Carasent AB

Interim / Quarterly Report • Jul 10, 2025

Interim report

H1 2025

1

The period in summary

Q2 2025 highlights

• Net sales amounted to MSEK 82.9 (65.9), representing a net sales growth of 26%.
• Organic growth was 13% while net acquisitions and divestments in the last twelve months accounted for MSEK 9.1 or 14 percentage points of the growth.
• Recurring revenues amounted to MSEK 76.1 (60.8), with organic recurring revenue growth of 13%.
• EBITDA amounted to MSEK 12.1 (7.8), representing an EBITDA margin of 15% (12%).
• Adjusted EBITDA margin was 15% (16%).
• Operating result, EBIT, amounted to MSEK -3.7 (-7.6).
• Cash flow from operating activities amounted to MSEK 12.8 (14.1).
• Net income amounted to MSEK -5.5 (-5.7).
• Earnings per share, before and after dilution, amounted to SEK -0.08 (0.08).

H1 2025 highlights

• Net sales amounted to MSEK 168.1 (132.0), representing a net sales growth of 27%.
• Organic growth was 14% while net acquisitions and divestments in the last twelve months accounted for SEK 18.8 million or 14 percentage points of the growth.
• Recurring revenues amounted to MSEK 153.3 (121.7) , with organic recurring revenue growth of 14%.
• EBITDA amounted to MSEK 26.0 (14.0), representing an EBITDA margin of 15% (11%).
• Adjusted EBITDA margin was 15% (14%).
• Operating result, EBIT, amounted to MSEK -5.6 (-21.9).
• Cash flow from operating activities amounted to MSEK 17.4 (26.9).
• Net income amounted to MSEK -8.5 (-16.0).
• Earnings per share, before and after dilution, amounted to SEK -0.12 (-0.22).

SEK million	Q2 2025	Q2 2024	H1 2025	H1 2024
Revenue	82.9	65.9	168.1	132.0
Revenue growth	26 %	6 %	27 %	7 %
Organic growth1	13 %	10 %	14 %	11 %
Recurring revenues	76.1	60.8	153.3	121.7
Organic recurring revenue growth1	13 %	15 %	14 %	15 %
Gross profit	70.3	56.1	142.2	111.7
Gross margin	85 %	85 %	85 %	85 %
Reported EBITDA	12.1	7.8	26.0	14.0
Non-recurring expenses	0.0	2.6	0.0	4.2
Adj. EBITDA2	12.1	10.3	26.0	18.3
Adj. EBITDA margin	15 %	16 %	15 %	14 %
Reported EBIT2	-3.7	-7.6	-5.6	-21.9
Adj. EBIT2	-1.4	-3.2	-0.7	-8.9
Adj. EBIT margin	-2 %	-5 %	0 %	-7 %
Capitalized development	-9.9	-11.8	-19.0	-24.8
Adj. EBITDAC2	2.2	-1.5	7.0	-6.5
Adj. EBITDAC margin2	3 %	-2 %	4 %	-5 %

Key figures Q2

Adjusted EBITDA margin 15%

Adjusted EBITDAC margin

Letter to our shareholders

In the quarter, we had an organic ARR growth of 17% and our EBITDAC margin improved from -2% to 3%. The quarter does not meet our expectations and means that we no longer believe that we will reach our previous targets for 2025, hence the updated targets for 2025 that we announced on Monday.

The reason why we revised down the targets for 2025 is costs for an organizational restructuring in Norway, more extensive development than expected for Volvat and the investment in AI functionality in the products.

In Norway, our smallest product, Ad Opus, is shrinking by 25% in the quarter and has had a negative impact on earnings for a long time. To reduce costs and turn to growth, we are merging our Norwegian organization into one, which reduces our personnel costs by approximately SEK 3 million per year and creates a more efficient organization. I strongly believe that our new product, Ad Opus Web, will turn the trend around and the customers who are live in it are very positive.

Our major project to implement the entire Volvat to Metodika has always had a strong negative impact on 2025 as significant adaptations are required, priced low in exchange for higher recurring revenues in 2026 and beyond. The adaptations has driven more costs than expected and also reduced the opportunity for other revenues. This affects earnings negatively throughout 2025, and then has a strong positive effect going forward.

