Itera : Q3 2022

July - September 2022

• Operating revenue NOK 170.9 million (NOK 138.9 million), representing growth of 23%
• EBITDA NOK 18.7 million (NOK 20.6 million) and an EBITDA margin of 10.9% (14.8%)
• EBIT NOK 10.2 million (NOK 14.3 million) and an EBIT margin of 5.9% (10.3%)
• 701 (589) employees at the end of the period, up by 40 employees in third quarter and 112 (19%) over the last 12 months
• Cash flow from operations NOK 22.0 million (NOK 12.5 million)

January - September 2022

• Operating revenue NOK 530.4 million (NOK 434.2 million), representing growth of 22%
• EBITDA NOK 80.8 million (NOK 77.3 million) and an EBITDA margin of 15.2% (17.8%)
• EBIT NOK 57.8 million (NOK 58.9 million) and an EBIT margin of 10.9% (13.6%)
• Cash flow from operations NOK 34.6 million (NOK 36.9 million)

Highlights

• With operating revenue up 23% in the third quarter of 2022 compared with the same period in 2021, Itera again achieved a high rate of organic growth, continuing the strong profitable growth trajectory of its continued operations over the last two years, which have over the last 24 months achieved an organic compound annual growth rate of 19.7% at a healthy profit margin (EBIT), averaging 11.8%.
• We continue to invest in new offices and cloud capabilities in order to increase our scalability as a strong international company. We are ramping up three new offices in Central Europe and increasing our footprint in Sweden. While the company expects to continue to grow in its Ukrainian locations, its additional offices will provide an even higher total growth capacity than before the war.
• Itera's sales pipeline of cloud migration and cloud modernisation opportunities is growing fast. Our investment in Cloud Application Services is progressing according to plan, with profitability gradually improving and recurring revenue increasing over the next 3-12 months.
• Entelios, a part of Agder Energi, is Norway's largest electricity supplier to the corporate market and among the largest in the Nordic market. Entelios has chosen Itera as their digitalisation partner to develop a customer solution with a solid data platform to deliver the optimal experience for their customers. Agder Energi is becoming a big strategic customer for Itera.
• Itera's order intake was equivalent to a book-to-bill ratio of 0.8 in the third quarter and to 1.2 for the twelve-month period ending 30 September 2022. In the third quarter, Itera entered into new or extended contracts with customers including Agder Energi, Eviny, Ӧssur,
  Santander Consumer Bank, Mastercard, DNV, Storebrand, Gjensidige, Hafslund Eco Vannkraft, and Apotek1 Gruppen.
• CEO Arne Mjøs was recognised as the leader of the year in the consultancy industry in Norway.
• The Board has approved an additional dividend of NOK 0.30 per share, which will be paid on 4 November 2022.

Key figures

	2022	2021	change	2022	2021	change	2021
Amounts in NOK million	7-9	7-9	%	1-9	1-9	%	1-12
Operating revenue	170.9	138.9	23%	530.4	434.2	22%	593.0
Gross profit	160.6	129.0	24%	492.2	399.9	23%	547.3
EBITDA	18.7	20.6	-9%	80.8	77.3	5%	101.6
EBITDA margin	10.9 %	14.8 %	-3.9 pts	15.2 %	17.8 %	-2.6 pts	17.1 %
Operating profit (EBIT)	10.2	14.3	-29%	57.8	58.9	-2%	77.0
EBIT margin	5.9 %	10.3 %	-4.4 pts	10.9 %	13.6 %	-2.7 pts	13.0 %
Profit before tax	10.9	14.3	-24%	58.7	58.4	1%	75.9
Net income from continuing operations	8.0	11.0	-27%	44.6	45.5	-2%	58.5
Profit margin	4.7 %	7.9 %	-3.2 pts	8.4 %	10.5 %	-2.1 pts	9.9 %
Net income including discontinued operations	8.0	7.6	6%	34.2	34.6	-1%	44.1
Net cash flow from operating activities	22.0	12.5	76 %	34.6	36.9	-6%	69.7
No. of employees at the end of the period	701	589	19 %	701	589	19%	617
INTERIM REPORT Q3 2022	PAGE 2 OF 22					ITERA

CEO's comment

Once again, I would like to start by thanking our incredibly talented people for their extraordinary work and commitment to delivering on the promise of sustainable digital transformation for our customers. With the breadth and depth of our capabilities, combined with our incredible learning organisation, we are positioning ourselves to serve customers across borders in 20 different countries and to capture new market opportunities in a strongly customer-centric way.

