3% 3.4% 4.4% 3.3% 5.9% 3.7% 5.0% 5.3% Income statement actual – Sweden (NOK million)
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DKK in million Q1 24 Q2 24 Q3 24 Q4 24* Q1 25 Q2 25 Q3 25 Q4 25 Product sales 1,090.9 1,929.8 1,173.7 2,011.0 1,439.1 2,521.3 1,398.3 1,888.0 Services sales 408.6 450.7 381.8 481.8 416.0 505.0 370.2 506.0 Gross sales 1,499.4 2,380.5 1,555.5 2,492.8 1,855.1 3,026.3 1,768.5 2,394.0 Product margin (%) 10.2% 6.4% 8.7% 8.0% 8.4% 4.2% 8.8% 8.6% Services margin (%) 52.7% 49.7% 53.0% 42.7% 50.7% 44.8% 53.8% 42.9% Gross sales margin (%) 21.8% 14.6% 19.6% 14.7% 17.9% 11.0% 18.2% 15.9% Product revenue 678.9 763.5 733.6 1,320.3 902.2 908.4 794.2 1,170.7 Services revenue 377.2 407.8 354.8 401.2 377.8 400.9 343.2 405.5 Revenue 1,056.1 1,171.3 1,088.4 1,721.4 1,280.0 1,309.3 1,137.4 1,576.1 Product gross profit 111.2 124.1 102.1 161.3 120.8 105.7 123.5 163.0 Services gross profit 215.3 224.1 202.3 205.8 211.0 226.5 199.1 216.8 Total gross profit 326.6 348.2 304.4 367.0 331.9 332.2 322.6 379.8 Payroll and other operating expenses 302.9 309.1 261.6 306.5 301.9 290.9 275.8 312.7 Depreciation and amortization 31.0 30.2 30.8 34.0 29.8 30.5 31.6 31.5 Total operating expenses 333.9 339.3 292.3 340.5 331.7 321.5 307.4 344.2 Operating profit (EBIT) -7.3 9.0 12.0 26.6 0.2 10.7 15.1 35.6 EBIT (%) -0.7% 0.8% 1.1% 1.5% 0.0% 0.8% 1.3% 2.3% Income statement actual – Denmark (DKK million) * Q4 2024 results are restated
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NOK in million Q1 24 Q2 24 Q3 24 Q4 24* Q1 25 Q2 25 Q3 25 Q4 25 Product sales 1,668.9 2,999.5 1,850.5 3,168.5 2,247.6 3,949.1 2,211.0 2,972.6 Services sales 625.7 698.2 602.1 759.2 649.1 789.0 584.3 796.1 Gross sales 2,294.6 3,697.7 2,452.6 3,927.8 2,896.6 4,738.0 2,795.3 3,768.7 Product margin (%) 10.2% 6.4% 8.7% 8.0% 8.4% 4.2% 8.8% 8.6% Services margin (%) 52.7% 49.7% 53.0% 42.7% 50.7% 44.9% 53.8% 42.9% Gross sales margin (%) 21.8% 14.6% 19.6% 14.7% 17.9% 11.0% 18.2% 15.9% Product revenue 1,038.3 1,181.9 1,156.9 2,080.6 1,409.9 1,421.4 1,254.7 1,843.0 Services revenue 577.7 632.0 559.6 632.3 589.6 627.0 542.0 638.1 Revenue 1,615.9 1,813.9 1,716.5 2,712.8 1,999.5 2,048.4 1,796.6 2,481.1 Product gross profit 170.1 192.5 161.0 254.1 188.6 165.5 194.8 256.7 Services gross profit 329.9 347.1 319.1 324.3 329.4 353.9 314.3 341.3 Total gross profit 500.0 539.6 480.1 578.4 518.0 519.4 509.1 598.0 Payroll and other operating expenses 463.6 479.5 412.4 483.1 471.5 455.2 435.6 491.8 Depreciation and amortization 47.5 46.8 48.5 53.6 46.5 47.8 50.0 49.6 Total operating expenses 511.1 526.2 461.0 536.7 518.0 503.0 485.6 541.4 Operating profit (EBIT) -11.0 13.4 19.1 41.7 0.0 16.5 23.5 56.6 EBIT (%) -0.7% 0.7% 1.1% 1.5% 0.0% 0.8% 1.3% 2.3% Income statement actual – Denmark (NOK million) * Q4 2024 results are restated
