Slides
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ITERAQ3 REPORT 2026 1.Highlights of the quarter2.Business review3.Financial review4.Outlook5.Q&A Arne MjøsChief Executive OfficerBjarte PetersenChief Financial Officer
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ITERA HighlightsQ3 2026 Q3 REPORT 2026
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ITERA Highlights. Q3 REPORT 2026 ITERA Transition and capability renewalProject completions, onboarding of new AI agentic talents and capability renewal affected activityRevenue: -3% in constantcurrency Stronger underlying businessImproving efficiency, profitability and cash generation. EBIT margin: 4.0% | Opex: -8% Conversion is the next priorityTurning AI-driven demand and differentiated capabilities into larger engagements and recurring revenue.Virtually all new engagements are AI-related Q3 was a transition quarter. Stronger fundamentals and an accelerating agentic AI transformation position Itera for renewed growth.
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ITERA Business review Q3 REPORT 2026
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Q3 in briefEBIT margin4.0% ↗Last year: 3.8% Organic growth-3% ↘Constant currency terms while reported -7% in NOK Q3 operational cash flow MNOK20.2 ↗Last year: -7.2 Ending number of employees670 →Q2 2026: 672 ITERAQ3 REPORT 2026 Revenue, MNOK EBIT margin 184 3.2% Q32024 196 3.8% Q32025 183 4.0% Q32026 YoYgrowthReported-5 %7 %-7 %Constant currency-6 %7 %-3 %
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ITERAQ3 REPORT 2026 Capability renewal continues through 2H 2026 Several projects were completed before summer, while Itera onboarded new and replacement talent with stronger commercial and agentic AI capabilities.The capability renewal affected utilisation and revenue in Q3. Billable utilisation remained above last year, while capacity was broadly stable from Q2. Revenue growth-3%Constant currency Employees670On par with Q2 UtilisationAbove 2025Lower than Q2 Continued capability renewal impacts utilisation in the short term, while strengthening Itera’s platform for AI-driven growth. Q3 was a transition quarterProject completions and capability renewal affected activity
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2High-demand pockets§AI-driven application modernisation§Cloud, data platforms and managed services§Cybersecurity, sovereignty and resilience 3Conversion is the next priority§Deepen multidisciplinary strategic accounts§Scale recurring and AI-enabled delivery§Increase utilisation and pipeline conversion 1Market shift§AI moves from exploration to implementation§New skills, capabilities and delivery models§Shift towards scalable and outcome-based models ITERAQ3 REPORT 2026 Selective market, attractive demand pockets Strategic fit: Financial Services • Energy & Industry • Public Sector • DefenceUkraine experience strengthens Itera’s resilience and sovereignty proposition Customers are moving from AI exploration to practical implementation, while prioritising modernisation, resilience and measurable business outcomes.
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Several opportunities are converting into projects, while Itera continues to strengthen talent and capabilities for Agentic AIFrom POCs to payable pilots and full scale delivery ITERAQ3 REPORT 2026 New businessvalue Modernise 1Legacy transformation Reduce technology debtBuild AI-ready digital core Transform 2AI & Agentic enablement Agents, governance, securityRedesign processes Operate 3AI Factory & intelligent operations Reusable workflowsHumans and agents together Improve 4New Agentic products & services Packaged IPScalable service lines New business value 5New Agentic enterprise Productivity and growthResilience and outcomes Accumulated technology debt Customer technology estateMultiple generations coexist and compound complexityToday → Agentic AI 2010sCLOUD & DIGITALModern platforms 1980sCLIENT / SERVERFragmented applications 1960sMAINFRAMECore systems ACCUMULATED TECHNOLOGY DEBT
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20252026Financial Services (FSI) 39.6%43.8% ↗ 20252026Energy & Industry 23.2%22.1% ↘ 20252026Public & Organisations 12.8%13.4% ↗ Sector development 2026Financial Services increased its share, while the portfolio became more concentrated in Itera’s priority sectors representing 79% of the revenue. 20252026Others 24.4%20.6% ↘ Additionally, we are establishing a strong foothold in the rapidly growing defence industry by leveraging valuable insights from Ukraine. . ITERAQ3 REPORT 2026
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External validation of Itera’s position in energy, digitalisation, AI and resilienceB2B Energy innovator of the yearITERAQ3 REPORT 2026 Recognition at the CHARGE Europe 2026 Awards reinforces Itera’s relevance in a strategically important growth market.
