Slides
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Q4 2025 February 13th 2026 Leading mobile & circular technology company
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Successful divestment of BCM unit Key Milestones December 23rd Agreement with Lexit Group/Idnet signed February 2nd Closing and transaction successfully completed 136 MSEK January 1st Carve-out and dropdown of the BCM unit into Optidev AB
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The “new” Techstep at a glance RESPONSIBLE BUSINESS POLICIES CHALLENGER AWARDS 2023 and 2022 Gartner® MQ for Managed Mobility Services, Global. 3 MILLION MANAGED DEVICES for hybrid and frontline workers. END-TO-END SOLUTIONS MISSION Leading mobile and circular tech partner in Europe. VISION Making the world of work, mobile, smarter, and more sustainable. We make mobile technology work for you 80+ PARTNERSHIPS with leading tech companies, resellers, telecom providers, and IT experts. CERTIFIED MOBILE TECH EXPERTS 190 EMPLOYEES IN 4 COUNTRIES SOFTWARE HARDWARE CONSULTANCY 2,000+ CUSTOMERS in enterprise and public sector.
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Q4 summary – Laying the groundwork for the "New Techstep" 1. Successful carve-out A strategic move to focus resources, expertise and offerings 2. Decisive cost-base reductions Right sizing and re-organizing , # FTEs down from 260 to 190 in 2026 3. Implementation of one ERP system Enhanced operational efficiency and reduced cost 4. New and improved backbone AI/Automation & new dCom to increase speed and scalability 5. Operator agnostic Telecom Expense Move from legacy operator specific to operator agnostic Expense capabilities Impact on Q4: Increased resource consumption • Focus, time and resources spent on the successful carve-out of BCM unit • Time and resources related to re-organizing and downsizing of employees • ERP cost and resources (Norway went successfully live January 12th) • Digital commerce project to build the new and unified customer experience across Techstep going live this spring • Net Gross Profit negatively impacted by discontinuation of legacy version of own proprietary software for one operator 260 190 Dec 25 Q1 26 # FTE’s Development FTE’s 312 238 2025 2026 NOK mill Cost base 2025 vs. target 2026
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Strategy and Business update
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Q4 - Laying the groundwork for the "New Techstep" a The Leading European Mobile and Circular Tech partner 2. Decisive cost-base reductions Right sizing and re-organizing , # FTEs down from 260 to 190 4. New and improved backbone AI/Automation & new dCom to increase speed and scalability 1. Focus resources, expertise and offerings Standarized and scalable software and services 3. Implementation of one ERP system Enhanced operational efficiency and reduced cost
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Indirect sales Scale in volume via Mobile Operators and IT Service Providers Increase value for their B2B offering with own software • Techstep Lifecycle platform • Techstep Essentials Mobile Device Management • Techstep Essentials Mobile Threat Defense Direct sales Growth in margin via Direct customers in the Nordics Increase value for customers with complete Managed Mobility Services (MMS) offering to enable their mobile-first workforce to be always operational, secured and efficient. Our Commercial Focus and Priorities
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Key wins and strong commercial momentum Sykehuspartner – Rolling out and manage thousands of clinical role-based mobile devices in the South-East region, enhancing patient care and increasing efficiency. Polish Police – Closed the largest deal of the year with the Polish Police force late December. Currently expanding their Mobile Device Management platform (Techstep Essentials), to secure their fast-growing mobile devices fleet. (15K new users). Generalitat de Catalunya – Won a very comprehensive Proof-of-Concept for Mobile Device Management and Security, covering all mobile users and devices in the Catalunya region, currently around 78.000 devices. Project start and purchase order planned within Q1. Commercial highligths Q4
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Mobile Technology: A key enabler for value creation across industries Across industries and together with our customers and partners, we’re unlocking massive gains with the mobile technology as the ultimate enabler. EFFICIENCY USER EXPERIENCE SECURITY CONTROL SUSTAINABILITY Healthcare Office/Hybrid Field-Services Retail BUSINESS CONTINUITY
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Financials Q4 2025
