Slides
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Kristine Lund, CEO Henning Hesjedal, CFO Webstep ASA - 11. November 2025, Oslo Interim presentationQ3 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 Market continues to be soft, seeing signs of recovery. EBIT margin protected by flexible salary models, EBIT 7.9% year to date, flat vs. the same period in 2024. “Next Step”: sharper customer focus, greater agility, and a performance culture that sets the industry standard – these are pillars of the future Webstep. Data & AI business continues strong performance, strengthening AI position with concrete AI project delivery and targeted client training on how to get started with AI Major contract wins at The Norwegian Courts Administration, Statnett, Fifty, Norwegian Defense Materiel Agency (NDMA), Norsk Tipping and Trondheim municipality HighlightsQ3
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Q3 highlights Revenue, mNOK (189.4) EBIT, mNOK (10.9) EBIT margin (5.7%) 178.3 8.2 4.6%
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Financial review
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EBIT (mNOK) EBIT margin Group results Q3 Revenue (mNOK) FTE, EoP ● Revenue NOK 178.3 million (189.4); a decline of 5.8 per cent, primarily driven by lower headcount and lower utilisation. Hourly rates up compared to Q3 2024, as we continue to protect our hourly rates from the worst price pressure ● EBIT NOK 8.2 million (10.9); decline in EBIT margin to 4.6 per cent (5.7) ○ Excluding bad debt write off, EBIT 9.3 million, EBIT margin 5.2 % ● FTE 419 end of period; down from 449 same period last year, and from 438 end of prior quarter 8.2 (10.9) 4.6% (5.7%) 419 (449) 178.3 (189.4) 7
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EBIT (mNOK) EBIT margin Group results YTD Revenue (mNOK) FTE, EoP ● Revenue NOK 629.7 million (648.6); a decline by 2.9 per cent, primarily driven by lower utilisation and lower headcount ● EBIT NOK 49.9 million (51.3); a decline by of 2.7 per cent from the same period last year ● EBIT margin 7.9 per cent (7.9); same as last year ● FTE 419 end of period (449); down 20 FTE (6.8 per cent) from the same period last year 49.9 (51.3) 7.9% (7.9%) 419 (449)629.7 (648.6) 8
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Market update and outlook
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Market update and outlook (1) ● AI-based technology is a key part of Websteps strategy ● Webstep delivering real customer value with AI: moving on from the pilot and proof-of-concept stage with interesting pipeline developing around these cases ● AI focus also drive strong demand for services in data engineering, cloud-based data architecture, analytics and decision support, and machine learning ● Launched in Q2, seeing early results in terms of increased general awareness, traffic and engagement across our digital platforms Long-term trends of digitalisation remain stable New brand identity already positioning Webstep stronger in market
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11 Market update and outlook (2) ● Despite steady growth in Q3 and YTD, signals of reduced activity within the energy market may impact revenue performance. We prioritise maintaining our premium prices ● Public sector business steady performance in Q3 ● Headcount impacted by discontinuing non-core activities, and churn among consultants. Continue to hire, but may take some time to return to headcount growth Several important contract wins during the quarter Continue to view the macroeconomic outlook as uncertain in the short term ● 2+1+1 years contract with The Norwegian Courts Administration ● Renewed framework agreement with Statnett ● Ranked number one in a framework agreement with Fifty (Statnett subsidiary) ● 4 years contract with the Norwegian Defense Materiel Agency ● 4 years contract with Norsk Tipping ● 2+1+1 years frame agreement with Trondheim kommune
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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 Q3 2025 Q3 2024 YTD 2025 YTD 2024 FY 2024 Revenues 178.3 189.4 629.7 648.6 874.1 Change -5.8% 2.4% -2.9 % 2.0 % 1.5 % EBITDA 12.5 15.7 62.8 65.6 85.1 EBITDA margin 7.0 % 8.3 % 10.0 % 10.1 % 9.7 % EBIT 8.2 10.9 49.9 51.3 66.7 EBIT margin 4.6 % 5.7 % 7.9 % 7.9 % 7.6 % Net profit 5.1 7.0 36.3 36.7 49.5 Net free cash flow 12.0 -19.2 52.8 -21.5 22.2 Cash flow from operations 12.4 -18.5 54.6 -16.7 28.1 Equity ratio 55.1 % 56.6 % 55.1 % 56.6 % 50.7 % Earnings per share (NOK) 0.19 0.25 1.33 1.33 1.81 Earnings per share fully diluted (NOK) 0.19 0.25 1.33 1.33 1.80 Number of FTE, average 424 448 436 448 449 Number of FTE, end of period 419 449 419 449 446 Revenue per FTE (TNOK) 420.5 422.7 1,444.4 1,447.4 1,949.0 EBIT per FTE (TNOK) 19.4 24.3 114.4 114.4 148.8
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16 61/39% Private / Public A large and loyal customer base in both private and public sector. 59% The top 10 customers account for 59% 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 third quarter ● Capex relates to office and equipment * Negative indicates positive amount NOK million YTD 2025 Cash and cash equivalents* −62,4 Restricted cash 0,3 Debt to credit institutions - Leasing liabilities (current and non-current) 60,0 Net interest bearing debt (NIBD) −2,2 NIBD/EBITDA (rolling 12 months) 0 NIBD/EBITDA (rolling 12 months) including IFRS 16 Lease liabilities −0,8
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18 Top shareholders at 10 November 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 Q3 Q2 Q1 Q4 Q3 FTE | End of period 2025 2025 2025 2024 2024 Total 419 438 444 446 449 Oslo 193 205 209 213 210 Bergen 91 92 93 96 95 Trondheim 62 63 64 61 63 Stavanger 48 51 50 49 53 Sørlandet 20 20 20 20 21 Haugalandet 5 7 8 8 8
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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.