Finally, it has become clear what opportunities there are with AI in our products. We have therefore, as we discussed in connection with the Q1 report, chosen to invest a little extra in these opportunities. We now have about 30 users of our built-in AI solution in Webdoc. We now have fully integrated functionality for automatic summary of patient visits. During the autumn, further exciting functionality will be added.

An absolute highlight of Q2 is that the healthcare group Medtanken has signed an agreement to switch to Webdoc in 9 primary care clinics in VGR. From January 1, 2026, this will provide a new ARR of approximately SEK 3 million, but what is even more exciting is that it is the first healthcare provider in primary care in VGR to switch to Webdoc since 2018 when the decision was made on Millennium. This shows that healthcare providers believe that the risk is lower and can open up to more customers of this type.

On Monday, we also communicated our new three-year goals. We see how we can combine strong growth with good cost control, which will lead to a significantly improved result. These goals include continued investments in our products to ensure that they constantly are the best option for our customers. By continuously developing, we increase the distance between our products and those of our competitors.

On the acquisition side, we are working with a very focused list of companies that would strengthen our Swedish business. We want to carry out these potential acquisitions with quality and at a reasonable pace. Together with our improving cash flow, this means that we do not need our entire cash position and, as communicated yesterday, are now initiating a buy-back program.

Group Development

Revenue

Net sales

Net sales ended at SEK 82.9 million in the second quarter of 2025, an increase of 26% compared to SEK 65.9 million in the second quarter of 2024. Sales growth was driven by organic growth of 13% (constant currency) and the acquisition of Data-AL, which was consolidated from the beginning of November.

Organic growth was driven by recurring revenue growth. Organic growth in recurring revenue amounted to 13%. Increasing our recurring revenue base from existing and new customers is an important strategic focus.

Revenue of SEK 168.1 million for the first half of 2025, an increase of 27% compared to SEK 132.0 million for the same period in 2024.

Net sales by category

Webdoc grew by 14% year-over-year to SEK 37.8 million in the second quarter. Revenues from other EHRs (electronic health record systems) increased by 59% compared to the same quarter last year to SEK 23.7 million. The growth from Other EHRs is mainly attributable to the acquisition of Data-AL. Platform products increased 14% to SEK 14.6 million. Platform products include recurring revenue from HPI and Medrave.

Consulting revenue and other income increased by 33% to SEK 6.7 million in the second quarter of 2025. The growth is mainly related to the acquisition of Data-AL. Our focus remains on generating long-term recurring revenue.

SEK million	Q2 2025	Q2 2024	H1 2025	H1 2024
Webdoc EHR	37.8	33.1	75.7	66.2
Other EHR	23.7	14.9	47.6	29.4
Platform Services	14.6	12.8	30.0	26.1
Consulting & Other	6.7	5.1	14.7	10.3
Total revenue	82.9	65.9	168.1	132.0

Annualized value of recurring revenue (ARR) growth of 30%

ARR grew to SEK 305 million (235) in the second quarter of 2025, corresponding to a growth of 30% compared to the same quarter last year. Organic ARR growth was 17% after a strong end to the quarter where we brought in some large customers.

Quarterly ARR (MSEK)

Earnings

Gross profit

Gross profit amounted to SEK 70.3 million in the second quarter of 2025, an increase of SEK 14.1 million or 25% compared to the same quarter last year. The increase in gross profit is attributed to revenue growth of 26% year-over-year. Gross margin decreased by 0.4 percentage points to 84.8% in the second quarter of 2025 compared to 85.2% in the second quarter of 2024.

Gross profit of SEK 142.2 million for the first half of 2025, an increase of 27% compared to SEK 111.7 million for the same period in 2024.

EBITDA

Earnings before depreciation and amortization (EBITDA) amounted to SEK 12.1 million in the second quarter of 2025, compared to SEK 7.8 million in the second quarter of 2024, where the margin increased from 12% to 15%. There were no one-off items, so adjusted EBITDA was SEK 12.1 million in the second quarter of 2025, compared to SEK 10.3 million in the second quarter of 2024.

Personnel costs amounted to SEK 45.5 million in the second quarter of 2025, an increase of 38% compared to the same quarter last year. The increase was driven by the acquisition, the organizational restructuring of Ad Opus in Norway and the option program completed in Q2, both of which drove non-recurring personnel costs during the quarter.

