28th of February 2025

Zalaris ASA

Presentation of financial results

Q4 2024

Disclaimer

The following presentation is being made only to, and is only directed at, persons to whom such presentation may lawfully be communicated ("relevant persons"). Any person who is not a relevant person should not act or rely on this presentation or any of its contents.

This presentation does not constitute an offering of securities or otherwise constitute an invitation or inducement to any person to underwrite, subscribe for or otherwise acquire securities in Zalaris ASA ("Company"). The release, publication or distribution of this presentation in certain jurisdictions may be restricted by law, and therefore persons in such jurisdictions into which this presentation is released, published or distributed should inform themselves about, and observe, such restrictions.

This presentation includes and is based, inter alia, on forward-looking information and contains statements regarding the future in connection with the Company's growth initiatives, profit figures, outlook, strategies and objectives. All forward-looking information and statements in this presentation are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for the Company. These expectations, estimates and projections are generally identifiable by statements containing words such as "expects", "believes", "estimates" or similar expressions.

Important factors may lead to actual profits, results and developments deviating substantially from what has been expressed or implied in such statements. Although 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. The Company is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the presentation, and neither the Company nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use.

Agenda

Highlights Financial review Outlook Q&A

Appendix: Company in brief

Today's presenters

Hans-Petter Mellerud CEO and Founder

Gunnar Manum CFO

Highlights

All time high revenue and adj. EBIT in Q4 2024

Strong growth: Revenue increased 16.5% YoY to NOK 365 million with Net Revenue Retention in Managed Services of 104%
High EBIT: adj. EBIT of NOK 47.4 million (13.1%), up from NOK 33.4 (10.7%) last year
Strong sales pipeline in both Managed Services and Professional Services securing continued growth
Improved cash flow: Operating cash flow of NOK 57 million, up from NOK 44 million last year
The board will propose a dividend of NOK 0.90 per share for 2024
The strategic review process announced in April last year is still ongoing

Positive development in sales continued in Q4

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Global Payroll Outsourcing and SuccessFactors for IONOS for 5,400 employees in 25 locations, including Germany, Spain, the United Kingdom, Romania, France, the USA, Philippines, Poland, and Austria.

City of Osnabrück for the first Privat Public Cloud contract covering 3,200 employees

TechnipFMC UK for PeopleHub (SaaS) Payroll for up to 3,000 employees Highest Sales Quarter to date in APAC with closing of 37 deals and a total of EUR 2.6 Million sold.

Managed Services grew 20% YoY to MNOK 275 and 75% of total revenue.

*Revenue in local currency converted to NOK using the avg. currency rate from the quarter last year. See the interim financial report for definitions of APMs

Revenue in Managed Services grew by 20.3% YoY (+17.3% growth YoY when adj. for currency effects)

104% Net Revenue Retention YoY in constant currency as existing customers expand their geographic footprint and functionalities

Significant growth in all regions in local currency.

DACH: +25%
Northern Europe: +15%
UK&I: +7%

Consulting revenue was 3% lower YoY mainly due to less consulting projects in UK

Revenue Consulting (Professional Services) NOK 72.7m (-3.5%)

*Revenue in local currency converted to NOK using the avg. currency rate from the quarter last year. See the interim financial report for definitions of APMs

Revenue in Professional Services was 3.5% lower YoY (-5.3% when adjusted for currency effects). Revenue reduction is mainly due to the partial completion of a large consulting project in UK

Significant PS capacity being utilized to support Managed Services in implementing new customers (transformation projects) or delivering change orders. Particularly in Germany

Financial Review

Revenue increased by 17% for the quarter YoY in constant currency

Revenue growth (as reported) for the quarter YoY: +16.5%
Revenue growth +13.6% YoY in constant currency*
MS +20.3% to NOK 275m • Net retention of 104%
PS -3.5% to NOK 73m
Net new SaaS/BPaaS contracts signed, but yet to go live, has annual recurring revenue* of ~NOK 57m

*See the interim financial report for definitions of APMs

Strong revenue visibility through 2025/26 - full annual effect of new BPO customers should result in >12% revenue increase compared to revenue FY 2024

⁹⁹² ¹ ⁰⁴⁹ ¹ ¹⁷⁵ 1 514 126 339 ARR* MS Q4-24 57 ARR net new signings yet to go live Contracted ARR Q4- 2024 Change orders MS Est. new annual revenue MS PS revenue & APAC FY 2024 Estimated future annual revenue

Revenue development based on signed MS contracts (NOKm)

Contracted ARR* development over time (NOKm)

Total annual revenue expected to increase by ~NOK 168m (+12%) vs. FY 2024 by Q1'26, based on already signed contracts (assuming no material churn and based on avg. currency rates for Q4'24)
Estimated future revenue increased by NOK 44m vs. Q3'24, due to new contracts in Q4'24 (NOK 28m) and higher recurring revenue from existing customers in the quarter
The new contracts will normally generate full monthly recurring revenue when the customer has gone live on the PeopleHub platform
- All current contracts expected to be fully implemented by Q1'26
Estimated future annual revenue assumes MS change order level at historical ~12% of recurring revenue, and revenue from PS & APAC FY 2024

*The ARR for the quarter is an estimate calculated by annualising the actual recurring revenue (according to contract revenue and additional services) for the quarter, for customers at the end of the quarter. Please refer to the APMs section of the interim financial report for further details.

