ITERA ASA
Sector unknown·ITERA · Oslo Børs·Fiscal year to 31/12/2024
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Artificial intelligence
Technology
DriverPositive impact: strengthens
“We firmly believe that the introduction of generative AI marks a significant turning point, and that it is poised to drive substantial growth for us and our customers.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“However, this transition necessitates a robust digital core and high-quality data, which are critical for training reliable models.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“Pushed by artificial intelligence (AI) and generative AI investments, the spending forecast on DX represents a compound annual growth rate (CAGR) of 16.2% over the 2022– 2027 period. According to recent forecasts by Gartner, IT spending in Europe is expected to grow 8.7% in 2025.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“At the end of 2023, only an estimated 25% of tech workloads were running in a cloud environment. By 2028, Gartner expects this to have risen to 70% as this will be seen as a necessity and a source of innovation. Not only will it be needed to be competitive but indeed to survive. This next wave of cloud migrations will include the more complicated and business-critical applications.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“Customers who have made significant progress with cloud migration are now investing to modernise and innovate across the cloud continuum, extending the cloud to the edge and using data and AI to unlock greater value with more opportunities still to come. As we enter 2025, we are optimistic about the opportunities ahead for our Cloud and Application Services. This trend is fundamental to Itera’s mission. All our customers are on a journey to becoming digital businesses and thus more agile and resilient, and digital transformation underpinned by cloud and digital technologies continues to drive the potential for strong double-digit growth across our core business.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“We launched our own Generative AI platform, ‘Sapience’. Infusing AI into everything we do is not just an objective; it’s one of our core strategic pillars.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“We are committed to finding human solutions to complex challenges through digital transformation by constantly innovating and developing leading-edge ideas and leveraging emerging technologies to anticipate our customers’ needs.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“The company’s overall core strategy of developing large, long-term customer relationships, increasing the number of engagements which involve the full range of Itera’s services, and using our Digital Factory at Scale and distributed delivery model across borders in the Nordics and Central and Eastern Europe, remains unchanged. Itera has over time developed a unique position in Ukraine and is utilising its strong relationships with the Ukrainian authorities and senior management teams in Nordic industries to enable the green transition through new industrial software solutions and services for the rebuilding of Ukraine once the invasion is over. Itera is acting as an advisor and agent to Nordic companies that wish to build a presence in Ukraine and tap into the many EU and UN funded grants available.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Itera aims to leverage new technologies and sustainability competencies as opportunities arise from evolving customer challenges – particularly through innovations like AI – at the same time as nearshore operations provide access to substantial IT talent pools in Eastern and Central Europe, further enhancing our competitive advantage and future growth prospects.”
Annual report 2024A · The company itself
Market
“In response, we swiftly adapted our strategies to meet our customers’ urgent need for short-term solutions and delivered high value by digitally transforming their businesses using our extensive expertise in technology, data, AI and new ways of working.”
Annual report 2024A · The company itself
Chains out: this strengthens Data centres, strengthens Semiconductors and electronic components, strengthens Semiconductor industry
Digitalisation
Technology
DriverPositive impact: strengthens
“Customers who have made significant progress with cloud migration are now investing to modernise and innovate across the cloud continuum, extending the cloud to the edge and using data and AI to unlock greater value with more opportunities still to come. As we enter 2025, we are optimistic about the opportunities ahead for our Cloud and Application Services. This trend is fundamental to Itera’s mission. All our customers are on a journey to becoming digital businesses and thus more agile and resilient, and digital transformation underpinned by cloud and digital technologies continues to drive the potential for strong double-digit growth across our core business.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“There is a gradual shift taking place in the nature of the demand for managed services. As businesses seek greater resilience, face a war for talent, and need to digitise and experience cost pressures, strategic managed services are increasingly a top management priority. Leveraging the substantial investment that it has carried out in its Cloud and Application Services, Itera expects to see a gradual improvement in its profitability once the volume of migration and modernisation engagements reaches critical mass.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“We are committed to finding human solutions to complex challenges through digital transformation by constantly innovating and developing leading-edge ideas and leveraging emerging technologies to anticipate our customers’ needs.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“The company’s overall core strategy of developing large, long-term customer relationships, increasing the number of engagements which involve the full range of Itera’s services, and using our Digital Factory at Scale and distributed delivery model across borders in the Nordics and Central and Eastern Europe, remains unchanged. Itera has over time developed a unique position in Ukraine and is utilising its strong relationships with the Ukrainian authorities and senior management teams in Nordic industries to enable the green transition through new industrial software solutions and services for the rebuilding of Ukraine once the invasion is over. Itera is acting as an advisor and agent to Nordic companies that wish to build a presence in Ukraine and tap into the many EU and UN funded grants available.”
