Techstep ASA: Q2 and H1 2025 results

Highlights from the second quarter 2025:

Improving profitability

• Recurring revenue annualised increased by 4% y/y to NOK 324m, driven by 6% growth in Own Software
• Net gross profit margin at 36%, up 4 ppt from second quarter last year
• Continued improvement in EBITA adj., up 64% y/y to NOK 4.3m
• Positive cashflow from operations of NOK 54m, an improvement of NOK 24m y/y

Strong momentum with strategic partnerships and agreements

• The agreement with Sykehuspartner HF (Helse Sør-Øst RHF) for the delivery and management of clinical devices is fully operational from Q2 2025
• Signed strategic partnership agreement with Telia in April
• Planned onboarding and rollout of services with Ireland and UK based partner Fonua in Q4 2025

Solid commercial momentum continues

• Techstep Essentials Mobile Device Management (MDM) software certified by CCN in Spain as the only MDM for Public Sector
• New exclusive agreement signed and activated with Oslo Municipality with a potential value of NOK 500 million over a four-year period.
• Extending foothold in Swedish public sector with new agreements with Borås and Norrköping Municipalities
• Secured new agreement for managed mobility with Securitas
• Entered into a comprehensive agreement with LKAB to manage its entire mobility estate

“We conclude the first half of the year with continued improvement in profitability and strong commercial momentum — two top priorities at Techstep. In the quarter, we delivered a significant increase in adjusted EBITA and operating cash flow compared to last year. Our Own Software segment continues to grow, driving annualised recurring revenue higher, albeit at a softer pace than we expected. However, with strong progress through our key strategic partners and a significant ramp-up expected in the second half of the year, we are aiming for solid growth in 2025. In the second quarter, we strengthened our market position through renewed agreements with Oslo Municipality, new public sector wins in Sweden, and major enterprise deals with Equinor, Securitas and LKAB. Our Techstep Essentials Mobile Device Management software also received CCN certification in Spain — an important step towards expanding our European presence in the MDM market. The strategic agreement with Sykehuspartner HF is now operational, with ramp-up planned for late 2025 and into 2026. These achievements reinforce our trajectory towards becoming Europe’s leading mobile and circular tech company,” says Morten Meier, CEO of Techstep.

Material

Please find the report and presentation for Q2 and H1 2025 enclosed.

Presentation and Q&A:

A live presentation and Q&A session will take place today at 8:00 am CEST and can be accessed by clicking and registering using the following link:

https://events.teams.microsoft.com/event/a1c6888d-31b9-448b-8669-90a0cb12ff1a@56b3dd67-66b5-4d6a-9954-22469dfcf18b

Questions for the Q&A session may be submitted in advance to ir@techstep.no, or live during the session itself. A recording of the Q&A session will be made available on www.techstep.io after the session has concluded.

For more information:

Morten Meier, CEO, Techstep ASA: +47 970 57 717

Ellen Solum, CFO, Techstep ASA: +47 976 66 717

About Techstep

Techstep is a mobile & circular technology company, enabling organisations to perform smartly, securely, and sustainably by combining mobile devices, software and expertise to meet customers’ business and ESG goals. We are a leading provider of managed mobility services in Europe, serving more than 2 100 customers in Europe with an annual revenue of NOK 1.1 billion in 2024. The company is listed on the Oslo Stock Exchange under the ticker TECH. To learn more, please visit www.techstep.io.

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. This stock exchange release was published by Ellen Solum, CFO, Techstep ASA, on 20 August 2025 at 07:00 CET.