All time high adj. EBIT for the quarter

Adj. EBIT* (NOKm) and margin (%)

MS – adj. EBIT* (NOKm) and margin (%) PS – adj. EBIT* (NOKm) and margin (%)

Adj. EBIT NOK 47.7 (NOK 33.4m) +42%
Adj. EBIT margin 13.1% (+2.4pp)
- EBIT and margin improvements from increased revenue (lower unit cost) and operational improvements in NE and Germany (e.g. larger share of services in MS delivery from near-shore and offshore locations)
- APAC contributing with a positive EBIT for the quarter
MS: Adj EBIT NOK 45.4m (NOK 29.3m) +55%
- Positively impacted by operational improvements in NE and Germany (ref. above)
PS: Adj. EBIT NOK 5.7m (10.7m) -47%
- Adversely impacted by lower revenue, however increased utilisation vs. Q3'24 had a positive impact on margins

Condensed Profit and Loss

	2024	2023	2024	2023 *
(NOK 1 000)	Oct-Dec	Oct-Dec	Jan-Dec	Jan-Dec
Revenue	364 876	313 211	1 346 282	1 133 971
License costs	28 711	26 498	108 074	103 231
% of revenue	7,9 %	8,5 %	8,0 %	9,1 %
Personnel expenses	174 545	153 650	674 778	589 845
% of revenue	47,8 %	49,1 %	50,1 %	52,0 %
Other operating expenses	92 107	81 229	347 642	287 068
% of revenue	25,2 %	25,9 %	25,8 %	25,3 %
(Gain)/loss on sale of assets			(10 503)	-
Amortisation implementation costs customer projects	15 542	9 915	49 581	33 765
Depreciation, amortisation and impairments	16 253	15 719	63 058	59 940
EBIT	37 718	26 200	113 652	60 122
Adjustment items**	9 710	7 200	33 862	35 647
Adjusted EBIT	47 428	33 400	147 514	95 768
Net financial income/(expense)	(12 993)	(15 693)	(64 196)	(74 630)
Profit/(loss) for the period	13 404	20 881	33 446	(2 962)
Total comprehensive income	15 966	22 473	56 864	26 798

* 2023 accounts are reclassified with vyble from discontinued to continued operations

License costs: Increased due to higher revenue from Payroll/HR solutions that incurs license costs

Personnel expenses: Revenue per FTE in constant currency increased by ~9%. Cost increase mainly due to increased number of FTEs YoY (+44) and currency impact.

Other op. exp.: Reduced as a % of revenue (-0.7pp). Higher expenses mainly from use of external payroll providers for global payroll, external hosting,

**Items excluded in adjusted EBIT Q4 2024: share-based payments (NOK 5.1m), amortization of excess values on acquisitions (NOK 3.6m), strategic process costs (NOK 0.8m) and negative EBIT vyble (NOK 0.3m) - see definition of adj. EBIT under APMs in the interim financial report

Operating cash flow increased by NOK 13m YoY to NOK 57m

Development in cash balance (NOKm)

Cash flow from operating activities of NOK 57.4m vs. NOK 44.1m last year

Cash balance at 31 December NOK 221.8m (+NOK 41.7m from Q3)

Net interest-bearing debt of NOK 247.5m vs. NOK 286.4m at the end of previous quarter

* Before share based payment costs (ex. payroll taxes)

** Revenue deferred less project costs capitalised

*** Relates mainly to rental costs for office premises

**** Including currency movements

Outlook

On track delivering target revenue of NOK 1.5bn by 2026 and tightening adj. EBIT target to 13-15% based on 2024 actuals Key growth and

margin initiatives

Revenue growth ahead of target run rate of NOK 1.5 billion by 2026 as this likely will be met in 2025.

German improvement program deliveries in Q4 now support revising EBIT target range from 12-15% to 13-15% to materialized by end of the year

Results from introducing AI tools start to show as faster speed, improved productivity and quality

Summary: Q4 all-time high revenue and EBIT as improvements in Germany continue to materialize

Revenue grew 16,5% to NOK 365 million for the quarter and well positioned to deliver revenue target of 1,5 billion in 2025
Growth continue with contract signings of almost 140 million to be recognized over the coming years
EBIT improvements continued delivering more than 13% EBIT in the quarter. Support tightening target EBIT range going forward from 12-15% to 13-15%
Cash flow of 57 million, up from 44 million last year. Cash reserves increased almost 90 million Y-o-Y
Board will propose a dividend of NOK 0.90 per share
Strategic Review is progressing