Webstep (WSTEP) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 was NOK 209.7 million, down 11.3% year-over-year, mainly due to a 13.1% reduction in headcount and lower utilisation.

• EBIT fell 29.6% to NOK 15.9 million, with a margin of 7.6% versus 9.6% last year.

• Net profit decreased to NOK 11.2 million; EPS was NOK 0.43, down from NOK 0.63 in Q1 2025.

• Strengthened market position through sharper commercial focus, targeted leadership initiatives, and new key roles in sales and industry verticals.

• Investments in AI-centered offerings and capabilities to meet evolving client expectations and drive business value, including establishment of a dedicated team.

Financial highlights

• Revenues from own consultants dropped 14.7% to NOK 187.6 million; subcontractor revenues rose 41% to NOK 18.9 million.

• EBITDA was NOK 20.0 million (margin 9.5%), down from NOK 26.9 million (margin 11.4%) in Q1 2025.

• Salaries and personnel costs decreased 12.8% to NOK 156.9 million, driven by lower headcount.

• Total assets at quarter end were NOK 604.8 million, with equity of NOK 342.7 million (equity ratio 56.7%).

• Net interest-bearing debt was negative NOK 16.1 million, indicating a net cash position.

Outlook and guidance

• Market uncertainty and pricing pressure expected to persist into H1 2026, with gradual improvement anticipated in H2 2026 as utilisation recovers and recruitment expands revenue base.

• Headcount adjustment largely completed; focus shifts to pipeline quality and conversion.

• Continued investment in AI capabilities and targeted hiring to support long-term growth.