Annual report 2024A · The company itself
Market
“In response, we swiftly adapted our strategies to meet our customers’ urgent need for short-term solutions and delivered high value by digitally transforming their businesses using our extensive expertise in technology, data, AI and new ways of working.”
Annual report 2024A · The company itself
Market
“Itera is a leading international technology company that helps businesses and organisations accelerate their sustainable digital transformations.”
Annual report 2024A · The company itself
Chains in: Cybersecurity (products and services) strengthens, Public investment and infrastructure strengthens
Chains out: this strengthens IT consulting and public-sector IT
Banks and insurance
End markets
Market
“The Group also owns two niche SaaS companies which mostly have recurring subscription-based revenues: Cicero Consulting, which provides advisory services and solutions to the banking and finance sector, and Compendia, which specialises in products and services for the HR, quality and management disciplines.”
Annual report 2024A · The company itself
Market
“Our two most important industries, financial services and energy, are well established as the main segments for our international growth, with the Nordic region having solid worldwide attractiveness in these areas.”
Annual report 2024A · The company itself
Market
“In 2024, Itera’s revenue from financial services decreased by 5% due to the aforementioned temporary downscaling of a global customer.”
Annual report 2024A · The company itself
Market
“Some examples of large agreements we have signed in 2024 include a renewal of a four-year NOK 200-250 million framework agreement with Kredinor, and a new NOK 300 million agreement with The Directorate of Integration and Diversity (IMDi).”
Annual report 2024A · The company itself
Market
“In addition, I am particularly proud of our long-standing partnership with Gjensidige, which, in the fourth quarter, formalised a new framework agreement under which Itera will be its strategic digitalisation partner for a minimum of three additional years.”
Annual report 2024A · The company itself
Nordics
Geography
StrategyPositive impact: strengthens
“Itera opened an office in the Stavanger region, Norway, during the fourth quarter to be closer to customers there. As part of this, Itera acquired the consulting company Revoltr AS and the related recruitment company Mosaique Headhunting Stavanger AS. This will provide a platform for Itera to expand more quickly in the region.”
Annual report 2024A · The company itself
Geography
“In addition to covering new industries and the regional initiatives in Norway, Itera also has geographical growth initiatives in the Nordic countries based on its uniquely scalable business model featuring distributed delivery.”
Annual report 2024A · The company itself
Geography
“The company’s overall core strategy of developing large, long-term customer relationships, increasing the number of engagements which involve the full range of Itera’s services, and using our Digital Factory at Scale and distributed delivery model across borders in the Nordics and Central and Eastern Europe, remains unchanged. Itera has over time developed a unique position in Ukraine and is utilising its strong relationships with the Ukrainian authorities and senior management teams in Nordic industries to enable the green transition through new industrial software solutions and services for the rebuilding of Ukraine once the invasion is over.”
Annual report 2024A · The company itself
Defence industry
End markets
Market
“In 2024, we positioned ourselves to be able to capture opportunities in the fast-growing defense and aerospace market in the Nordics and Europe.”
Annual report 2024A · The company itself
Market
“Our extensive experience encompasses various sectors, including banking, insurance, energy & utilities, oil & gas, the public sector, retail, defence and fishing.”
Annual report 2024A · The company itself
Chains in: Defence budgets strengthens
Europe
Geography
StrategyPositive impact: strengthens
“Itera aims to leverage new technologies and sustainability competencies as opportunities arise from evolving customer challenges – particularly through innovations like AI – at the same time as nearshore operations provide access to substantial IT talent pools in Eastern and Central Europe, further enhancing our competitive advantage and future growth prospects.”
Annual report 2024A · The company itself
Geography
“The company’s overall core strategy of developing large, long-term customer relationships, increasing the number of engagements which involve the full range of Itera’s services, and using our Digital Factory at Scale and distributed delivery model across borders in the Nordics and Central and Eastern Europe, remains unchanged.”
