Interim report
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Sensitivity: Internal Interim Report Gross sales of NOK 13.9 billion, up 12.6% y-o-y Net revenue (IFRS) of NOK 9.9 billion, up 16.9% y-o-y EBIT of NOK 405 million, up 16.5% y-o-y Net profit of NOK 279 million, up 23.4% y-o-y Q3 2026
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03 04 15 37 Key Figures* Financial Review Group Norway Sweden Denmark Finland The Baltics Balance Sheet Cash Flow Shares Business Overview Business Outlook Condensed Financial Information Consolidated Statement of Comprehensive Income Consolidated Statement of Financial Position Consolidated Statement of Cash Flow Consolidated Statement of Changes in Equity Note 1 - General information and accounting policies Note 2 - Operating segment information Note 3 - Disaggregation of revenue Note 4 - Share capital and premium Note 5 - Net financial items Note 6 - Borrowing Note 7 - Taxes Note 8 - Seasonality of operations Note 9 - Dividend Note 10 - Investment in associates Note 11 - Events after the balance sheet date Note 12 - Alternative performance measures Contacts
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Key Figures Key Figures Financial Review Condensed Financial Information Contacts 3 Interim Report Q3 2026 Key Figures* Q3 2026 NOK in million Q3 2026 Q3 2025 YTD 2026 YTD 2025 31 Dec 2025 Gross sales 13,857 12,302 47,512 42,340 60,167 Revenue 9,860 8,433 29,937 26,124 37,376 Gross profit 2,564 2,514 8,281 7,972 11,059 EBIT 405 348 1,201 897 1,377 EBIT margin (%) 4.1% 4.1% 4.0% 3.4% 3.7% Net profit 279 226 886 545 878 Earnings per share (NOK) 2.50 2.03 7.95 4.89 7.87 Diluted earnings per share (NOK) 2.46 2.00 7.83 4.82 7.73 Cash flow from operations 143 220 -1,031 -772 1,204 Free cash flow 77 136 -1,325 -1,065 786 NOK in million 30 Sep 2026 30 Sep 2025 31 Dec 2025 Net financial position -1,349 -438 975 Liquidity reserve 4,761 4,620 6,366 Working capital 393 -707 -2,111 Working capital in relation to last 12 months gross sales (%) 0.6% -1.2% -3.5% Adjusted equity ratio (%) 24.5% 26.8% 22.9% Number of full-time employees, end of period 8,069 8,039 8,165 * Alternative performance measures (APM) presented in the key figures table are described in Note 12 of this report. 220 1,977 -447 -727 143 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Operating Cash Flow NOK in million 348 480 476 320 405 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 EBIT NOK in million 12,302 17,827 14,799 18,856 13,857 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Gross sales NOK in million
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Group Key Figures Financial Review Condensed Financial Information Contacts 4 Interim Report Q3 2026 Financial Review Q3 2026 Group Hardware gross sales and growth Software/cloud gross sales and growth Services gross sales and growth NOK in million NOK in million NOK in million Atea reported high sales and profit growth in the third quarter of 2026, driven by strong demand for hardware and tight control of operating expenses. Gross sales in Q3 2026 increased by 12.6% to NOK 13.9 billion. Currency fluctuations had a negative impact of 7.5% on sales growth, as sales in foreign currencies were translated into a stronger Norwegian krone compared with last year. Adjusted for changes in currency rates, organic sales growth in constant currency was 21.7%. Hardware gross sales grew by 25.0%, or about 35% in constant currency. Hardware growth was driven by very strong demand for servers, storage and networking equipment. Software/cloud sales increased by 3.3%, or about 12% in constant currency. Software growth was based on higher sales of datacenter and security solutions. Services sales fell by 1.9% in Norwegian krone but grew nearly 6% in constant currency. Growth was driven by sales of third-party services. Net revenue (IFRS) increased by 16.9% to NOK 9.9 billion . The conversion of gross sales to net revenue is described in Note 12 of this report. Gross profit was NOK 2,564 million, up 2.0% from last year. Atea’s gross margin was 26.0% in Q3 2026, down from 29.8% last year, mainly due to a higher share of hardware in the revenue mix. Total operating expenses were NOK 2,159 million, down 0.3% from last year. The average number of full-time employees grew by 63 (0.8%) from last year. With strong sales growth and lower operating expenses, EBIT increased by 16.5% to NOK 405 million in Q3 2026. The EBIT margin was 4.1%, in line with last year. Net financial expenses were NOK 43 million, down from NOK 56 million last year. The difference was mainly due to currency. Atea had a currency -related gain of NOK 13 million in Q3 2026, compared with a currency ‑related expense of NOK 9 million last year. Profit before tax increased by 24.1% to NOK 362 million in Q 3 2026. Net profit after tax was NOK 279 million, compared with NOK 226 million last year. 8,103 6,838 7,571 7,340 +5.4% +18.9% +21.2% +25.0% Q4 Q1 Q2 Q3 6,627 5,312 8,569 4,130 +11.0% +9.1% +11.7% +3.3% Q4 Q1 Q2 Q3 3,098 2,650 2,716 2,387 +7.6% +0.1% -4.7% -1.9% Q4 Q1 Q2 Q3
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Norway Key Figures Financial Review Condensed Financial Information Contacts 5 Interim Report Q3 2026 Financial Review Q3 2026 Norway NOK in million Q3 2026 Q3 2025 Change % YTD 2026 YTD 2025 Change % Products gross sales 2,926 2,442 19.8% 9,213 7,408 24.4% Services gross sales 667 650 2.6% 2,126 2,035 4.5% Total gross sales 3,594 3,093 16.2% 11,339 9,442 20.1% Products revenue 1,839 1,612 14.1% 5,498 4,570 20.3% Services revenue 639 603 6.0% 1,974 1,880 5.0% Total revenue (IFRS) 2,479 2,216 11.9% 7,472 6,449 15.9% Gross profit 722 682 5.9% 2,275 2,150 5.8% Gross margin % 29.1% 30.8% -1.7% 30.4% 33.3% -2.9% OPEX 581 559 3.9% 1,935 1,846 4.8% EBIT 141 123 14.6% 340 304 11.9% EBIT % 5.7% 5.5% 0.1% 4.6% 4.7% -0.2% Atea Norway delivered strong growth in sales and EBIT in the third quarter of 2026, with increased demand across all lines of business. Total gross sales increased by 16.2% from last year to NOK 3,594 million. Hardware sales grew by 13.8%, driven by high demand for data center equipment. Software/cloud sales grew by 30.0%, with increased sales of productivity applications and security solutions. Services sales were up 2.6%, driven by higher demand for Atea’s consultants and managed service offering. Net revenue (IFRS) grew by 11.9% to NOK 2,479 million . The conversion of gross sales to net revenue is described in Note 12 of this report. Gross profit was NOK 722 million, up 5.9% from last year. Gross margin was 29.1%, compared with 30.8% last year, due to a lower proportion of Atea’s services in the revenue mix. Total operating expenses grew by 3.9% to NOK 581 million, mainly due to general inflation and increased market activity. The average number of full -time employees increased by 8 (0.4%) from last year. Based on strong sales performance and relatively low growth in operating expenses, EBIT increased by 14.6% to NOK 141 million in Q3 2026. The EBIT margin was 5.7%, up from 5.5% last year.
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Sweden Key Figures Financial Review Condensed Financial Information Contacts 6 Interim Report Q3 2026 Financial Review Q3 2026 Sweden SEK in million Q3 2026 Q3 2025 Change % YTD 2026 YTD 2025 Change % Products gross sales 4,735 3,694 28.2% 16,482 13,815 19.3% Services gross sales 901 867 3.8% 2,889 2,841 1.7% Total gross sales 5,636 4,561 23.6% 19,371 16,656 16.3% Products revenue 3,148 2,276 38.3% 9,102 6,867 32.5% Services revenue 819 803 1.9% 2,635 2,629 0.2% Total revenue (IFRS) 3,967 3,079 28.8% 11,736 9,496 23.6% Gross profit 900 842 6.9% 2,939 2,803 4.8% Gross margin % 22.7% 27.3% -4.7% 25.0% 29.5% -4.5% OPEX 726 688 5.5% 2,422 2,341 3.5% EBIT 174 154 13.0% 517 463 11.8% EBIT % 4.4% 5.0% -0.6% 4.4% 4.9% -0.5% Atea Sweden reported rapid growth in product sales and higher EBIT during the third quarter of 2026. Total gross sales grew by 23.6% from last year to SEK 5,636 million. Hardware gross sales increased by 39.1%, with very strong growth in sales of servers and storage. Software/cloud gross sales grew by 13.0%, based on strong demand for networking and security solutions. Services gross sales were up 3.8%, with higher sales of third-party services. Net revenue (IFRS) increased by 28.8% to SEK 3,967 million. The conversion of gross sales to net revenue is described in Note 12 of this report. Gross profit increased by 6.9% to SEK 900 million. Gross margin was 22.7%, down from 27.3% last year, due to a higher proportion of hardware and third-party services in the revenue mix. Total operating expenses grew by 5.5% to SEK 726 million, mainly due to higher personnel and overhead costs. The average number of full-time employees fell by 7 (-0.3%) from last year. Based on strong sales performance, EBIT increased by 13.0% to SEK 174 million in Q3 2026. The EBIT margin was 4.4%, compared with 5.0% last year.
