Slides
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ITERAQ2 REPORT 2026 1. Highlights of the quarter 2. Business review 3. Financial review 4. Outlook 5. Q&A Arne Mjøs Chief Executive Officer Bjarte Petersen Chief Financial Officer
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ITERA Highlights Q2 2026 Q2 REPORT 2026
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Highlights. Improved growth & profitability Revenue growth of 7%, higher utilization, lower overhead costs and non-core divestment lifted margins and operating performance. AI - driven demand Customer demand is shifting from experimentation to implementation, opening opportunities across modernization, cloud, data and managed services. Cloud & Application Services continued its strong growth trajectory, with 28% gross profit growth in Q2, further strengthening Itera's profitability and scalability. Stronger growth platform ITERAQ2 REPORT 2026 Disciplined execution and AI-led demand carried through a stronger second quarter
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ITERA Business review Q2 REPORT 2026
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Q2 in brief Adjusted EBIT margin 6 .8 % Last year: 2.3% Organic growth 7 % Constant currency terms while reported 4% in NOK Q2 operational cash flow MNOK 18.6 Last year: 20.8 Ending number of employees 672 Last year: 702 196203 +7%-9% 4.3%2.3% Revenue, MNOK YoY growth Adjusted EBIT margin 213 +1% 2.1% 223 -4% 8.8% Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 ITERAQ2 REPORT 2026 210 +4% 6.8%
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Market view ITERAQ2 REPORT 2026 AI is moving from experimentation to enterprise-wide business transformation — reshaping how customers modernize, operate and buy consulting services. Market evolution AI becomes business transformation Moving from pilots to enterprise-wide deployment, focused on productivity, ROI and business outcomes. Modernization accelerates AI is driving application modernization, cloud transformation and digital core renewal. Activity trends Agentic AI gains momentum AI agents and data are enabling intelligent operations, higher productivity and scalable delivery models. Digital sovereignty rises Geopolitics and cyber risk are increasing the need for resilient digital infrastructure, robust security, and greater control over critical technology ecosystems. Consulting is evolving Value creation is shifting from implementation to outcomes, powered by industry expertise, platforms and agentic workflows.
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Nordic roots. European presence. In the agentic era. Itera is a vibrant team of business advisors, designers, technologists and AI agents, working together to redefine how organizations innovate, transform and create value in the agentic era. 18 Years in Ukraine 14 Number of offices in Europe 8 Countries in Europe ITERAQ2 REPORT 2026
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2025 2026 Financial Services (FSI) 40.0% 43.9% 2025 2026 Energy & Industry 25.3% 22.7% 2025 2026 Public & Organisations 14.0% 13.1% Sector development 2026 Our key industries include financial services, energy and the public sector. Additionally, we are establishing a strong foothold in the rapidly growing defence industry by leveraging valuable insights from Ukraine. 2025 2026 Others 20.6% 20.4% → This focus gives us an understanding of the evolution of these industries, their business issues and new and emerging technologies. ITERAQ2 REPORT 2026
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A staged model that moves organizations from legacy debt to measurable business value — modernization and agentic enablement compounding into reusable capability. AI transformation & New growth engines ITERAQ2 REPORT 2026 1 Legacy Transformation • Reduce technology debt • Eliminate data silos • Simplify integration complexity • Build an AI-ready digital core ❯ 2 AI & Agentic Enablement • AI agents • Governance & security • Responsible AI • Process redesign 3 AI Factory & Intelligent Operations • AI orchestration • Reusable agentic workflows • Integrated operations • Humans and agents together ❯ 4 New Agentic Products & Services Packaged agentic products and reusable IP monetized as new, scalable service lines. 5 New Agentic Enterprise, Culture & Processes Productivity, growth, resilience, sovereignty and measurable outcomes. TRANSFORMMODERNIZE OPERATE IMPROVE NEW BUSINESS VALUE
