Good morning, and welcome to our Q1 investor update. Techstep's position remains clear.

We are a leading mobile and circular technology partner, helping customers acquire, deploy, manage, and secure, and recycle their assets at scale in a responsible and efficient way. Our message is consistent across the presentation: focus on our core business, continued scaling of our platforms, fueled by swift execution.

We are building a leaner, more repeatable operating model, strengthening the backbone through system and process upgrades, and keeping a tight grip on the cost base while accelerating commercial momentum. At the end of this presentation, we will open up for questions.

You can also submit your questions in the chat or using our [email protected] email. We are live from our headquarter in Oslo, and I'm so pleased to co-present today with our new CFO, Håvard Hebæk.

Håvard brings deep expertise across corporate finance, strategic financial management, and operational leadership, including building the finance platform for scaling businesses. We will apply that discipline as we execute our priorities and strengthen the company's financial foundations.

Before I open with our strategy and execution update, I would like to give the word to Håvard for a brief introduction.

Thank you, Morten. I've been working closely with you and the Techstep team for more than 4 weeks now, and it has been an intense and very welcoming start of my period in Techstep.

At the same time, it has been highly energizing. What stood out is the pace and execution mindset across the organization, and I'm very much looking forward to helping deliver on our strategy, strengthening our penetration in the Nordic home market, as well as scaling efficiently through European partners.

I think my leadership experience from Kyoto Group and Norsk Hydro will be coming in handy for the tasks ahead of us. I'll soon get back to the financial update for the first quarter, but let me first hand it back to you, Morten.

Thanks, Håvard. This section is focused on the priorities that directly shape near-term execution and the trajectory we are building from here.

At a high level, the strategy is about scaling with focus, sharpening our go-to-market, increasing the software-led element in what we deliver, and translating that into a more predictable profit growth and disciplined execution. This slide summarizes Techstep at a glance.

Our mission is clear: leading mobile and circular tech partner in Europe. Our vision is to make the world of work mobile, smarter, and more sustainable.

We deliver end-to-end solutions that combine software, hardware, and consultancy. We have a solid footprint across Europe, with north of 3 million managed devices supporting hybrid and frontline workers out there every day, and more than 2,000 customers across enterprises and public sector.

Our execution power is supported by certified mobile tech experts and a broad ecosystem consisting of leading tech companies, resellers, telecom operators, and IT providers. This partner network is central to how we scale reach and repeatability while maintaining delivery quality.

We are recognized in the Gartner Market Guide for Managed Mobility Services, and we operate under responsible business policies. Together, these elements reinforce a solid operating framework as we scale.

With that context on what we do and the scale we operate at, we can now move from the overview into execution: how we are translating this platform into consistent delivery, sharper focus, and a stronger foundation for profitable growth. In Q1, we focused on executing the commitments we communicated, and we delivered tangible progress that strengthens the operating platform and improves our ability to scale.

First, we completed the carve-out closing on February 2nd, which was a strategic move that sharpens focus and lets us concentrate resources, expertise, and offerings where we see the best value creation. Second, we took decisive actions on the cost base, with right-sizing and reorganization effective from March 1st.

The last day of Q1, we had reached a new baseline of 190 FTEs. Third, we advanced the implementation of one ERP system, with the new ERP cloud platform live in Norway from January 12th, and also now live in Sweden from May 4th, which improves operational efficiency and supports lower cost over time.

Fourth, we strengthened the backbone with AI and automation and a new commerce platform to increase speed, scalability, and improve and unify customer experiences. Fifth, we continued the transition in telecom expense from legacy operator-specific solutions toward operator-agnostic capabilities.

We do acknowledge a near-term headwind to net gross profit from the discontinued contract, but strategically this clears the path for higher quality and more scalable growth going forward. Talking about growth, let me elaborate on our two distinct market channels and the different value creation levers we will execute on as we scale.

In the direct channel, centered on our Nordic home markets, the priority is margin-led growth. We do that through focused product mix, deeper customer penetration, and a repeatable delivery model that improves retention and lifts gross margin over time.

