Financial highlights:

• Revenue NOK 209.7m (236.4), -11.3% y/y
   
• EBIT NOK 15.9m (22.6), corresponding to a margin of 7.6% (9.6%)
   
• 386 employees at the end of quarter, down from 400 in Q4 25

The revenue decline was primarily driven by lower headcount while hourly rates increased in line with the consumer price index, reflecting disciplined commercial execution and recognised client value. Utilisation was impacted by long-term projects coming to an end, though improvement was seen as the quarter progressed. The EBIT margin was protected by flexible salary models but negatively impacted by reduced scale. The market in Q1 remained challenging, with high activity level in the public sector albeit pricing pressure and cautiousness in the private sector.

CEO comment:

"Q1 was a demanding quarter, and we are clear-eyed about the drivers. The reduction in headcount reflects both a deliberate strategic recalibration and a market where competition for talent is intense. What gives us confidence is the quality of what we are building: stronger commercial leadership, a sharper competence profile, and growing traction in AI-related work. We believe the worst of the headcount adjustment is behind us, and we expect gradual improvement through the second half of 2026," says CEO Kristine Lund.

Commercial highlights:

• A dedicated AI team was established to scale AI-related deliveries and client offerings
• Selected hiring with capacity added in high-demand fields, like AI skilled senior developers
• New frame agreements were signed with Havtil, and Nettalliansen was added as a new client with an end-to-end data platform delivery based on AWS, Snowflake and dbt
• Strengthened commercial organisation with the appointments of Runar Thorsrud as National Sales Director and Ragnar Alstad as National Industry Lead for Oil and Gas

Outlook

Market conditions are expected to remain uncertain in the near term, with continued pricing pressure and cautious client behaviour likely to persist through at least the first half of 2026.