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Every engagement cycles through modernize, transform, operate and improve — compounding into a dual value creation model for both customer and Itera. Circular value loop ITERAQ2 REPORT 2026 Customer Value Faster modernization Lower operating costs Higher productivity Better resilience Itera Value Higher human-agent ratio More recurring revenue Reusable IP and workflows Less dependency on FTE growth only Dual Value Creation Modernize Transform Operate Improve
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The future of consulting is agentic ITERAQ2 REPORT 2026 COMPOUNDING KNOWLEDGE ACROSS ENGAGEMENTS 1 Engagement delivered Agents, workflows and analysis capabilities are built to solve the customer's specific problem. 2 Becomes institutional knowledge Reusable, not bespoke — captured and reused by the next team. 3 Reused across customers Applied to new engagements and industries — not rebuilt from scratch. 4 Next project starts ahead Faster delivery, more value, from day one. Next engagement starts further ahead — knowledge compounds each cycle BUILDING CAPABILITIES FOR THE AGENTIC ERA AI skills alone are no longer sufficient. Differentiation comes from combining deep domain expertise with proprietary platforms and reusable agentic workflows — the foundation Itera has invested in over the past year. CODE INTELLIGENCE Code Compass AI-native code intelligence platform that helps agents and developers understand and modernize complex applications. AGENT ORCHESTRATION Digital Factory Platform for designing and orchestrating multi-agent workflows at scale. DATA MODERNIZATION Atlas Data Fabric AI-assisted data migration and governance platform that improves transparency, quality and control. Foundation for AI-enabled delivery at scale
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First in Norway to certify AI management Itera is certified under ISO 42001 - first in Norway and among the first in Europe to achieve certification for AI management standard. ▪ Responsible AI by design The certification verifies how AI is governed, developed, deployed and monitored, turning responsible AI from ambition into a documented capability. ▪ A foundation for scaling AI Combined with ISO 9001, ISO 14001 and ISO 45001 — quality, environment and working environment certified across the group. ▪ A competitive advantage in regulated industries This is a trust advantage in regulated sectors, where governance and compliance increasingly decide who is allowed to scale AI Q2 REPORT 2026 From left: Erik Winther, Country Manager in DNV Business Assurance Norway, Runa Hoff, Head of Quality Management in Itera, and Oliver Nemcik, Information Security Manager in Itera.
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Resilience is built before a crisis. The lessons from Ukraine are becoming increasingly relevant across sectors • Real-world laboratory – for energy resilience, digital transformation and innovation under extreme conditions. • Thought leadership – At Arendalsuka, Itera joined leaders from government, defence and industry to discuss digital resilience and total defence. • Future preparedness – Helping organizations strengthen resilience and learn from Ukraine's experience. From left: Cecilie Lilaas-Skari, Chief of Police, Eastern Police District; Arne Mjøs, CEO, Itera; Cornelia Bjørke -Hill, Communications Lead, Microsoft Norway; Halvor Johansen, Chief of the Cyber Defence, Norwegian Armed Forces; Tore O. Sandvik, Minister of Defence (Labour Party); Kristine Dahl Steidel, CEO, Microsoft Norway; Birgitte Engebretsen, CEO, Telenor Norway; Mahmoud Farahmand, Member of Parliament (Conservative Party) ITERAQ2 REPORT 2026 Learning resilience from Ukraine during Arendalsuka
