Webstep-Q1 on the softer side as the FTE base contracts further-05/20/2026

Research evidence excerpt

Webstep-Q1 on the softer side as the FTE base contracts further-05/20/2026

Webstep

NEWSFLASH | 20 MAY 2026

Q1 on the softer side as the FTE base contracts further

Webstep delivers Q1 revenue of NOK 210m (-11% y/y), +4% ahead cons. The negative growth is primarily driven by

contraction in the FTE-base (-12% y/y) while pricing increased in-line with CPI and utilization is impacted by long-term

projects ending. EBIT comes in at NOK 16m (7.6% margin, -2pp y/y) and ends ~7% below cons, despite the revenue beat.

This is driven by higher sub-contractor usage (+41% y/y) and reduced scale flowing through the P&L. The FTE base is down

-14 q/q, but Webstep comments in its outlook section that the headcount adjustment is now largely behind. However, it

expects the current uncertain market to persist through H1’26 with expectations of gradual improvements in H2. Over-all,

we read the report to be on the softer side. Although the outlook commentary suggests gradual improvements into H2, Q1

figures still suggest another round of estimate cuts and continued low visibility of any near-term inflection.

Deviation table:

Actual Dev. (%)

Webstep Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Cons. Cons.

Revenues NOKm 236 215 178 205 210 202 4%

Operating costs " (209) (192) (166) (195) (190) (181) 5%

EBITDA " 27 23 13 10 20 22 -7%

EBIT " 23 19 8 6 16 17 -7%

Pre-tax profit " 21 19 7 7 14 17 -13%

Net profit " 16 15 5 6 11 13 -13%

EPS NOK 0.6 0.6 0.2 0.2 0.4 0.5 -14%

KPI Dev (PP)

Revenue growth y/y % -9.7% -6.3% -5.8% -8.9% -11.3% -14.5% 3.3

Revenue growth y/y (Norway) " 3.4% -6.3% -5.8% -8.9% -11.3% 0.0% (11.3)

EBITDA margin " 11.4% 10.9% 7.0% 5.0% 9.5% 10.6% (1.1)

EBIT margin " 9.6% 8.9% 4.6% 2.9% 7.6% 8.5% (0.9)

Other data

Average FTE # 443 442 424 402 390 n.a. n.a.

FTE e.o.p " 444 438 419 400 386 n.a. n.a.