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EUR in million Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Product sales 78.9 99.7 92.2 86.5 81.6 93.4 83.1 97.3 Services sales 13.5 14.2 13.7 15.1 14.6 13.6 12.7 15.4 Gross sales 92.5 113.8 105.9 101.6 96.2 107.0 95.8 112.7 Product margin (%) 11.8% 9.2% 8.5% 9.4% 11.4% 10.7% 9.3% 10.1% Services margin (%) 51.7% 56.2% 48.3% 57.7% 53.0% 51.7% 50.3% 55.5% Gross sales margin (%) 17.7% 15.1% 13.7% 16.6% 17.8% 15.9% 14.8% 16.4% Product revenue 63.2 72.3 59.2 63.8 60.9 70.5 53.6 69.0 Services revenue 11.9 12.5 12.0 13.3 12.1 11.7 10.8 13.4 Revenue 75.1 84.8 71.1 77.1 73.1 82.2 64.4 82.4 Product gross profit 9.3 9.2 7.8 8.2 9.3 10.0 7.7 9.9 Services gross profit 7.0 8.0 6.6 8.7 7.7 7.0 6.4 8.6 Total gross profit 16.3 17.2 14.5 16.9 17.1 17.0 14.1 18.4 Payroll and other operating expenses 13.7 13.1 12.0 13.3 14.3 13.6 11.6 15.0 Depreciation and amortization 0.7 0.7 0.7 0.7 0.7 0.9 0.9 0.9 Total operating expenses 14.4 13.8 12.7 14.0 15.1 14.4 12.5 15.9 Operating profit (EBIT) 2.0 3.4 1.8 2.9 2.0 2.6 1.7 2.5 EBIT (%) 2.6% 4.0% 2.5% 3.8% 2.7% 3.1% 2.6% 3.0% Income statement actual – Finland (EUR million)
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NOK in million Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Product sales 902.1 1,151.0 1,083.5 1,016.3 950.2 1,088.5 980.6 1,144.7 Services sales 154.6 163.8 161.7 177.5 169.9 158.7 150.1 181.5 Gross sales 1,056.7 1,314.8 1,245.3 1,193.8 1,120.1 1,247.2 1,130.7 1,326.2 Product margin (%) 11.8% 9.2% 8.5% 9.4% 11.4% 10.7% 9.3% 10.1% Services margin (%) 51.7% 56.1% 48.3% 57.7% 53.0% 51.7% 50.2% 55.5% Gross sales margin (%) 17.7% 15.1% 13.7% 16.6% 17.8% 15.9% 14.7% 16.3% Product revenue 721.9 835.4 695.9 749.9 709.4 822.2 631.9 811.5 Services revenue 135.9 144.9 140.7 156.6 141.1 137.0 127.5 157.3 Revenue 857.9 980.2 836.6 906.5 850.5 959.2 759.4 968.8 Product gross profit 106.8 106.4 92.3 96.0 108.7 116.5 91.2 116.0 Services gross profit 80.0 92.0 78.2 102.5 90.1 82.1 75.4 100.8 Total gross profit 186.7 198.4 170.5 198.5 198.8 198.6 166.6 216.8 Payroll and other operating expenses 156.3 151.5 140.7 155.9 166.9 158.5 136.3 176.7 Depreciation and amortization 7.9 8.3 8.7 8.5 8.7 10.0 10.7 10.7 Total operating expenses 164.2 159.8 149.4 164.4 175.6 168.5 147.0 187.4 Operating profit (EBIT) 22.5 38.5 21.1 34.1 23.2 30.1 19.6 29.5 EBIT (%) 2.6% 3.9% 2.5% 3.8% 2.7% 3.1% 2.6% 3.0% Income statement actual – Finland (NOK million)
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EUR in million Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Product sales 25.5 28.9 28.3 32.0 29.1 36.2 31.6 57.6 Services sales 13.9 13.8 13.9 17.3 15.6 15.1 14.6 19.2 Gross sales 39.3 42.7 42.1 49.3 44.7 51.3 46.2 76.8 Product margin (%) 11.2% 13.2% 13.2% 14.6% 12.4% 9.9% 12.0% 13.3% Services margin (%) 65.8% 64.2% 62.9% 62.9% 61.7% 68.3% 66.6% 52.4% Gross sales margin (%) 30.5% 29.7% 29.6% 31.6% 29.6% 27.1% 29.3% 23.1% Product revenue 17.4 23.5 24.7 28.1 22.9 29.7 24.4 46.9 Services revenue 13.1 13.2 12.5 15.7 13.9 13.9 13.4 15.3 Revenue 30.4 36.7 37.2 43.8 36.8 43.6 37.8 62.1 Product gross profit 2.9 3.8 3.7 4.7 3.6 3.6 3.8 7.7 Services gross profit 9.1 8.9 8.7 10.9 9.6 10.3 9.7 10.1 Total gross profit 12.0 12.7 12.5 15.6 13.2 13.9 13.5 17.7 Payroll and other operating expenses 8.9 9.5 9.1 10.4 10.0 10.3 9.6 12.1 Depreciation and amortization 1.7 1.6 1.6 1.7 1.7 1.8 1.7 1.6 Total operating expenses 10.6 11.2 10.7 12.1 11.7 12.1 11.3 13.7 Operating profit (EBIT) 1.4 1.5 1.8 3.5 1.5 1.8 2.2 4.0 EBIT (%) 4.4% 4.1% 4.7% 7.9% 4.1% 4.1% 5.9% 6.5% Income statement actual – Baltic (EUR million)
