Slides
Page 1
Kristine Lund, CEO Henning Hesjedal, CFO Webstep ASA - 12. February 2026, Oslo Interim presentationQ4 2025
Page 2
Agenda 2 01 Highlights from the quarter 02 Financial Review 03 Market update and outlook
Page 3
Highlights from the quarter
Page 4
4 Flexibility in salary models demonstrates the scalability of Webstep’s business model and helps protect margins in a challenging market, delivering a full-year EBIT margin of 7.8 per cent adjusted for one-off costs in Q4. The board of directors proposes for the Annual General Meeting a dividend of NOK 1.49 per share, total NOK 40.4 million Webstep continues to share knowledge. In 2025, this included AI-related sessions across a variety of forums, ranging from open events to client-specific engagements. Webstep has contributed to the successful DISC initiative in the oil and gas sector. Key appointments to strengthen the executive leadership, including Regional Director for the Oslo office, national industry leader for oil and gas, and national sales director. These additions are central to reinforce our ability to drive growth, strengthen customer relationships, and integrate industry insight with our technology expertise. As market dynamics continue to evolve, Q4 was characterised by a strong focus on commercial activities and recruitment. A high volume of contract extensions in December built a solid backlog for 2026, while limited client churn confirms the critical role our consultants play in customers’ operations and the high quality of our deliveries. HighlightsQ4
Page 5
Q4 highlights Revenue, mNOK (225.6) EBIT, mNOK (15.5) EBIT margin (6.9%) 205.5 6.1 2.9%
Page 6
Financial review
Page 7
EBIT (mNOK) EBIT margin Group results Q4 Revenue (mNOK) FTE, EoP ● Revenue NOK 205.5 million (225.6); a decline of 8.9 per cent, primarily driven by lower headcount ○ Hourly rates up compared to Q4 2024, as we continue to protect our hourly rates from price pressure ● EBIT NOK 6.1 million (15.5); decline in EBIT margin to 2.9 per cent (6.9) ○ Excluding one-off severance cost, EBIT 15.1 million (18.8), EBIT margin 7.3 per cent (8.4) ● FTE 400 end of period; down from 446 same period last year, and from 419 end of prior quarter 6.1 (15.5) 2.9% (6.9%) 400 (446) 205.5 (225.6) 7
Page 8
EBIT (mNOK) EBIT margin Group results full year Revenue (mNOK) FTE, EoP ● Revenue NOK 835.2 million (874.1); a decline by 4.5 per cent, driven by lower headcount and lower utilisation ● EBIT NOK 55.9 million (66.7); decline in EBIT margin to 6.7 per cent (7.6) ● FTE 400 end of period (446); down 46 FTE (10.3 per cent) from the same period last year 55.9 (66.7) 6.7% (7.6%) 400 (446)835.2 (874.1) 8
Page 9
Market update and outlook
Page 10
Market update and outlook (1) ● Transforming the organisation to leverage our competence base and our domain expertise to solve our customers’ challenges ● Webstep support clients in both modernising legacy systems and building new cloud-native capabilities ● Webstep’s consultants are involved in a number of high-profile AI projects, for some of the largest enterprises in Norway ● While SaaS solutions remain highly relevant, we see growing interest in more custom-built and hybrid approaches, where AI-enabled development can provide greater control and faster innovation Continues to sharpen our profile Strategic use of data and insight technologies continues to be prominent
Page 11
11 Market update and outlook (2) ● Addressing consultant churn during the year through targeted recruitment efforts ● Initiated a nationwide recruitment campaign which has delivered a pipeline of high-quality candidates ● We remain selective and will not compromise on quality in our hiring process Several important contract wins during the quarter Confidence in a gradual return to headcount growth ● New frame agreement with Nkom ● Prolonged contracts with e.g. Aker, The Norwegian Armed Forces, Enova, Posten and Norwegian Courts Administration.
Page 12
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
Page 13
Appendix
Page 14
14 Key figures NOK million Q4 2025 Q4 2024 FY 2025 FY 2024 Revenues 205.5 225.6 835.2 874.1 Change -8.9% 0.0% -4.5 % 1.5 % EBITDA 10.2 19.5 73.0 85.1 EBITDA margin 5.0 % 8.6 % 8.7 % 9.7 % EBIT 6.1 15.5 55.9 66.7 EBIT margin 2.9 % 6.9 % 6.7 % 7.6 % Net profit 5.6 12.5 42.0 49.5 Net free cash flow 47.1 43.7 99.8 22.2 Cash flow from operations 47.4 44.8 102.0 28.1 Equity ratio 55.8 % 55.6 % 55.8 % 55.6 % Earnings per share (NOK) 0.22 0.48 1.55 1.81 Earnings per share fully diluted (NOK) 0.22 0.48 1.55 1.80 Number of FTE, average 402 447 427 449 Number of FTE, end of period 400 446 400 446 Revenue per FTE (TNOK) 511.4 504.1 1,954.4 1,949.0 EBIT per FTE (TNOK) 15.1 34.6 130.9 148.8
Page 15
15 65/35% Private / Public A large and loyal customer base in both private and public sector. 58% 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.
Page 16
16 Cash flow and net debt ● The Group has credit facility of MNOK 110 ● Credit facility was unutilised by the end of fourth quarter ● Capex relates to office and equipment * Negative indicates positive amount NOK million FY 2025 Cash and cash equivalents* −105,5 Restricted cash 0,4 Debt to credit institutions - Leasing liabilities (current and non-current) 57,1 Net interest bearing debt (NIBD) −48,1 NIBD/EBITDA (rolling 12 months) −0,7 NIBD/EBITDA (rolling 12 months) including IFRS 16 Lease liabilities −1,5
Page 17
17 Top shareholders at 10 February 2026
Page 18
18 Revenues (L TM) EBIT (L TM) Number of FTE (EoP) Revenue, EBIT and FTE development
Page 19
19 Number of FTE EoP per geographical area Q4 Q3 Q2 Q1 Q4 FTE | End of period 2025 2025 2025 2025 2024 Total 400 419 438 444 446 Oslo 191 193 205 209 213 Bergen 86 91 92 93 96 Trondheim 53 62 63 64 61 Stavanger 46 48 51 50 49 Sørlandet 18 20 20 20 20 Haugalandet 5 5 7 8 8
Page 20
20 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.
Page 21
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