Oslo, 3 May 2024: Itera reports flat organic growth in the first quarter,
impacted by fewer working days due to Easter holiday. Itera has launched a new
AI platform named Sapience. The company continuous its business optimization
measures to mitigate what is believed to be a temporary softer market resulting
from macroeconomic factors that are set to start improving towards the end of
the year.

- We remain optimistic about creating opportunities for our people, customers,
and company. The fundamental importance of digital technology remains strong.
Industries and markets have been affected differently, but all strategies
continue to lead to cloud-based technology, data and AI to stay competitive,
optimize operations and drive growth, says Arne Mjøs, CEO of Itera.

Itera reports revenue of NOK 228.5 million (NOK 230.3 million) for the first
quarter of 2024. This is close to the record strong first quarter of last year,
despite fewer working days due to Easter.   
- There is a lot of excitement around Generative AI and the potential of these
technologies. During the last two quarters, Itera has developed our own
AI-platform named 'Sapience' that provides every employee with Generative AI in
a safe, secure and efficient way. As a platform, the bounds of what value we can
create are only limited by our collective imagination, says Mjøs.

Itera's headcount at the end of the first quarter of 2024 was 736 as compared to
731 at the end of the first quarter of 2023. 

- We continue to invest in developing our people and our business for the next
waves of growth. We are leveraging automation and managed services through our
Digital Factory at Scale, which allows us to do more with less and optimize
operations. This approach enables us to manage growth without a proportional
increase in headcount, says Arne Mjøs.

The revenue from Itera's 30 largest customers accounted for 83% of its operating
revenue, which is 1 percentage point lower than in the first quarter of 2023.
New customers, defined as customers won during the last 12 months, accounted for
6.1% (NOK 12.2 million) of revenue.

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 22
May 2024 the distribution of an ordinary dividend for 2023 of NOK 0.40 per share
and for the Board to be authorized 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 14 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.