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NOK in million Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Product sales 290.6 332.6 332.7 375.8 339.8 421.3 372.3 678.7 Services sales 158.4 159.9 163.3 203.8 181.9 176.4 172.0 226.0 Gross sales 449.0 492.5 496.1 579.6 521.7 597.7 544.3 904.7 Product margin (%) 11.2% 13.2% 13.2% 14.6% 12.4% 9.9% 12.0% 13.3% Services margin (%) 65.8% 64.2% 62.8% 62.9% 61.7% 68.3% 66.6% 52.4% Gross sales margin (%) 30.5% 29.8% 29.6% 31.6% 29.6% 27.1% 29.3% 23.1% Product revenue 197.9 271.0 290.8 329.7 266.9 345.6 287.2 552.1 Services revenue 149.5 152.5 146.8 185.0 161.4 162.0 158.2 179.4 Revenue 347.5 423.6 437.5 514.7 428.4 507.5 445.4 731.5 Product gross profit 32.6 44.0 44.1 54.9 42.0 41.6 44.8 90.3 Services gross profit 104.2 102.7 102.7 128.2 112.2 120.5 114.6 118.3 Total gross profit 136.9 146.7 146.7 183.1 154.2 162.1 159.4 208.6 Payroll and other operating expenses 101.7 110.3 106.7 122.8 116.4 120.7 113.3 142.0 Depreciation and amortization 19.6 19.0 19.3 19.7 20.3 20.9 19.7 19.1 Total operating expenses 121.3 129.3 126.0 142.5 136.7 141.5 133.0 161.0 Operating profit (EBIT) 15.5 17.4 20.7 40.6 17.5 20.6 26.4 47.6 EBIT (%) 4.5% 4.1% 4.7% 7.9% 4.1% 4.1% 5.9% 6.5% Income statement actual – Baltic (NOK million)
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NOK in million Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Product sales 1,640.4 1,985.9 2,237.9 3,141.0 2,230.6 2,595.5 2,642.6 3,437.0 Services sales 296.2 307.8 339.9 350.1 322.7 339.6 346.7 363.8 Gross sales 1,936.6 2,293.6 2,577.8 3,491.1 2,553.4 2,935.0 2,989.3 3,800.7 Product margin (%) 2.2% 2.1% 1.8% 1.6% 1.8% 2.0% 2.1% 1.8% Services margin (%) 77.6% 77.4% 72.4% 71.6% 77.3% 74.0% 75.4% 73.0% Gross sales margin (%) 13.8% 12.2% 11.1% 8.6% 11.4% 10.3% 10.6% 8.6% Product revenue 1,621.2 1,961.3 2,212.5 3,110.2 2,206.1 2,568.3 2,617.4 3,406.4 Services revenue 296.2 307.8 339.9 350.1 322.7 339.6 346.7 363.8 Revenue 1,917.4 2,269.1 2,552.4 3,460.3 2,528.8 2,907.9 2,964.1 3,770.2 Product gross profit 36.9 40.9 40.8 50.1 40.5 52.1 54.9 61.9 Services gross profit 230.0 238.2 246.1 250.7 249.4 251.4 261.5 265.4 Total gross profit 266.8 279.1 286.9 300.9 289.9 303.5 316.5 327.3 Payroll and other operating expenses 233.4 243.2 236.1 255.0 251.0 267.9 257.2 278.5 Depreciation and amortization 26.4 26.5 28.4 29.3 30.1 31.9 32.6 36.6 Total operating expenses 259.8 269.6 264.6 284.2 281.1 299.8 289.8 315.1 Operating profit (EBIT) 7.1 9.5 22.3 16.7 8.9 3.6 26.7 12.2 EBIT (%) 0.4% 0.4% 0.9% 0.5% 0.4% 0.1% 0.9% 0.3% Income statement actual – Group Shared Services* (MNOK) * Atea Logistics, Atea Global Services, Atea Group Functions, AppXite and Securitization SPV