Carasent

Earnings Release • Jul 12, 2024

Interim report Q2

12 July 2024

Driving efficiency and quality in the world of care

Agenda

1 Highlights Q2

• 2 Company update
• 3 Financial update

Todays presenters

Daniel Öhman CEO

Svein Martin Bjørnstad CFO

Update

• New agreement with Frelsesarmeen for Ad Curis all products, except for Ad Opus, already have or have now secured strong growth going forward
• The relisting process continues with aim of first day of trading in Stockholm in Q4
• High one time costs related to potential bid from EG, relisting and acquisition project in Germany

Growth

• Signed not implemented ARR amounts to NOK 17m
• 15% organic recurring revenue growth

Profitability

• Close to breakeven on cash profitability, including Webdoc X
• Significant YoY improvements
• Cash flow positive in Q2 and H1

Track record of growth ⁴

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

Adj. EBITDA - capex¹ Adj. EBITDA - capex excl. Webdoc X

Financial performance Q2 2024 ⁶

Well functioning base with strong scalability

Ambition to keep costs flat and accelerate growth

NOK 10m EBITDAC from operations

HPI & Ad Opus with significant improvements YoY

Divestment of Confrere cleans up structure and lets us focus

NOKm	Operations (excl. HPI, Ad Opus)	HPI & Ad Opus	WDX	HQ	Group
Total revenues	58	8	0	-	66
Share of revenue	87%	12%	0%	nm	100%
Organic recurring growth	16%	7%	nm	nm	15%
Adj. EBITDA
Q2 2024	15	2	-1	-5	10
Q2 2023	13	1	0	-8	6
Margin 2024	25%	27%	nm	nm	16%
Margin 2023	20%	16%	nm	nm	8%
Adj. EBITDA – capex
Q2 2024	10	0	-6	-5	-1
Q2 2023	7	-3	-7	-8	-11
Margin 2024	17%	-4%	nm	nm	-2%
Margin 2023	12%	-47%	nm	nm	-15%

Journey Ahead and Q1 Highlights

Strong organic growth	• 15% organic growth in recurring revenues in Q2 and 17 MNOK ARR backlog • Continue to develop our sales model and increase traction for Ad Opus' and HPI's new products • Deliver new development on time
Efficient use of resources	• Continuous efficiency gains • Additional cost savings – during Q2 we continued to move from consultants to employed • Optimize operating cost base – procurement and prioritization
Launch Webdoc X	• Development focus on certifying for Germany – most likely in Q1 • Many discussions with possible pilots, acquisition targets and collaboration partners

7

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

Financial update

Q2 2024

Carasent – Q2 financial highlights

9

20% organic growth in signed ARR

Sales initiatives starting to pay off – strong growth in revenue backlog

▪ Significant uptick in recurring revenue growth 10

• Large contracts not yet implemented
• Signed not implemented ARR of NOK 17m vs. 2m Q2 2023

15% recurring revenue growth Q2 YoY

15% organic growth – strong market position with high stickiness and low churn

11

Strong YoY improvements ¹²

NOKm	Q2 2024	Q2 2023	YoY growth	H1 2024	H1 2023
Webdoc	33.3	28.5	17%	66.8	55.3
Other EHR	15.0	13.9	7%	29.6	27.4
Platform products	12.9	13.6	-5%	26.3	27.2
Consulting and other	5.1	7.2	-29%	10.4	13.3
Revenue	66.3	63.2	5%	133.2	123.2
COGS	-9.8	-11.1		-20.5	-22.9
Gross profit	56.5	52.1	8%	112.7	100.3
Gross profit margin	85%	82%		85%	81%
Personnel expenses	-33.2	-38.3		-69.6	-69.5
Other operating costs	-15.4	-12.7		-28.9	-27.3
EBITDA	7.8	1.2	572%	14.2	3.5
Non-recurring expenses	2.6	4.5		4.2	7.0
Adj. EBITDA	10.4	5.6	84%	18.4	10.5
Adj. EBITDA margin	16%	9%		14%	9%
Capitalized development	-11.8	-16.7		-24.7	-39.8
Adj. EBITDA - capex	-1.4	-11.1	nm	-6.3	-29.3
Adj. EBITDA - capex margin	-2%	-18%		-5%	-24%
Adj. EBITDA - capex excl. Webdoc X	4.4	-4.2	nm	5.4	-15.0
Adj. EBITDA - capex margin	7%	-7%		4%	-12%

• Good underlying growth for all product categories (Webdoc 18%, Other EHR 9%, Platform products 14% excluding Confrere and fx)
• Consulting revenues down 29% as we prioritize recurring revenues
• Gross profit margin increased from 82% to 85%
• Personnel expenses and capitalized development decreased with NOK ~10m combined
• Non-recurring expenses related to EG process, relisting and German acquisition
• Close to breakeven on EBITDA Capex

Improving profitability ¹³

Cash profitability rapidly improving NOK +4.4m EBITDAC excluding Webdoc X in Q2 2024 Gross margin of 85% in Q2 – high scalability

Adj. EBITDA - capex (excl. Webdoc X) Adj. EBITDA EBITDA - capex margin

Positive cash flow in Q2 and H1 ¹⁴

NOKm	Q2 2024	Q2 2023	H1 2024	H1 2023
Revenue	66.3	63.2	133.2	123.2
Reported EBITDA	7.8	1.2	14.2	3.5
Change in working capital	5.9	-10.6	12.7	-0.1
Operating cash flow	13.7	-9.4	26.9	3.3
Share of revenue	21%	-15%	20%	3%
Investments in tangible and intangibles	-12.0	-17.4	-25.4	-42.9
Free cash flow	1.7	-26.9	1.5	-39.6
Share of revenue	3%	-43%	1%	-32%
Other investments and financing cash flow	0.1	-1.6	0.3	-3.2
Total change in cash	1.8	-28.5	1.8	-42.8
Cash end of period	376	655	376	655

• Operating cash flow at 21% of revenues
• Significant improvements in profitability
• Strong working capital effects in H1 from annual invoicing for some products
• Capex significantly down YOY
• Other cash flow mainly related to interest investments and leasing payments
• Cash flow positive in Q2 and H1

Q&A