Operating profit

Earnings before interest and tax (EBIT) amounted to SEK -3.7 million in the second quarter. Adjusted earnings before interest and tax (Adjusted EBIT) amounted to SEK -1.4 million compared to SEK -3.2 million in Q2 2024. Adjusted EBIT is adjusted for PPA-related depreciation of SEK 2.3 million.

EBIT amounted to SEK -5.6 million for the first half of 2025 compared to SEK -21.9 million for the first half of 2024. Adjusted for non-recurring items and PPA-related depreciation, EBIT for the first half of 2025 amounted to SEK -0.7 million compared to SEK -8.9 million for the first half of 2024.

Net income

Profit after tax was a loss of SEK -5.5 million for the second quarter of 2025, compared to a loss of SEK -5.7 million for the second quarter of 2024. For the half-year, the result was a net loss of SEK - 8.5 million in 2025, compared to a net loss of SEK -16.1 million in the same period in 2024.

Cash flow

Cash flow from operating activities

Cash flow from operating activities amounted to SEK 12.8 million in the second quarter of 2025, compared to SEK 14.1 million in the same period last year. Cash flow from operating activities amounted to SEK 17.4 million for the first half of 2025, compared to SEK 26.9 million for the first half of 2024. As mentioned in the previous quarter, some of the listing costs were still outstanding at the end of the year, which increased accounts payable at the end of the year and reduced cash flow in the current half-year.

Investments

Cash flow from investments amounted to SEK -8.8 million in the second quarter of 2025, compared to SEK -8.0 million in the same period last year. Investments in tangible and intangible assets amounted to SEK 10.1 million in the second quarter of 2025. Investments in property, plant and equipment amounted to SEK 0.2 million in the second quarter. Capitalized development amounted to SEK 9.9 million (11.8), a decrease of 16% compared to the second quarter of 2024.

SEK million	Q2 2025	Q2 2024	H1 2025	H1 2024
Existing markets	6.7	7.2	12.3	15.3
New initiatives	3.2	4.6	6.7	9.5
Total capitalized development	9.9	11.8	19.0	24.8

Capitalized development of SEK 6.7 million (7.2) was related to the expansion of our existing markets. This included the development of existing and future products in our existing markets.

Capitalized development costs related to new initiatives amounted to SEK 3.2 (4.6) million in Q2 2025. The new initiatives only include the development of Webdoc X.

Cash flow from financing activities amounted to SEK -1.9 in the second quarter of 2025 and SEK -4.2 million in the second quarter of 2024. The net change in cash and cash equivalents amounted to SEK 1.6 million in the second quarter of 2025 and amounted to SEK 6.1 million in the same period last year.

Cash and cash equivalents

Cash and cash equivalents amounted to SEK 255 million at the end of the first half of 2025.

Other information

Significant events during the period

General Meeting

At the Annual General Meeting on April 23, 2025, it was resolved to re-elect the Board members Tomas Meerits, Camilla Skoog and Henric Carlsson for the period until the end of the 2026 Annual General Meeting. In addition, Cecilia Lager, Johan Källblad and Carol Wildhagen were also elected for the period until the end of the 2026 Annual General Meeting. Tomas Meerits was elected Chairman of the Board for the same period. Other decisions from the meeting included:

• To authorize the Board of Directors to, with or without deviation from the shareholders' preferential rights, resolve on a new issue of shares in an amount not exceeding 10 percent of the number of outstanding shares in the company as of the date of the Annual General Meeting.
• To authorize the Board of Directors to decide on the acquisition and transfer of the company's own shares. The authorization means that the Board of Directors may acquire Carasent shares on Nasdaq Stockholm and that the Board of Directors may dispose of such shares. A maximum number of shares may be acquired so that the company's holding at any given time does not exceed 10 per cent of all shares in the company.
• To implement a long-term incentive program for senior executives and key employees within the company through the issuance of a maximum of 500,000 warrants

Significant events after the end of the reporting period

Revised targets for 2025 and new medium-term targets

On July 7, after the end of the quarter, Carasent published a revised outlook for 2025 as the revenues in H1 are slightly lower than anticipated and the profitability is also affected by extra costs compared to previously communicated targets.

