Atea ASA

Latest Results (19.01.2026):

Atea ASA reported strong Q3 2025 results with broad-based sales and profit growth: gross sales rose 9.2% y/y to NOK 12.3 billion, IFRS revenue increased 5.6% to NOK 8.4 billion, EBIT was NOK 348 million (up 13.3% y/y) and net profit was NOK 226 million (up 17.7% y/y). Earnings per share were NOK 2.03 for the quarter and Atea reaffirmed its full‑year 2025 guidance (gross‑sales guidance NOK 57–60 billion; EBIT target mid‑range NOK 1,330–1,450 million).

Headline financials (Q3 2025)

Gross sales: NOK 12,302m (+9.2% y/y). IFRS revenue: NOK 8,433m (+5.6% y/y). Gross profit: NOK 2,514m (+6.7% y/y) with a gross margin of 29.8%. EBIT: NOK 348m (+13.3% y/y) with an EBIT margin of 4.1% (vs 3.8% prior year). Profit before tax NOK 292m (+16.6%) and net profit NOK 226m (+17.7%). EPS: NOK 2.03; diluted EPS NOK 2.00.

Cash flow and balance-sheet

Operating cash flow was an inflow of NOK 220m (Q3 2024: NOK 112m); free cash flow NOK 136m. Reported total assets NOK 17,007m and equity NOK 4,152m; adjusted equity ratio 26.8%. Atea reports net interest‑bearing debt of NOK ~438m on the covenant definition and a liquidity reserve of NOK 4,645m. Receivables sold under securitization: NOK 1,648m at quarter end.

Revenue mix, margins and drivers

Gross margin improved slightly (29.8% vs 29.5) driven by stronger hardware margins and a higher software share. Product revenue remains the largest component (NOK ~6.2bn in Q3) while services revenue was NOK ~2.24bn. Management cites positive effects from frame agreements, defense spending, Windows 10 end‑of‑life PC refreshes, rising AI investments and regulatory (NIS2) related security spending.

Regional highlights (Q3 2025)

Norway: IFRS revenue NOK 2,216m (+12.6%), EBIT NOK 123m (+8.1%). Sweden: revenue SEK 3,079m (+4.4%), EBIT SEK 154m (+18.3%). Denmark: revenue DKK 1,137m (+4.5%), EBIT DKK 15m (+25.8%). Finland: revenue EUR 64.4m (‑9.5%), EBIT EUR 1.7m (‑6.7%). Baltics: revenue EUR 37.8m (+1.7%), EBIT EUR 2.2m (+27.8%).

Outlook and management commentary

Atea reaffirmed its 2025 guidance: gross sales expected at the top end of NOK 57–60 billion and EBIT targeted in the middle of NOK 1,330–1,450 million. Management expects continued demand for higher‑margin product mix and services, while noting comparables will be tougher in coming quarters.