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Order intake Order intake from selected new and existing customers. Several of the new deals signed are within AI and with expected spin-off projects. 9 % (18%) Share new customers Revenue from new customers won over the past 12 months. ITERAQ2 REPORT 2026
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Customer mix ITERAQ2 REPORT 2026 91 % (82.0%) Share existing customers of revenues in Q2 2026 ▪ Strategic relationships ▪ Full range of services ▪ Distributed delivery across borders * Existing customers defined as customers that were invoiced in the corresponding quarter last year ** New customers defined as customers won since end of corresponding quarter last year Customer diversification and growth platform 71 % (7 3 %) High visibility Revenue customers split (in MNOK) Share of revenue from Top 30 customers Share of revenue
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Skilled and innovative employees Number of employees end of quarter by shore Rolling 12 months net FTE growth 672 (702) employees at the end of the quarter Down by 30 last twelve months as part of the operational improvement programme. Nearshore ratio of 50% (49%) Our distributed delivery model of onshore and nearshore consultants are increasing our price competitiveness as well as providing high scalability through access to a very large talent pool. ITERAQ2 REPORT 2026
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ITERA Financial review Q2 REPORT 2026
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Key financials In the second quarter, growth came to 7% in constant currency and 4% on a reported basis ▪ Solid growth in the Financial sector ▪ Cloud & Application Services delivered 28% gross profit growth driven by recurring managed services, automation, and AI ▪ Operational improvement programme delivering to plan, with an annualised EBIT margin impact of 1.6–1.8 pp ▪ Billable utilisation improved both sequentially and year-on-year ▪ Adjusted EBIT margin in Q2 at 6.8% 210.2m 4% 6 .8% 4.5 pts Revenue Adjusted EBIT margin ITERAQ2 REPORT 2026 * As part of its operational improvement programme and focus on core business, Itera has decided to divest Mosaique Headhunting AS and recognized additional write-offs of customer receivables in Iceland. These non-recurring items reduced EBITDA and EBIT by NOK 8.6 million in Q2 and NOK 11.7 million in the first half of 2026. 2026 2025 Change 2026 2025 Change 2025 NOK Million 4-6 4-6 % 1-6 1-6 % FY Operating revenue 210.2 202.9 4% 433.1 434.6 0% 844.3 Operating revenue in constant currency 216.5 202.9 7% 445.1 434.6 2% 846.5 Gross profit 195.6 187.9 4% 405.1 401.9 1% 781.8 Adjusted* EBITDA margin 10.6 % 6.2 % 71% 11.6% 9.7 % 16% 8.4% Adjusted* EBIT 14.3 4.6 210% 34.0 26.1 23% 39.0 Adjusted* EBIT margin 6.8 % 2.3 % 4.5 pts 7.9 % 6.0 % 1.9pts 4.6 % EBIT 5.7 4.4 32% 22.4 25.4 -13% 36.8 EBIT margin 2.7% 2.1% 0.6pts 5.2% 5.8% -0.7pts 4.4% Earnings per share (EPS) 0.03 0.02 61% 0.19 0.20 -5% 0.28 Dividends per share (DPS) 0.20 0.20 0% 0.20 0.20 0% 0.30 Equity ratio 16.5% 17.7% -1.2pts 16.5% 17.7% -7% 16.7%
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Revenue by type Revenue from FTE driven consultancy services up 5% at NOK 174 million ▪ Revenue from subscription services was on par with last year at NOK 21 million, however good underlying growth in the cloud and application services ▪ Revenue from third-party services was unchanged at NOK 6 million ▪ Other revenue was stable at NOK 10 million ▪ Reported Revenue per employee up 7% in Q2 Quarterly revenue by type (MNOK) Last 12 months revenue by type (MNOK) ITERAQ2 REPORT 2026
