Carasent

Investor Presentation • May 4, 2023

Interim report Q1 2023

4 May 2023

Disclaimer

Certain statements made in this Presentation may include forward-looking statements. These statements relate to the Company's expectations, beliefs, intentions or strategies regarding the future. The forward-looking statements reflect the Company's current views and assumptions with respect to future events and are subject to risks and uncertainties.

All though the Company believes that its expectations and the Presentation are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in the Presentation.

Carasent ASA is making no representations or warranty, expressed or implied, as to the accuracy, reliability or completeness of the Presentation, and neither Carasent ASA, nor any of its directors, officers, employees or advisors will have any liability to you or any other person resulting from your use.

Q1 Highlights

Q1 2023 Summary

1 2

Revenue growth of 34% YoY

3

27 clinics signed for Webdoc in Sweden

Organic growth of 16% YoY

Strong balance sheet with cash position of NOK 683 million

4

5 After Q1: Change of focus and cost savings program

Business and market update

First period

Business focus Clear lines of responsibility Strategic review

• Cost savings program enacted
• Internal focus on financial performance
• Working more closely with customers

• Each product is it's own profit unit
• New management team
• Accounting follows products

• Focus on Sweden for Webdoc
• Webdoc X is the system which will go international
• Close down of Webdoc for Norway

We have to focus our efforts –TAM Webdoc

Norway ~350M Healthcare EHR market ~800M Webdoc present possible EHR market with no obvious functional gaps Sweden No functional gap ~500M Region Stockholm & Surgery 24-48 months of development remaining 0-12 months of development (million SEK per year)

• We increase Webdoc's focus on functionality for present and new customers in the present market thus making Webdoc even more attractive
• Webdoc X which from the foundation is made for international expansion continue to be developed for new markets

Going forward

• Develop sales
  • Outbound with marketing-based leads
  • CRM to support
• Continuous improvement based on KPIs
  • For example; financial outcomes, customer satisfaction, new leads, conversions, efficiency in development, bugs and downtime
• Strategically
  • M&A pipeline
  • Market entry strategies for Webdoc X

Financial Review

Q1 2023 Financial summary

Q1 2023 –Summary

Quarterly revenue and Adjusted EBITDA development (group) Key highlights

• Track record of consistent revenue growth since inception
• Total growth of 34% in Q1, of which 16% was organic
• Acquisitions of Confrere and HPI completed since Q1 2022, contributing with NOK 6.9m revenues during the quarter
• EBITDA margins and cash flow have been trending negatively during the last quarters after a period of rapid growth

Organic growth in recurring revenues of 13% and total growth of 30%

Recurring revenue bridge Q4 2021 – Q4 2022 (NOKm)

EBITDA margin and capex development

Adjusted EBITDA margin development Capitalized R&D development Key highlights

• Profitability and cash flow affected by growing cost base
• Cost savings program initiated in April-23 to reduce costs and improve cash flow
• Capacity in organization will be maintained for scalable growth going forward

Cost savings program initiated in April 2023

Background	▪ Carasent has concluded that costs have grown too rapidly and that running costs are too high ▪ A group wide cost savings program has therefore been initiated
	▪ Total savings is expected to amount to amount to 35-40 MNOK on a yearly basis compared to current run rate, primarily related to capital expenditures
Financial impact	▪ Majority of savings includes personnel cost (employees and consultants)
	▪ The total cost of realizing the savings program is estimated to 4 MNOK, and will be booked in Q2 2023
Timeline	▪ The program was initiated in April, and most of the savings will be realized by the end of Q2
	▪ All savings will be realized by the end of Q3