The revised financial targets are revenues around SEK 345-350 million (previously 350 million), EBITDA around SEK 75 million (previously 82-87 million) and EBITDAC around 35 million (previously 44-49 million).

Carasent also published new medium-term financial targets for revenue growth and profitability on July 7. We target average annual organic revenue growth of 15% from 2026-2028, an EBITDA margin of 35% by 2028 and capex mid to high single digit % of revenue.

Other information

Employees

At the end of Q2, the number of employees in the Group amounted to 196, a net increase of 31 employees compared to Q2 2024. 115 employees work in research and development (R&D), 19 in sales and marketing (S&M), 14 in Group Management & Administration (G&A) and 48 in operations, delivery and support. Carasent also uses external consultants for individual projects.

The parent company

The Parent Company's operations are focused on Group-wide management and financing. Apart from Group functions, the company has no employees at the end of the period.

The operating profit in the parent company in the second quarter of 2025 amounted to SEK -1.0 million. Cash and cash equivalents amounted to SEK 189 million.

Material risks and uncertainties

The Group and the Parent Company are exposed to the same risk factors in their operations, which may affect the result or financial position to a lesser or greater extent. These can be divided into industry- and business-related risks as well as financial risks. Management's general view of the risks that the business may be affected by is described in the most recently published annual report. For a more detailed review of the risk picture, please refer to Carasent's Annual Report for 2024, page 11, where further information about the company's risk factors is presented.

Material transactions with related parties

As of June 30, 2025, the Parent Company has intra-group loans to Carasent Sverige AB (SEK 95 million) and Carasent Holding AB (SEK 39 million). The loans are used to avoid external financing related to lending activities.

Reporting dates

• Interim report Q3, 2025, to be presented on October 16, 2025
• Interim report Q4, 2025, to be presented on February 12, 2026

Financial statements

Consolidated statement of income

		3 Months Ended		6 Months Ended
		June 30, 2025	June 30, 2024	June 30, 2025	June 30, 2024
(Amounts in SEK 1 000)	Note
Revenue		82 872	65 890	168 054	131 983
Operating revenues	2	82 872	65 890	168 054	131 983
Cost of sales		(12 609)	(9 765)	(25 841)	(20 297)
Gross profit		70 263	56 125	142 214	111 686
Operating expenses
Employee compensation and benefits		(45 510)	(32 989)	(88 417)	(68 985)
Other operational and administrative expenses	3	(12 691)	(15 346)	(27 803)	(28 659)
Depreciation and amortization		(15 796)	(15 373)	(31 565)	(30 808)
Impairment and derecognition of intangible assets		-	-	-	(5 089)
Total operating expenses		(73 997)	(63 708)	(147 785)	(133 541)
Net operating income/(loss)		(3 734)	(7 583)	(5 571)	(21 856)
Financial items
Net interest income/(expenses)		807	4 158	2 293	7 630
Other financial income/(expenses)		(902)	(1 627)	(3 806)	(1 418)
Net financial items		(95)	2 531	(1 512)	6 211
Net income/(loss) before income taxes		(3 829)	(5 052)	(7 083)	(15 645)
Income tax income/(expense)		(1 677)	(643)	(1 414)	(405)
Net income/(loss)		(5 506)	(5 695)	(8 497)	(16 049)
Attributable to equity holders of the parent		(5 506)	(5 695)	(8 497)	(16 049)
Earnings per share:
Basic earnings per share		(0.08)	(0.08)	(0.12)	(0.22)
Diluted earnings per share		(0.08)	(0.08)	(0.12)	(0.22)

Consolidated statement of comprehensive income

	3 Months Ended		6 Months Ended
	June 30, 2025	June 30, 2024	June 30, 2025	June 30, 2024
(Amounts in SEK 1 000)
Net Income/(Loss)	(5 506)	(5 695)	(8 497)	(16 049)
Changes in Translation Differences	2 053	1 215	(5 827)	995
Items that may be Reclassified Subsequently to the Income Statement	2 053	1 215	(5 827)	995
Changes in Translation Differences	-	(5 832)	-	(4 852)
Items that will not be Reclassified Subsequently to the Income Statement	-	(5 832)	-	(4 852)
Total Other Comprehensive Income/(Loss) for the Period	2 053	(4 617)	(5 827)	(3 857)
Total Comprehensive Income/(Loss) for the Period	(3 453)	(10 312)	(14 324)	(19 906)
Attributable to Equity Holders of the Parent	(3 453)	(10 312)	(14 324)	(19 906)

