This article first appeared on GuruFocus .
Release Date: July 15, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Revenue for the quarter increased by 12.5% to $18.9 billion, indicating strong growth.
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EBIT rose by 19.2% to $320 million, showcasing improved operational efficiency.
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Net profit surged by almost 40% to $218 million, reflecting strong profitability.
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Hardware sales increased by 21.2%, driven by high demand across major categories.
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Atea ASA ( ATAZF ) has a strong balance sheet with significant additional debt capacity.
Negative Points
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Currency fluctuations negatively impacted sales growth by 5.8%.
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Services sales fell by 4.7% compared to last year, indicating a decline in this segment.
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Gross margin decreased due to a higher proportion of hardware in the revenue mix.
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Cash flow from operations was an outflow of 727 million Norwegian krona, below the typical seasonal trend.
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Working capital was affected by higher inventory levels due to supply constraints in the IT industry.
Q & A Highlights
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Q: How much of the hardware growth comes from the supply chain and price situation? A: It's challenging to precisely calculate the impact, but we estimate that half of the 21% hardware growth is due to supply chain and price factors. The rest of the business likely wasn't affected by these factors.
Q: Services seem to have had a weak first half. What do you think is the contributor to this? A: In constant currency, services were flat, which was unexpected. The decline is attributed to tough comparisons from last year's extraordinary services performance and customers prioritizing hardware due to price increases. We don't see this as a trend or due to AI affecting our services.
Q: Denmark seems to be on the right track. Can you comment, please? A: Yes, there's clear improvement in Denmark. We've restructured the sales organization for better account management, leading to faster growth in private business and winning large projects. Although progress is slower on the services side, we're optimistic about future growth.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