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Denmark Key Figures Financial Review Condensed Financial Information Contacts 7 Interim Report Q3 2026 Financial Review Q3 2026 Denmark DKK in million Q3 2026 Q3 2025 Change % YTD 2026 YTD 2025 Change % Products gross sales 1,700 1,398 21.6% 6,331 5,359 18.2% Services gross sales 389 370 5.0% 1,234 1,291 -4.4% Total gross sales 2,088 1,768 18.1% 7,565 6,650 13.8% Products revenue 1,155 794 45.5% 3,353 2,605 28.7% Services revenue 348 343 1.4% 1,079 1,122 -3.8% Total revenue (IFRS) 1,503 1,137 32.2% 4,432 3,727 18.9% Gross profit 343 323 6.4% 1,078 987 9.2% Gross margin % 22.8% 28.4% -5.5% 24.3% 26.5% -2.2% OPEX 325 307 5.9% 1,038 961 8.1% EBIT 18 15 17.8% 39 26 50.2% EBIT % 1.2% 1.3% -0.1% 0.9% 0.7% 0.2% Atea Denmark reported higher EBIT in the third quarter of 2026, driven by increased demand for hardware. Total gross sales increased by 18.1% from last year to DKK 2,088 million. Hardware gross sales grew by 48.8%, driven by exceptionally strong sales of datacenter and networking solutions. Software/cloud gross sales fell by 9.8% from a strong comparable period last year. Services gross sales were up 5.0%, based on higher sales of third-party services. Net revenue (IFRS) grew by 32.2% to DKK 1,503 million . The conversion of gross sales to net revenue is described in Note 12 of this report. Gross profit increased by 6.4% from last year to DKK 343 million. Gross margin was 22.8%, down from 28.4% last year, as the revenue mix shifted towards hardware and third-party services. Total operating expenses grew by 5.9% to DKK 325 million, due to higher personnel costs. The average number of full -time employees increased by 89 (6.2%) from last year , reflecting investment in the consulting business, a strategic growth area for Atea Denmark. Based on higher sales, EBIT increased by 17.8% to DKK 18 million in Q3 2026. The EBIT margin was 1.2%, compared with 1.3% last year.
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Finland Key Figures Financial Review Condensed Financial Information Contacts 8 Interim Report Q3 2026 Financial Review Q3 2026 Finland EUR in million Q3 2026 Q3 2025 Change % YTD 2026 YTD 2025 Change % Products gross sales 95.1 83.1 14.5% 297.6 258.0 15.3% Services gross sales 13.0 12.7 2.1% 39.2 40.9 -4.1% Total gross sales 108.1 95.8 12.9% 336.9 299.0 12.7% Products revenue 67.1 53.6 25.3% 211.4 185.0 14.3% Services revenue 11.0 10.8 1.2% 33.0 34.7 -4.7% Total revenue (IFRS) 78.1 64.4 21.3% 244.5 219.7 11.3% Gross profit 16.4 14.1 16.1% 52.9 48.2 9.7% Gross margin % 21.0% 22.0% -0.9% 21.7% 22.0% -0.3% OPEX 13.9 12.5 11.5% 45.4 42.0 8.1% EBIT 2.5 1.7 50.5% 7.6 6.3 20.7% EBIT % 3.2% 2.6% 0.6% 3.1% 2.9% 0.2% Atea Finland delivered high growth in sales and EBIT in Q3 2026, driven by strong hardware demand. Total gross sales increased by 12.9% from last year to EUR 108.1 million. Hardware gross sales grew by 25.6%, with growth spread across nearly all product categories. Software/cloud gross sales fell by 3.6% due to lower volumes to the public sector. Services gross sales were up 2.1%, based on increased sales of managed services and vendor service contracts. Net revenue (IFRS) grew by 21.3% to EUR 78.1 million . The conversion of gross sales to net revenue is described in Note 12 of this report. Gross profit increased by 16.1% to EUR 16.4 million. Gross margin was 21.0%, compared with 22.0% last year, mainly due to a higher proportion of hardware in the revenue mix. Total operating expenses grew by 11.5% to EUR 13.9 million, based on higher performance-based compensation relative to last year. The average number of full-time employees increased by 10 (1.8%) from last year. Based on strong sales performance, EBIT grew by 50.5% to EUR 2.5 million in Q3 2026. The EBIT margin was 3.2%, up from 2.6% last year.
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The Baltics Key Figures Financial Review Condensed Financial Information Contacts 9 Interim Report Q3 2026 Financial Review Q3 2026 The Baltics EUR in million Q3 2026 Q3 2025 Change % YTD 2026 YTD 2025 Change % Products gross sales 46.8 31.6 48.3% 127.2 96.9 31.3% Services gross sales 15.9 14.6 9.1% 51.2 45.3 13.0% Total gross sales 62.8 46.2 35.9% 178.5 142.3 25.5% Products revenue 36.2 24.4 48.3% 93.2 77.0 21.1% Services revenue 13.6 13.4 1.3% 44.3 41.2 7.7% Total revenue (IFRS) 49.8 37.8 31.7% 137.5 118.1 16.4% Gross profit 14.2 13.5 4.7% 44.0 40.7 8.2% Gross margin % 28.5% 35.8% -7.3% 32.0% 34.4% -2.4% OPEX 11.8 11.3 4.4% 37.8 35.1 7.4% EBIT 2.4 2.2 6.4% 6.2 5.5 12.8% EBIT % 4.8% 5.9% -1.1% 4.5% 4.7% -0.1% Atea Baltics had rapid growth in sales across all lines of business and higher EBIT in Q3 2026. Total gross sales grew by 35.9% from last year to EUR 62.8 million. Hardware gross sales increased by 48.9%, driven by large shipments of data center solutions to customers in Estonia and Lithuania. Software/cloud gross sales were up 46.5%, with strong sales to public sector customers. Services gross sales grew by 9.1%, based on higher sales of third-party services. Net revenue (IFRS) grew by 31.7% to EUR 49.8 million . The conversion of gross sales to net revenue is described in Note 12 of this report. Gross profit increased by 4.7% to EUR 14.2 million. Gross margin was 28.5%, down from 35.8% last year, mainly due to a shift in the revenue mix toward hardware and third-party services. Total operating expenses grew by 4.4% to EUR 11.8 million, mainly due to higher personnel costs. The average number of full- time employees fell by 4 (-0.5%) from last year. EBIT increased by 6.4% to EUR 2.4 million in Q3 2026. The EBIT margin was 4.8%, compared with 5.9% last year.
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Balance sheet, Cash flow, Shares Key Figures Financial Review Condensed Financial Information Contacts 10 Interim Report Q3 2026 Balance Sheet As of 30 September 2026, Atea had total assets of NOK 18,339 million. Current assets such as cash, receivables and inventory represented NOK 11,106 million of this total. Non -current assets represented NOK 7,233 million of this total, and primarily consisted of goodwill (NOK 4,217 million), right -of-use leased assets (NOK 1,357 million), property, plant and equipment (NOK 536 million), and deferred tax assets (NOK 139 million). Atea had total liabilities of NOK 14,203 million, and shareholders’ equity of NOK 4,136 million as of 30 September 2026. Atea’s policy is to maintain an equity ratio above 20% or more, adjusting for the impact of IFRS 16 (“ adjusted equity ratio”). The adjusted equity ratio at the end of Q3 2026 was 24.5%. Atea’s financial position was a net debt of NOK 1,349 million at the end of Q3 2026 as defined by Atea’s loan covenants. Atea’s loan covenants require that the Group maintains a maximum net interest-bearing debt of 2.5x pro forma EBITDA over the last twelve months. Based on the calculation of the debt covenants, Atea’s net interest-bearing debt is 0.6x pro forma EBITDA. Atea therefore maintains liquidity reserves of NOK 4,761 million before the debt covenant would be reached . See additional information on the liquidity reserve in Note 12 of this report. In order to reduce the volatility of its working capital and debt balances throughout the year, Atea sells specified accounts receivable through a securitization program organized by its bank. At the end of Q3 2026, Atea had sold receivables of NOK 1,884 million under the securitization program, compared with NOK 1,648 million in Q3 last year . Additional information on the securitization program can be found in Note 6 of this report. Cash Flow Cash flow from operations was an inflow of NOK 143 million in the third quarter of 2026, compared with an inflow of NOK 220 million in Q3 last year. During the first half of the year, Atea maintained higher-than-normal inventory levels to secure customer deliveries amid industry supply constraints and price increases. Inventory levels began to fall during Q3 2026, and further reductions are expected by year-end. Cash flow from investing activities was an outflow of NOK 66 million in Q3 2026, reflecting capital expenditure of NOK 81 million partly offset by NOK 15 million in proceeds from asset sales. This compares with an outflow of NOK 84 million last year. Cash flow from financing activities was an outflow of NOK 61 million in Q3 2026, compared with an outflow of NOK 297 million last year. Cash flows from financing were driven by lease payments and changes in the utilization of credit facilities . Additional information on the credit facilities is provided in Note 6 of this report. Shares Atea had 11,958 shareholders on 30 September 2026 compared with 10,748 shareholders on 30 September 2025. The 10 largest shareholders as of 30 September 2026 were: Main Shareholders* Shares % Consolidated Holdings A/S ** 32,085,145 28.5% Folketrygdfondet 7,643,444 6.8% J.P. Morgan Bank Luxembourg *** 5,120,945 4.6% Verdipapirfond Odin Norge 3,604,596 3.2% Verdipapirfond Odin Norden 3,247,345 2.9% J.P. Morgan Bank Luxembourg *** 2,950,395 2.6% Salt Value AS 2,489,406 2.2% State Street Bank and Trust Co. *** 2,345,614 2.1% State Street Bank and Trust Co. *** 2,318,771 2.1% Verdipapirfondet Holberg Norge 2,275,000 2.0% Other 48,303,432 43.0% Total number of shares 112,384,093 100.0% * Source: VPS Issuer services. ** Includes shares held by Systemintegration APS, together with associated companies, beneficial owners and close associates. *** Includes client nominee accounts. As of 30 September 2026, Consolidated Holdings A/S, together with associated companies and close associates, was the largest shareholder controlling 28.5% of the shares. As of 30 September 2026, Atea’s senior management team held 449,632 shares.