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Revenue and EBIT development By quarter Rolling 12 months Revenue in NOK millions Adjusted EBIT in NOK millions Opportunities for revenue and margin expansion ▪ Customers moving from AI pilots to enterprise-wide deployment and agentic AI driven ▪ AI-enabled delivery at scale: Code Compass, Digital Factory, Atlas Data Fabric and ISO 42001 ▪ Digital sovereignty, security and resilience demand across sectors ▪ Further scaling our products and related subscriptions ▪ Continuous focus on improving cost structure and cost discipline 7% Q2 Growth (constant currency) 6.8% 4.5 pts ↑ Adjusted EBIT margin Q2 ITERAQ2 REPORT 2026
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Quarterly cash flow from operations NOK million Cash flow Last twelve months cash flow from operations NOK million ITERAQ2 REPORT 2026 Solid cash generation in Q2, slightly below last year: ▪ Operating cash flow of NOK 18.6 million in Q2 ▪ Operating cash flow last twelve months NOK 39.0 million (68.3) Cash flow from investing activities ▪ MNOK -2.9 (-2.7) in Q2 2026 Cash flow from financing activities ▪ NOK 16.2 million dividend paid in the quarter
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Temporary dip in cash conversion ITERAQ2 REPORT 2026 Over the last 12 months, EBITDA to Cash conversion came in at 58%, a decline of 46 points year on year. Behind the drop sits higher working capital, reflecting revised employee tax schedules in Norway alongside the payment structure applied to fixed-price projects EBITDA to Cash conversion last 12 months EBITDA to Cash conversion
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EBIT in 2021 and 2022 is excluding discontinued operations of -0.23 and -0.17 per share. 2026 EBIT is for first half year. Allocations to shareholders Consistent high distribution of earnings to shareholders ▪ An ordinary dividend for 2025 of NOK 0.20 per share (NOK 16.2 million) was paid in the quarter, and the Board was granted authorisation to approve a possible supplementary dividend later in the year. ▪ Share price was NOK 6.24 at the end of June 2026, down from NOK 9.42 at the end of June 2025 ▪ Current holding of own shares is 997,979 with a total value at NOK 6.22 million per end of Q2. ITERAQ2 REPORT 2026
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ITERA Outlook Q2 REPORT 2026
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Outlook Profitable growth and cash flow remain key focus areas, supported by enhanced commercial capabilities. Itera does not provide guidance to the market on future prospects. ITERA Q2 REPORT 2026 Demand remains cautious, but with improving pockets of activity within AI driven modernisation, data platforms, cloud transformation, managed services, digital sovereignty and operational resilience. AI and Agentic AI are emerging as key growth drivers, accelerating modernization, intelligent operations and business transformation and scalable IP-based offerings. Operation improvement programme delivered on target. Next step is to redesign how work is performed through AI while maintaining cost discipline and high utilisation Currency effect, a stronger NOK held reported growth to 4% versus 7% in constant currency, with continued exposure to DKK, SEK, EUR and USD.
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ITERA Q&A Q2 REPORT 2026
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Top 20 shareholders ITERAQ2 REPORT 2026 No. Name % Nat. Shareholding 1 ARNE MJØS INVEST AS 33.29 NOR 27,363,031 2 OP CAPITAL AS 6.26 NOR 5,146,222 3 SEPTIM CONSULTING AS 5.54 NOR 4,555,467 4 GIP AS 5.45 NOR 4,481,744 5 BOINVESTERING AS 4.02 NOR 3,302,402 6 GAMST INVEST AS 3.74 NOR 3,073,351 7 JØSYRA INVEST AS 2.68 NOR 2,200,000 8 SOBER KAPITAL AS 1.83 NOR 1,500,000 9 HØGBERG, JON ERIK 1.64 NOR 1,347,356 10 DZ PRIVATBANK S.A. 1.46 LUX 1,200,000 11 AANESTAD PANAGRI AS 1.22 NOR 1,000,000 12 ITERA ASA 1.21 NOR 997,979 13 EIKESTAD AS 1.12 NOR 922,500 14 NYVANG, JETMUND GUNNAR 0.92 NOR 759,680 15 FRAMAR INVEST AS 0.91 NOR 750,000 16 ALTEA AS 0.85 NOR 700,000 17 JENSEN, LARS PETER 0.79 NOR 650,300 18 MORTEN JOHNSEN HOLDING AS 0.73 NOR 600,000 19 HAMMER, BENT 0.72 NOR 594,133 20 FRATERNITAS A/S 0.63 NOR 514,413 TOP 20 75.02 61,658,578