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Challenging quarter affected by delays in device sales and one contract discontinuation of legacy own software • 16% decline in NGP Own Software y/y driven by termination of legacy Telecom Expense solution, with underlying 23% growth in core software solutions • Advisory & Services NGP decline 3% y/y driven by lower margins on 3rd party software • Device NGP decline 19% y/y as the share of DaaS revenues decline, one-off strategic device transactions drive margin decrease in the period and delivery delays building backlog into 2026 EBITA adj. decline y/y to NOK -5.4 million in Q4 • 13% decline in net gross profit, and increase in operating costs y/y driven by investments in efficiency projects Net loss of NOK 53.8 million • Total amortization of NOK 47.8 million in Q4, including impairment of Goodwill related to carve-out of NOK 34 million • Amortization level will decrease to approx. NOK 10 million per quarter from 2026 Key figures - Profit and loss Q4 2025 (Amounts in NOK 1 000) Q4 2025 Q4 2024 FY 2025 FY 2024 Q4 y/y Total Revenues 1) 282 611 312 525 1 000 993 1 072 556 -10 % Net gross profit 1) 82 395 94 518 337 845 346 803 -13 % Mobile Devices & other 28 973 35 728 103 776 109 427 -19 % Own Software 24 060 28 479 104 814 101 740 -16 % Advisory & Services 29 362 30 311 129 254 135 635 -3 % Net gross profit margin 2) 29 % 30 % 34 % 32 % -1 % EBITA adjusted 3) (5 367) 21 348 12 234 39 756 -125 % Net profit (loss) for the period (53 845) (12 078) (94 010) (45 696) -346 % EBITA adj. Margin (%) -1.9 % 6.8 % 1.2 % 3.7 % -8.7 ppt. Employees 259 258 259 258 0 % 1) Net gross profit is defined as Total revenue less Cost of goods sold and depreciation from Device -as-a-Service 2) Net gross profit margin is net gross profit of revenues 3) EBITA adjusted excludes non-recurring items such as M&A and restructuring related costs of NOK 3.2 million in Q4 2025 and NOK 1.6 million in Q4 2024
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Recurring revenues proforma adjusted for Carve-out Proforma ARR of NOK 263 million at the end of 2025 • Approximately NOK 65 million in ARR divested, less than 20% of total ARR • Decrease in Q4 due to termination of legacy Telecom Expense solution • Delay in Sykehuspartner managed health roll-out affect own software ARR at year end Recurring revenue annualised 1 NOK million Recurring revenue for DaaS includes contracts of 24 months or more and 12 months or more for the Advisory & Services and Own Software segments. The figures are based on the recognised recurring revenue last reporting month annualised. Please note that Advisory & Services includes 3 rd party software. 249 246 258 264 269 263 280 263 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Reported Proforma
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LTM Net gross profit proforma adjusted for Carve-out Q4 Net gross profit LTM proforma of NOK ~250 million • The anticipated growth has taken longer to materialize than expected. • Focus the last years on strengthening the organization, implementing cost reductions and tuning the commercial strategy • The remaining product portfolio after the carve-out is highly scalable, and the organization has been streamlined and optimized to support future growth. Net gross profit LTM NOK million - 100 200 300 400 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 BCM NGP Proforma NGP Reported NGP
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Cash flow Operating cash flow after investments in DaaS of NOK 9.2 million • Weaker EBITDA in the period. Capex investments in the quarter of NOK 14.7 mill, slightly up from last year • Continuous development of own software for partner channel and Spain roll-out. Net cash flow from financing NOK 10.2 million in Q4 • Transitory loan of NOK 20 million from investors, offset with repayment of loans and interest (NOK 7.5 million) and lease payments. • In process with banks to refinance the company going forward to have sound working capital as all long-term debt was repaid February 2nd Net cash position of NOK 9.3 million at end of year • Available facilities for further liquidity (Amounts in NOK 1000) Q4 2025 Q4 2024 FY 2025 FY 2024 EBITDA adj. 20 796 49 444 123 496 153 613 Change in working capital 20 556 29 761 529 176 Other items (2 877) (7 878) (8 197) (17 303) Net cash flow from operations 38 475 71 326 115 828 136 486 Investments in DaaS net of gains from returns* (29 240) (42 052) (87 133) (110 342) Net cash flow from operations incl. DaaS* 9 235 29 274 28 695 26 144 Net cash used on investment activities excl DaaS* (14 725) (12 334) (39 484) (32 481) Net cash flow from financing activities 10 173 (1 936) (1 415) (40 288) Net change in cash and cash equivalents 4 683 15 004 (12 204) (46 626) Cash and cash equivalents at end of period 9 310 30 776 9 310 30 776 * In the Annual and quarterly financial statements, investments in DaaS is included in cash flow used for investment activiti es according to IFRS. In this presentation, investments in DaaS is included as operating cash flow since the cash flow represent cost related to revenues or cash inflows from DaaS in the Income statement, including working capital changes.
