Itera reported its Q1 2025 earnings, revealing a revenue of NOK 232 million, reflecting a 1% organic growth. The company also announced an EBIT of NOK 21 million, marking a 9% increase from the previous year. According to InvestingPro data, Itera maintains a strong financial health score of 2.65 (GOOD) and has consistently paid dividends for 13 consecutive years. The stock showed a modest increase of 1.93%, closing at NOK 9.50, up from the last closing value of NOK 9.32. The company proposed a dividend of NOK 0.20 per share, signaling confidence in its cash flow and future prospects.
Key Takeaways
- Itera’s Q1 2025 revenue reached NOK 232 million, with a 1% organic growth.
- EBIT increased by 9% to NOK 21 million, with an improved EBIT margin of 9.1%.
- Stock price rose by 1.93% post-earnings announcement.
- Proposed a dividend of NOK 0.20 per share.
- Focus on digital transformation and expansion into new sectors like defense and aerospace.
Company Performance
Itera demonstrated resilience in Q1 2025, achieving a 1% organic revenue growth despite a challenging IT services market. The EBIT margin improved to 9.1%, up from 8.4% in the same quarter last year, indicating enhanced operational efficiency. InvestingPro analysis reveals an impressive return on equity of 74% and a moderate debt-to-capital ratio of 9%, highlighting the company’s operational excellence. The company maintained its revenue per employee, even as the workforce reduced by 29 employees over the past year. Itera’s strategic focus on digital transformation and AI-powered services contributed to its steady performance.
Financial Highlights
- Revenue: NOK 232 million (1% organic growth)
- EBIT: NOK 21 million (9% increase)
- EBIT Margin: 9.1% (up from 8.4% last year)
- Operational Cash Flow: NOK 76 million over the last 12 months
- Dividend: NOK 0.20 per share
Earnings vs. Forecast
Itera’s earnings per share (EPS) and revenue forecasts were not explicitly detailed in the provided data. However, the company’s performance suggests a positive alignment with market expectations, as evidenced by the stock’s upward movement.
Market Reaction
Following the earnings announcement, Itera’s stock price increased by 1.93%, reflecting investor optimism. InvestingPro analysis indicates the stock is currently undervalued based on its Fair Value model, with a beta of 0.32 suggesting lower volatility compared to the market. The stock traded near its 52-week low, indicating room for further appreciation if the company continues its growth trajectory. The market’s positive response may be attributed to Itera’s robust financial performance and strategic initiatives in expanding its services and market reach. Unlock detailed valuation metrics and 6 additional ProTips with an InvestingPro subscription.
Outlook & Guidance
Itera remains optimistic about market recovery and aims for profitable growth. Analysts maintain a consensus "Hold" recommendation, with forecasts pointing to 6% revenue growth in FY2025. The company is expanding its focus into new sectors such as defense and aerospace, and exploring opportunities related to its "Enter Ukraine" service offering. With a book-to-bill ratio of 1.0 and new customer acquisitions contributing 13% of revenue, Itera is well-positioned for future growth. Access comprehensive analysis and valuation metrics through InvestingPro’s detailed research reports, available for over 1,400 stocks.
Executive Commentary
- Arne, an executive at Itera, highlighted the strategic advantage gained from the Ukraine situation, stating, "We have turned [the Ukraine situation] into a business opportunity that’s really adding value to Itera."
- Ben Theimer emphasized the role of AI in driving digital transformation, noting, "AI is obviously an accelerator into more digitalization."
Risks and Challenges
- The IT services market remains soft, posing a challenge to sustained revenue growth.
- Dependence on the European market could limit growth if regional economic conditions deteriorate.
- Potential volatility in the geopolitical landscape, particularly in Ukraine, may impact business operations.
- Competitive pressure from larger tech firms could affect market share.
- Fluctuations in currency exchange rates may impact financial results.
Itera’s strategic initiatives and strong financial performance in Q1 2025 position it well for future growth, despite the challenges in the broader market environment.
Full transcript - Itera (ITERA) Q1 2025:
Arne, CEO or Senior Executive, Itera: Good morning, everyone. Welcome to the interim report for the first quarter twenty twenty five. We have the same agenda as you know from the past. I will start with the highlights of the quarter and deep dive into the business review section. And then we have Ben Tamer, our chief financial Officer that will bring us into all kind of deals about the financial review and some comments about the outlook.
