Slides
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Kristine Lund, CEO Henning Hesjedal, CFO Webstep ASA - 14. August 2025, Oslo Interim presentationQ2 2025
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Agenda 2 01 Highlights from the quarter 02 Financial Review 03 Market update and outlook
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Highlights from the quarter
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4 Despite a market characterised by weak demand and generally soft conditions, we have maintained a positive development in our EBIT margin, reflecting our highly skilled and relevant consultants, with flexible salary model and operational efficiency Launched new visual identity and branding at our first-ever gathering for all employees in June celebrating Webstep 25th anniversary Data & AI share of business is growing rapidly, taking market position and mindshare Major contract wins at Statnett, BaneNOR, Norway Tax and Norway Offshore Directorate HighlightsQ2
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Q2 highlights Revenue, mNOK (229.5) EBIT, mNOK (19.0) EBIT margin (8.3%) 215.0 19.0 8.9%
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Financial review
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EBIT (mNOK) EBIT margin Group results Q2 Revenue (mNOK) FTE, EoP ● Revenue NOK 215.0 million (229.5); decline of 6.3%, primarily driven by lower utilisation and lower headcount ● EBIT NOK 19.0 million (19.0); improved EBIT margin to 8.9 per cent (8.3) ● FTE 438 End of Period (451); down from 451 same period last year, and from 444 end of Q1 19.0 (19.0) 8.9% (8.3%) 438 (451) 215.0 (229.5) 7
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EBIT (mNOK) EBIT margin Group results YTD Revenue (mNOK) FTE, EoP ● Revenue NOK 451.4 million (459.2); decline by 1.7%, primarily driven by lower utilisation and lower headcount ● EBIT NOK 50.3 million (49.9); improvement of 3.2% from the same period last year ● EBIT margin 9.2 per cent (8.8); improvement of 4.3pp from the same period last year ● FTE 438 end of period (451); down 3% from the same period last year 50.3 (49.9) 9.2% (8.8%) 438 (451) 451.4 (459.2) 8
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Market update and outlook
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Market update and outlook (1) ● Continued macroeconomic and geopolitical uncertainty; investment decisions in private sectors remains slower than usual ● Public sector less impacted by the macro softness, but segments of the energy market are scaling back contracts and showing signs of price pressure ● Webstep prioritise to maintain our premium pricing over winning price-pressured contracts ● Sharpening our sales organisation and strengthening sales capabilities, improved our visibility in the market ● Working as one Webstep improves ability to meet client demands and reduce issues with scale in each location ● Competitive cost base, scaled to return to growth Limited market visibility Significant progress made
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11 Market update and outlook (2) ● Included as provider on significant long term frame agreement for Statnett ● Frame agreement for BaneNOR as sole provider for parts of a project ● Included as sub-provider a frame agreement with Norwegian Tax ● Frame agreement with Bane NOR ● The long-term digitalisation trends remain stable. Webstep is strongly positioned in a high-value niche, with solid growth potential ● Experience some churn among consultants, entering second half with reduced headcount. Continue to hire, will take some time to return to headcount growth ● Our long-term goals of a 10 percent EBIT margin, combined with healthy top-line growth, remains Significant contract acquisitions with strategic importance during the quarter Continue to view the macroeconomic outlook as highly uncertain in the short term
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12 Questions? If you have any questions or would like a more detailed walkthrough of Webstep’s latest quarterly results, please do not hesitate to get in touch. We are happy to provide further insights or schedule a presentation tailored to your interests. Please contact us at ir@webstep.com
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Oslo Universitetsgata 2, 0164 Oslo Trondheim Kongens gate 16, 7011 Trondheim Bergen Damsgårdsveien 14, 5058 Bergen Sørlandet Skippergata 19, 4611 Kristiansand Stavanger Verksgata 1a, 4013 Stavanger
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Appendix
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15 Key figures NOK million Q2 2025 Q2 2024 YTD 2025 YTD 2024 FY 2024 Revenues 215.0 229.5 451.4 459.2 874.1 Change -6.3% 8.0% -1.7% 1.8% 1.5% EBITDA 23.3 23.7 50.3 49.9 85.1 EBITDA margin 10.9% 10.3% 11.1% 10.9% 9.7% EBIT 19.0 19.0 41.7 40.4 66.7 EBIT margin 8.9% 8.3% 9.2% 8.8% 7.6% Net profit 14.8 14.1 31.2 29.7 49.5 Net free cash flow 18.1 30.9 40.8 -2.3 22.2 Cash flow from operations 18.8 32.5 42.2 1.8 28.1 Equity ratio 54.0% 51.1% 54.0% 51.1% 50.7% Earnings per share (NOK) 0.57 0.51 1.20 1.07 1.80 Earnings per share fully diluted (NOK) 0.57 0.50 1.20 1.07 1.79 Number of FTE, average 442 448 442 448 448 Number of FTE, end of period 438 451 438 451 446 Revenue per FTE (TNOK) 486.9 512.9 1,022.0 1,024.7 1,951.5 EBIT per FTE (TNOK) 43.1 42.4 94.3 90.1 149.0
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16 63/37% Private / Public A large and loyal customer base in both private and public sector. 58% The top 10 customers account for 58% of total revenue. Optimizing sales and strengthening our focus on the enterprise market and large clients. Customer base characteristics A diversified customer base between business sectors.
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17 Cash flow and net debt ● The Group has credit facility of MNOK 110 ● Credit facility was unutilised by the end of first quarter ● Capex relates to office and equipment NOK million YTD 2025 Cash and cash equivalents* -54.4 Restricted cash 2.3 Debt to credit institutions - Leasing liabilities (current and non-current) 62.8 Net interest bearing debt (NIBD) 10.7 NIBD/EBITDA (rolling 12 months) 0.1 NIBD/EBITDA (rolling 12 months) including IFRS 16 Lease liabilities -0.7 * Negative indicates positive amount
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18 Top shareholders at 8 august 2025
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19 Revenues (L TM) EBIT (L TM) Number of FTE (EoP) Revenue, EBIT and FTE development
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20 Number of FTE EoP per geographical area Q2 Q1 Q4 Q3 Q2 End of period 2025 2025 2024 2024 2024 Total 438 444 446 449 451 Oslo 205 209 213 210 213 Bergen 92 93 96 95 88 Trondheim 63 64 61 63 65 Stavanger 51 50 49 53 55 Sørlandet 20 20 20 21 21 Haugalandet 7 8 8 8 9
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21 Disclaimers This Presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. These statements and this Presentation are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for Webstep ASA and Webstep ASA’s (including subsidiaries and affiliates) lines of business. These expectations, estimates and projections are generally identifiable by statements containing words such as “expects”, “believes”, “estimates” or similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for Webstep ASA. Although Webstep ASA believes that its expectations and the Presentation are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in the Presentation. Webstep ASA is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the Presentation, and neither Webstep ASA nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use.