Annual report 2024A · The company itself
Utilities
End markets
Market
“Our two most important industries, financial services and energy, are well established as the main segments for our international growth, with the Nordic region having solid worldwide attractiveness in these areas.”
Annual report 2024A · The company itself
Market
“The energy sector grew by 9.8%.”
Annual report 2024A · The company itself
Aquaculture and fish feed
End markets
Market
“Our extensive experience encompasses various sectors, including banking, insurance, energy & utilities, oil & gas, the public sector, retail, defence and fishing.”
Annual report 2024A · The company itself
Oil
Raw materials and inputs
Market
“Our extensive experience encompasses various sectors, including banking, insurance, energy & utilities, oil & gas, the public sector, retail, defence and fishing.”
Annual report 2024A · The company itself
Chains out: this strengthens Plastics and polymers
Public sector
End markets
Market
“Some examples of large agreements we have signed in 2024 include a renewal of a four-year NOK 200-250 million framework agreement with Kredinor, and a new NOK 300 million agreement with The Directorate of Integration and Diversity (IMDi).”
Annual report 2024A · The company itself
Reconstruction of Ukraine
End markets
StrategyPositive impact: strengthens
“As a company, we are deeply engaged in supporting Ukraine, which is fighting not just for its sovereignty but also for us, for our freedom and for our values.”
Annual report 2024A · The company itself
Chains in: Geopolitical uncertainty weakens
Chains out: this strengthens Construction, strengthens Cement and building materials, strengthens Power grid expansion, strengthens Energy security, strengthens Public investment and infrastructure, mixed effect Defence budgets
Business cycle and GDP growth
Macro
DriverNegative impact: weakens
“Itera demonstrates its resilience in the difficult market by almost maintaining its topline (-3%).”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“In what can be described as a challenging market, Itera implemented some measures towards rightsizing its organisation to demand, primarily through a lowering of recruitment and some targeted reductions in overheads. Itera chose to keep some idle capacity to drive increased customer activities and integrate AI into our offerings in order to be prepared for a market upturn. The lower billable utilisation impacted revenue and earnings negatively by approximately NOK 13 million.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“Interest rates peaked in 2023, with minor reductions in some countries during 2024. Inflation significantly decreased from the high levels of 2023. Despite these improvements, the IT services industry experienced marginally negative growth in most markets. Many Nordic IT services companies reduced their workforce and focused on cost reduction.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“For the past 18 months or so, the overall market has been softer than we have experienced in recent years, leading Itera, as well as most other players, to curb or downsize their capacity. With our focused effort on delivering more and broader sales activities and Itera’s strong positioning in terms of its services and capabilities, we have succeeded in winning some significant new and extended agreements during the last few months and see a growing pipeline of promising opportunities both in the Nordic markets and in relation to supporting Nordic companies that wish to enter the Ukrainian market.”
Annual report 2024A · The company itself
Chains out: this strengthens Global trade volumes, strengthens Construction
Geopolitical uncertainty
Macro
DriverNegative impact: weakens
“Itera continues to financially support those of its Ukrainian employees that have been drafted into military service.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“The ongoing military invasion of Ukraine by Russia, which began in February 2022, remains a significant concern. Itera prioritizes the safety of its employees and their families, supporting relocations and ensuring customer deliveries continue without disruption. Our robust business continuity plans have proven effective, and we have expanded into the Czech Republic and Poland to mitigate risks associated with the war.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“Safety concerns in Ukraine The health and safety of our employees in Ukraine are critically important, especially as they face increased risks of injury due to the ongoing war, making them more vulnerable compared to their colleagues elsewhere. With approximately 30% of our workforce based in Ukraine, their safety is also essential for ensuring timely customer service and maintaining operational effectiveness. The security of our employees is directly impacted by Russia’s military actions, which also affects our ability to fulfill customer deliveries from this region.”
