Oslo, 15th August 2025: Itera recorded operating revenue of NOK 202.9 million
for the second quarter, with an EBIT margin of 2.1%. While the year began with
promising momentum, market conditions remained soft due to continued
geopolitical and macroeconomic uncertainty. Despite the challenging environment,
the company achieved record-high revenue from new customers and made significant
progress in the Defence sector.

Itera reported operating revenue of NOK 202.9 million in the second quarter of
2025, down 9% from the same quarter last year. The soft market environment led
to longer sales cycles and reduced visibility, slowing resource redeployment
after major project completions. Productivity was also affected by the Easter
holidays, unlike the first quarter of the previous year.

- Despite market challenges, we achieved record-high revenue from new customers,
with those acquired over the past twelve months now making up 18% of our total
revenue-a positive indicator for future growth, says CEO Arne Mjøs. 

The operating result before depreciation and amortisation (EBITDA) for the
quarter was NOK 12.4 million (NOK 29.4 million). The EBITDA margin was 6.1%
(13.1%).

The operating result (EBIT) for the second quarter was a profit of NOK 4.4
million (NOK 21.1 million). The EBIT margin decreased by 7.3 percentage points
to 2.1% (9.4%).

- To improve our performance, we must continue enhancing operational
effectiveness through deeper AI integration in internal processes, supported by
reduced overhead and operating expenses, notes Arne Mjøs.

Itera signed new framework agreements with Bane NOR, Statkraft, and The
Norwegian Offshore Directorate (Sokkeldirektoratet). The company is also engaged
in discussions around several potentially large contracts that may materialise
in the second half of 2025.

- Through our Enter Ukraine with Itera initiative, we have made strong progress
in the Defence sector, aligning with Europe's growing focus on security and
resilience. With 17 years in Ukraine and insights from its defence ecosystem,
Itera is supporting leading Nordic and global defence players entering the
Ukrainian market, says Arne Mjøs. 

Cash flow from operations was NOK 20.8 million (NOK 28.0 million) for the
quarter and NOK 68.3 million (NOK 76.3 million) for the last twelve months,
which gives an EBITDA-to-cash conversion rate of 104% (76%). 

The persistent high conversion rate enables returning cash to shareholders,
which is a major objective. To that end, Itera paid an ordinary dividend of NOK
0.20 per share in June, and the Board received authorisation to approve a
possible supplementary dividend later in the year.  

Itera's headcount at the end of the second quarter of 2025 was 702 as compared
to 713 at the end of the second quarter of 2024. The marginally lower headcount
reflects the still-current softer market conditions.


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 
Itera is a dynamic team of business advisors, designers, and technologists. Our
shared mission? To benefit society by developing digital products and services
that deliver value and build trust.
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.