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Business Overview Key Figures Financial Review Condensed Financial Information Contacts 11 Interim Report Q3 2026 Business Overview Background Atea is the leading provider of IT infrastructure and related services to organizations within the Nordic and Baltic regions. The company is the largest player by far in its local markets, with a market share of approximately 20%. About 70% of Atea’s sales are to the public sector, with the remainder of sales to private companies. Atea’s current organizational structure is the result of the merger of the leading IT infrastructure companies in Denmark, Norway, Sweden, Finland and the Baltics in 2006 and 2007. This was followed by a further acquisition and consolidation of over 50 companies from 2007 - 2015. Atea’s market share in the Nordic and Baltic regions far exceeds that of other IT infrastructure providers. Today, the company has offices in 88 cities in the Nordic and Baltic regions and over 8,000 employees. This scale provides Atea with critical competitive advantages in purchasing, local market presence, breadth and depth of product offering, system integration competence, and efficient shared services and logistics functions. The market for IT infrastructure in the Nordic and Baltic regions has grown steadily during the last several years. Atea’s competence and leading market position in IT infrastructure has enabled the company to grow faster than the market. To address the needs of the Nordic and Baltic markets, Atea works closely with leading international IT companies, such as Microsoft, Cisco, HP Inc., Hewlett Packard Enterprise, IBM, Apple, Lenovo, VMware, and Dell Technologies. These companies view the Nordic region as a critical market for the early adoption of new technologies and work closely with Atea to penetrate these markets. In recent years, Atea’s cooperation with its technology partners has intensified. This enables Atea to stay at the forefront of the latest IT trends, and to offer its customers new and innovative IT solutions. Digital Transformation The market for information technology is in the midst of dramatic change, with profound effects on society known as the “digital transformation”. Across private enterprise and throughout the public sector, organizations are converting vast amounts of information into digital form. As information is made digital, it can be collected, processed, managed, and distributed with methods and at a scale which was previously impossible. This “digitization” enables public and private organizations to completely redefine how they provide goods and services, and how these goods and services are consumed and shared. The resulting “digital transformation” is driving innovation in all sectors of the economy and all public services, including health, welfare, education, defense, policing and infrastructure management. Collectively, this can result in major improvements in productivity and living standards. At the same time, the “digital transformation” places even greater demands on organizations’ IT environments, as the amount of data which is being managed grows exponentially across a broadening range of devices. Furthermore, as digital information and processes become central to the definition of goods, services and of work itself, the capabilities and stability of the IT environment become essential for organizations to function. Consequently, the risk of security breaches becomes ever greater. All of thi s creates a level of complexity which IT departments struggle to support. This presents a significant opportunity for Atea, as the leading provider of IT infrastructure and system integration in the Nordic and Baltic regions. Through its breadth of competency and depth of expertise, Atea helps its customers to design, implement and operate the IT infrastructure upon which they are dependent as their operations become increasingly digital.
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Business Overview Key Figures Financial Review Condensed Financial Information Contacts 12 Interim Report Q3 2026 Business Overview Business Strategy Atea’s business strategy is to act as a full-service IT infrastructure partner for its customers - enabling its customers to successfully pursue their digital transformation initiatives and manage the increasing complexity of their IT environments. In order to earn a position as a trusted IT partner, Atea provides a complete range of IT infrastructure solutions, with a highly trained service team to support its customers in capturing maximum value from their IT investments. Atea’s solution offering: The range of solutions which Atea provides its customers can be categorized in three major areas: “Digital Workplace”, “Hybrid Platforms” and “Information Management”. “Digital Workplace” consists of all the devices and software through which users conduct work, access data and applications, and interact with each other. Examples include PCs, mobile phones and tablets, audio/video and conferencing solutions, smart displays, printers, and more. “Hybrid Platforms” are the data center and network infrastructure through which organizations process, store, and distribute information. The category includes both on-premise infrastructure and cloud solutions, as well as “hybrid” solutions which integrat e the two. “Information Management” consists of tools and methods through which organizations collect and administer data, and then derive value from this information. This includes Atea’s practices within artificial intelligence, information security, data analytics and automation technologies. Atea’s service portfolio: Atea supports customers with the design, implementation and operation of their IT environments through a broad portfolio of services. The service portfolio can be broken into three categories: “Lifecycle Management”, “Consulting”, and “Managed Services”. “Lifecycle Management”: Atea’s service team assists customers in all aspects of managing their IT assets throughout the lifecycle of each product they acquire. This includes services to help customers deploy, install, finance, maintain, track and dispose of their IT assets. “Consulting”: Atea’s consultants advise customers in the design and integration of their IT environments, the management of their information, and how specific IT solutions can best be used to fulfill their objectives. “Managed Services”: Atea is a managed service provider which helps customers operate their IT environments either on-premise or from the cloud. Atea’s managed services enable customers to dedicate less time and resources on IT operations and instead focus on their core objectives. Sustainability Atea’s mission is to build the future with IT, together with its employees, customers and vendors. Sustainability is integrated into how Atea delivers on this mission and aims to create long - term value for customers, shareholders, employees and society. Atea publishes an integrated Annual Report containing its financial statements and Sustainability Statement. The Sustainability Statement is prepared in accordance with the European Sustainability Reporting Standards under the Corporate Sustainability Reporting Directive and describes Atea’s material sustainability impacts, risks and opportunities, related policies and actions, and reported performance. Atea participates in the United Nations Global Compact, is a member of the Responsible Business Alliance and has greenhouse-gas emissions -reduction targets validated by the Science Based Targets initiative. These frameworks and targets support Atea’s approach to responsible business conduct and its planned reduction of greenhouse-gas emissions. Atea also participates in external assessments and rankings covering areas such as climate disclosure, sustainability management, corporate sustainability performance and reporting transparency In recent years, Atea has been included in assessments, rankings and recognitions published by CDP, EcoVadis, Corporate Knights, EUPD Research, TIME, the Financial Times and Statista. For further information, see the Atea ESG Overview.
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Business Outlook Key Figures Financial Review Condensed Financial Information Contacts 13 Interim Report Q3 2026 Business Outlook Market trends Atea has achieved rapid sales growth during the last two years, as the company has captured share in a growing market for IT infrastructure. Management expects growth to remain robust through 2027, driven by many of the same market factors as in 2026. This includes the following market trends: Increased public spending on defense: Atea is the leading provider of IT infrastructure solutions to the defense sector in the Nordic and Baltic countries. IT spending within the defense sector is currently growing at a rapid pace, as European countries significantly increase their public budgets for national security. Starting in Q4 2026, Atea will onboard a large managed services contract to the NATO Communication and Information Agency (NCIA). Atea will provide workplace solutions “as -a-service” for end users across 32 member countries in the NATO alliance. The term o f the contract is through 2029. Atea has also entered additional agreements to sell IT infrastructure and services to NCIA, expanding its sales presence in the defense sector outside of the Nordic and Baltic regions. Artificial Intelligence: Organizations are adopting AI solutions to derive greater value from their information, automate processes and enhance productivity in daily work. AI adoption is still at an early stage and is expected to be a major driver of growth in IT infrastructure demand for years to come. Much of the initial wave of AI adoption has come from generative AI and inference capabilities embedded in new software and cloud applications. Organizations further in their AI adoption are increasingly deploying AI agents to automate specific workflows based on their own requirements and data. Looking ahead, AI adoption will expand toward more complex agentic workloads, significantly increasing the demands placed on data-center infrastructure and the cost of computing resources required to run AI solutions. To manage these operating costs, organizations will increasingly optimize where and how AI workloads are run, deploying smaller, more efficient AI models in private data centers or on AI -enabled workstations where this provides advantages in cost, performance, and data protection. AI adoption will drive higher customer spending across a broad range of IT infrastructure and services, including hardware, software, cloud subscriptions and services supporting the deployment and operation of AI infrastructure. IT security / data protection: Growing threats of cyberattacks and data breaches have driven high growth in customer spending on IT security solutions. Protecting critical data has become an increasing priority as organizations seek to limit the impact of cyberattacks, driving investment in solutions that enable critical data and systems to be recovered quickly following an attack. EU and national regulations have also raised requirements for the protection and control of sensitive data. As a result, organizations are focusing not only on protecting data from cyber threats, but increasingly on where data is stored and who has control over it, leading to greater investment in data sovereignty. IT security and data protection will become increasingly important themes in the coming year. Advances in AI are making the IT security threat landscape much more challenging by making existing attack techniques faster, cheaper, more scalable and increasingly autonomous. At the same time, geopolitical tensions are increasing the focus on data sovereignty and where sensitive data is stored and managed. We expect these trends to drive increased spending on more advanced IT security solutions to defend against AI -enabled cyberattacks, together with greater investment in local infrastructure for sensitive data. This will require upgrades across the IT infra structure, including new investment in hardware and software, increased use of managed services from local partners, and consulting services related to IT security and data protection. Hardware price increases: Global demand for memory and processor components has risen sharply over the past year, driven by the rapid expansion of new AI data centers. This has resulted in significant price increases across nearly all categories of IT hardware. Major hardware vendors and semiconductor companies have indicated that prices will continue to increase through 2027, although at a more predictable pace than in 2026. Higher hardware costs have also contributed to price increases for software and cloud services that rely on data center infrastructure. In response to higher costs, Atea has increased prices to its end customers, contributing to higher sales growth in 2026. Price increases will continue to support Atea's sales growth through 2027. Many forecasts suggest that hardware price inflation will not flatten until 2030 or later.