In the indirect sales channel, we scale volume through partners and operators as we expand in Europe. Here, the focus is distribution leverage, increasing reach via existing customer bases and access to new segments, shortening time to cash through partner-enabled motions, and building a larger installed base that supports recurring software upselling and growth.

The mix targets shown are directional and reflect how we intend to grow and accelerate profitability as a more balanced growth engine with better risk management across markets, but also leverage strong synergies across the channels. Building on the two-channel model we just outlined, this slide clarifies what we are selling in each channel and why that focus matters for scalable, repeatable execution.

In indirect sales, we scale volume by embedding our software into partner and operator offers, primarily through our Lifecycle platform for device and asset lifecycle management, and through our Essentials platform for mobile device management and mobile threat defense. This is a software-led approach designed to increase partner value and drive higher attach rates as deployments expand.

In direct sales, we focus on margin-led growth with Nordic enterprises and public sector customers by expanding managed mobility services through focused upsell and cross-sell motions. The objective is to help customers keep their mobile-first workforce always operational, secure, and efficient, while improving the quality and durability of our revenue and gross profit.

Across both channels, the common thread is tighter prioritization, stronger product repeatability, and a deliberate swift shift toward software penetration as the engine for scaling. With that clarity on where we focus and what we sell, the next slide shows how this strategy translated into concrete commercial momentum in Q1, including reference wins that supports further pipeline conversion.

In the first quarter, our commercial execution reflects the strategy we have laid out: win anchor references, scale with partners, and expand through upsell and cross-sell. In Spain, we won our largest agreement to date with Generalitat de Catalunya, together with Vodafone, following a successful proof of concept for mobile device management and mobile threat defense delivered in Q4.

The agreement covers public entities and mobile devices across the Catalonia region, currently around 78,000 devices. The first phase of MDM and MTD covering 15,000 devices was delivered in Q1.

In Norway, we secured our largest bulk order of mobile devices in history, with 5,500 Apple devices for clinical usage to hospitals across the Helse Midt-Norge region, with deliveries starting in March and expected to be finalized ahead of Q2 close. Alongside these anchor wins, we also secured several new customers across channels and markets, and continued to increase share of wallet with existing clients through upsell and cross-sell.

These outcomes reinforced the repeatability of our model and build the references we need to convert pipeline and scale further through the European partner ecosystem. With that commercial context, we will now move into the financial section, where Håvard will go deeper into our revenue and gross profit drivers, margin dynamics, and cash flow developments.

Again, it's a pleasure to hand it over to you, Håvard, to take us through the Q1 financials and the key messages for investors.

Thank you, Morten. I'm starting out with providing you a high-level overview of Q1 2026.

As you all know, during first quarter we completed the divestment of the BCM business. The implication of this immediately is that going forward, I will mainly be commenting on revenue, margin, and cost development compared to 2025 pro forma figures, where we exclude past results from the divestment.

If you want to explore our reported figures in detail, I advise you to dive into our excellent Techstep Q1 report that was disclosed this morning. At a glance, we highlight four important financial metrics.

The revenues ended at 219 million, up 4% year-over-year. We have a net gross profit margin of 26%, which is a decline of 7 percentage points year-over-year.

The annualized recurring revenue, adjusted, is 261 million, which is up underlying 8% year-over-year. Last but not least, EBITDA, adjusted, is -11.5 million, which is a decline of 12.5 million compared to last year.

We will provide more detailed commentary on each of these metrics on the next slides. Let's move into the details.

First quarter has been a quarter substantially impacted by the divestment as well as the ongoing ERP and e-com implementations. Now we have the new Techstep with a more simplified and sharper strategic focus.

Total revenues in the quarter ended at 219 million versus 211 million in the first quarter last year, which is an increase of 4%. Several factors contributed to this.

On the positive note, revenues from transactional device sales have been increasing substantially in Sweden as well as in Norway. The growth in the transactional device sales is somewhat offset by lower device leasing sales.

Although net total device sales increased by the total 18.5 million, we experience a less contribution to the net gross profit. That said, over the lifecycle, we expect to capitalize on extended services and upsell, contributing to higher average customer margins.