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Order intakeOrder intake from selected new and existing customers.Several of the new deals signed are within AI and with expected spin-off projects. 7% (13%)Share new customers Revenue from new customers won over the past 12 months. ITERAQ3 REPORT 2026
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Customer mix ITERAQ3 REPORT 2026 93% (87 .0%)Share existing customers of revenues in Q3 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 72% (72%)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 shoreRolling 12 months net FTE growth ITERAQ3 REPORT 2026 670 (705) On par with Q2 employees at the end of the quarter50% (49%)Nearshore ratio ofOur distributed delivery model of onshore and nearshore consultants are increasing our price competitiveness as well as providinghigh scalability through access to a very large talent pool.
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ITERA Financial review Q3 REPORT 2026
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Key financialsQ3 was a transition quarter: revenue -3% in constant currency (-7% reported)§Project completions and talent onboarding lowered utilisation and revenue; Iceland also softer§Billable utilisation up year-on-year; revenue per employee up 1% in constant currency§Operating expenses down 8%; adjusted EBIT margin 6.7% (5.5%) for the first nine months§Cloud & Application Services: gross profit up 6% in Q3 and 15% year-to-date§EBIT margin improved to 4.0% in Q3 (3.8%) 183.2m 7% ↘ 4.0% 0.2 pts ↗ RevenueEBIT margin ITERAQ3 REPORT 2026 * As part of its operational improvement programme and focus on core business, Itera divested Mosaique Headhunting AS and recognised write-offs of customer receivables in Iceland. These non-recurring items reduced EBITDA by NOK 9.9 million and EBIT by NOK 11.7 million in the first half year of 2026. 20262025Change20262025Change2025NOK Million7-97-9%1-91-9%FYOperating revenue183.2196.3-7%616.3630.8-2%844.3Operating revenue in constant currency189.7196.3-3%634.6630.81%844.3Gross profit169.5181.5-7%574.6583.5-2%781.8Adjusted* EBITDA15.112.719%50.042.116%71.1Adjusted* EBITDA margin8.2%6.2 %32%11.6%9.7 %1.9pts8.4%Adjusted* EBIT7.38.4-13%41.434.517%39.0Adjusted* EBIT margin4.0 %4.3 %-0.3 pts6.7 %5.5 %1.2pts4.6 %EBIT 7.37.6-3%29.733.0-11%36.8EBIT margin4.0%3.8%0.2pts4.8%5.2%-0.4pts4.4% Earnings per share (EPS)0.06 0.04 43%0.25 0.24 4%0.28 Dividends per share (DPS)0.00 0.00 0.20 0.20 0%0.30 Equity ratio18.8%20.0%-1,2pts18.8%20.0%-7%16.7%
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Revenue by typeQuarterly revenue by type (MNOK) Last 12 months revenue by type (MNOK) ITERAQ3 REPORT 2026 Consultancy revenue down 7% to NOK 147 million, affected by currency (about 4 pp), lower activity in the Icelandic market and transition §Subscription revenue down 5% at NOK 20 million: healthy growth in Cloud & Application Services, offset by declining Cicero revenue§Third-party services down 3% at NOK 5 million; other revenue down 5% at NOK 11 million§Operating revenue per employee up 1% in constant currency (-2% reported)§New customers contributed 7% of revenue, or NOK 12.7 million