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Balance sheet • Net assets held for sale of NOK 125.6 million including allocated goodwill to the carve-out • Non-current assets • Goodwill reduced with 137 million related to the BCM carve-out • Customer relations and technology of NOK 101 million whereof NOK 4 million is related to purchased assets, which will be fully amortized in H1 2026. • NIBD of NOK 154.4 million, at the same level as at Q3 in 20205, and up 46 million from Q4 2024 due to drawdown on credit facilities and working capital loan of NOK 20 million • Bank loans classified as short-term at end of year 25, as all long-term loans was repaid February 2nd in connection with the BCM transaction closing. (Amounts in NOK 1000) 2025 2024 Non-current assets 624 104 803 056 Assets related to DaaS 154 640 167 408 Total non-current assets 778 744 970 464 Current assets excl cash 171 881 176 119 Cash and cash equivalents 9 310 30 776 Total current assets 181 191 206 895 Assets held for sale 158 752 - Total assets 1 118 687 1 177 360 Total Equity 494 576 570 607 Non-current interest-bearing borrowings - 114 315 Other non-current liabilities 24 757 24 328 Total non-current liabilities 24 757 138 643 Current interest-bearing borrowings 163 728 25 000 Liabilities and deferred revenue related to DaaS* 172 834 189 246 Trade and other current liabilities 229 652 253 864 Total current liabilities 566 214 468 109 Liabilities held for sale 33 141 - Total equity and liabilities 1 118 687 1 177 360 * Liabilities related to DaaS includes Nok 41 million in long term liabilities
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Optimised, streamlined and focused • Completed groundwork for a leaner more focused Techstep • Organisation and cost base has been optimised • New ERP , commerce platform and automation backbone • Strong pipeline and partnerships evolving in Europe • Solid momentum across the Nordics: health rollouts, public-sector digitalization, security and sustainability high priorities across industries • Core own software platforms grew 23% Y/Y Challenging Q4 with commercial headwind • Delayed roll-outs of hospitals (New agreement signed with Sykehuspartner effective from January 1st) • Delivery issues related to iPhone release (entered Q1 2026 with extensive backlog) • Transforming our legacy Telcom Expense solution, from proprietary operator specific to operator agnostic expense capabilities Summary We are on a mission to become: The Leading European Mobile and Circular Tech partner for our customers and partners!
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We are on a mission to become: The Leading European Mobile and Circular Tech partner …and we will succeed!
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Q&A Chat or send e-mail to ir@techstep.io
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Appendix
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Leadership team Ellen Solum – Chief Financial Officer Mrs. Solum joined Techstep from the role as Partner in Uniconsult AS and brings extensive experience from all finance functions such as accounting tax controlling treasury and investor relations and significant experience from change management turn- around cases and IPO processes. She has worked in both private and publicly listed companies and has previously held positions such as CFO in TeleComputing ASA Finance Director in Findus AS as well as several years as management consultant and partner. Mrs. Solum holds a bachelors degree from University of Colorado Boulder as well as an MBA from the Norwegian School of Economics (NHH). Morten Meier – Chief Executive Officer Mr. Meier is a seasoned senior executive with more than 25 years of experience from the software and technology industry including leadership strategy business development sales marketing and operations. He has a proven track record of driving high performance teams and delivering profitable growth and is passionate about driving transformation innovation growth and customer success. Prior to Techstep he spent the ten past years with Microsoft Norway where he served several positions at the leadership team latest as Senior Director Marketing & Operations (COO) and Deputy General Manager. Previous experience includes four years of leadership positions at IBM in Norway and at a Nordic level and almost ten years with Hewlett-Packard. . Terje Bjørnsen– Chief Commercial Officer Mr. Bjørnsen is a seasoned executive with over 30 years of experience in managerial and leadership roles, including extensive expertise in the telecommunications industry. He brings a broad functional background with a strong foundation in the commercial domain, particularly within B2B sales and partnership management. Before joining Techstep, Mr. Bjørnsen served as Commercial Director at a Norwegian EV charge point operator. Prior to that, he spent more than 28 years at Telenor, where he held a variety of cross-functional leadership roles. His experience spans domestic operations in Norway, regional responsibilities in the Nordics, and international assignments across Europe and Asia—both in local business units and at the corporate level. Mr. Bjørnsen holds a Master’s degree in General Business from the Norwegian School of Management (BI).. Sheena Lim – Chief Marketing Officer Ms. Lim has over 22 years of international brand marketing and communication experience in telecom food & beverage media and pharmaceutical and HR tech. Ms Lim came to Techstep from the position as Marketing and Communication Director at Zalaris a provider of simplified HR and payroll administration. Previous positions include 12 years with Telenor’s international operations where she worked through change and improvement projects across all 12 markets in which Telenor was involved. Ms Lim has an executive MBA from BI Norwegian Business School and ESCP European Business School as well as a bachelor’s degree for business (marketing) from University of Monash.