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Business Outlook Key Figures Financial Review Condensed Financial Information Contacts 14 Interim Report Q3 2026 Business Outlook Financial Outlook Atea expects sales growth to remain robust through 2027, supported by favorable market conditions and continued market share gains. Demand for IT infrastructure will continue to grow as organizations invest in IT solutions to drive productivity and innovation. Atea is by far the market leader in the Nordic and Baltic regions and holds a unique competitive position as a full - service IT infrastructure partner for its customers. Atea’s growth forecast is supported by a high order backlog entering Q4 2026 compared with the same period last year. At the same time, Management expects that some customers will face budget limitations at 2026 year-end following a year of high price increases in hardware. For this reason, Management guides for a slower rate of sales growth in constant currency during the fourth quarter of 2026, before returning to higher growth rates next year. EBIT in Q4 2026 is expected to be NOK 510 – 545 million, representing a growth rate of 6 - 14%. For the full year 2026, Atea expects EBIT to reach NOK 1,710 - 1,745 million. Atea has increased its EBIT margins YTD 2026 compared with prior years. Atea’s staffing levels (total employees) in Q3 2026 were almost unchanged compared with three years ago, while gross sales increased by 30%. This improvement has been driven by efficiency programs throughout the organization and supported by investments in systems and automation. Atea still has significant potential to continue improving internal efficiency through consolidation and AI -driven automation. The company expects to further increase its operating margins with revenue growth over the coming years through economies of scale in operating expenses.
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Comprehensive income Key Figures Financial Review Condensed Financial Information Contacts 15 Interim Report Q3 2026 Condensed Financial Information For the 9 months ended 30 September 2026 Consolidated Statement of Comprehensive Income NOK in million Note Q3 2026 Q3 2025 YTD 2026 YTD 2025 Full year 2025 Revenue 2,3,8,12 9,860 8,433 29,937 26,124 37,376 Cost of sales 12 -7,296 -5,919 -21,657 -18,152 -26,318 Gross profit . 2,564 2,514 8,281 7,972 11,059 Payroll and related costs -1,749 -1,756 -5,960 -5,822 -7,964 Other operating costs 12 -230 -213 -710 -674 -930 Restructuring costs 12 - - - - -8 Depreciation and amortization -181 -197 -562 -579 -779 EBIT (adjusted) 10 405 348 1,049 897 1,377 Gains arising from the derecognition of subsidiary 10 - - 152 - - Operating profit (EBIT) 2 405 348 1,201 897 1,377 Net financial items 5 -43 -56 -95 -193 -237 Profit before tax 362 292 1,105 703 1,140 Tax 7 -83 -66 -219 -159 -263 Profit for the period 279 226 886 545 878 Earnings per share Earnings per share (NOK) 4 2.50 2.03 7.95 4.89 7.87 Diluted earnings per share (NOK) 4 2.46 2.00 7.83 4.82 7.73 Profit for the period 279 226 886 545 878 Currency translation differences -178 -32 -439 31 107 Items that may be reclassified subsequently to profit or loss -178 -32 -439 31 107 Other comprehensive income -178 -32 -439 31 107 Total comprehensive income for the period 101 194 447 576 984 Total comprehensive income for the period attributable to: Shareholders of Atea ASA 101 194 447 576 984
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Financial position Key Figures Financial Review Condensed Financial Information Contacts 16 Interim Report Q3 2026 Consolidated Statement of Financial Position NOK in million Note 30 Sep 2026 30 Sep 2025 31 Dec 2025 Assets Property, plant and equipment 536 531 563 Right-of-use assets 1,357 1,447 1,396 Deferred tax assets 7 139 212 126 Goodwill 4,217 4,475 4,526 Other intangible assets 698 729 753 Investment in associated companies 10 72 0 0 Other long-term receivables 213 186 173 Non-current assets 7,233 7,580 7,537 Inventories 2,038 1,037 974 Trade receivables 5,617 4,549 8,721 Other receivables 2,867 2,934 2,515 Cash and cash equivalents 583 907 1,594 Current assets 11,106 9,427 13,804 Total assets 18,339 17,007 21,341 Equity and liabilities Share capital and premium 4 681 681 680 Other reserves 1,622 1,988 2,061 Retained earnings 1,834 1,483 1,800 Equity 4,136 4,152 4,541 Interest-bearing long-term liabilities 6 588 588 588 Long-term leasing liabilities 1,125 1,175 1,126 Other long-term liabilities 158 195 185 Deferred tax liabilities 155 170 174 Non-current liabilities 2,026 2,127 2,072 Trade payables 5,822 5,249 9,670 Interest-bearing current liabilities 6 1,297 730 4 Current leasing liabilities 423 475 470 Tax payable 258 221 48 Provisions 111 53 75 Dividend payable 418 390 - Other current liabilities 9 3,847 3,608 4,460 Current liabilities 12,177 10,727 14,728 Total liabilities 14,203 12,854 16,800 Total equity and liabilities 18,339 17,007 21,341
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Cash flow Key Figures Financial Review Condensed Financial Information Contacts 17 Interim Report Q3 2026 Consolidated Statement of Cash Flow NOK in million Q3 2026 Q3 2025 YTD 2026 YTD 2025 Full year 2025 Profit before tax 362 292 1,105 703 1,140 Adjusted for: Depreciation and amortisation 181 197 562 579 779 Share-based compensation 27 21 74 60 81 Gains/Losses on disposals of PPE and intangible assets 0 0 -6 -2 -1 Gains/Losses on disposals of subsidiaries - - -152 - - Net interest expenses 57 45 135 123 165 Taxes paid -38 -42 -118 -94 -179 Net interest paid -57 -45 -135 -123 -165 Cash earnings 532 468 1,465 1,247 1,821 Change in trade receivables 2,567 3,004 2,432 3,622 -382 Change in inventories 274 226 -1,266 -46 43 Change in trade payables -3,036 -3,051 -3,181 -4,561 -282 Other changes in working capital -194 -427 -481 -1,035 4 Cash flow from operating activities 143 220 -1,031 -772 1,204 Purchase of PPE and intangible assets -81 -93 -319 -305 -432 Sale of PPE and intangible assets 15 9 25 12 13 Sale of subsidiaries/businesses - - 59 - - Cash flow from investing activities -66 -84 -235 -292 -418 Dividend paid - - -418 -390 -780 Proceeds (+)/Payments (-) from changes in treasury shares 9 -30 -47 -86 -89 Payments of lease liabilities -108 -109 -323 -316 -424 Change in debt 38 -157 1,317 726 5 Cash flow from financing activities -61 -297 530 -66 -1,288 Net cash flow 16 -161 -736 -1,130 -502 Cash and cash equivalents at the start of the period 629 1,066 1,594 2,004 2,004 Foreign exchange effect on cash held in a foreign currency -62 2 -274 33 92 Cash and cash equivalents at the end of the period 583 907 583 907 1,594
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Equity, Note 1 Key Figures Financial Review Condensed Financial Information Contacts 18 Interim Report Q3 2026 Consolidated Statement of Changes in Equity NOK in million Note 30 Sep 2026 30 Sep 2025 31 Dec 2025 Equity at start of period - 1 January 1 4,541 4,394 4,351 Currency translation differences -439 31 107 Other comprehensive income -439 31 107 Profit for the period 886 545 878 Total recognised income for the year 447 576 984 Employee share-option schemes 30 49 66 Dividend 9 -836 -780 -780 Changes related to own shares 4 -47 -86 -80 Equity at end of period 4,136 4,152 4,541 Note 1 - General information and accounting policies General information and accounting policies The condensed interim financial statements for the nine months ending 30 September 2026 were approved for publication by the Board of Directors on 21 October 2026. These Group financial statements have not been subject to audit or review. Atea ASA is a public limited company incorporated and domiciled in Norway whose shares are listed on the Euronext Oslo Børs. Atea (the Group) consists of Atea ASA (the Company) and its subsidiaries. Atea is the leading provider of IT infrastructure and related services to organizations within the Nordic and Baltic regions. The financial statements have been prepared in accordance with the International Financial Reporting Standard (IFRS), IAS 34 “Interim Financial Reporting”. The condensed interim financial statements do not include all information and disclosures required in the annual financial statement s and should be read in accordance with the Group’s Annual Report for 202 5, which has been prepared according to IFRS as adopted by the EU. In the interim financial statements for 202 6, judgements, estimates and assumptions have been applied that may affect the use of accounting principles, book values of assets and liabilities, revenues, and expenses. Actual values may differ from these estimates. The major assumptions applied in the interim financial statements for 2026 and the major sources of uncertainty in the statements are similar to those found in the Annual accounts for 2025. The Board confirms that these interim financial statements have been prepared on a going concern basis. As a result of rounding differences, numbers or percentages may not add up to the total. The carrying amounts of financial assets and financial liabilities recognized in the Consolidated statement of financial position approximate their fair values, according to Management’s assessment. .
