Carasent

Earnings Release • Oct 24, 2024

Interim report Q3

24 October 2024

Driving efficiency and quality in the world of care

Agenda

1 Company update 2 Financial update

Todays presenters

Daniel Öhman CEO

Svein Martin Bjørnstad CFO

Update

• Strong financial quarter
• EGM approved relisting to Nasdaq Stockholm target first day of trading in December
• High one time costs related to potential bid from EG, relisting and acquisition project in Germany
• Implementation of new large contracts on time will be key to reach our revenue target next year

Growth

• Signed not implemented ARR amounts to NOK 17m
• 17% organic recurring revenue growth and 23% contracted ARR growth

Profitability

• Positive EBITDA capex in Q3, partly driven by holiday effects
• Significant YoY improvements

Significant improvement through cost efficiencies and growth Revenue growth is the key to drive margins going forward

Financial performance Q3 2024 ⁵

Well functioning base with strong scalability Ambition to keep costs flat and accelerate growth

NOK 13m EBITDAC from operations

HPI & Ad Opus included in operations

Divestment of Confrere cleans up structure and lets us focus

NOKm	Operations	WDX	HQ	Group
Total revenues	66	0		66
Share of revenue	100%	0%	nm	100%
Organic recurring growth	17%	nm	nm	17%
Adj. EBITDA
Q3 2024	18	0	-5	12
Q3 2023	11	0	-7	5
Margin 2024	28%	nm	nm	19%
Margin 2023	20%	nm	nm	7%
Adj. EBITDA – capex
Q2 2024	13	-4	-5	4
Q2 2023	5	-5	-7	-6
Margin 2024	20%	nm	nm	6%
Margin 2023	8%	nm	nm	-9%

The situation in VGR ⁶

The region is planning to force the private providers in primary care into the system they have bought, Millennium. The private providers and we are trying to stop it. There are three potential scenarios:

The regions succeeds The middle Churn: One time churn of 15-25 MSEK late 2026 (based on current timeline) New sales: Unaffected The providers succeeds Churn: One time churn below 15 MSEK New sales: Likely to increase Churn: Zero churn New sales: Big increase in new sales

▪ Last update in June 2024: VGR excluded private specialists from the project which was previously intended to be included

Journey Ahead

Strong organic growth	• Key to deliver implementation projects and new development on time • Big interest in surgery, aiming to sign multiple contracts during the autumn/spring
Efficient use of resources	• Continuous efficiency gains • Cost control through prioritization and diligent financial follow up • Additional cost savings – during Q2 we continued to move from consultants to employed
Launch Webdoc X	• Development focus on certifying for Germany – in H1 2025 • First German pilots going live • Acquire a strong German position

Strong foundation of mission critical solutions with minimal churn in a growing and non-cyclical industry

Financial update

Q3 2024

Carasent – Q3 financial highlights

9

23% organic growth in contracted ARR

ARR growth driven by strong upsell, continued low churn and new contracts

10

Operating Leverage ¹¹

Heavy investment period behind us, significant margin expansion ahead

Adj. EBITDA-Capex margin improvement from -18% in Q1-23 to +11% in Q3-24 on the back of:

• Continued solid revenue growth
• Strong cost control
• Refocused capex spend on highest ROI projects
• Continued investments in core platform to drive future growth

Adj. EBITDA - capex (excl. Webdoc X)

• Adj. EBITDA
• EBITDA capex margin

Strong YoY improvements ¹²

• Strong underlying organic growth for all product categories
• Consulting revenues up as Q3 last year had very low activity – priority is recurring revenues
• Gross profit margin increased from 80% to 85%
• NOK 6 million costs for relisting and EG process – additional costs in Q4 for relisting
• Positive EBITDA Capex margin for the group

Q3

▪ Holiday effects on personnel expenses in

Strong cash flow improvement YTD ¹³

NOKm	Q3 2024	Q3 2023	YTD 2024	YTD 2023
Revenue	66.3	55.5	199.5	178.7
Reported EBITDA	6.5	3.8	20.6	7.2
Change in working capital	-10.8	-14.0	1.9	-14.1
Operating cash flow	-4.3	-10.2	22.6	-6.9
Share of revenue	-7%	-18%	11%	-4%
Investments in tangible and intangibles	-8.8	-10.8	-34.2	-53.7
Free cash flow	-13.2	-21.0	-11.6	-60.6
Share of revenue	-20%	-38%	-6%	-34%
Other investments and financing cash flow	-0.1	3.2	0.2	0.0
Total change in cash	-13.3	-17.8	-11.5	-60.6
Cash end of period	362.4	636.7	362.4	636.7

• Significant improvements in profitability and operating cash flow YTD
• One-off costs in Q3
• Negative working capital effects in Q3 from holiday payments
• Capex significantly down YOY
• Other cash flow mainly related to interest investments and leasing payments

Q&A