We also it’s also possible to to post questions during the presentation and we will take some of the question in in as part of the summary in the q and a session. But also if there are any more details that you would like to discuss, Ben, Tamara and I will be appreciate that we can have this kind of follow-up talks after the presentation. Okay. Let’s start with the highlights, for the first quarter. The main message on a high level is actually we are showing growth and margin improvement, especially if you look at, the sequential improvement is very solid, both in terms of revenue and profitability, by improving utilization and also strong sales efforts and sales pipeline.
We also have talked about the Enter Ukraine with Deterra, which has been very we see a strong momentum on that in that offering, new offering that we brought to the market that also gradually impact the revenue and profitability during the year. And the last but not least also, AI is a part of our industry but also the community all over the place. But we’re also embracing AI across all our business. We’re actively looking at how we can also apply AI to increase our growth but also not at least the productivity both for Iterra and also for our customers. So that’s that’s at a very high level and I will go into each of these parts during the session.
Let’s have a brief look into the figures. We delivered in the first quarter ’2 ’30 ’2 million, which represent an organic growth of 1%. And let’s keep a little focus on the top line because as you see on the graph, we have also shown a year over year growth per quarter. So we’re coming from negative growth in the previous quarter in 2024. In the fourth quarter, we will have 5%.
And in the third quarter twenty twenty four we also had 5% negative growth. And the reason for that as you remember, it was one of the main larger customer that Uterra that we reduced the capacity because they were a global player that was involved in this customer. So we were reducing the capacity substantially. But after in November, we had a win back customer. So now if you look at that customer today, which was in the financial services sector, we are more or less 80% back to the run rate that we had before this change from the customer side.
So we are that that change in the customer mix was main reason for the negative growth last year. But now in this quarter, we managed to return back to 1% growth where which I think is quite impressive, I will say, because of where we’re actually coming from based on this large customer that we actually lost in the beginning last year. So that’s the top line. If you look at the margin, we are delivering 9.1% margin compared to 8.4% margin the similar quarter last year. And also if you look at the sequential development coming from 3.5% in the fourth quarter going to 9.1% in this quarter, the first quarter in twenty twenty five.
So that’s quite large improvement we managed to do. We had also an adjusted fourth quarter on 5.6% in the fourth quarter twenty twenty four. But in anyway, this is really a good improvement, strong improvement from the fourth quarter into the first quarter twenty twenty five. So if we look at the operational cash flow, we the last twelve months rolling 12 operational cash flow showing NOK76 million in the first quarter and that’s also up from 24,000,000 rolling twelve months in the fourth quarter twenty four. So that’s also we are seeing that operational cash flow also improving.
If you look at the number of employees, we had seven zero seven at the end of this quarter. That is some reduction to the first quarter last year and 18 people since the fourth quarter of twenty twenty four. The number of employees we really believe we will also start to increase again because we also see a lot of growth opportunity in the market. So we don’t believe that number of employees will be even more reduced. I think we are at the bottom and we are also looking at opportunities to grow the number of employees going forward.
So that’s the figures at the high level. Ben Tamer will bring us more into details for all the financials in the financial review section. Let’s also have small comments about the market review because we believe and see that the market demand remains soft, but we see some slightly improving after the slowdown in the past couple of year. However, we see also the increased geopolitical uncertainty, But for the time being, we haven’t seen any effects of the key indices, Iterra. But of course, it’s increased focus on Europe, which is quite interesting because Iterra has a very strong presence in Europe.
The ongoing shift towards cloud and data driven solution integrated with the AI capabilities is showing very substantial growth. I think we can look at growth rate above 10% in this area. And there’s also new sectors like the defense and airspace that are becoming a very fast growing market for digitalization largely driven by the war in Ukraine. So of course, there’s some softness in the market still, but there are also several growth opportunities. So it’s possible to also grow going forward despite, I will say, also uncertainty through the geopolitical and not at least after the new Trump administration.
So that was the highlights for this quarter. Let’s go into the business review. I just want to start with because also if you refer to the Trump administration, I just want to reconfirm that Itera is not doing anything changes in the value. We have diversity as a key part of Altera has always been and we will just continue in the same way and actually strengthen that because diversity is really a big advantage for Altera in order to develop our solution, our innovation capability and not at least also growing the company. So our value connected to trust, transparency, entrepreneurship, diversity, it will stay as it has been and we will actually go further in this direction.
If we look at Eterra in general, as you see, we are having very strong Nordic roots, but we are also very strong European presence. And I think that’s quite interesting when we look at geopolitical situation. We are a vibrant team of business adviser, designers and technologists working across the border according to one model delivering services in a very customer centric way in this era. We have 15 offices in Europe. We presence in eight countries.
