Solid cash flow and 17% growth in AI and cloud services
Oslo, 13th February 2026: Itera increased revenue by 1% in the fourth quarter of 2025 (2% in constant currency) and reported an EBIT margin of 1.8% in a still challenging market. The company achieved 17% growth in AI and cloud services and generated NOK 54 million in cash flow from operations. Ongoing operational improvements are expected to contribute a 1.5–2.0 percentage point margin uplift in the months ahead.
Itera reports operating revenue of NOK 213.4 million (NOK 211.9 million) for the fourth quarter of 2025, which represents an increase of 1% (2% in constant currency terms).
After several years of investments, Itera’s Cloud & Application Services (CAS) unit has become a powerful new growth engine, delivering 17% revenue growth for the quarter and 19% for the year as a whole.
- In 2025, we strengthened our regional model, reduced overhead and accelerated the use of AI across our operations. These actions are now translating into improved execution in a softer market,” says CEO Arne Mjøs.
The operating result before depreciation and amortisation (EBITDA) for the fourth quarter was NOK 11.9 million (NOK 15.6 million), representing an EBITDA margin of 5.6% (7.4%). EBITDA for the year was NOK 68.9 million (NOK 81.0 million), representing an EBITDA margin of 8.2% (9.5%).
The operating result (EBIT) for the fourth quarter was a profit of NOK 3.8 million (NOK 7.5 million). The EBIT margin decreased by 1.7 percentage points to 1.8% (3.5%).
Ongoing business improvement measures are expected to improve margins by 1.5–2.0 percentage points as they take full effect during the next few months.
– With a stronger regional structure and a growing share of AI‑driven services, we are well positioned to improve profitability as market conditions normalise, says Arne Mjøs.
Itera achieved a high level of revenue from new customers, with customers won over the last twelve months contributing 12% of total revenue in the fourth quarter.
This diversification reduces concentration risk and gives us a broader base from which to grow, while validating our relevance as a partner for organisations seeking both business insight and cutting-edge digital capabilities.
Cash flow from operations was NOK 54.4 million (NOK 45.3 million) for the quarter and NOK 63.2 million (NOK 73.7 million) for the last twelve months.
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 2026 is proposed by the board to be NOK 0.20 per share.
Itera’s headcount at the end of the fourth quarter of 2025 was 695 as compared to 725 at the end of the fourth quarter of 2024.
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 Itera is a dynamic team of business advisors, designers, and technologists. Our shared mission? To benefit society by developing digital products and services that deliver value and build trust. 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.