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Note 2 Key Figures Financial Review Condensed Financial Information Contacts 19 Interim Report Q3 2026 Note 2 - Operating segment information Operating segment information Atea is located in 88 cities in Norway, Sweden, Denmark, Finland, and the Baltic countries of Lithuania, Latvia and Estonia, with over 8,000 employees. For management and reporting purposes, the Group is organized by these geographical areas. The performance of these geographical areas is evaluated on a regular basis by Atea’s Executive Team, consisting of , among others, the Managing Directors of each geographical segment. In addition to the geographical areas, the Group operates Shared Services functions (Atea Logistics, Atea Global Services, Atea Group Functions and Atea Service Center AB) and central administration. These costs are reported separately as Group Shared Service and Group cost. Transfer prices between operating segments are on an arm’s length basis in a manner similar to transactions with third parties. Revenue NOK in million Q3 2026 Q3 2025 YTD 2026 YTD 2025 Full year 2025 Norway 2,478.6 2,215.7 7,472.2 6,449.3 9,396.4 Sweden 3,903.1 3,267.7 11,926.0 10,020.3 14,251.1 Denmark 2,196.8 1,796.6 6,572.1 5,844.5 8,325.6 Finland 853.0 759.4 2,707.0 2,569.1 3,537.9 The Baltics 543.8 445.4 1,520.5 1,381.2 2,112.7 Group Shared Services 3,823.6 2,964.1 10,774.5 8,400.7 12,170.9 Eliminations* -3,938.7 -3,016.3 -11,034.8 -8,541.0 -12,418.5 Atea Group 9,860.2 8,432.6 29,937.5 26,124.2 37,376.2 * * Most of Atea’s internal revenue is related to Group Shared Services, which consists of Atea Logistics, Atea Global Services and Atea Group Functions.
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Note 2 Key Figures Financial Review Condensed Financial Information Contacts 20 Interim Report Q3 2026 Note 2 Operating segment information (CONT’D) EBIT NOK in million Q3 2026 Q3 2025 YTD 2026 YTD 2025 Full year 2025 Norway 140.7 122.8 340.3 304.1 460.4 Sweden 171.5 163.3 526.3 486.1 708.6 Denmark 25.4 23.5 56.2 40.0 96.6 Finland 27.2 19.6 83.2 72.9 102.4 The Baltics 26.1 26.4 68.8 64.5 112.1 Group Shared Services 47.7 26.7 88.7 39.1 51.3 Group cost* -33.5 -34.5 37.4 -109.9 -154.1 Operating profit (EBIT) 405.1 347.8 1,200.9 896.9 1,377.3 Net financial items -43.1 -56.0 -95.5 -193.5 -236.8 Profit before tax 362.1 291.7 1,105.4 703.4 1,140.5 Quarterly revenue and gross profit NOK in million Q3 2026 Q3 2025 YTD 2026 YTD 2025 Full year 2025 Product revenue 7,688.6 6,193.9 22,967.9 18,956.5 27,472.7 Services revenue 2,171.6 2,238.7 6,969.6 7,167.7 9,903.6 Total revenue 9,860.2 8,432.6 29,937.5 26,124.2 37,376.2 Gross profit 2,564.5 2,513.9 8,280.7 7,971.9 11,058.7 Quarterly revenue and gross profit NOK in million Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Product revenue 7,688.6 8,018.9 7,260.4 8,516.2 6,193.9 6,626.7 6,135.9 Services revenue 2,171.6 2,403.9 2,394.0 2,735.9 2,238.7 2,511.8 2,417.1 Total revenue 9,860.2 10,422.9 9,654.4 11,252.0 8,432.6 9,138.5 8,553.0 Gross profit 2,564.5 2,872.8 2,843.4 3,086.8 2,513.9 2,775.9 2,682.1 * In Q1 2026 Atea recognized a gain of NOK 152 million related to sale of 51% if its shares in AppXite SIA. See Note 10 for more information.
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Note 2 Key Figures Financial Review Condensed Financial Information Contacts 21 Interim Report Q3 2026 Note 2 Operating segment information (CONT’D) – Local Currency Revenue * Local currency in million Q3 2026 Q3 2025 YTD 2026 YTD 2025 Full year 2025 Norway NOK 2,478.6 2,215.7 7,472.2 6,449.3 9,396.4 Sweden SEK 3,966.9 3,079.5 11,736.5 9,496.4 13,438.6 Denmark DKK 1,503.1 1,137.4 4,432.0 3,726.8 5,302.9 Finland EUR 78.1 64.4 244.5 219.7 302.1 The Baltics EUR 49.8 37.8 137.5 118.1 180.3 Group Shared Services NOK 3,823.6 2,964.1 10,774.5 8,400.7 12,170.9 Eliminations* NOK -3,938.7 -3,016.3 -11,034.8 -8,541.0 -12,418.5 Atea Group NOK 9,860.2 8,432.6 29,937.5 26,124.2 37,376.2 EBIT Local currency in million Q3 2026 Q3 2025 YTD 2026 YTD 2025 Full year 2025 Norway NOK 140.7 122.8 340.3 304.1 460.4 Sweden SEK 173.9 153.9 516.9 462.5 669.3 Denmark DKK 17.8 15.1 39.1 26.0 61.6 Finland EUR 2.5 1.7 7.6 6.3 8.8 The Baltics EUR 2.4 2.2 6.2 5.5 9.6 Group Shared Services NOK 47.7 26.7 88.7 39.1 51.3 Group cost** NOK -33.5 -34.5 37.4 -109.9 -154.1 Operating profit (EBIT) NOK 405.1 347.8 1,200.9 896.9 1,377.3 Net financial items NOK -43.1 -56.0 -95.5 -193.5 -236.8 Profit before tax NOK 362.1 291.7 1,105.4 703.4 1,140.5 * Most of Atea’s internal revenue is related to Group Shared Services, which consists of Atea Logistics, Atea Global Services and Atea Group Functions. ** In Q1 2026 Atea recognized a gain of NOK 152 million related to sale of 51% if its shares in AppXite SIA. See Note 10 for more information
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Note 3 Key Figures Financial Review Condensed Financial Information Contacts 22 Interim Report Q3 2026 Note 3 - Disaggregation of revenue Disaggregation of revenue Information about the main revenue streams and the timing of the revenue recognition is described in Note 5 – Revenue recognition, cost of sales and contract balances – in the Annual report for 2025. The Group has disclosed geographical information about revenue from external customers. In addition, the Group has disclosed revenue based on two main categories: products (hardware and software) and services. In the table below, the revenue from the operating segment information in Note 2 is disaggregated to the main categories of revenue. Hardware revenue Local currency in million Q3 2026 Q3 2025 YTD 2026 YTD 2025 Full year 2025 Norway NOK 1,741.9 1,530.9 5,180.2 4,307.3 6,478.1 Sweden SEK 2,988.2 2,147.9 8,556.1 6,368.8 9,094.8 Denmark DKK 1,113.7 748.5 3,210.8 2,479.1 3,596.9 Finland EUR 64.9 51.7 203.1 178.6 245.4 The Baltics EUR 35.4 23.8 89.6 75.1 119.9 Group Shared Services NOK 3,465.6 2,616.1 9,697.9 7,387.8 10,792.8 Eliminations* NOK -3,531.0 -2,625.2 -9,816.9 -7,399.9 -10,872.1 Atea Group NOK 7,339.6 5,873.4 21,748.3 17,871.7 25,974.4 * Software revenue Local currency in million Q3 2026 Q3 2025 YTD 2026 YTD 2025 Full year 2025 Norway NOK 97.6 81.6 318.0 262.3 364.4 Sweden SEK 159.8 128.3 545.6 498.5 663.2 Denmark DKK 41.5 45.7 142.3 125.7 178.5 Finland EUR 2.2 1.9 8.3 6.4 8.6 The Baltics EUR 0.8 0.6 3.6 1.9 3.9 Group Shared Services NOK 0.0 1.3 1.9 4.0 5.3 Eliminations* NOK 0.0 0.0 0.0 0.0 -0.1 Atea Group NOK 349.0 320.5 1,219.6 1,084.8 1,498.2 * Most of Atea’s internal revenue is related to Group Shared Services, which consists of Atea Logistics, Atea Global Services and Atea Group Functions.