And at least we have also been in Ukraine for seventeen years. And if you look at Ukraine, think you all know a lot about the citizens in Ukraine. We have Kyiv, Lviv and we really have a very strong footprint there. And also before the innovation, I think Kyiv and Lviv were one of the largest hub of Eterra. Of course, it has impacted Eterra during after the invasion, but we are also looking for a lot of opportunities in this area.
So I will just make you bring your attention to ETRAS going forward, because we have actually two main offerings. One is actually our core business offering, as you already know, providing a comprehensive range of services to actuate the sustainable digital transformation in our key industry, which are financial services, energy industries and public sector and some others, right? And the other one is actually we call it responsible business, where we provide expert advisory services for businesses seeking to enter, to rebuild, to learn from and protect Ukraine. And in this era, we have the Enter Ukraine with the Terra offering that I will also bring you more attention to in this presentation, but not at least also we are going into the defense and airspace because that is also something that is a high growth market that we also have very we can leverage from our position in Ukraine and also bring the knowledge from this sector into Europe because that’s also extremely important part of Europe’s security going forward. Okay.
Let’s start with the core business offering. I just show you one slide about the sector development of Iterra. As you see, financial services is the largest sector for Iterra. In the first quarter, it was representing about 39% of total revenue. It’s a little down from the 2024, which represent about 47%.
And one of the key reason for that is this large customer in the financial services that we actually lost in the beginning, but we managed to have a win back with effect from November, right? The other industry which is growing is energy and industry, which is growing for 22% approximately to 24% in the first quarter. We also have public and organization as a third sector, which is more or less the same, but we I think it will also increase going forward because we also focus on increasing the capacity also in this sector. And the remaining 24% is quite a number of different sectors. So all in all, 75% of the revenue of Etera is connected to FSI, energy and industry and public and organization.
And by having this focus, it’s much easier for Etera to really build business understanding about this sector and also combine this sector and it’s also easy to go across border to bring value from one customer in one sector and bring the same value to another customer in another country. So this kind of sectorization is also important in order to develop our international growth strategy. I also would like to bring the attention to this slide. I know that you have seen several times, but it’s really a strong business transformation enabled by digital transformation. Is still a lot of technology that we call legacy shown on the left side, but also a lot of customers that moved to the cloud.
About more than 50% are utilizing public cloud in some way or the other. But most of these applications just moved from the legacy or on premise data center into the cloud, but hasn’t been reorganized to utilize the cloud capabilities. So there’s a large opportunity in terms of applying cloud in order to really piggyback on this capacity, this innovation, whatever, and also enable the business transformation. And AI is really accelerating this transformation from legacy into cloud based solution that also enable the business transformation. And just to show you that this is also impacting our industry, this is a reference to Gartner saying that by 2027, ’3 times ahead, generative AI tools are expected to significantly reduce modernization cost by about 70, right, 70%.
So when you’re going from legacy moving into the digital transformation as is in the previous slide, that effort will be reduced by 70% and not at least driven by AI. And just to show you one example of what Iterra has conceptualized during this quarter is looking at what we call assessment of application. So on the left side, you see how we normally do application assessment. You do this kind of assessment because you would like to move the application from the legacy side into digital transformation or in the cloud based environment. So you need to evaluate this legacy system, you need to identify inefficiency, whatever.
So always it’s a very complex environment that you need to look into. There’s a lot of integration issues. It’s incomplete or not updated documentation, if any. The data are in silos. There is a very resource incentive intensive in order to do this kind of work.
You might missing some skills, whatever. And not at least is also a lot of the legacy quite exposed to security risks. So that’s on the left side is how we have done this and taken weeks and months to do some kind of assessment of an application. By using AI tools on the left on the right side, you can do it much more automated, right? You will identify immediately inefficiency.
You can, build and do this kind of automated process. You always have up to date architect and looking at the dependency. You can look at the system resilience, you can identify cyber security risk and also regulatory how your system are according to the regulatory requirements. Of course, it will have a tremendous efficiency increase and not at least also making faster innovation. So we are going from in terms this kind of assessment, going from weeks and months for a large team to the to this kind of the similar assessment in minutes and hours.
