Highlights from the first quarter 2026:

Laying the groundwork for the "New Techstep"

• Successful carve-out and divestment completed 2 February 2026
• Decisive cost-base reductions and right sizing the organisation
• Implementation of one ERP system to drive operational efficiency and reduced cost              
• New and improved backbone powered by AI & Automation & new commerce platform to increase speed and scalability
• Subsequent to Q1 and in early May, a new financing agreement was agreed with Danske Bank for a RCF of NOK 45 million and overdraft facility of NOK 25 million
• In addition to the bank facilities, there are outstanding subordinated shareholder loans of NOK 35 million, securing financial flexibility for Techstep as we move forward
   

Solid commercial momentum continues

• Executed on key strategic wins signed in late 2025, with the new comprehensive agreement with Sykehuspartner effective from 1 January 2026 and ramp-up progressing despite some delivery phasing
• Prepared for large-scale public sector rollout in Spain following the Generalitat de Catalunya engagement, with confirmed project start and first recurring revenue accruals towards quarter-end, covering up to 80.000 devices though our partner Vodafone Spain
• Progressed scaling of the partner ecosystem, with continued onboarding activity across existing partners and improved commercial execution through a more focused post-divestment organisation
• Maintained solid momentum in core software platforms, supported by continued traction in Essentials and Lifecycle across both direct and indirect channels, growing 17% y/y
• Sustained strong Nordic positioning in managed mobility services, with ongoing focus on margin-led growth and increased share of higher-margin recurring services
• Device deliveries commenced for Helse Midt-Norge from March and through Q2. At the same time, we experience somewhat delaying rollout in the health sector, but expect to pick up momentum during the next quarters

Q1 quarter impacted by decreased NGP while Inflation and one-off ERP project costs in period are offset by realized cost cuts and efficiency improvements

• Total revenues of NOK 219.4 million, down 12% y/y, affected by BCM divestment
• Net gross profit at NOK 57.8 million, down 33% y/y, affected by BCM divestment, termination of legacy Telecom Expense solution, one-off consultancy in Q1 previous year and delays in health service deliveries
• EBITA adjusted at NOK -11.5 million affected by one-off costs related to ERP implementation, largely offset by right-sizing of organization and realized cost cuts

"Q1 marks a transformational quarter towards a more focused and optimised Techstep. Following the successful divestment completed on 2 February 2026, we have continued the work to reshape the company into a leaner, more scalable organisation. While the quarter was impacted by delays in Health service deliveries and the termination of a legacy Telecom Expense contract, our decisive cost-base reductions and efficiency initiatives are progressing as planned.

At the same time, we maintained solid commercial momentum with strengthened partnerships in Europe and continued traction in the Nordics - supported by our mobile-first strategies across industries. With a stronger backbone powered by AI and automation, and continued platform growth in Essentials (management & security) and Lifecycle (asset lifecycle management), we are building the foundation to accelerate growth, improve margins, and realise the full potential of our scalable software and services portfolio," says Morten Meier, CEO of Techstep.

Material

Please find the report and presentation for Q1 enclosed.

Presentation and Q&A:

A live presentation and Q&A session will take place today at 8:00 am CEST and can be accessed by clicking and registering using the following link:

https://events.teams.microsoft.com/event/3c0b0ae5-9875-44c9-8001-c3f941c2b1df@56b3dd67-66b5-4d6a-9954-22469dfcf18b

Questions for the Q&A session may be submitted in advance to ir@techstep.io, or live during the session itself. A recording of the Q&A session will be made available on www.techstep.io after the session has concluded.

For more information:

Morten Meier, CEO, Techstep ASA: +47 97057717

Håvard Haukdal, CFO, Techstep ASA: +47 48106569

About Techstep

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 2 000 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 considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. This stock exchange release was published by Håvard Haukdal, CFO, Techstep ASA, on 13 May 2026 at 07:00 CET.