ITERA: AI-driven demand fuels 7% growth and improved profitability in Q2

Oslo, 28 August 2026 - Itera reported profitable growth in the second quarter of
2026, with operating revenue of NOK 210.2 million, up 7% in constant currency
and 4% reported year-over-year. Adjusted EBIT increased to NOK 14.3 million,
corresponding to an adjusted EBIT margin of 6.8%, reflecting the effect of
operational improvement measures initiated in 2025. The quarter also showed
continued progress in Itera's AI-enabled growth agenda.


Financial highlights - Q2 2026:

o	Revenue: NOK 210.2 million (+7% in constant currency, +4% reported)
o	Gross profit: NOK 195.6 million (+4% reported)
o	Adjusted EBITDA: NOK 22.4 million, margin 10.6%
o	Adjusted EBIT: NOK 14.3 million, margin 6.8%
o	EBIT: NOK 5.7 million, margin 2.7%
o	Cash flow from operations: NOK 18.6 million (20.8)
o	Employees (end of period): 672 (702)

For the first six months of 2026, operating revenue was NOK 433.1 million,
representing constant-currency growth of 2%, while adjusted EBIT increased to
NOK 34.0 million, with the adjusted EBIT margin improving to 7.9% from 6.0%. 


Operational performance:

The quarter showed tangible progress from Itera's operational improvement
programme. Higher billable utilisation, a stronger gross profit margin and lower
overhead costs contributed to the year-on-year improvement in adjusted EBIT
margin. 

The reduction in employees was mainly related to non-billable functions,
supporting the margin improvement while preserving delivery capacity in
customer-facing areas. Although demand remains selective, particularly for
larger discretionary projects, Itera is seeing positive momentum in customer
areas linked to business-critical modernisation, AI-enabled delivery and managed
services.


Profitable growth and AI momentum:

"The second quarter confirms that operational discipline and targeted
improvement measures are translating into profitable growth. We delivered higher
revenue, stronger margins and strong cash generation, while strengthening our
position in areas where AI is becoming an accelerator for business
transformation," says Arne Mjøs, CEO of Itera.

Itera Cloud & Application Services unit is a good example of this development.
CAS delivered 28% gross profit growth in the quarter, driven by recurring
managed services, automation and AI. Following several years of strategic
investments, profitability continues to improve, making CAS an increasingly
important contributor to Itera's continued margin improvement and growth.
 


From AI pilots to enterprise-wide transformation:

Beyond the financial performance, the report highlights a shift in customer
demand from AI experimentation to implementation. Virtually all new engagements
are now AI-related, and AI is increasingly acting as a growth engine for
application modernisation, cloud transformation and managed services.

The ISO 42001 certification - the world's first international certifiable
standard for AI Management Systems - adds another dimension to this position.

"Our AI management certification under ISO 42001, as the first company in Norway
and among the first in Europe, further strengthens Itera's position as a trusted
partner for responsible AI adoption, governance and compliance," Mjøs says.


Building capabilities for the agentic era:

AI skills remain important, but skills alone are no longer sufficient. The real
differentiation comes from combining deep domain expertise with proprietary
platforms and reusable agentic workflows. 

Over the past year, Itera has invested in capabilities such as Code Compass, an
AI-native code intelligence platform that helps agents and developers understand
and modernise complex applications; Digital Factory, a platform for designing
and orchestrating multi-agent workflows at scale; and Atlas Data Fabric, an
AI-assisted data migration and governance platform that improves transparency,
quality and control in modernisation programmes. 

Together, these capabilities create a foundation for AI-enabled delivery at
scale, recurring revenue opportunities and longer-term customer value as AI
becomes embedded in enterprise operations.

"We believe AI will expand rather than reduce the market for technology
services. With improving operational performance, stronger AI capabilities and a
more focused business, Itera is well positioned for profitable growth," says
Mjøs.


Cash flow and dividend:

Cash flow from operations was NOK 18.6 million in the second quarter (NOK 20.8
million). An ordinary dividend for 2025 of NOK 0.20 per share, totalling NOK
16.2 million, was paid to shareholders in the second quarter. The Annual General
Meeting also authorised the Board to approve a possible supplementary dividend
later in the year, subject to the company's financial position and outlook.


For more information:

Arne Mjøs, CEO
arne.mjos@itera.com
+47 905 23 172

Bjarte Petersen, CFO
bjarte.petersen@itera.com
+47 982 06 847


About Itera: 

Itera is a Nordic-headquartered technology company in the agentic era, bringing
together business advisors, designers, technologists and AI agents to drive
innovation, transformation, resilience and sustainable value creation. With 14
offices across the Nordics and Central and Eastern Europe, Itera combines local
presence with deep domain expertise and scalable, cross-border capabilities.
Itera is listed on the Oslo Stock Exchange under the ticker ITERA.
n Europe\, Itera combines local\
presence with deep domain expertise and scalable\, cross-border capabilities.\
Itera is listed on the Oslo Stock Exchange under the ticker ITERA.\