Morten referred earlier to the strategic decision of discontinuing the legacy telecom expense solution, allowing for a modern platform integrating into our Lifecycle product. In the short term, this has reduced revenues and gross profit year-over-year in the quarter just south of 7 million.

That said, the underlying growth in our own software was in average 17%. On the advisory and services side, we had a one-off consulting implementation in Q1 2025 that we haven't been able to replace.

We saw lower Device as a Service end-of-lease profits in the quarter. These gains will vary from quarter to quarter depending on the type of devices and contract terms of the expired Device as a Service contracts in the quarter.

To summarize, net gross profit decreased with 12.3%, that is a decline of 18% year-over-year, as we experienced the discontinuation of the telecom expense solution and the one-off consulting implementation back in Q1 2025. On the operational costs, including personnel costs, these costs increased by a net of 1 million in the quarter compared to the same quarter last year.

Increased costs from implementation of e-commerce and ERP platforms have been offset by organizational adjustments and cost cutbacks during the quarter. The cost increases stemming from our implementations are one-offs that we need to take to position the company to scale profitably and to achieve a lower running cost base going forward.

The cost initiatives will be monitored closely, and AI will be embedded into our processes to secure an optimized cost development. The EBITDA in the quarter was -11.4 million, compared to a +1 million in the same quarter last year.

Net loss in the period was 29 million, with total amortization of 10 million. Moving on to annualized recurring revenues.

The recurring revenue contracts are here presented on a pro forma basis and adjusted basis, where we have excluded the divested business as well as a terminated contract on the legacy expense solution. BCM in the past represented approximately 65 million.

Less than 20% of the group's total annualized recurring revenue is included in the divested business. At the end of the quarter, excluding contracts sold, total annualized recurring revenues were 261 million.

This consists of both Device as a Service contracts, own software, as well as managed services. The development the last year was very positive up until fourth quarter, where we experienced a decline driven by the mentioned termination of the legacy telecom expense solution.

However, the expense capabilities are planned to be made available through our Lifecycle platform as an operator-agnostic solution. We are expecting the annualized recurring revenue to grow in 2026 as we will continuously onboard new devices under the Sykehuspartner agreement, ramp up on both the product partner and operator agreements for the Lifecycle platform, as well as the effects from new agreements and strong momentum for Essentials platform in Spain and other new markets.

Let's move on to the last twelve-month net gross profit. Looking at the pro forma net gross profit, the carved-out business critical mobility has over time contributed about 25 to 27% of the group's net gross profit, but with a declining share as the core Techstep contribution has grown, whereas the BCM business has been stable with slight decline over the years.

At end Q1, the pro forma core Techstep last twelve-month net gross profit was around 250 million. With the cost base divested in the carve-out together with the cost reduction initiatives that has been implemented following the carve-out, we believe Techstep is well positioned for growing profitability in the coming years.

This broader perspective addresses NGP improvement as well as operating cost improvement. Then I'm moving on to the cash flow development.

Operating cash flow in the quarter was 0.8 million, compared to 2.2 million in first quarter last year, as the results in 2026 were substantially weaker than the previous year. Changes in working capital resulted in a net cash outflow of 1.6 million, representing a significant improvement compared to an outflow of 24 million in the corresponding period last year.

The positive working capital developments reflect reduced activity following the BCM divestment, as well as improved balances in trade receivables and payables. The underlying investment pattern in our lease portfolio remains broadly consistent year-over-year.

Payment for equipment related to Device as a Service were 19 million in Q1 2026, compared with 26 million in Q1 2025, reflecting lower reinvestment following reduced contract volumes. Gains from end-of-lease increased modestly to 6.1 million from 4.4 million.

Combining these two effects results in investments in Device as a Service net of gains from end-of-lease of 13 million. Net cash flow from investing activities amounted to a net inflow of 116 million in Q1 2026, compared with a net outflow of 10 million in Q1 2025.

The inflow is primarily driven by proceeds from sale of business of 127 million related to the divestment of the BCM business completed during the quarter. Payments for intangible assets increased to 11 million in Q1 2026 from 9 million in Q1 2025, mainly related to continued development of our own software and our integration platform.