So this is just an example what Gartner is telling about this 70% reduction and we are really keen on learning from this and also conceptualizing our offerings to make sure that we are delivering even more value to our customer and not at least also increasing the productivity and also the growth of Iterra. Yes, I just also in terms of service offering, I just also want to put some attention on the experience department of Iterra because when there is a downturn in the market, we always see in the past that it start with this kind of services. But what we see and experience in Terra, we have a remarkable utilization rate of 80 to 90%. That is not typical when there is some kind of declining market. And I just want to appreciate the work that Andre Niemann and his leadership and the team has done because they have really looked at, okay, there’s a downturn in the market and they are really managed to integrate the offices into Iterra and have focused on very mission critical design solution.
So, example of customer is Kongsberg Digital and Weekingskooth is two very interesting customer that where we have really changed the offering and integrated into Terra. We have these kind of services available for all the location because we are not only working as a specific service offering, but it’s really a part of the full range of the services that Ethera is providing to our customer. So I’m very happy to see the growth of this unit of Ethera and not at least also bring in profitability which is not the normal way which is quite not normal when there is downturn in the market. So that’s just to show you that also despite the market, we can talk about the challenges in the market in some way or the other, but I think the improvement that Ethera is showing is really because of people like Andre and Nimon and the team that really has made this change to make it very profitable as separate as a focus offering in Iterra. Also, comment about what we also see in terms of cloud applying cloud technology.
The biggest giants are in US. And of course, with the new Trump administration, we also need to look and then our our customer also asking because they feel that there might be a little too depend on the tech giants in U. S. So also, we are also looking at because of our cloud and application services, we are also looking at how we can reduce the dependency on very specific providers or services in the tech space also. And that also make a lot of opportunity within Europe that the players in Europe also will have a strong advantage compared to the past.
And I also see that the big giant like Microsoft are also repositioning themselves. They are also building and supporting Ukraine according to supporting Europe according to European laws. So I just want to mention that this is also, I will say, important for Europe to build their own digital future. So I think also that might also have a big impact of the IT sector in Europe that they also have a lot of benefits by having more data located in Europe and also make sure that resilience of the IT solution within Europe is strong because I think we have learned a lot from the potential threats from US. So that also I believe is also a big opportunity for Eterra’s presence in Europe.
Okay, let’s turn to the other responsible business and this is something that ETH has been working on since 2023. And it’s a dual track. We focus both on the business side of it, but also the humanitarian side. So we we we combine business and humanitarian and look at how could we support Ukraine in their recovery. So our mission is to contribute meaningfully to Ukraine’s rebuilding process by helping Nordic based companies to enter, rebuild and learn from and protect Ukraine.
And just to show you three direction that we have talked about during the last two years, will say. We started with the temporary bridges. This was in 2022, ’20 ’20 ’3 where we provided three seventy meter of temporary bridges to Ukraine. Of course, that was extremely important in the early phase of the of the war. We have also, as you see, the energy system has been, you know, damaged a lot from from Russia and we are very happy to be able to provide through partners like Bergen Engine one hundred and sixty megawatt with power generating gas engine to Ukraine.
And we really believe we can expand that to maybe 400 megawatt plus. And just to put that into perspective, President Zelenskyy was asking for he needs one gigawatt during, it was in June 2024. And if Ethereum through Bergen engine and other players might bring in 400 megawatt, according to that goal, we really contribute to 40% of that target that was set by President Lecinski in June 24. So I think it’s quite amazing how Vitera is managing these kind of capabilities till to Ukraine. And the last but not the least important track in terms of housing, new homes, hospital, military barracks, we are also heavily involved in that business together with Moverven because they really need to scale up their production capacities and MuErwin with their modules building is really one of the key player that could take a solid position and also support Ukraine in in terms of the rebuilding perspective of that one.
These are just to show you three very concrete examples. And to mention even the the last the the within the energy sector, we have in this quarter established a strategic partnership with Naftogaz, the largest national energy company in Ukraine, focusing on a collaboration on both energy and digital technology. On this picture on the right side, you see the CEO Naftegas together with the CEO of Bergen engine and the guy number three from the right side is Junerichs, our Yteras Junerichs Hoeghberg has been really facilitating this process. I think we have been working for this more or for two years and increased the progress, especially the last twelve months. So this had been a lot of efforts doing this and we’re very happy that we managed to bring the first sixteen engines to Ukraine.
But not at least, this partnership is also turning into digitalization because there is a lot of knowledge in The Nordics in terms of well efficiency and optimize So now we are also looking into very interesting digitalization project, which is bringing me back to what I call the core business of Iterra. So this is a good example of a new customer where we started on the entry to Ukraine, enter Ukraine with Eterra, and it also happened to bring business back to our core business offering. And another, I will say, is a new position iThera has taken is actually in the defense industry. Because as we see, security is extremely important in Ukraine and the defense is really one of the most important in order to protect the country, but also protect Europe.