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Note 3, 4 Key Figures Financial Review Condensed Financial Information Contacts 23 Interim Report Q3 2026 Note 3 Disaggregation of revenue (CONT’D) Services revenue* Local currency in million Q3 2026 Q3 2025 YTD 2026 YTD 2025 Full year 2025 Norway NOK 639.1 603.2 1,974.0 1,879.7 2,554.0 Sweden SEK 818.9 803.3 2,634.8 2,629.1 3,680.6 Denmark DKK 348.0 343.2 1,079.0 1,122.0 1,527.4 Finland EUR 11.0 10.8 33.0 34.7 48.0 The Baltics EUR 13.6 13.4 44.3 41.2 56.4 Group Shared Services NOK 358.1 346.7 1,074.7 1,009.0 1,372.8 Eliminations* NOK -407.6 -391.1 -1,218.0 -1,141.0 -1,546.3 Atea Group NOK 2,171.6 2,238.7 6,969.6 7,167.7 9,903.6 Note 4 - Share capital and premium Share capital and premium ** NOK in million, except number of shares Number of shares Share capital Issued Treasury shares Issued Treasury shares Share premium Total At 1 January 2026 112,384,093 -954,234 112 -1 569 680 Changes related to own shares** - 130,029 - 0 - 0 At 30 September 2026 112,384,093 -824,205 112 -1 569 681 Average number of shares outstanding The average number of shares outstanding during the first nine months of 2026 was 111,422,240. This number is used in the calculation of Basic Earnings per Share. When calculating Fully Diluted Earnings per Share, the average number of shares outstanding during the first nine months of 2026 was 113,220,057. The difference relates to the dilution effect of the Employee Share Option program and Employee Share Savings program. * Most of Atea’s internal revenue is related to Group Shared Services, which consists of Atea Logistics, Atea Global Services and Atea Group Functions. ** This is related to share-based compensation for the employees. Based on the number of share options outstanding, the strike price of the options, the share price on 30 September 2026 and the remaining vesting period of the options, the dilution effect of the Employee Share Option and Employee Share Savings program is 1,797,817 shares. This calculation is in accordance with IAS 33 Earnings per Share.
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Note 4, 5 Key Figures Financial Review Condensed Financial Information Contacts 24 Interim Report Q3 2026 Note 4 Share capital and premium (CONT’D) * Number of Average Nominal Adjusted Nominal Weighted average number of shares 30 September 2026 share options Strike price Strike price* outstanding Basic EPS calculation 111,422,240 Dilution effect of share options Total Share options Fully vested, with adjusted strike price below share price 27,500 83 83 13,658 Unvested, with adjusted strike price below share price 6,265,996 108 122 1,649,469 Unvested*, with adjusted strike price above share price 2,455,832 137 172 - All Share options 8,749,328 1,663,128 Dilution effect of Employees Share Savings program: 134,689 Total dilution effect: 1,797,817 Fully diluted EPS calculation** 113,220,057 Note 5 - Net financial items Net financial items *** NOK in million Q3 2026 Q3 2025 YTD 2026 YTD 2025 Full year 2025 Interest income 1 3 14 15 17 Other financial income*** 2 0 3 0 0 Total financial income 3 3 17 15 17 Interest costs on loans -39 -28 -88 -76 -100 Interest costs on leases -19 -20 -61 -62 -82 Foreign exchange effects 13 -9 41 -62 -61 Other financial expenses -2 -2 -5 -8 -11 Total financial expenses -46 -59 -113 -208 -254 Total net financial items -43 -56 -95 -193 -237 * Adjusted nominal strike price includes fair value of services to be provided during remainder of vesting period, in accordance with IFRS 2 Share-based Payment. ** Based on a share price of 165 NOK on 30 September 2026. *** Share of profit after tax in 2026 in AppXite SIA was NOK 1 million for the period 1 March 2026 until 30 September 2026. See Note 10 for more information.
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Note 6 Key Figures Financial Review Condensed Financial Information Contacts 25 Interim Report Q3 2026 Note 6 - Borrowing Borrowing Credit facilities Atea has the following credit facilities with lenders, in addition to smaller equipment lease agreements: EIB loan Atea ASA has entered into an unsecured loan agreement for NOK 588 million with the European Investment Bank in May 2023. The loan has a term of 6 years, and a rate of interest of NIBOR 6M + 1.148%. Receivables facility Atea has a revolving credit facility of NOK 1,100 million secured by other receivables through a securitization program. The pricing on the facility is IBOR 3M + 1.00%. Overdraft facility Atea Group has an overdraft facility of NOK 1,100 million through its primary bank. The facility has standard terms and conditions for this type of financing. Money market line Atea Group has secured access to a revolving credit line of NOK 600 million through the money market. The facility has standard terms and conditions for this type of financing. Overview of facilities used:* Suppliers financing Atea Group has an active agreement with Deutsche Bank for a temporary uncommitted revolving trade finance facility in the amount of up to USD 100 million. The facility was not utilized and there was no outstanding balance at the end of Q3 2026. Sale of receivables In December 2024, Atea ASA and its subsidiaries in Norway, Sweden and Denmark renewed a securitization contract organized by its primary bank which enables Atea to sell specified accounts receivable at an implicit discount rate of IBOR 3M + 0.65%. This sec uritization contract is separate from the Receivables facility described above. The securitization contract has a two-year term, and the maximum balance of accounts receivable which may be sold at any time during the term is NOK 1,900 million. Available facility Utilized facility NOK in million 30 Sep 2026 30 Sep 2026 30 Sep 2025 Long-term EIB loan 588 588 588 Long-term interest-bearing leasing liabilities 24 22 Short-term Receivables facility 1,100 1,097 717 Overdraft facility 1,100 183 - Money market line 600 - - Current interest-bearing leasing liabilities* 23 5 Suppliers financing 960 - - Other 18 13 Total debt 1,933 1,345 Securitization - sale of receivables 1,900 1,884 1,648 Total borrowing utilized 3,817 2,992 * Total debt does not include incremental net lease liabilities due to the adoption of IFRS 16 from 1 January 2019, as defined by Atea’s loan covenants. See Note 12 for more information.
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Note 7, 8, 9 Key Figures Financial Review Condensed Financial Information Contacts 26 Interim Report Q3 2026 Note 7 - Taxes Taxes NOK in million Q3 2026 Q3 2025 YTD 2026 YTD 2025 Full year 2025 Profit before tax 362 292 1,105 703 1,140 Tax payable expenses -86 -79 -237 -202 -209 Deferred tax asset changes due to tax loss carry forward -20 -16 -46 -20 -72 Other deferred tax changes 23 30 63 64 19 Total tax expenses -83 -66 -219 -159 -263 Effective rate 23.0% 22.5% 19.8% 22.5% 23.0% Income tax expense is recognized based on management's estimate of its weighted average tax rate. The normal estimated effective tax rate during Q3 2026 is 23.0%. As the gain from the sale of AppXite shares (NOK 152 million) is excluded from the tax calculation, the effective tax rate for the first nine months of 2026 was 19.8%. Deferred tax changes mainly include used tax loss carryforwards and other deferred tax items which are recognized on the balance sheet during the period. At the year-end of 2025 the tax value of the tax loss carried forward within the Group was NOK 66 million from which NOK 54 million was recognized as Deferred tax assets on the balance sheet. Note 8 - Seasonality of operations Seasonality of operations Atea’s revenue and cash flow are affected by the seasonality of demand for IT infrastructure investments. Demand for IT infrastructure among Atea’s customers peaks in the fourth quarter of the year, leading to higher revenue and cash flow for Atea in the fourth quarter. Note 9 - Dividend Dividend On April 28, 2026, the General Meeting resolved to pay a dividend of NOK 7.50 per share. The dividend is being paid in two equal instalments of NOK 3.75, with the first payment made in May 2026 and the second planned for November 2026 . Accrual for the dividend of NOK 418 million is included in the balance as of 30 September 2026. For Norwegian tax purposes, the dividend shall be considered as repayment of paid -in capital. Further details on the dividend are provided in the Notice to the Annual General Meeting.
