Techstep ASA: Nomination of Arild Hustad as new chairperson of the board and notice of extraordinary general meeting

27 Feb 2026 09:00 CET

Oslo, 27 February 2026: The nomination committee of Techstep ASA ("Techstep" or
the "Company") proposes that Arild Hustad is elected as new chairperson of the
Company's board of directors. The current chairperson, Michael Jacobs, has
informed the committee that he has accepted to take on the role of CEO of iTeam,
a position which will require significant attention, and which may give rise to
potential conflicts of interest.

Together with the board, the nomination committee and the board have evaluated
alternative chairperson candidates and are pleased to propose Arild Hustad as
the new chairperson of the Company's board of directors. The board and the
nomination committee wish to express their appreciation for Jacobs' valuable
contributions to the Company's development during his tenure as chairperson.
Hustad and Jacobs will collaborate to ensure a smooth transition period.

Arild Hustad is a Norwegian citizen living in Oslo, Norway. He is an experienced
business leader and investor with extensive experience from executive and board
positions in the technology and telecom sector. Hustad has previously held CEO
positions in Link Mobility Group ASA, Telecom Management Partner, Network Norway
and Tele2 Norway, where he was instrumental in building the company's operations
before its acquisition by Telia in 2014. Hustad also has extensive experience
from Telenor's national, international and African operations, as well as
British Telecom. Hustad holds a degree in Business & Management, an MBA and an
LLM.

The nomination committee considers Hustad's profile highly relevant in light of
the Company's ongoing strategic transformation towards more recurring, scalable
and profitable product offerings. Hustad brings significant experience in
strategic leadership, corporate governance and value creation in technology
companies, as well as expertise in business development, investment management,
digital transformation and capital markets.

Subject to being elected as the new chairperson, Hustad has, through his and his
wife's wholly owned investment vehicle Arisona Holding AS (reg. no. 890 778
372), entered into an investment agreement with the Company for the subscription
of 458,715 new shares in the Company (the "COB Shares") at a value of NOK 10.90
per share (corresponding to the closing stock price as of Friday 20 February
2026, being the day Hustad agreed to be nominated as the new chairperson of the
Company). The subscription of the COB Shares will be based on the "Kruse Smith"
model under which the COB Shares are to be subscribed at a price of NOK 2.18 per
share, corresponding to 20% of the market value of NOK 10.90 per share, with the
remaining 80% constituting a contingent deferred payment obligation as further
set out in the investment agreement.

The Company will convene for an extraordinary general meeting (the "EGM") for
the approval of the above, including the election of Arild Hustad as new
chairperson of the board and the issuance of a board authorization to complete
the share capital increase for the COB Shares. The EGM will be held on 23 March
2026 at 15:00 CET at the Company's offices at Brynsalléen 4, 0667 Oslo, Norway.

Please find the notice of the EGM including appendices enclosed. The documents
are also made available on the Company's website at www.techstep.io.

For more information, please contact:

Morten Meier, CEO, Techstep ASA: +47 970 57 717

Ellen Solum, CFO, Techstep ASA: +47 976 66 717

About Techstep ASA

Techstep is a mobile & circular technology company, enabling organisations to
perform smartly, securely, and sustainably by combining mobile devices, software
and expertise to meet customers' business and ESG goals. We are a leading
provider of managed mobility services in Europe, serving more than 2,100
customers in Europe with an annual revenue of NOK 1.0 billion in 2025. The
company is listed on the Oslo Stock Exchange under the ticker "TECH". To learn
more, please visit www.techstep.io.

This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.

More information:
Access the news on Oslo Bors NewsWeb site

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