Consolidated statement of financial position

		June 30, 2025	December 31, 2024
(Amounts in SEK 1 000)	Note
ASSETS
Non-current assets
Goodwill		492 575	498 459
Customer relationships		35 969	40 236
Technology		171 887	174 134
Other intangible assets		244	217
Total intangible assets		700 675	713 046
Tools and equipment		3 521	4 237
Right of use asset		32 905	38 549
Total non-current assets		737 101	755 833
Current assets
Customer receivables		37 657	31 884
Other receivables		12 987	10 685
Current tax assets		6 242	3 328
Prepaid expenses		7 135	6 997
Cash and cash equivalents		254 788	263 562
Total current assets		318 809	316 457
TOTAL ASSETS		1 055 910	1 072 290

Consolidated statement of financial position

	June 30, 2025	December 31, 2024
Note
	500	500
4	980 867	979 365
	1 639	7 466
	(102 960)	(94 463)
	880 046	892 869
	23 970	30 132
	9 451	8 277
	22 293	23 640
	55 714	62 049
	15 490	21 297
	46 630	38 196
	11 352	11 066
	11 068	14 856
	35 609	31 957
	120 150	117 372
		1 072 290
		1 055 910

Consolidated statement of cash flows

		3 Months Ended		6 Months Ended
	June 30, 2025	June 30, 2024	June 30, 2025	June 30, 2024
(Amounts in SEK 1 000)
Cash Flows from Operating Activities
Profit/(Loss) Before Tax	(3 829)	(5 052)	(7 083)	(15 647)
Interest (Income)/Expenses	(807)	(4 158)	(2 293)	(7 630)
Non-cash items	16 698	17 000	35 370	37 224
Change in Accounts Receivable	(2 498)	9 644	(5 772)	(1 959)
Change in Accounts Payable	5 179	(1 979)	(5 807)	853
Change in Current Assets & Liabilities	(520)	96	5 860	17 360
Income tax Paid	(1 419)	(1 456)	(2 914)	(3 278)
Net Cash Flows Provided by Operating Activities	12 804	14 096	17 361	26 923
Cash Flows from Investing Activities
Investments in Intangible and Tangible Assets	(10 080)	(12 394)	(19 435)	(25 625)
Acquisition of Data-AL (gmbh)	-	-	-	-
Received interest	1 266	4 355	3 257	8 087
Cash Flows Used in Investing Activities	(8 814)	(8 039)	(16 177)	(17 538)
Cash Flows from Financing Activities
Payment Lease Liability	(2 966)	(2 738)	(5 899)	(5 434)
Warrant Program	1 502	-	1 502	-
Net paid Interest	(460)	(602)	(964)	(1 206)
Settlement of Share based payment	-	(854)	-	(854)
Cash Flows Used in Financing Activities	(1 924)	(4 194)	(5 360)	(7 493)
Effect of Exchange Rates on Cash and Cash Equivalents	(484)	4 278	(4 596)	3 506
Net Change in Cash and Cash Equivalents	1 582	6 141	(8 774)	5 397
Cash and Cash Equivalents at Beginning of Period	253 206	368 342	263 562	369 086
Cash and Cash Equivalents at End of Period	254 788	374 483	254 788	374 483

Consolidated statement of changes in equity

					Other reserves
(Amounts in SEK 1 000)	Share Capital	Other Paid-in Capital	Warrants outstanding	Share based payment reserve	Translation Difference Reserves	Retained Earnings	Total Equity
Equity December 31, 2023	95 101	883 987	1 579	1 556	13 125	(52 204)	943 144
Net Income for the Period	-	-	-	-	-	(42 259)	(42 259)
Other Comprehensive
Income/(Loss)	(7)	(63)	-	(14)	(5 658)	-	(5 742)
Total Comprehensive	(7)	(63)	-	(14)	(5 658)	(42 259)	(48 001)
Income/(Loss)
Share Based Payments	-	-	-	174	-	-	174
Share Based Payments
(cash payment)	-	-	-	(870)		-	-	(870)
Closing of share option program	-	847	-	(847)	-	-	-
Warrants Issuance	-	-	(1 579)	-	-	-	(1 579)
Reclassifications due to the Merger	(94 593)	94 593	-	-	-	-	0
Equity December 31, 2024	500	979 365	-	-	7 467	(94 463)	892 868

