Webstep (WSTEP) Q4 2025 earnings summary

Executive summary

• Q4 revenue was NOK 205.5 million, down 8.9% year-over-year, with full-year revenue at NOK 835.2 million, a 4.5% decrease.

• Net profit for Q4 was NOK 5.6 million, a 54.7% decrease year-over-year; full-year net profit was NOK 42.0 million.

• Board proposes a dividend of NOK 1.49 per share, totaling NOK 40.4 million.

• Leadership changes and a nationwide recruitment campaign were initiated to drive future growth and strengthen customer relationships.

• High volume of contract extensions in December built a solid backlog for 2026, with limited client churn.

Financial highlights

• Q4 EBIT was NOK 6.1 million (2.9% margin); adjusted EBIT margin for Q4 was 7.3% excluding one-off costs.

• Full-year EBIT was NOK 55.9 million (6.7% margin); adjusted EBIT margin at 7.8%.

• Q4 EBITDA margin was 5.0%; full-year EBITDA margin 8.7%.

• Earnings per share for Q4 was NOK 0.22; full-year NOK 1.55.

• Cash flow from operations for Q4 was NOK 47.4 million; full-year NOK 102.0 million.

Outlook and guidance

• Confidence in a gradual return to headcount growth, supported by a nationwide recruitment campaign, despite challenging market conditions.

• Strategic focus on leveraging data, AI, and domain expertise to address client challenges and drive growth.

• Several important contract wins and extensions, including a new frame agreement with Nkom.

• Growing interest in custom-built and hybrid solutions, with consultants involved in high-profile AI projects.