Arribatec-Q1 headline slightly below, but with limited impact to estimates-05/20/2026

Research evidence excerpt

Arribatec-Q1 headline slightly below, but with limited impact to estimates-05/20/2026

Arribatec

NEWSFLASH | 20 MAY 2026

Q1 headline slightly below, but with limited impact to estimates

Arribatec delivered revenue of NOK 152m (+4% y/y, +5% y/y in CCY), -3% below our estimate, where tucked in Easter days

and more holiday outtake not fully accounted for in our estimates likely explains a large share of the deviation. EBITDA

comes in at NOK 14m on a 9% margin (+0.8pp y/y), but -11% below our estimate. Note, however an additional NOK 1.1m in

non-recurring costs not included in our estimate (option related), bringing comparable EBITDA to NOK ~15m and ~4% shy.

While Q1 headline figures are marginally below us, we expect to make minimal est. changes on the back of the report.

Business Services and Unit4 momentum looks intact (signed contracts up y/y) and momentum extended through 2026

(previously H1’26) in the outlook section, while EA&BPM delivers a strong margin beat (+2.6pp ahead us) setting up more

scalability vs. our expectations when the FTE-effect reverses. Cloud remains on the softer side, but with the restructuring

expected to yield improvements already at Q2, supporting improvements ahead. We currently have a BUY TP NOK 10.

Deviation table:

Actuals

Arribatec Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 PAS Dev (%)

Revenue NOKm 146 143 137 153 152 156 -3%

Gross Profit " 110 105 100 115 112 118 -5%

Opex " (98) (87) (82) (98) (99) (102) -4%

EBITDA " 12 18 18 18 14 15 -11%

Depreciation " (5) (4) (3) (3) (3) (3) 21%

EBITA " 7 14 15 14 10 12 -18%

Amortization " (4) (4) (4) (4) (3) (5) -37%

EBIT " 3 10 10 10 7 8 -8%

Net Income " 3 7 8 7 7 6 18%

Growth & Margins Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 PAS Dev (pp)

Revenue Growth % 15.4% 14.0% 20.0% 13.7% 4.1% 6.8% -2.7pp