Oslo, 8 May 2026 - Itera reports operating revenue of NOK 222.9 million in the
first quarter of 2026 (NOK 231.6 million), corresponding to a decline of 1% in
constant currency (-4% reported). The EBIT margin was 7.5% (9.1%). The company
continues to execute operational improvements while positioning for a multi
year, AI driven transformation cycle. 

Financial highlights - Q1 2026:

	- Revenue: NOK 222.9 million (-1% constant currency, -4% reported)
	- Gross profit: NOK 209.5 million (+1% constant currency, -2% reported)
	- EBITDA: NOK 24.6 million (29.1), margin 11.0% (12.6%)
	- EBIT: NOK 16.7 million (21.0), margin 7.5% (9.1%)
	- Cash flow from operations: NOK  25.8 million ( 4.8)
	- Employees (end of period): 686 (707)

The operating results include a bad-debt provision of NOK 3 million. 

Operational performance:
The quarter reflects continued cautious customer spending, while operational
improvements and growing AI driven demand support Itera's strategic positioning.
Billable utilisation improved further in the Nordics, while remaining subdued in
Central and Eastern Europe. 

The operational improvement measures initiated in 2025 are progressing as
planned and are expected to contribute an annualised margin uplift of
approximately 1.6-1.8 percentage points from the second quarter of 2026, all
else being equal. 

CEO comment:
"We are executing our strategy with discipline in a market that remains
cautious, while positioning Itera for what we believe will be a multi year, AI
driven transformation cycle.

While short term performance is below our ambitions, we see encouraging signs
through improving utilisation in the Nordics, growing demand for AI enabled
services, and a strengthening position within cloud and application services,"
says Arne Mjøs, CEO of Itera. 

AI and the digital core driving demand:
AI is increasingly becoming an integrated part of customer demand. Customers are
moving from experimentation to implementation at scale, expanding the scope of
engagements and reinforcing demand for data, cloud and application
modernisation. 

Itera's Cloud & Application Services (CAS) unit continued to strengthen its
position as a growth driver, delivering 11% gross profit growth in the quarter.
New contracts, including a three year agreement valued at NOK 28 million,
reflect growing demand for partners that can take responsibility for customers'
digital core. 

Cash flow and dividend:
Cash flow from operations was NOK  25.8 million, mainly reflecting timing
effects related to advance payments received in the fourth quarter of 2025, as
well as other working capital movements. 

Returning cash to shareholders remains an ongoing objective. The Board has
proposed an ordinary dividend of NOK 0.20 per share for 2025 and will seek
authorisation to consider a supplementary dividend later in 2026. 

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 15 countries worldwide. Itera is a listed company on the Oslo
Stock Exchange under the ticker ITERA.