Omda AS

Investor Presentation • Feb 26, 2025

Q4 2024 Presentation

26 February 2025

Agenda

• 1) Q4 Highlights
• 2) Outlook 2025 -2026
  • Short term guiding
  • Long term ambitions
• 3) Q4 Financials
  • P&L highlights
  • Cash flow and working capital

2

• Organic growth explained
• 4) Summary
• 5) Q&A

Q4 Highlights

3

Q4 Highlights

Actual Full Year Revenue vs Guidance

Revenue

NOK

million

Actual FY adjusted EBITDA Margin vs Guidance

Long-term recurring revenue with minimal churn….

…from solid public healthcare customers

Outlook 2025-2026

Omda's key building blocks and value creation model

Revenue 2024 and revenue guidance 2025-2026

Accumulated EBITDA margin 2024 and guidance 2025

EBITDA Margin guidance 2025 and 2026

Omda's history and direction

Q4 -2024 Financials

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Attractive revenue diversification

Diversified across 6 business areas Geographical spread

Mission critical offering through several niches diversified into different end-users and fields-of-use, with substantial contribution from high-growth Emergency

Diversified across 27 countries, with a growing share outside of the Nordics

Steadily increasing recurring revenues

Quarterly development recurring revenues last four quarters

MNOK

Favourable revenue mix

Total revenue development Q4'23 vs Q4'24

Commentary

• Favourable revenue mix with the majority consisting of attractive high margin recurring software revenue
• License sales and recurring revenue 77% of total sales in Q4-24
• Highest recurring revenue ever
• Strong professional services sales in the quarter

FTE base right sized providing cost visibility for 2025

Cost base development quarter over quarter Commentary

• COGS impacted by some extraordinary hardware sales making COGS slightly higher than target
• Other opex in-line/slightly better although there is still some room for improvement going forward
• Restructuring cost primarily related to severance packages (i.e., salary in 2025 booked in Q4-2024 due to FTE reduction)

• of FTEs reduced despite the acquisition of Predicare that was closed Q4-24

• Additionaly, # of FTEs will be further reduced in 2025 as part of the in-shoring of development
• Overall, the cost initiatives lead to good visibility on profitability for 2025

19

Adjusted EBITDA in line with guidance

Adj. EBITDA development Q4'23 vs Q4'24 MNOK Q4 2023 Q4 2024 20.5 16.7 19% 14% % Adj. EBITDA-margin

Commentary

• Restructuring cost and other nonrecurring cost items amount to 11.2 MNOK in the quarter
• Run-rate cost base going into 2025 is significantly lower
• Capex is 2.3% lower in Q4-24 vs Q4-23

Capex development

Capex		Capex in %		Commentary
MNOK		% of total revenue		Investments in software that is • expected to provide lasting recurring revenue is defined as capitalised R&D
14.1		13%		Business cases are prepared •
1.2	11.4 0.4	1,1% 1.1%	9.9% 0.4%	for each investment with different go/no-go milestones to make well-founded decisions that meet required return rates
12.9	11.0	11,8%	9,5%	PPE capex consists of • computer equipment (servers, computers etc.) or fixture/fittings, and is consistently around ~1% of
Q4 2023	Q4 2024	Q4 2023	Q4 2024	sales
PPE capex Capitalised R&D		PPE capex Capitalised R&D		Total Capex is -3% compared to • same quarter last year

21

NWC development encouraging

NWC Commentary

• Attractive NWC dynamics through upfront invoicing of customers, of which >50% are annual fees
• Rest of the recurring revenue are prepaid semi-annual or quarterly, while only a small portion occur monthly
• Omda has a communicated NWC target of -10% or better as % of sales
• Substantial improvement in Q4/24
• Cash management continues to be a key focus area

-35%

Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24

Cash Management

• Extensive focus on NWC improvement in Q4
  • Aged AR
  • Invoicing practice
  • Invoicing of annual recurring revenue
  • Supplier terms
• Continue to manage other cost effectively
  • PersEx (consultants)
  • Other cost

previous year as the reference.

improvement.

5-10% annually long term.

• In line with established portfolio practice, we use the same quarter in the

Financial Review | Q4 2024 16

Based on the above assumptions, we calculate organic growth in Q4-24 vs Q4-23 to

be 1.6% measured in local currency. The last four quarters show an organic growth

Child, Medication Management and LIMS, while Emergency (now reorganised into

of 3.3%. Overall, organic growth LFQ is satisfactory in business areas Woman &

smaller business units), Health Analytics and Connected Imaging have room for

Key fgures per Business Area	Income	EBITDA	Capex	Organic Growth Q/Q	Organic Growth LFQ
Connected Imaging	19 941	14%	6%	-4%	0%
Emergency	52 629	15%	16%	0%	-1%
Health Analytics	6 684	10%	0%	-11%	-1%
LIMS	15 485	9%	6%	-5%	9%
Medication Management	6 484	19%	0%	66%	45%
Woman & Child	14 136	32%	4%	13%	8%

Note: Organic growth is measured in local currency. Other income is excluded "We expect organic growth 5-10% annually long term"

services. The sum of the parts may difer slightly from the reported total due to

Common Services cost allocated to business area Consulting Services is excluded

rounding.

from the above calculation.

This Business Unit had disappointing organic growth 2020-2023

Medication Management annual sales

The bigger picture

Medication Management annual sales

Quarterly, and even annual readings deviate from trend

Omda's key building blocks and value creation model

Summary

• Q4: Restructuring is completed
• Key numbers in line with guiding
• Heading into 2025 with a comfortable run -rate in line with guiding
• Continued focus on organic growth and EBITDA margin
• Ensure acquired entities are being incorporated efficiently

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• Continue to explore M&A opportunities