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Note 10, 11 Key Figures Financial Review Condensed Financial Information Contacts 27 Interim Report Q3 2026 Note 10 - Investment in associates Investment in associates Sale of majority shareholding in AppXite SIA and investment in associates In February 2026, Atea sold 51% of its shares in its Latvian subsidiary AppXite SIA on a fully diluted basis to Aries Global for a price of up to EUR 10.7 million. EUR 5.0 million was paid upon closing of the agreement, EUR 3.1 million will be received through deferred payments over the following 30 months, and up to EUR 2.6 million will be paid as earnout compensation based on achieving performance targets for 2026 and 2027. In January 2026, Atea sold 2% of shares in AppXite SIA to its managing director Nicolas Albana. Furthermore, the company issued stock options to key employees which resulted in the issuance of 6% of the total share capital in AppXite SIA after a vesting period of two years. Atea presently holds 43.6% of the shares in AppXite SIA. Upon vesting of the option agreements, Atea will hold 41.0% of shares in AppXite SIA. Atea has recognized a gain of NOK 152 million from the share sales during Q1 2026. NOK 81 million of this gain is based on the sale price of the shares and includes only guaranteed payments, not a provision for future earnout compensation. The remaining NOK 71 million gain is based on the revaluation of Atea’s residual shareholding in AppXite SIA from book value to fair value, as the entity transitions from being reported as a fully owned subsidiary to an associate in accordance with IFRS 10. The Group had one investment in an associated company on 30 September 2026. Entity Country Industry Ownership interest AppXite SIA Latvia Software distributor 43.6% The investment is recognized on the balance sheet using the equity method. The investment is initially recorded at fair value and subsequently adjusted to reflect the investor's share of the net assets of the associate. NOK in million AppXite SIA Book value on 1 January 2026 - Investments/disposals* 71 Share of profit after tax in 2026** 1 Book value on 30 September 2026 72 Note 11 - Events after the balance sheet date Events after the balance sheet date There were no significant events after the balance sheet date which could affect the evaluation of the reported accounts. * This transaction resulted in NOK 62 million implicit goodwill, which is included within the book value of the investment. ** See Note 5 for more information.
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Note 12 Key Figures Financial Review Condensed Financial Information Contacts 28 Interim Report Q3 2026 Note 12 - Alternative performance measures Alternative performance measures The financial information is prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by EU. Additionally, it is management’s intent to provide alternative performance measures that are regularly reviewed by management to enhance the understanding of Atea’s performance. As defined in ESMA’s guidelines on alternative performance measures (APM), an APM is defined as a financial Atea uses the following APMs: measure of historical or future financial performance, financial position, or cash flows, other than a financial measure defined or specified in the International Financial Reporting Standards as adopted by EU. : Gross sales and revenue As stated in Note 2 in the Annual report for 202 2, Atea has implemented a change to its accounting policy to comply with new guidance from the IFRS interpretations committee. In its financial reporting through 2021, Atea has recognized revenue from the resale of standard software and vendor services on a gross basis (with gross invoiced sales reported as revenue, and costs of the resold products reported as cost of goods). Under the new guidance, Atea will recognize revenue from these products and services on a net basis (with gross invoiced sales, less costs of the resold products reported as revenue). The bridge from gross sales to revenue is provided below. Further information about historical figures can be found at www.atea.com/accounting-policy-change-2022. The change in accounting policy only affects revenue and cost of sales, and has no impact on gross profit, operating profit, net profit after tax, balance sheet and cash flow statement. Q3 2026 NOK in million Norway Sweden Denmark Finland The Baltics Atea Group Hardware 1,742 2,940 1,627 709 387 7,340 Software 1,184 1,724 860 332 126 4,130 Services 667 885 568 142 174 2,387 Gross sales 3,594 5,550 3,056 1,183 687 13,857 Hardware IFRS 15 adjustments - - - - - - Software IFRS 15 adjustments 1,087 1,566 800 308 117 3,781 Services IFRS 15 adjustments 28 80 59 22 26 216 Total IFRS 15 adjustments 1,115 1,646 859 330 143 3,997 Hardware 1,742 2,940 1,627 709 387 7,340 Software 98 158 61 24 8 349 Services 639 805 509 120 149 2,172 Revenue (IFRS) 2,479 3,903 2,197 853 544 9,860
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Note 12 Key Figures Financial Review Condensed Financial Information Contacts 29 Interim Report Q3 2026 Note 12 Gross sales and revenue (CONT’D) Q3 2025 NOK in million Norway Sweden Denmark Finland The Baltics Atea Group Hardware 1,531 2,279 1,183 610 280 5,873 Software 911 1,639 1,028 371 92 3,996 Services 650 920 584 150 172 2,432 Gross sales 3,093 4,839 2,795 1,131 544 12,302 Hardware IFRS 15 adjustments - - - - - - Software IFRS 15 adjustments 830 1,503 956 349 85 3,676 Services IFRS 15 adjustments 47 68 42 23 14 194 Total IFRS 15 adjustments 877 1,571 999 371 99 3,869 Hardware 1,531 2,279 1,183 610 280 5,873 Software 82 136 72 22 7 321 Services 603 852 542 127 158 2,239 Revenue (IFRS) 2,216 3,268 1,797 759 445 8,433 Full year 2025 NOK in million Norway Sweden Denmark Finland The Baltics Atea Group Hardware 6,478 9,646 5,649 2,875 1,406 25,974 Software 4,761 11,108 5,732 1,290 406 23,165 Services 2,771 4,197 2,818 660 756 11,028 Gross sales 14,010 24,951 14,199 4,824 2,568 60,167 Hardware IFRS 15 adjustments - - - - - - Software IFRS 15 adjustments 4,397 10,406 5,451 1,189 360 21,667 Services IFRS 15 adjustments 217 294 422 97 95 1,124 Total IFRS 15 adjustments 4,613 10,700 5,873 1,286 456 22,791 Hardware 6,478 9,646 5,649 2,875 1,406 25,974 Software 364 702 280 100 46 1,498 Services 2,554 3,902 2,397 563 661 9,904 Revenue (IFRS) 9,396 14,251 8,326 3,538 2,113 37,376
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Note 12 Key Figures Financial Review Condensed Financial Information Contacts 30 Interim Report Q3 2026 Note 12 Pro forma accounts Pro forma financial results are used to calculate organic growth as well as loan covenant requirements (see below). Pro forma gross sales and revenue in constant currency exclude the effect of foreign currency rate fluctuations. Growth in constant currency is translating gross sales and revenue recognized during the current period using exchange rates for the previous period. NOK in million Q3 2026 Q3 2025 YTD 2026 YTD 2025 Full year 2025 Gross sales 13,857 12,302 47,512 42,340 60,167 Adjustment for acquisitions - - - - - Pro forma gross sales 13,857 12,302 47,512 42,340 60,167 Pro forma gross sales on last year currency 14,975 12,054 49,688 41,162 58,470 Pro forma growth in constant currency 21.7% 17.4% 8.6% NOK in million Q3 2026 Q3 2025 YTD 2026 YTD 2025 Full year 2025 Revenue 9,860 8,433 29,937 26,124 37,376 Adjustment for acquisitions - - - - - Pro forma revenue 9,860 8,433 29,937 26,124 37,376 Pro forma revenue on last year currency 10,753 8,243 31,492 25,328 36,220 Pro forma growth in constant currency 27.5% 20.5% 4.7% EBITDA is defined as Operating profit (EBIT) before depreciation and amortization. Pro forma EBITDA is used as the basis for loan covenant requirements. NOK in million Q3 2026 Q3 2025 YTD 2026 YTD 2025 Full year 2025 EBITDA 586 545 1,763 1,476 2,156 Adjustment for acquisitions - - - - - Pro forma EBITDA 586 545 1,763 1,476 2,156
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Note 12 Key Figures Financial Review Condensed Financial Information Contacts 31 Interim Report Q3 2026 Note 12 Gross profit and gross margin Gross profit is defined as revenue less cost of sales. The Group's revenue is recognized as either gross or net depending on sales streams. The cost of sales includes products and services bought from suppliers and resold to customers. Cost of sales includes all direct expenses for goods and services directly connected to the sales. Direct costs related to services include leasing, outsourcing, and freight. Gross margin % is defined as gross profit divided by revenue. NOK in million Q3 2026 Q3 2025 YTD 2026 YTD 2025 Full year 2025 Revenue 9,860 8,433 29,937 26,124 37,376 Cost of sales -7,296 -5,919 -21,657 -18,152 -26,318 Gross profit 2,564 2,514 8,281 7,972 11,059 Gross margin % 26.0% 29.8% 27.7% 30.5% 29.6% Gross sales margin Gross sales margin % is defined as gross profit divided by gross sales. NOK in million Q3 2026 Q3 2025 YTD 2026 YTD 2025 Full year 2025 Gross sales – products 11,470 9,870 39,759 34,410 49,139 Gross sales – services 2,387 2,432 7,753 7,930 11,028 Total gross sales 13,857 12,302 47,512 42,340 60,167 Product gross profit 1,260 1,110 4,000 3,432 4,901 Services gross profit 1,304 1,404 4,281 4,539 6,157 Total products and services gross profit 2,564 2,514 8,281 7,972 11,059 Product margin 11.0% 11.2% 10.1% 10.0% 10.0% Services margin 54.6% 57.7% 55.2% 57.2% 55.8% Gross sales margin % 18.5% 20.4% 17.4% 18.8% 18.4%