So in this case, we’re just showing different user scenarios that we see in Ukraine and we are utilizing our digital factory at scale because NATO and this industry is working on what they call a software factory in order to increase the scalability of applying digital technology into their physical value chain, I will say. So digitalization is really a key part of this industry and also not at least bringing this knowledge from Ukraine into the defense in Norway, in The Nordics and Europe in general. So that’s really some of the learnings we are bringing back from Ukraine to Europe and visa versa. So defense will be, of course, also important part of Iterra going forward. We already have some projects going there.
I can’t talk about them, of course. But of course, we are taking we’ll take a very strong position also in this sector. And as you know, in terms of we are putting a lot of focus on the to bring the attention to Ukraine, it’s extremely important to keep the economy running, but not at least also look at how the businesses in Nordic can actually enter Ukraine and learn from Ukraine and invest in Ukraine. That’s really important part. So then on the right side, you see our group COO, Jun Erik, is doing a tremendous job and has been interviewing on TV too and I’m also been there.
So this is, I will say, also something that we contribute. But of course, it also have a big impact of the visibility of Iterra. So to summarize this part, I just want to mention that coming from a full scale invasion in February 2022, where we have one of the largest IT hub of Vitera, delivery center of Vitera in Ukraine. That was a tremendous threat for our business model, but we have turned that into a business opportunity that’s really adding value to Iterra. So we have talked about the brand.
Eterra is much we have a new brand, of course, but not at least also a stronger position. It’s very easy to go to a new country and introduce Eterra by showing how we contribute to Ukraine because the brand of Ukraine, I think, is one of the strongest in the world, right? So the war in Ukraine had also triggered new offices. We have built new offices established five new offices, Three to four of them are really based on the situation in Ukraine. We have established a new service offering like Enter Ukraine.
We are also going into new sector like defense and rare space and we also have our strong digital factory at scale capabilities. We really needed in this area and not at least we are learning a lot from artificial intelligence because I think Ukraine in different sectors are really very advanced using AI for a long time. So these are some kind of in order to summarize what has been a very big threat for Iterra because of the Ukraine and the situation in Ukraine, but now also looking at a lot of new opportunities going forward. Okay. Before I hand over to Ben Tharman, I just want to also have some comments about the order intake.
The book to bill in this first quarter was one point zero and the last twelve months has been one point zero also. So it’s also some kind of combination of existing customer and also new ones. But I think during the last nine to twelve months, I think we have very done a very strong sales efforts through the whole Iterra. We have changed the model. So I really see a growing pipeline of very promising opportunities.
And that is something you can also see already have impact on the customer mix. The share of existing customer were 87% in the first quarter twenty twenty five, which is it was in first quarter twenty twenty four, it was 95%, right? So that means that the number of new customer in the last twelve months represent 13%, which is really showing that Iterra is also providing a lot of new customer that increase the base for growing going forward. So we can’t only piggyback on the top 30 customers, which has been reduced to 73%. I think that’s quite healthy because now we have new customer that can also increase the growth rate of Vitera.
So new customer represented NOK30 million in this quarter compared to NOK12 million in the same quarter last year. So that’s quite extensive improvement. And also in terms of number of employees, we have seven zero seven people at the end of this quarter. So that’s 29 down last twelve months, eighteen the last quarter. But as I said in the beginning, we are really pushing for increasing the capacity because there are also a lot of growth opportunity.
What has been good is actually that the reduction also have impact on the EBIT, but we are really in the game now to also start to increasing the capacity going forward. So I think I stop there and hand over to Ben Theimer that will go through the financial review. Thank you.
Ben Theimer, Chief Financial Officer, Itera: Thank you, Arne, and good morning to you all. Well, after several quarters of a negative development there, I’m happy to see that we now have leveled out and even recorded a small growth to NOK $232,000,000 of revenue this quarter. We have done so with less employees, so that brings a positive impact on our EBIT, which grows by 9% to NOK 21,000,000 in this quarter. And that gives an EBIT margin of 9.1%, which is 70 basis points above Q1 of twenty twenty four. We have an equity ratio, which is approximately the same as the same period of last year of 20%.