			Other reserves
(Amounts in SEK 1 000)	Share Capital	Other Paid-in Capital	Warrants outstanding	Share based payment reserve	Translation Difference Reserves	Retained Earnings	Total Equity
Equity December 31, 2024	500	979 365	-		- 7 467	(94 463)	892 868
Net Income for the Period	-	-	-		- -	(8 497)	(8 497)
Other Comprehensive Income/(Loss)	-	-	-		- (5 827)	-	(5 827)
Total Comprehensive Income/(Loss)	-	-	-		- (5 827)		(8 497) (14 234)
Issued warrants	-	1 502	-		- -	-	1 502
Equity June 30, 2025	500	980 867	-		- 1 639	(102 960)	880 046

Parent company

Statement of income

	3 months ended		6 months ended
	2025	2024	2025	2024
(Amounts in SEK 1 000)
Net sales	-	-	-	-
Other revenue	6 844	5 433	10 725	10 434
Total revenues	6 844	5 433	10 725	10 434
Cost of goods sold	-	-	-	-
Gross profit	6 844	5 433	10 725	10 434
Operating expenses
Employee compensation and benefits	(5 219)	(2 114)	(9 490)	(2 758)
Other operational and administrative expenses	(2 598)	(5 378)	(6 563)	(11 010)
Depreciation and amortization	(0)	(5)	(6)	(9)
Total operating expenses	(7 817)	(7 497)	(16 059)	(13 777)
Net operating income	(974)	(2 064)	(5 333)	(3 343)
Financial Items
Net interest income/(expenses)	2 296	6 659	5 387	12 641
Other financial income/(expenses)	(1 548)	(1 196)	(4 491)	(992)
Net financial items	748	5 463	896	11 649
Net income/(loss) before income taxes	(226)	3 399	(4 437)	8 306
Income tax income/(expense)	9	-	9	-
Net income/(loss)	(217)	3 399	(4 429)	8 306

The parent company

Statement of financial position

December 31,
2024
217
649 920
650 137
135 535
135 535
56 811
3 866
193 296
253 973
1 039 644
500
971 988
(1 461)
971 027
24 478
23 377
47 855
11 506
1 325
6 595
1 336
20 763
1 039 644

Note 1 – General Information

Carasent AB (publ) ("Carasent", the "Company" or the "Group") is a public company registered in Sweden and listed on the Nasdaq Stockholm Stock Exchange with registered company address at Nellickevägen 24, 412 63 Gothenburg, Sweden.

The consolidated financial statements for Q2 were approved by the Board of Directors for publication on 10 July 2025. The interim report is unaudited.

The consolidated financial statements in summary include Carasent AB (publ) and its subsidiaries. The interim report is prepared in accordance with International Accounting Standard (IAS) 34. The consolidated financial information in summary does not contain all the information and disclosures required in the annual report and should be read in conjunction with the consolidated financial statements for the year ended December 31, 2024, which have been prepared in accordance with the International Financial Reporting Standards as adopted by the European Union (IFRS).

The accounting principles applied by Carasent in the interim report are consistent with those applicable to the financial year 2024. The presentation currency is SEK (Swedish kronor). All financial information is presented in TSEK, unless otherwise stated. The income statements are translated at the average exchange rate so far this year. This consolidated interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and applicable provisions of the Annual Accounts Act. The Interim Report for the Parent Company has been prepared in accordance with RFR 2 "Redovisning för juridiska personer och Årsredovisningslagen". For the Group, the same accounting principles and calculation bases have been applied as in the most recent consolidated financial statements.

On 29 October 2024, Carasent AB (publ) acquired the German company Data-AL GmbH. Data-AL GmbH was consolidated into the Group as of 01 November 2024. Accordingly, comparable figures for Q2 2024 do not include Data-AL GmbH.

