Oslo, 14th February 2025: Itera reports a 4% decrease in revenue for the fourth
quarter, attributed to improving but soft billable utilisation and a rightsized
organisation. The fourth quarter's book-to-bill ratio of 1.4 indicates
increasing demand for Itera's services. 

Itera reports operating revenue of NOK 212.2 million (NOK 222.1 million) for the
fourth quarter of 2024. For 2024, operating revenue was NOK 848.9 million (NOK
871.6 million). 

Gjensidige Forsikring has signed a new frame agreement with Itera as their
strategic partner for a minimum of three additional years. For over two decades,
Itera has supported Gjensidige on their digital transformation journey, driving
substantial advancements in automation and service delivery within the Nordic
insurance market. As a result, Gjensidige is globally recognised for offering
some of the most outstanding digital claim solutions.

- We are observing positive trends in the demand for our services. Our ability
to maintain a stable revenue stream, with only a marginal 3% decrease in the
soft market in 2024, is a testament to the robustness of our business model. We
have a positive outlook for the years ahead, says Arne Mjøs, CEO of Itera. 

The adjusted operating result before depreciation and amortisation (EBITDA) for
the fourth quarter of 2024 was a profit of NOK 19.8 million (NOK 29.5 million),
giving an adjusted EBITDA margin of 9.3% (13.3%). 
The adjusted operating result (EBIT) for the fourth quarter was a profit of NOK
11.7 million (NOK 18.1 million), giving an adjusted EBIT margin of 5.6% (9.5%). 

During the fourth quarter, Itera strategically expanded its operations by
opening a new office in Rogaland, Norway and integrating two smaller companies
into its portfolio. This strategic decision aims to bolster Itera's position in
the energy and offshore sectors, which are pivotal in driving the green shift
and sustainable initiatives. By establishing a stronger presence in these
sectors, Itera is well-positioned to contribute to the ongoing transformation
towards a greener future.

EBITDA-to-cash conversion was 91% in 2024, and the Board of Directors has passed
a resolution to propose to the Annual General Meeting the distribution of an
ordinary dividend for 2024 of NOK 0.20 per share. In addition, the Board will
ask for an authorisation to approve a possible supplementary dividend later in
the year.

-  Our business advisory offering Enter Ukraine with Itera has already proved
successful in supporting Ukraine. We are very proud that we were able to
facilitate the complexities of the Ukrainian market and secure funding for the
delivery of gas turbines from Bergen Engines to Ukraine capable of generating
160 MW electricity. Together, we are contributing to the development of a more
distributed and resilient energy system in Ukraine, says Arne 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 15 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.