Oslo, 9 May 2025: Itera reports a 1% increase in revenue for the first quarter, with an EBIT margin of 9.1%, sequentially up 5.5 percentage points from the preceding quarter and up 0.7 percentage points from the first quarter of last year. The Company’s "Enter Ukraine with Itera" initiative is seeing a strong momentum.
Itera reports operating revenue of NOK 231.6 million (NOK 228.5 million) for the first quarter of 2025.
— We have made significant progress in positioning ourselves for future growth, with solid improvements in both revenue and profitability compared to the previous quarter. This positive trend is driven by enhancements in our utilisation rate and strong sales effort, says Arne Mjøs, CEO of Itera.
The operating result before depreciation and amortisation (EBITDA) for the first quarter of 2025 increased by 5% to NOK 29.1 million, giving an EBITDA margin of 12.6 (12.1%).
The operating result (EBIT) for the first quarter increased by 9% to NOK 21.0 million, giving an EBIT margin of 9.1% (8.4%).
Itera’s "Enter Ukraine with Itera" initiative is based on a combination of billable consultancy and a risk-and-reward sharing model. The Company’s primary focus aligns with the top three sectors prioritised by the Ukrainian government: defence, energy and housing.
— In the first quarter, we entered into a strategic partnership with Naftogaz, the largest national energy company in Ukraine, focusing on cooperation in energy and digital technologies. Additionally, we are mobilising high-performance battery manufacturers to enter the Ukrainian market and introducing cutting-edge technology designed to optimise grid capacity across the country. Together with our partners, we are dedicated to developing a more distributed and resilient energy system in Ukraine, says Arne Mjøs.
Itera is fully embracing AI to generate greater value for its customers and to enhance its own internal processes. In the first quarter, Itera conceptualised an AI-powered tool for application analysis that delivers a high degree of automation, requires minimal manual intervention, and enables faster and more reliable modernisation processes.
Cash flow from operations was NOK -4.8 million (NOK -6.5 million) for the quarter and NOK 75.5 million (NOK 81.3 million) for the last twelve months, which gives an EBITDA-to-cash conversion rate of 92% (83%).
Returning cash to shareholders is an ongoing objective, and the company’s track record of high cash conversion rate and dividend payout twice a year reflects its commitment to providing value to shareholders. The Board of Directors confirmed its previous resolution to propose to the Annual General Meeting on 26 May 2025 the distribution of an ordinary dividend for 2024 of NOK 0.20 per share and for the Board to be authorised to approve a possible supplementary dividend later in the year.
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.