Highlights from the third quarter 2026:

Laying the groundwork for the "New Techstep"

• Implemented the first steps of the Techstep Improvement Programme to strengthen margins, accelerate sales, reduce the cost base and right-size the organisation
• Achieved exclusive Samsung Knox Premium MSP status, a strong validation of our expertise and commitment to delivering best-in-class mobility services
• Most of the proceeds from the BCM divestment in Q1 were used to repay loans, leaving limited financial headroom. Lower-than-expected market uptake added to the pressure, prompting a financial restructuring
• Against this backdrop, Techstep announced a new bridge financing facility to meet short-term financing needs and plans for a rights issue to establish a more robust financial foundation
• Subsequent to the quarter, Techstep successfully completed the rights issue and raised gross proceeds of NOK 100 million

Major contract win in Sweden and post-quarter progress in Germany, while delayed rollouts and contract churn weigh on commercial progress

• Awarded Techstep's largest individual contract to date in Sweden, with an initial term of three years, to deliver Sovereign Managed Endpoint Services to one of the country's largest public-sector employers. The agreement combines endpoint management software with ongoing managed services and is expected to contribute to recurring revenue over the contract period
• Subsequent to quarter-end, Techstep agreed terms and an initial commitment for a project in Germany centred on its proprietary software. The project started in early November, while the remaining details of the definitive agreement are being finalised. The opportunity supports the potential to scale Techstep’s software-led model in Europe; future expansion remains dependent on the definitive agreement and successful implementation
• Subsequent to quarter-end, following a reassessment by DFØ, Techstep’s offer was ranked second. The framework agreement is intended to be entered into with the three highest-ranked suppliers, all of which may supply equipment to DFØ and its entities under a defined waterfall mechanism
• Won and onboarded several new customers during Q3 and after quarter-end, with agreements mainly combining software, services and hardware and expected to support revenue, profitability and recurring services in the coming quarters
• Continued deliveries for the large-scale public-sector rollout in Spain under the Generalitat de Catalunya engagement through Vodafone Spain, with potential coverage of up to 80,000 devices over the next 12–18 months
• Continued onboarding and development of European partners for the Essentials and Lifecycle platforms, supporting a more scalable and recurring commercial model
• Continued to prioritise recurring, higher-margin software and services across direct and indirect channels, although contract churn affected Q3. Increased share of wallet with existing customers, selective new-customer growth and repositioning in Sweden have improved win rates during the autumn. The priority is to convert commercial progress into recurring gross profit and cash

Return to positive adjusted EBITA despite lower net gross profit, with liquidity pressure prompting financial restructuring

• Total revenue was NOK 169 million, down 24% y/y, and net gross profit was NOK 53.4 million, down 34% y/y, reflecting the shortfall from discontinued BCM activities, termination of the legacy Telecom Expense solution and delays in healthcare service deliveries
• Excluding the divested business, net gross profit declined by 13% y/y
• Adjusted EBITA was NOK +2.1 million, compared with NOK -12.9 million in the previous quarter, marking a return to positive adjusted EBITA
• Adjusted EBITA declined by NOK 9 million y/y. Net gross profit fell by NOK 28 million, reflecting discontinued BCM activities, termination of the legacy Telecom Expense solution and delays in healthcare service deliveries. Lower personnel and other operating costs of NOK 18 million substantially offset the decline in net gross profit
• The Techstep Improvement Programme is targeting stronger commercial execution, improved margin management, lower operating costs, and a reduction in the number of employees from approximately 190 to 160 into 2027. The first steps of the programme have started to deliver results
• Alongside the cost-reduction measures, Techstep announced a bridge loan in July and plans for a rights issue. The rights issue was completed after quarter-end as part of the financial restructuring

“Techstep returned to positive adjusted EBITA in Q3, improving from the previous quarter despite lower net gross profit. However, delayed project rollouts and lower net gross profit continued to put pressure on profitability and liquidity, prompting financial restructuring. We have responded with decisive measures to strengthen commercial execution, improve margins and reduce our cost base, and the first steps of the Techstep Improvement Programme are beginning to deliver results. At the same time, achieving Samsung Knox Premium MSP status and securing our largest individual contract to date in Sweden demonstrate the strength of our mobility expertise and give us a foundation to build on.

With a stronger financing platform, a leaner organisation and a modern operational backbone supported by AI and automation, we are well positioned to translate our commercial pipeline into profitable growth. Our priorities are clear: increase the share of higher-margin software and services, scale our Essentials and Lifecycle platforms, and execute with discipline. I am confident that the measures now underway will strengthen Techstep’s performance and create a solid foundation for sustainable, long-term value creation,” says Morten Meier, CEO of Techstep.

Material

Please find the report and presentation for Q3 2026 enclosed.

Presentation and Q&A:

A live presentation and Q&A session will take place today at 08:00 CET and can be accessed by registering through the following link:

Microsoft Virtual Events Powered by Teams

Questions for the Q&A session may be submitted in advance to ir@techstep.io or live during the session. A recording of the presentation and Q&A session will be made available on www.techstep.io after the session has concluded.

For more information:

Morten Meier, CEO, Techstep ASA: +47 970 57 717

Håvard Haukdal, CFO, Techstep ASA: +47 481 06 569

About Techstep

Techstep is a mobile & circular technology company, enabling organisations to operate efficiently, securely and more sustainably by combining devices, software and expertise to meet customers’ business and ESG goals. We are a leading provider of managed mobility services in Europe, serving more than 2,000 customers in Europe with annual revenue of NOK 1.0 billion in 2025. The company is listed on the Oslo Stock Exchange under the ticker TECH. To learn more, please visit www.techstep.io.

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act. This stock exchange release was published by Håvard Haukdal, CFO, Techstep ASA, on 11 November 2026 at 07:00 CET.