Oslo, 16 August 2024: Itera reports unchanged revenue and an improved operating
profit margin of 9.4% in the current varied market. The company has been chosen
to build the digital core of a major industrial company with an estimated
contract value of NOK 60 million. In recognition of its support to Ukraine,
Itera was one of ten companies worldwide to receive the "International Flagship
Project Award" from the Ukrainian Government. 

Itera reports operating revenue of NOK 224.1 million (NOK 225.2 million) for the
second quarter of 2024. Operating revenue for the first six months of 2024 was
also in line with last year at NOK 452.6 million (NOK 455.5 million). 

The company is witnessing an improving sales pipeline of new opportunities. As
an example, Itera has been chosen to build the digital core of a major Norwegian
industrial company with an estimated contract value of NOK 60 million. Itera
also won an agreement with Apotek 1 Group intended to increase its cloud
robustness, as well as a new framework agreement with one of the largest banking
alliances in Norway.

Total operating expenses in the second quarter of 2024 were 2% lower than in
2023 at NOK 203.0 million (NOK 206.9 million).

The operating result before depreciation and amortization (EBITDA) for the
second quarter of 2024 was a profit of NOK 29.4 million (NOK 26.4 million),
giving an EBITDA margin of 13.1% (11.7%). 

The operating result (EBIT) for the second quarter was a profit of NOK 21.1
million (NOK 18.4 million), giving an EBIT margin of 9.4% (8.2%).

Itera's headcount at the end of the second quarter of 2024 was 713 as compared
to 741 at the end of the second quarter of 2023. This represents a decrease of
4% during the last 12 months, following a rightsizing of the organization under
the current market conditions. 

- Although the market remains somewhat soft in certain sectors, we are starting
to see signs of improvement and are optimistic about creating opportunities for
our people, customers and company, says Arne Mjøs.

During the past few quarters, Itera has developed its own AI platform,
'Sapience,' which provides every employee with generative AI (GenAI) in a safe,
secure and efficient manner. Itera's Sapience platform illustrates how customers
can begin using AI at scale with affordable pricing and without any vendor
lock-in. 

- This has sparked numerous customer dialogues and opportunities. GenAI acts as
a catalyst for customers to more aggressively pursue cost reduction, build their
digital cores, and truly transform their ways of working - creating significant
opportunities for us, says Arne Mjøs.

As one of ten companies worldwide, Itera was awarded the "International Flagship
Project Award" by the Ukrainian government for its instrumental role in
supporting Ukraine in urgent areas of need to rebuild the country. As an
example, Itera is assisting a company like Moelven, a leading Scandinavian wood
construction group, to design a framework to support the rebuilding of homes in
Ukraine, which will particularly aide the 6.5 million internally displaced
people. 

- I am so proud of our brave Ukrainian people and all the efforts the company is
doing for Ukraine from all locations, says Mjøs.

 

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.