Highlights from the first quarter 2025:

Improving profitability

• Recurring revenue annualised increased by 7%y/y to NOK 331 million, driven by 11% growth in Own Software
• Net gross profit margin at 35%, up 1 ppt from first quarter last year
• Continued improvement in EBITA adj. , up 43% y/y to NOK 2.3 million
• Positive cashflow from operations of NOK 2.2 million, an improvement of NOK 16m y/y

Solid commercial momentum continues

• Solid traction in the Tradebroker agreement with new customers and upsell on existing customers
• Enter into an extensive agreement with LKAB for managing their entire mobility estate with effect from March
• Strong momentum across Europe with our Techstep Essentials Mobile Device Management software

Strategic agreements progressing according to plan

• Prolonged the exclusive Sykehusinnkjøp agreement for two additional years and signed agreement with Sykehuspartner HF (HSØ RHF) for the delivery, asset lifecycle management and support of clinical mobile devices from Q2
• Signed LOI with new IT vendor partner covering the UK and Ireland with intention to integrate Techstep's Device Lifecycle Management
• Signed new LOI with a Nordic Telecom operator with the intention of adding Techstep services and capabilities into their customer offerings
• Partnership with devicenow and ice progressing according to plan

"As we reflect on the first quarter of 2025 - which also marks the first full year for me as CEO, I am pleased to report that Techstep has maintained and accelerated its positive commercial and financial momentum from 2024. We continue to develop and optimize our organization, as well as tuning our strategic direction, for growth and scalability. For the 10th consecutive quarter, we delivered positive EBITA adj. with an improvement of 43% year-over-year. We are continuing the onboarding of customers through our strategic partners and have reached an important milestone when we recently started to deliver on our major agreement with Sykehuspartner, under the exclusive agreement umbrella with Sykehusinnkjøp, which also has been prolonged for two additional years. As we advance through 2025, we remain dedicated to our mission of becoming Europe's leading mobile and circular technology company. Our team's dedication, combined with the trust of our customers and partners, positions us well to achieve our strategic objectives." comments Morten Meier, CEO of Techstep.

Material

Please find the report and presentation for Q1 2025 enclosed.

Presentation and Q&A:

A live presentation and Q&A session will take place today at 8:00 am CEST and can be accessed by clicking and registering using the following link:

https://events.teams.microsoft.com/event/597d1ec5-9a79-452f-8df6-d73c12818237@56b3dd67-66b5-4d6a-9954-22469dfcf18b

Questions for the Q&A session may be submitted in advance to ir@techstep.no, or live during the session itself. A recording of the Q&A session will be made available on www.techstep.io after the session has concluded.

For more information:

Morten Meier, CEO, Techstep ASA: +47 970 57 717

Ellen Solum, CFO, Techstep ASA: +47 976 66 717

About Techstep

Techstep is a mobile & circular technology company, enabling organisations to perform smartly, securely, and sustainably by combining mobile devices, software and expertise to meet customers' business and ESG goals. We are a leading provider of managed mobility services in Europe, serving more than 2 100 customers in Europe with an annual revenue of NOK 1.1 billion in 2024. The company is listed on the Oslo Stock Exchange under the ticker TECH. To learn more, please visit www.techstep.io.

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. This stock exchange release was published by Ellen Solum, CFO, Techstep ASA, on 16 May 2025 at 07:00 CET.