Annual report 2024A · The company itself
Chains out: this strengthens Defence budgets, strengthens Energy security, strengthens Tariffs and trade policy, weakens Global trade volumes, strengthens Sea freight and freight rates, weakens Reconstruction of Ukraine
Data centres
Technology
DriverPositive impact: strengthens
“At the end of 2023, only an estimated 25% of tech workloads were running in a cloud environment. By 2028, Gartner expects this to have risen to 70% as this will be seen as a necessity and a source of innovation. Not only will it be needed to be competitive but indeed to survive. This next wave of cloud migrations will include the more complicated and business-critical applications.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“There is a gradual shift taking place in the nature of the demand for managed services. As businesses seek greater resilience, face a war for talent, and need to digitise and experience cost pressures, strategic managed services are increasingly a top management priority. Leveraging the substantial investment that it has carried out in its Cloud and Application Services, Itera expects to see a gradual improvement in its profitability once the volume of migration and modernisation engagements reaches critical mass.”
Annual report 2024A · The company itself
Chains in: Artificial intelligence strengthens
Chains out: this strengthens Electricity, strengthens Copper
Inflation
Macro
DriverNegative impact: weakens
“In the last couple of years, the demand for IT services has been adversely impacted by high interest and inflation rates.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“Interest rates peaked in 2023, with minor reductions in some countries during 2024. Inflation significantly decreased from the high levels of 2023. Despite these improvements, the IT services industry experienced marginally negative growth in most markets. Many Nordic IT services companies reduced their workforce and focused on cost reduction.”
Annual report 2024A · The company itself
Chains out: this weakens Consumer spending, strengthens Interest rates
Interest rates
Macro
DriverNegative impact: weakens
“In the last couple of years, the demand for IT services has been adversely impacted by high interest and inflation rates.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“Interest rates peaked in 2023, with minor reductions in some countries during 2024. Inflation significantly decreased from the high levels of 2023. Despite these improvements, the IT services industry experienced marginally negative growth in most markets. Many Nordic IT services companies reduced their workforce and focused on cost reduction.”
Annual report 2024A · The company itself
Chains in: Public debt and fiscal policy strengthens, Inflation strengthens
Chains out: this weakens Construction, weakens Real estate, weakens Wind power, weakens Housing market, weakens Office and commercial property, weakens Residential rental, weakens Residential construction
Labour and wages
Raw materials and inputs
DriverNegative impact: weakens
“Many Nordic IT services companies reduced their workforce and focused on cost reduction.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“Talent attraction and retention remain ongoing risks. To mitigate these risks, we have expanded our geographical footprint, gaining access to new talent.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“S1 Access to competence in the market (Nordics) Lack of IT competence in the Nordics to meet both present and future demand.”
Annual report 2024A · The company itself
InputNegative impact: weakens
“The extra social security tax on high salaries that the Norwegian government introduced in 2023 gave an extra cost of NOK 2.4 million (NOK 3.0 million).”
Annual report 2024A · The company itself
Cybersecurity (products and services)
Technology
DriverNegative impact: weakens
“Companies hold a lot of personal data about employees. Breaches of privacy and GDPR for personal data are a risk.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“To mitigate privacy breaches related to personal data under GDPR regulations, Itera enforces strict access controls based on roles within the organisation while treating all employee data confidentially, allowing honest input through various channels without compromising privacy rights.”
Annual report 2024A · The company itself
Chains in: Cyber attacks and IT security risk strengthens
Chains out: this strengthens Digitalisation
USD vs DKK/EUR
Macro
DriverNegative impact: weakens
“The Norwegian krone traded at historically low levels against the US dollar and the Euro during 2024, negatively impacting the differential between Nordic and distributed deliveries.”
Annual report 2024A · The company itself
Chains out: this mixed effect United States
Asia and emerging markets
Geography
Geography
“Itera Ukraine is established in Kyiv, marking the beginning of Itera’s expansion outside the Nordics and the start of our nearshore model.”
Annual report 2024A · The company itself
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 0.85 bn NOK |
| Revenue growth vs. the year before, same method | -2.6 % |
| EBITDA reported by the company | 0.08 bn NOK |
| Net debt debt incl. leasing minus cash | N/A |
| Diluted EPS per share | 43 NOK |
Source: annual report (ESEF) A. See the report
Criteria
| Profit | ✓ |
| Growing | ✗ |
| Healthy balance sheet | N/A |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.
Figures are in the report's currency (NOK), not converted to DKK. Quotes are shown as the company's own words in the report's original language.