In this quarter, I visited Ukraine for the third time since the invasion and witnessed our brave Ukrainian employees leading a normal life in Western Ukraine, which is nearly as large as Germany. Our business has kept running as normal despite the new wave of Russian drone attacks on critical infrastructure and civilians across the country. I am so proud when wearing our t-shirt that has printed on it: Nordic identity - Ukrainian bravery. Ukraine and our Ukrainian people have become the heroes of the free world.

We are very pleased with our performance in the third quarter, which continues the strong profitable growth trajectory of our core business with an annual growth rate of 20% and average EBIT margin of 11.7% over the last 24 months. Revenue grew by 23% in the third quarter, driven by growth across all markets and services, and our operating EBIT margin was 5.9%, which is seasonally impacted by summer vacations and investments in new offices and cloud capabilities. We also achieved solid organic growth in our headcount, with a net 112 employees joining over the last 12 months, 40 of whom joined in the third quarter.

We achieved this profitable growth while continuing to invest in our business and our people in order to increase our scalability as a strong international company. We are investing in new offices, industrialised cloud services that deliver greater subscription revenue and the professional growth of our people. We have built a strong ONE Itera foundation based on steady organic growth, instead of making acquisitions of fragmented parts. According to McKinsey, companies with more organic growth generate higher shareholder returns than those whose growth relies more heavily on acquisitions.

Our culture is grounded in our growth mindset, which is: grow our people, grow our customers, grow our company. This means everyone is on a continuous journey of learning and growing. We believe potential can be nurtured and is not pre-determined, and that we should always be learning and curious -without fear of failure.

Our employees embrace our growth mindset and take advantage of the formal learning opportunities as well as the thousands of hours of informal and on-the-job learning opportunities available to them. We continue to offer an employee value proposition that includes providing vibrant career paths and opportunities for our people, and approximately one third of our employees are promoted each year.

We believe our unwavering commitment to diversity, broadly defined, and to inclusion is an essential element of our ability to deliver our strong performance. There is no doubt: diversity and inclusiveness make us smarter, more innovative and more attractive to the most talented people.

The strong demand for our services and consultants, and the trust our customers have in us, are enabling us to be one of the top performers in our marketplace. We succeed by being close to our customers, understanding and anticipating their needs, and

INTERIM REPORT Q3 2022

by helping them with their business and product agenda through to their digital strategy and execution - for growth, cost optimisation and resilience. Most of our top customers have been with us for five years or more.

We are continuing to see a growing number of customers embrace our Digital Factory at Scale in order to digitise faster, access digital talent and reduce costs. While industries and markets are being affected differently by the backdrop of the current macroeconomic environment, there is one common theme: all strategies lead to technology, particularly cloud, data, AI and security - all fundamental elements of our Digital Factory at Scale.

We are continuing to ramp up our three new offices, which are located in Brno in the Czech Republic, Žilina in Slovakia and Kraków in Poland, and at the same time we are ready to continue our growth in Ukraine. Once our new offices are running at full speed, our growth capacity will be much larger than before the invasion and less vulnerable to any situation in Ukraine. Indeed, our long- term ambition is to grow our headcount organically by a net 200- 350 FTEs annually.

Our Digital Factory as Scale and Cloud Centre of Excellence bring together all of our capabilities, from three-horizon digital strategies and cloud transformation journeys to cloud migration, cloud-native development, data, AI, design, application lifecycle management and change.

There is a gradual shift taking place in the nature of the demand for managed services. Our sales pipeline of cloud migration and cloud modernisation opportunities is increasing fast. Our Cloud Application Services unit has taken a pole position in the marketplace and is developing according to plan as our economic investment case with gradually improving profitability in addition to increasing recurring revenue during the next 3-12 months.

As a company, we are deeply engaged in supporting Ukraine from all locations. During my most recent visit to Kyiv, I had an extensive meeting with the Minister of Energy of Ukraine and his three Deputy Ministers in which we addressed the twin transition - green and digital - that will reinforce sustainability with technology and enable sustainable digital transformation in the energy sector. This is an immense opportunity for us that will see our digital transformation capabilities in the energy sector being welcomed as part of Ukraine's green transition after the war.

I am very proud of our incredible people. Today, we are the strongest we have ever been in our history. Our consistent investment in scalability,

including new offices, cloud capabilities and developing our employees,

will define our growth journey going forward.

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ITERA

Business review

Digitisation is becoming an ever more intrinsic part of business. More specifically, software is a prerequisite for competitiveness in every business area. For an increasing number of companies, it is the basis of what their business is built upon - their software is their product.

After discontinuing our data centre operations in the first quarter, we have built a strong pipeline of cloud transformation opportunities for both existing and new customers. Moving to the cloud - or cloud migration -is just the first step. Over the last 18 months, companies have gone from having an average of about 20% of their workload in the public cloud to about 30-40% today, including SaaS solutions which are a major part. So, we are still in the early days.