Note 2 – Segment reporting and revenue split

Reconciliation from operating segments to group figures

The Group's segments are divided according to geographical market and reflect the Group's internal reporting and follow-up of Group management. HQ includes the Group's overhead costs. The intercompany invoicing (revenues and costs) is presented in line with internal reporting.

	Q2	Q2	YTD	YTD
SEK 1000	2025	2024	2025	2024
Revenues
Webdoc EHR	37 825	33 101	75 724	66 192
Other EHR	23 675	14 882	47 544	29 378
Platform Services	14 643	12 831	30 047	26 098
Consulting & Other	6 729	5 076	14 732	10 316
Total revenue	82 872	65 890	168 054	131 983
Nordics
Webdoc EHR	37 825	33 014	75 724	66 000
Other EHR	15 627	14 882	30 412	29 378
Platform Services	14 643	12 831	30 047	26 098
Consulting & Other	5 466	5 076	11 883	10 316
Total revenue	73 562	65 803	148 066	131 792
Germany
Webdoc	110	87	219	192
Other EHR	7 925	-	16 912	-
Consulting & Other	1 275	-	2 848	-
Total revenue	9 310	87	19 980	192
EBITDA per unit
Nordics	19 349	16 753	39 600	29 690
Germany	438	(1 457)	2 660	(2 195)
HQ	(7 738)	(7 505)	(16 267)	(13 455)
Total EBITDA	12 049	7 790	25 994	14 041

		Operations		Germany		HQ & eliminations		Total Group
SEK 1000	Q2 2025	Q2 2024	Q2 2025	Q2 2024	Q2 2025	Q2 2024	Q2 2025	Q2 2024
Net sales	73 562	65 803	9 310	87	-	-	82 872	65 890
Internal revenue	292	2 778	-	-	(292)	(2 778)	-	-
Revenue	73 854	68 581	9 310	87	(292)	(2 778)	82 872	65 890
COGS	(11 122)	(9 765)	(1 487)	-	-	-	(12 609)	(9 765)
Personnel costs	(35 170)	(29 331)	(5 121)	(1 544)	(5 219)	(2 114)	(45 510)	(32 989)
Other opex	(8 201)	(9 955)	(2 264)	-	(2 227)	(5 391)	(12 691)	(15 346)
EBITDA	19 361	19 530	438	(1 457)	(7 738)	(10 283)	12 062	7 790
Depreciation, amortization and impairments							(15 796)	(15 373)
Net operating income							(3 734)	(7 583)
Net financial items							(95)	2 531
Profit before tax							(3 828)	(5 052)

		Operations		Germany		HQ & eliminations		Total group
SEK 1000, YTD	2025	2024	2025	2024	2025	2024	2025	2024
Revenue	148 066	131 792	19 980	192	-	-	168 054	131 984
Internal revenue	957	4 679	-	-	(957)	(4 679)	-	-
Revenue	149 032	136 471	19 980	192	(957)	(4 679)	168 054	131 984
COGS	(22 572)	(20 297)	(3 268)	-	-	-	(25 841)	(20 297)
Personnel costs	(69 454)	(63 840)	(9 472)	(2 386)	(9 490)	(2 758)	(88 417)	(68 985)
Other opex	(17 405)	(17 974)	(4 579)	-	(5 820)	(10 685)	(27 803)	(28 659)
EBITDA	39 600	34 359	2 660	(2 195)	(16 267)	(18 122)	25 994	14 043
Depreciation, amortization and impairments							(31 565)	(35 897)
Net operating income							(5 571)	(21 855)
Net financial items							(1 512)	6 211
Profit before tax							(7 083)	(15 645)

21

Note 3 – Other operating expenses

	3 months ended		6 months ended
(Amounts in SEK 1 000)	June 30, 2025	June 30, 2024	June 30, 2025	June 30, 2024
Marketing	812	473	1 581	682
Travel and entertainment	650	678	1 444	1 343
Rent and office expenses	1 369	1 293	2 625	2 740
Professional services	5 274	9 333	11 586	16 579
Utilities and maintenance costs	744	1 002	2 124	1 741
IT services	2 811	2 173	6 313	4 424
Other operating expenses	1 029	394	2 130	1 149
Total operating expenses	12 691	15 346	27 803	28 658

Note 4 – Warrants

In April 2025, the Group has issued 362 755 warrants to senior executives and key employees within the framework of a long-term incentive program.

