Atea (ATEA) investor relations material

Executive summary

• Q2 2026 gross sales reached NOK 18.9 billion, up 12.5% year-over-year, with IFRS revenue at NOK 10.4 billion (+14.1%), EBIT at NOK 320 million (+19.2%), and net profit at NOK 218 million (+38.8%), driven by strong hardware and software demand and 19.4% organic growth in constant currency.

• Hardware sales surged 21.2%, especially in data center and networking, while software/cloud grew 11.7%; services declined 4.7%.

• Gross profit rose 3.5% to NOK 2,873 million, but gross margin declined due to a higher hardware mix.

• Growth was supported by high demand, despite negative currency effects and ongoing supply constraints.

Financial highlights

• Operating expenses increased 1.8% to NOK 2,553 million.

• Cash flow from operations was an outflow of NOK 727 million, mainly due to inventory buildup amid supply constraints.

• Free cash flow for Q2 was negative NOK 849 million.

• H1 2026 gross sales were NOK 33.7 billion (+12%), EBIT NOK 796 million (+45%), and net profit NOK 607 million, including a NOK 152 million gain from a share sale.

• Net financial expenses decreased to NOK 37 million from NOK 66 million, mainly due to currency impacts.

Outlook and guidance

• Q3 and subsequent quarters are expected to maintain strong demand, supported by a record-high backlog and robust customer/partner dialogue.

• Inventory is expected to decrease in H2 2026, improving operating cash flow.

• Ongoing supply constraints and rising hardware prices are anticipated, but strong vendor partnerships and scale provide resilience.

• Long-term outlook remains positive, with expected growth in sales and operating profit through higher-margin products and services.