Oslo, 15 February 2024: The fourth quarter for Itera was characterized by an
organic growth of 8%, strong cash flow from operations and an adjusted operating
profit margin of 9.5%.  While the pace of spending and the overall business
landscape has changed, the fundamental importance of digital technology has not.



- Itera demonstrates its resilience through solid financial performance despite
a more challenging market. Although the overall macro environment remains
somewhat uncertain, we are optimistic about the future and the opportunities we
will create for our people, customers and company, says Arne Mjøs, CEO of Itera.

Itera reports revenue of NOK 222.1 million (NOK 205.5 million) for the fourth
quarter of 2023, which represents a growth of 8%. For the year as a whole,
revenue was NOK 871.6 million (NOK 735.8 million), which represents a growth of
18%.

- Customers who have made significant progress on cloud migration are now
investing to modernize and innovate across the cloud continuum, extending the
cloud to the edge and using data and AI to unlock greater value with more
opportunities still ahead, says Arne Mjøs.

Itera's headcount at the end of the fourth quarter of 2023 was 758 as compared
to 698 at the end of the fourth quarter of 2022. This represents an increase of
60 employees (9%) during the last 12 months. 

- We continued to invest in developing our people, our international expansion
outside Norway and our strategic growth areas, such as Cloud and Application
Services that will provide more long-term managed services and subscription
revenue, says Arne Mjøs.

- Itera had a record order intake equivalent to a book-to-bill ratio of 1.7 in
the fourth quarter. Our expansion in Sweden is progressing well, with a leading
European energy company entering as a new customer with large potential for
Itera, Mjøs continues. 

The revenue from Itera's 30 largest customers accounted for 84% of its operating
revenue, which is 2 percentage points higher than in the fourth quarter of 2022.
New customers, defined as customers won during the last 12 months, accounted for
6.1% of revenue.

The adjusted operating result before depreciation and amortization (EBITDA) for
the fourth quarter of 2023 increased by 5% to a profit of NOK 29.5 million (NOK
28.2 million), giving a margin of 13.3% (13.7%). For the year as a whole,
adjusted EBITDA was NOK 113.7 million (NOK 109.0 million) with a margin of 13.0%
(14.8%).

The adjusted operating result (EBIT) for the fourth quarter increased by 8% to a
profit of NOK 21.1 million (NOK 19.4 million), giving a margin of 9.5% (9.5%).
EBIT for the year as a whole was NOK 81.4 million (NOK 77.2 million) with an
EBIT margin of 9.3% (10.5%). 

Returning cash to shareholders is an ongoing objective, and the company's track
record of dividend payout twice a year reflects its commitment to providing
value to shareholders. The first dividend payout in 2024 is proposed by the
board to be NOK 0.40 per share.

- Our company's performance demonstrates its resilience. We are strategically at
our strongest point in history, and I will attribute this success to the
incredible contributions of our people, says 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 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.