On the financing side, net cash flow from financing activities amounted to a net outflow of 113 million in Q1 2026, compared with a net inflow of 11 million in the same quarter 2025. Overall, the financing cash flows reflects the group's deleveraging following the BCM divestment, with repayment of long-term debt of 144 million, whereas Q1 2025 was characterized by net inflows from financing activities.

Proceeds from borrowings consists of 15 million increase in shareholder loans and drawdown on the RCF facility of 20 million. Then moving on to the balance sheet.

The BCM divestment was concluded in early February. The balance sheet as of end of March reflects the assets and liabilities of Techstep on a forward-looking basis and our readiness to pursue strategic opportunities on a new platform.

Total non-current assets are 747 million, where goodwill constitutes 485 million and purchased technology and customer contracts are 88 million. M&A assets are nearly fully amortized.

Our net interest-bearing debt at the end of the quarter was 63 million, substantially reduced from Q4 2025. On February 2nd this year, we repaid all bank loans at the closing of the BCM transaction.

As such, the loans are classified as short-term at the end of Q1 2026. On May 5th, we executed a refinancing with a revolving credit facility of 45 million and an overdraft facility of 25 million.

The shareholder loans of 35 million were made subordinate to the financing agreement. We now have established a financing platform for a new Techstep business.

With that, I hand it over to Morten to sum up the presentation.

Thanks again, Håvard. To wrap it all up, Q1 reflects an optimized, streamlined, and focused Techstep, with a cost base and operating model designed to scale.

Further cost initiatives will be monitored as a result of extensive AI and automation utilization. Our own software platforms delivered 17% year-over-year growth, which reinforces that we are executing on the part of the portfolio with the strongest long-term economics and the highest degree of repeatability.

At the same time, we are building the backbone for consistent delivery through the rollout of our new ERP, a unified commerce platform, and with high ambitions and focus on AI and automation. This is not just a system program.

It enables standardized processes, lower complexity, and stronger operating leverage as we grow across markets. Commercially, we continue to expand our European ecosystem, and we have strengthened our reference base with a significant breakthrough in Spain.

This supports further pipeline conversion and improves the quality and predictability of growth over time. We also see sustained demand drivers where digitalization, security, and sustainability remain high priorities across markets, closely aligned with our key priorities.

Finally, we are progressing the transformation of our legacy expense solution from an operator-specific product to operator-agnostic capabilities embedded into our Lifecycle platform. Taken together, these actions support our mission to be the leading European mobile and circular tech partner, and we remain focused on steady execution and long-term value creation for shareholders.

Thank you for your attention. We will move directly over to a Q&A session, please stand by if you have any questions.

Let's see if there are any question posted so far. Again, not to forget, you can always submit your questions by using the investor relation email address or by using the chat function in this presentation.

We have at least one question here. We will try to answer.

The question is: "There is a lot of talk about the threat posed by AI to software companies. How do you see this threat to Techstep's business going forward?"

Thank you. Yes, a very, very good question.

I can say we strongly believe and already see that AI is accelerating the importance of mobile devices as critical working tools across all industries and different user groups, either be field and frontline workers or office and hybrid workers. This increases both complexity and risk, driving higher demand for secure management, control, and lifecycle services of all these kinds of devices.

All areas where we are strongly positioned to benefit and grow. To summarize, the more important mobile devices become for business-critical processes, the stronger need for exactly the type of both our expertise, the software we represent, and our services.

I hope that answered your question. We have got another question here.

Let me try to translate. So: "The new Techstep has undergone a major reorganization and refocusing.

When can we shareholders expect to see the impact of this in the results?" As already shown and highlighted in the presentation, but also in our annual report and Q1 report, we have completed this major restructuring, and we are seeing early and clear operational improvements already.

While the full financial impact will take some time to materialize, we expect positive progress over the coming quarters, supported by the strong demand in a growing and increasingly complex mobile market. We will continue to see improvements in the coming quarters, quarter by quarter, that will generate value for our shareholders as well.

That was the questions. No more questions.

Then we will close the call. Again, thank you for your attention.

Have a beautiful day.