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Leadership team Claes Widestadh– Chief Operating Officer Mr. Widestadh brings over 15 years of experience in enterprise mobility digital transformation and operational leadership .He co- founded eConnectivity in 2017 a company specializing in strategic mobility solutions which was acquired by Techstep in 2021. Since joining Techstep he has been part of the operations management team as Head of Advisory where he has strengthened his deep insights into our customers' pains and needs related to mobility. He is passionate about strategy customer satisfaction and how to leverage emerging tech to achieve operational excellence. Mr. Widestadh holds an M.Sc. in Computer Science from Gothenburg University as well as a B.Sc. in Business Administration and Economics from Halmstad University. Bartosz Leoszewski – Chief Product & Technology Officer Mr. Leoszewski is an experienced IT and software leader and entrepreneur. He is experienced in building software products and their strategy setting a long-term technology direction with cybersecurity always at the forefront. As a software engineer in 2006 Mr. Leoszewski co-founded Famoc where he was first responsible for product development and engineering as Chief Technology Officer and in 2012 transitioned to a CEO role. Famoc was acquired by Techstep in 2021. Mr. Leoszewski holds an MSc. in Computer Science from the Technical University of Gdansk and an Executive MBA from Rotterdam School of Management. Suzanne Almbring– Chief People and Culture Officer Ms. Almbring is an experienced HR executive with over 20 years of experience in strategic and operational HR leadership development and organisational growth. She has deep expertise in talent management recruitment HR processes and employee engagement supporting companies through transformation and change. She joined Techstep in 2022 as HR Business Partner and was appointed Chief People & Culture Officer in 2025. Prior to Techstep she held senior HR roles at AB Regin Ingram Micro and Brightpoint Sweden AB where she worked closely with leadership teams to develop and implement HR strategies across multiple markets.
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Largest shareholders per 31. December 2025 ‘1) Karbon Invest AS is owned by the Board member Jens Rugseth 2) Specter Invest AS is owned by the Board Observer Steinar Hoen Duo Jag AS which is partly owned by Board member Ingrid Leisner owns 60 157 shares in Techstep ASA Hermia AS which is partly owned by Board member Harald Arnet owns 63 439 shares in Techstep ASA
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This presentation (the “Presentation”) has been prepared by Techstep ASA (“Techstep” or the “Company” and together with its s ubsidiaries the "Techstep Group"). The Presentation has been prepared and is delivered for information purposes only. It has not been reviewed or registered with or a pproved by any public authority stock exchange or regulated market place. The contents of the Presentation are not to be construed as financial legal business investment tax or other professional advice. Each recipient should consult with its own professional advisors for any such matter and advice. The Company makes no representation or warranty (whether express or implied) as to the correctness or completeness of the inf ormation contained herein and neither the Company nor any of its subsidiaries directors employees or advisors assume any liability connected to the Presentation and/or the statements set out herein. This Presentation is not and does not purport to be complete in any way. By receiving this Presentation, you acknowledge that you will be solely responsible for your own assessment of the Company its financial position and prospects and that you will conduct your own analysis and be solely res ponsible for forming your own view of any refinancing and the potential future performance of the Company’s business. The information included in this Presentation may contain certain forward-looking statements relating to the business financial performance and results of the Techstep Group and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other st atements that are not historical facts sometimes identified by the words “believes” “expects” “predicts” “intends” “projects” “plans” “estimates” “aims” “fo resees” “anticipates” “targets” and similar expressions. The forward-looking statements contained in this Presentation including assumptions opinions and views of the Com pany or cited from third party sources are solely views and forecasts which are subject to risks uncertainties and other factors that may cause actual events to di ffer materially from any anticipated development. None of the Company or any other company in the Techstep Group or any of its advisors or any of their parent or subsidiary undertakings or any such person’s affiliates officers or employees provides any assurance that the assumptions underlying such forward- looking statements are free from errors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrenc e of the forecasted developments. The Company and its advisors assume no obligation to update any forward-looking statements or to conform these forward-looking statements to the Techstep Group's actual results. Investors are advised however to inform themselves about any further public disclosures made by the Company such as filings made with Oslo Børs or press releases. This Presentation does not constitute any solicitation for any offer to purchase or subscribe any securities and is not an of fer or invitation to sell or issue securities for sale in any jurisdiction including the United States. Distribution of the Presentation in or into any jurisdiction where such distri bution may be unlawful is prohibited. The Company and its advisors require persons in possession of this Presentation to inform themselves about and to observe any such rest rictions. This Presentation speaks as of the date set out on the front page and there may have been changes in matters which affect th e Techstep Group subsequent to the date of this Presentation. Neither the issue nor delivery of this Presentation shall under any circumstance create any implication th at the information contained herein is correct as of any time subsequent to the date hereof or that the affairs of the Techstep Group have not since changed and the Company does not intend and does not assume any obligation to update or correct any information included in this Presentation. This Presentation is subject to Norwegian law and any dispute arising in respect of this Presentation is subject to the excl usive jurisdiction of Norwegian courts with Oslo City Court as exclusive venue. By receiving this Presentation, you accept to be bound by the terms above. Disclaimer
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We make mobile technology work for you