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Revenue and EBIT developmentRevenue in NOK millions By quarterRolling 12 months Adjusted EBIT in NOK millions -3% Q3 Growth (constant currency)4.0% 0.2 pts ↑ EBIT margin Q3 ITERAQ3 REPORT 2026 Well positioned for renewed growth after transition §Customers moving from AI pilots to enterprise-wide deployment, with high interest in agentic AI§AI-enabled delivery at scale: Code Compass, Digital Factory and Atlas Data Fabric§Digital sovereignty, security and resilience demand, backed by our Ukraine experience§Higher utilisation as renewed talent is deployed and pipeline converts to billable work§Growing recurring revenue in Cloud & Application Services, with continued cost discipline
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Quarterly cash flow from operations NOK million Cash flow Last twelve months cash flow from operationsNOK million ITERAQ3 REPORT 2026 Strong operational cash generation in Q3:NOK 20.2 million (-7.2)§Driven by profits and collection from customers§Operating cash flow last twelve months NOK 66.5 million (54.1), up 23% Cash flow from investing activities§MNOK -2.7 (-3.9) in Q3 2026, mainly product development Cash flow from financing activities§MNOK -4.6 (-4.6) in Q3 2026, mainly facility leases
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Strong cash conversionITERAQ3 REPORT 2026 •EBITDA-to-cash conversion over the last 12 months came in at 99%•Up from 74% a year ago•A clear recovery from the temporary dip earlier in the year (58% at Q2)•Strong Q3 cash flow driven by profits and collection from customersEBITDA 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 nine months. Allocations to shareholders Consistent high distribution of earnings to shareholders§Ordinary dividend of NOK 0.20 per share (NOK 16.2 million) was paid in the second quarter§Board approved an additional NOK 0.10 per share (about NOK 8.1 million), payable 9 December 2026: NOK 0.30 per share for 2025§Share price was NOK 5.80 at the end of September 2026, down from NOK 8.58 a year earlier§Own shares: 997,979 (472,596), valued at NOK 5.8 million at the end of Q3 ITERAQ3 REPORT 2026
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ITERA OutlookQ3 REPORT 2026
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Outlook Profitable growth and cash flow•Cost discipline & efficiency•Protect cash conversion Itera does not provide guidance to the market on future prospects. ITERA Q2 REPORT 2026 Selective demand, stronger pockets•AI, cloud, data & managed services•Sovereignty, cyber & resilience Agentic AI transformation•Nearly all engagements AI-related•Renew talent & scale reusable platforms Conversion and utilisation•Convert pipeline & grow key accounts•Skills renewal affects near-term utilisation Recurring revenue and reach•Grow Cloud & Application Services•Scale product, outcome-based offerings and sales in Nordics & CEE
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ITERA Q&AQ3 REPORT 2026
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Top 20 shareholders end of Q3ITERAQ3 REPORT 2026 Shareholding%Name Nationality27 363 03133,29ARNE MJØS INVEST AS*NOR5 238 1326,37OP CAPITAL AS NOR4 555 4675,54SEPTIM CONSULTING ASNOR4 540 2845,52GIP AS NOR3 336 9294,06BOINVESTERING ASNOR3 137 8953,82GAMST INVEST AS NOR2 200 0002,68JØSYRA INVEST AS NOR1 544 3831,88SOBER KAPITAL AS NOR1 347 3561,64JON ERIK HØGBERGNOR1 200 0001,46DZ Privatbank S.A. LUX1 000 0001,22AANESTAD PANAGRI ASNOR997 9791,21Itera ASA NOR775 0000,94EIKESTAD AS NOR759 6800,92JETMUND GUNNAR NYVANGNOR750 0000,91FRAMAR INVEST ASNOR700 0000,85ALTEA AS NOR650 3000,79LARS PETER JENSENNOR626 3920,76ODD TORE ØVRETVEITNOR600 0000,73MORTEN JOHNSEN HOLDING ASNOR584 1330,71BENT OLA BJØRNEBYE HAMMERNOR61 606 96075,90SUM