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Note 12 Key Figures Financial Review Condensed Financial Information Contacts 32 Interim Report Q3 2026 Note 12 Operating expenses Operating expenses include payroll and related costs, other operating expenses, restructuring costs, depreciation, and amortization costs. NOK in million Q3 2026 Q3 2025 YTD 2026 YTD 2025 Full year 2025 Payroll and related costs 1,749 1,756 5,960 5,822 7,964 Other operating costs 230 213 710 674 930 Restructuring costs - - - - 8 Depreciation and amortization 181 197 562 579 779 Total operating expenses 2,159 2,166 7,232 7,075 9,681 EBIT (adjusted) EBIT (adjusted) is defined as EBIT before gains arising from the derecognition of subsidiary. In Q1 2026 , Atea recognized a gain of NOK 152 million related to sale of 51% of its shares in AppXite SIA. See Note 10 for more information. NOK in million Q3 2026 Q3 2025 YTD 2026 YTD 2025 Full year 2025 EBIT (adjusted) 405 348 1,049 897 1,377 Gains arising from the derecognition of subsidiary - - 152 - - Operating profit (EBIT) 405 348 1,201 897 1,377
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Note 12 Key Figures Financial Review Condensed Financial Information Contacts 33 Interim Report Q3 2026 Note 12 Free cash flow Free cash flow is defined as cash flow from operations, less capital expenditures. Capital expenditure is net of cash payments to acquire or develop property, plant and equipment, intangible assets and proceeds from sale of assets. The company's dividend policy is to distribute approximately 70 - 100 percent of net profit after tax to shareholders in the form of a dividend. Any dividends proposed by the Board of directors to the annual general meeting shall be justified based on the company’s dividend policy and its capital requirements. NOK in million Q3 2026 Q3 2025 YTD 2026 YTD 2025 Full year 2025 Cash flow from operations 143 220 -1,031 -772 1,204 Purchase of PPE and intangible assets -81 -93 -319 -305 -432 Sale of PPE and intangible assets 15 9 25 12 13 Capital expenditures through cash -66 -84 -294 -292 -418 Free cash flow 77 136 -1,325 -1,065 786 Net financial position Net financial position consists of both current and non -current interest-bearing liabilities, less cash and cash equivalents. Net financial position is one of the key metrics used in Atea to assess both the cash position and its indebtedness. It is also used in Atea's covenants on debt agreements. Net financial position does not include incremental net lease liabilities due to the adoption of IFRS 16 from 1 January 2019. IFRS 16 requires lessees to recognize most lease contracts on their balance sheet, including subleases and lease liabilities for Right-of-Use (ROU) assets (such as facility rental contracts). Atea's financial covenants specifically exclude incremental net lease liabilities due to the adoption of IFRS 16 from the definition of net financial position. NOK in million 30 Sep 2026 30 Sep 2025 31 Dec 2025 Interest-bearing long-term liabilities -588 -588 -588 Interest-bearing long-term leasing liabilities -24 -22 -15 Interest-bearing current liabilities -1,297 -730 -4 Interest-bearing current leasing liabilities -23 -5 -12 Cash and cash equivalents 583 907 1,594 Net financial position -1,349 -438 975 Long-term ROU assets leasing liabilities -1,071 -1,112 -1,071 Current ROU assets leasing liabilities -349 -420 -414 Incremental net lease liabilities due to IFRS 16 adoption -1,420 -1,532 -1,485
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Note 12 Key Figures Financial Review Condensed Financial Information Contacts 34 Interim Report Q3 2026 Note 12 Liquidity reserve Liquidity reserve is a metric used to assess maximum additional borrowing that is allowed by Atea's debt covenants as of the balance sheet date. Liquidity reserve does not show committed loans reserve. Liquidity reserve is calculated as the difference between Atea's net debt limit according to its debt covenants and Atea's net debt on the balance sheet date. Atea's debt covenants require that Atea limit its net debt at a Group level to 2.5x pro forma EBITDA for the last 12 months. NOK in million 30 Sep 2026 30 Sep 2025 31 Dec 2025 Last 12 months pro forma EBITDA 2,444 2,023 2,156 Debt covenant ratio 2.5 2.5 2.5 Net debt limit 6,110 5,057 5,391 Net financial position -1,349 -438 975 Liquidity reserve 4,761 4,620 6,366 Net debt / pro forma EBITDA 0.6 0.2 -0.5 Liquidity reserve breakdown: NOK in million 30 Sep 2026 30 Sep 2025 31 Dec 2025 Unutilised short-term overdraft facilities 1,521 1,033 1,750 Draft limitation, debt covenant 3,240 3,587 4,616 Liquidity reserve 4,761 4,620 6,366
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Note 12 Key Figures Financial Review Condensed Financial Information Contacts 35 Interim Report Q3 2026 Note 12 Net working capital Net working capital is defined as non -interest-bearing current assets net of cash and cash equivalents less non-interest-bearing current liabilities. The net working capital balance impacts how much funding is needed for business operations. Net working capital is positively affected by the securitization program, see Note 6 for more details. Change in definition of Net working capital Starting from Q3 2025, the Group’s definition of Net working capital excludes Dividend payable that previously has been included in Other current liabilities. Dividend payable is now disclosed separately in the Consolidated Statement of Financial Position. This adjustment aligns the Net working capital calculation in our Alternative performance measures with the presentation in the Consolidated Statement of Cash Flow, where changes in dividend payable are reported within cash flows from financing activities. For comparability, the prior period of Net working capital figures has been restated using the new definition. NOK in million 30 Sep 2026 30 Sep 2025 31 Dec 2025 Inventories 2,038 1,037 974 Trade receivables 5,617 4,549 8,721 Other receivables 2,776 2,839 2,448 Trade payables -5,822 -5,249 -9,670 Tax payable -258 -221 -48 Provisions -111 -53 -75 Other current liabilities -3,847 -3,608 -4,460 Working capital 393 -707 -2,111 Securitization effect 1,884 1,648 1,598 Working capital before securitization 2,277 941 -513 Pro forma gross sales – last 12 months 65,339 58,879 60,167 Working capital in relation to last 12 months gross sales 0.6% -1.2% -3.5%
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Note 12 Key Figures Financial Review Condensed Financial Information Contacts 36 Interim Report Q3 2026 Note 12 Adjusted equity ratio Atea's adjusted equity ratio is defined as its equity as a percentage of its adjusted total assets. Atea's adjusted total assets are calculated by deducting incremental lease assets due to the adoption of IFRS 16 (such as right -of-use assets and sublease receivables) from the total asset balance. In accordance with Atea’s risk management guidelines, Atea's adjusted equity ratio should be above 20%. NOK in million 30 Sep 2026 30 Sep 2025 31 Dec 2025 Total assets 18,339 17,007 21,341 Deduct: incremental lease assets due to IFRS 16 adoption Right-of-use assets -1,357 -1,447 -1,396 Long-term subleasing receivables -29 -41 -39 Short-term subleasing receivables -51 -50 -44 Adjusted total assets 16,901 15,469 19,862 Equity 4,136 4,152 4,541 Adjusted equity ratio (%) 24.5% 26.8% 22.9%
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Contacts Key Figures Financial Review Condensed Financial Information Contacts 37 Interim Report Q3 2026 Contacts Holding Atea ASA Karvesvingen 5 Box 6472 Etterstad NO-0605 Oslo Tel: +47 22 09 50 00 Org.no 920 237 126 investor@atea.com atea.com Denmark Atea A/S Lautrupvang Street 6 DK-2750 Ballerup Tel: +45 70 25 25 50 Org.no 25511484 info@atea.dk atea.dk Latvia Atea SIA Unijas Street 15 LV-1039 Riga Tel: +371 67 819050 Org.no 40003312822 info@atea.lv atea.lv Global Shared Services Atea Global Services SIA Antonijas Street 17 LV-1010 Riga Org.no 50203101431 ags-communication@atea.com ateaglobal.com Norway Atea AS Karvesvingen 5 Box 6472 Etterstad NO-0605 Oslo Tel: +47 22 09 50 00 Org.no 976 239 997 info@atea.no atea.no Finland Atea Finland Oy Rajatorpantie 8 FI-01600 Vantaa Tel: +358 (0)10 613 611 Org.no 091 9156-0 customercare@atea.fi atea.fi Estonia Atea AS Järvevana Street 7b EE-10112 Tallinn Tel: +372 610 5920 Org.no 10088390 info@atea.ee atea.ee Group Functions Atea Group Functions A/S Lautrupvang Street 6 DK-2750 Ballerup Org.no 39097060 info@atea.dk Sweden Atea Sverige AB Mathildatorget 9 Box 1029 Solna SE-169 75 Solna Tel: +46 (0) 8 477 47 00 Org.no 556448-0282 info@atea.se atea.se Lithuania Atea UAB J. Rutkausko Street 6 LT-05132 Vilnius Tel: +370 5 239 7830 Org.no 122 588 443 info@atea.lt atea.lt Group Logistics Atea Logistics AB Nylandavägen 8A Box 159 SE-351 04 Växjö Tel: +46 (0)470 77 16 00 Org.no 556354-4690 cc-logistics@atea.se Q3 2026