And I’m just going to go to the development. We’ve had, as you can see from the graph, couple of difficult years in a softer market, which now seems to level out and starting to recover slowly. We do have irrespective of the market development, I would say a lot of potential to both grow our business and also improve our margins back to sort of the previous levels we’ve we’ve experienced in prior years. Arne has been been talking about this entry Ukraine with the Terra service offering, which is is one of those. We still have a softer utilization than than we we we can achieve in in good days.
And and we’ve also, you know, opened up a lot a lot of new offices in in the past two two, three years that that also have a potential to grow in what’s immature markets from our side. I can mention we’ve had better revenue from our own consultants. So we’ve increased the revenue per FD by about 6% this quarter. So even though we’ve decreased our number of employees by 4%, we’ve actually managed to uphold and and even have a little bit of more revenue per from our own consultants. So that constitutes NOK 192,000,000 this quarter.
We continue to grow our subscription revenues this quarter by 5% to million and other revenue increased quite a lot this quarter. This fluctuate a bit if we do some specific sales of of software etcetera to to our customers. So this quarter it was 11,000,000 NOK whereas we see that the revenue from third party consultants decreased by 15% to NOK 8,000,000. We use third party consultants in those instances where we we don’t have that particular capacity available to to our customers or or if there are some specific skills or whatever that we typically don’t offer. Cash flow from operations is quite seasonal.
So Q1 is typically a season seasonally low in terms of generating cash from operations. This was also the case this quarter. So we recorded negative 5,000,000 from operations, which is in line with what we had Q1 of last year. However, looking at the the rolling twelve months, we’re at 76,000,000, which is quite stable as well for the last several quarters. Our investment activities was an outflow of 3,000,000 for the quarter and approximately NOK 9,000,000 for the last twelve months.
This is I would say a normal level for our business, so we don’t invest a lot. Most of the investments we do is in our own product development for those SaaS type of applications that we have. And also a little bit in in equipment and and so forth for employees. Financing activities is also very seasonally impacted in Iterra because we do the dividend payments typically in Q2 and Q4. Rest of the quarters is generally just related to the leasing activities that we do primarily for office space.
Our cash conversion from EBITDA has been on an upward trajectory, and we now have 92% of EBITDA in Q2 converted to cash for the last twelve months, which is up 8% points from a year ago. So that shows that our type of business is very light on working capital requirements and and also as mentioned, we we don’t invest a lot of money in into the business. So that means that we generate a lot of cash that we can then redistribute to our shareholders, which is evident on this slide where we see that during the well, it’s almost twenty years of history in this graph now and we see that we more or less return back all the earnings to the shareholders. The board of directors has proposed to the the annual general meeting that we pay out an ordinary dividend of NOK 0.20 per per share, and they will also ask for for a renewed authorization to pay a supplementary dividend later in this year. Share price is impacted by the general market for IT services.
Were down 17% if we included the dividend payments of the past year. So the share price was at 9.24 at the March, and I think that was more or less the same as it closed yesterday as well. We we had some some share purchasing going on in in March at the same time as we did the the employee share purchase program. This more or less cancel each other out. Well, I think we we sold a bit bit more shares to to the employees that then we recovered from the market.
But we now have bit south of $05,000,000 own shares in our treasury. So the value of that was 4,400,000.0 at the end of the quarter. That’s it for the financials. Looking forward, I think this slide is unchanged from what we presented in February. We do feel that there is still a strong underlying demand for digitalization services.
AI is obviously an accelerator into more digitalization. There has been some some reluctancy among customers to invest because of the of macroeconomic uncertainty. But we like like I mentioned, we we see that it’s been stabilizing now and and we we do see signs of more activity in the marketplace. So we are confident that the market will return to the higher growth the quarters to come. Although in the very short term, it’s probably stable I would say.
Like I also mentioned, we have good growth opportunities through our new Rugaland, Stavanger office as well as the other offices we set up over the past few years. And not the least, we have a lot of opportunities related to our exposure to Ukraine and the bridge we’re building with Norway in particular, but also the other Nordic countries. Focus is still on profitable growth and to generate cash. So that’s unchanged and we look forward to to do more of that. Okay.
I’m not sure if there are any questions been posted online now. No questions today. Okay. We’re very happy to entertain any any any questions you might have on a one to one basis. So please get in touch if you like, probably through me.
I’ll I’ll bring with me Arne if if needed. And if not, we’re happy to to see you back on August 15 for our q two presentation. Alright. That’s all. Yes.
Thanks a lot.
Arne, CEO or Senior Executive, Itera: See you soon. Thank you.
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