Financial improvement and Ukraine momentum

09 May 2025 07:15 CEST

Oslo, 9 May 2025: Itera reports a 1% increase in revenue for the first quarter,
with an EBIT margin of 9.1%, sequentially up 5.5 percentage points from the
preceding quarter and up 0.7 percentage points from the first quarter of last
year. The Company’s "Enter Ukraine with Itera" initiative is seeing a strong
momentum.

Itera reports operating revenue of NOK 231.6 million (NOK 228.5 million) for the
first quarter of 2025.

— We have made significant progress in positioning ourselves for future growth,
with solid improvements in both revenue and profitability compared to the
previous quarter. This positive trend is driven by enhancements in our
utilisation rate and strong sales effort, says Arne Mjøs, CEO of Itera.

The operating result before depreciation and amortisation (EBITDA) for the first
quarter of 2025 increased by 5% to NOK 29.1 million, giving an EBITDA margin of
12.6 (12.1%).

The operating result (EBIT) for the first quarter increased by 9% to NOK 21.0
million, giving an EBIT margin of 9.1% (8.4%).

Itera’s "Enter Ukraine with Itera" initiative is based on a combination of
billable consultancy and a risk-and-reward sharing model. The Company’s primary
focus aligns with the top three sectors prioritised by the Ukrainian government:
defence, energy and housing.

— In the first quarter, we entered into a strategic partnership with Naftogaz,
the largest national energy company in Ukraine, focusing on cooperation in
energy and digital technologies. Additionally, we are mobilising
high-performance battery manufacturers to enter the Ukrainian market and
introducing cutting-edge technology designed to optimise grid capacity across
the country. Together with our partners, we are dedicated to developing a more
distributed and resilient energy system in Ukraine, says Arne Mjøs.

Itera is fully embracing AI to generate greater value for its customers and to
enhance its own internal processes. In the first quarter, Itera conceptualised
an AI-powered tool for application analysis that delivers a high degree of
automation, requires minimal manual intervention, and enables faster and more
reliable modernisation processes.


Cash flow from operations was NOK -4.8 million (NOK -6.5 million) for the
quarter and NOK 75.5 million (NOK 81.3 million) for the last twelve months,
which gives an EBITDA-to-cash conversion rate of 92% (83%).

Returning cash to shareholders is an ongoing objective, and the company’s track
record of high cash conversion rate and dividend payout twice a year reflects
its commitment to providing value to shareholders. The Board of Directors
confirmed its previous resolution to propose to the Annual General Meeting on 26
May 2025 the distribution of an ordinary dividend for 2024 of NOK 0.20 per share
and for the Board to be authorised to approve a possible supplementary dividend
later in the year.

For more information:
Arne Mjøs, CEO | arne.mjos@itera.com | +47 905 23 172
Bent Hammer, CFO | bent.hammer@itera.com | +47 982 15 497

About Itera – specialist in sustainable digital transformation
Itera is a leading international tech company that helps businesses and
organisations to accelerate their sustainable digital transformation. We have a
holistic ability to bring digital to the core of their business because of our
full range of services in digital strategy and consulting, customer experience,
technology, and cloud operations. Our integrated services and multi-disciplined
teams meet customer needs rapidly and at scale through our world-class
distributed delivery model across borders and our Digital Factory at Scale,
doing more for less. Working from our 15 offices in the Nordics and Central and
Eastern Europe, we serve customers in 20 countries worldwide. Itera is a listed
company on the Oslo Stock Exchange under the ticker ITERA.

More information:
Access the news on Oslo Bors NewsWeb site

645870_Itera interim report Q1 2025.pdf
645870_Itera Q1 2025 presentation.pdf