We leverage our scale and international footprint, innovation-led culture and strong partnerships, together with our Digital Factory at Scale and Cloud Centre of Excellence capabilities, to consistently deliver tangible value for our customers around the world.

We are fully committed to something bigger than ourselves and take responsibility for showing how to become more sustainable, how to create new pathways for industrial growth and how to deliver far-reaching lifestyle changes through digitalisation.

Increasing our footprint in the Swedish market

Itera has appointed Joachim von Ekensteen as our new CEO for its Swedish entity with the aim of capturing market share and building a local organisation in Sweden that is close to our customers.

We have high expectations for our growth in what is the largest market in the Nordics. Overall, our strategy is to grow organically, and with a significant part of our deliveries provided from across the Nordics and Central and Eastern Europe. We will go to market with a lean, customer-centric strategy built on learning what works and adapting quickly. We will continue to serve our current customers in the Swedish market and will expand our ability to support them. We will build on our partnerships, such as those with IBM, Red Hat, Microsoft, DNV and others, and will bring scalability through our Digital Factory at Scale and Cloud Centre of Excellence.

Joachim von Ekensteen joined Itera from Sopra Steria where he grew their nearshoring business significantly across Europe. He has an extensive background in IT management consulting, consulting sales and distributed deliveries. Joachim considers Itera to have a strong platform for growth, and this is what attracted him to the company.

"I see exciting partnerships, solid services and a genuine drive to make a difference. Itera is a what I call a "people company" where people grow together with customers and the company. Itera is customer focused of course, but also very much people focused. For example, its unwavering support of Ukraine - both of our people there and of the country's coming re-building - is a true manifestation of its commitment to making a difference for people and to showing leadership", comments Joachim von Ekensteen.

After several years of working internationally, Joachim is looking forward to focusing on growing Itera's Swedish business. His international experience will be valuable to Itera's international approach of delivering digitalisation projects to Swedish customers from our offices in the Nordics and Central and Eastern Europe.

INTERIM REPORT Q3 2022

A selection of customer successes

Energy solutions for a sustainable future at Entelios Entelios, a part of Agder Energi, is Norway's largest electricity supplier to the corporate market and among the largest in the Nordic market. Entelios has chosen Itera as their digitalisation partner to develop a customer solution with a solid data platform to deliver the optimal experience for their customers. The engagement is part of our frame agreement with Agder Energi.

According to Chief Digital Officer Åsne Taksrud, Entelios' ambition with the new customer solution is to offer their customers a platform where they have access to their own data and market information. The new platform will help their customers to analyse consumption and plan and implement energy efficiency measures. In return, the customers will be able to reduce their electricity costs, strengthen the company's finances and reach their sustainability goals.

We started the collaboration in September as an agile project where we launch new functionality on a new platform, and we will be able to deliver the first proof of concept already this year. From the first quarter in 2023, we will continuously add additional new functionality.

Our Digital Factory as Scale that brings together all our capabilities is used. Initially, Itera will deliver an end-to-end team consisting of a product owner, project management, UX/UI design, test management, development, and devops expertise.

Smart asset management monitoring of the electric grid with DNV DNV's asset management application, Cascade, enables utility companies to manage critical assets in the electric grid with data analytics, condition monitoring and predictive maintenance, to support better operational decisions. Itera is using the Digital Factory at Scale with a multi-disciplinedteam to build a new cloud- based solution to increase speed, innovation and cost efficiency.

The new version of Cascade for large US based utility companies is in good progress. The cloud-based solution was demonstrated live with great success for the DNV Electric Grid User Group in Oregon in US in September. As their strategic software development partner, Itera was invited to the event and to share with the audience our contribution to this success: how we worked efficiently by Azure DevOps and were able to complete the project on time, within scope and cost.

The new version of Cascade will be continuously developed as a SaaS solution to increase value for DNV and their customers, enhancing the application with new features and benefits, including integrations with new possible valuable data sources.

Read the full customer story on itera.com.

Helping immigrant women in working life and society for IMDi

The Directorate of Integration and Diversity (IMDi) is responsible for implementing the Norwegian Government's integration policy and is subordinate to the Ministry of Labour and Social Inclusion. As part of this, IMDi will facilitate the participation of more immigrants in working life and society.

One of our projects with IMDi is to develop a "Jobbsjanse-register" (a reporting solution) for IMDi's "Jobbsjansen-program" (job opportunity programme) which is a subsidy scheme managed by IMDi. This is a qualification programme for stay-at-home immigrant women who after several years in Norway have no permanent connection to working life. A key aim is to develop knowledge and best practices on how immigrants can become economically self-

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ITERA