The warrants were issued at a price corresponding to the market value calculated according to the Black & Scholes model. The final premium per warrant was set at SEK 4.14 with a subscription price per share of SEK 28. This entails an increase in other capital contributed to equity by a total amount of SEK 1 502 808.70.

Alternative Performance Measures

Carasent AB may disclose alternative performance measures as part of its financial reporting as a supplement to the financial statements prepared in accordance with IFRS. Carasent AB believes that the performance measures provide useful supplemental information to management, investors and other stakeholders and are meant to provide an enhanced insight into the financial development of business operations and to improve comparability between periods.

EBITDA is defined as the Net Income/(Loss) for the period before income tax expense, net financial items, depreciation and amortization of fixed and intangible assets.

EBIT is defined as the Net Income/(Loss) for the period before net financial items and income tax expense.

Adjusted EBITDA is defined as the Net Income/(Loss) for the period before income tax expense, net financial items, depreciation and amortization of fixed and intangible assets adjusted for certain special operating items affecting comparability.

Adjusted EBIT is defined as the Net Income/(Loss) for the period before net financial items and income tax expense, adjusted for certain special operating items affecting comparability in addition to PPA related amortization and depreciation.

EBITDA Margin is defined as EBITDA as a percentage of revenues.

Adjusted EBITDA Margin is defined as Adjusted EBITDA as a percentage of revenues.

EBIT Margin is defined as EBIT as a percentage of revenues.

Adjusted EBIT Margin is defined as Adjusted EBIT as a percentage of revenues.

Adjusted EBITDAC is defined as Adjusted EBITDA less capitalized development.

Adjusted EBITDAC margin is defined as Adjusted EBITDAC as a percentage of revenues.

Annual Recurring Revenue ("ARR") is defined as the Monthly Recurring Revenue ("MRR") multiplied with 12. MRR is defined as the revenue the Group expects to receive on a monthly basis from customers from EHR solutions and Platform Services.

		3 Months Ended	6 Months Ended
	June 30, 2025	June 30, 2024	June 30, 2025	June 30, 2024
(Amounts in SEK 1 000)
Net Income/(Loss)	(5 506)	(5 695)	(8 497)	(16 049)
Income Tax Income/(Expense)	(1 677)	( 643)	(1 414)	( 405)
Net Financial Items	( 95)	2 531	(1 512)	6 211
Net Operating Income/(Loss)	(3 734)	(7 583)	(5 571)	(21 856)
Depreciation and Amortization	15 796	15 373	31 565	30 808
Impairment and Derecognition of intangible assets	-	-	0	5 089
(a) EBITDA	12 062	7 790	25 994	14 042
Adjusted for:
Transaction costs	-	524	-	524
Share based payments	-	8	-	8
Other special operating items	-	2 019	-	2 019
Restructuring costs	-	-	-	1 662
(b) Adjusted EBITDA	12 062	10 341	25 994	18 255
(c) Operating revenue	82 872	65 890	168 054	131 983
EBITDA Margin (a/c)	15%	12%	15%	11%
Adjusted EBITDA Margin (b/c)	15%	16%	15%	14%
(d) Captailized development	(9 871)	(11 796)	(19 012)	(24 752)
(e) EBITDAC (a - d)	2 191	(4 006)	6 982	(10 710)
EBITDAC Margin (e/c)	3%	-6%	4%	-8%
(f) Adjusted EBITDAC (b - d)	2 191	(1 454)	6 982	(6 497)
Adjusted EBITDAC Margin (f/c)	3%	-2%	4%	-5%

		3 Months Ended	6 Months Ended
	June 30, 2025	June 30, 2024	June 30, 2025	June 30, 2024
(Amounts in SEK 1 000)
Net Income/(Loss)	(5 506)	(5 695)	(8 497)	(16 049)
Income Tax Expense/(Income)	(1 677)	( 643)	(1 414)	( 405)
Net Financial Items	( 95)	2 531	(1 512)	6 211
(a) EBIT	(3 734)	(7 583)	(5 571)	(21 856)
Adjusted for:
Transaction costs	-	524	-	524
Share based payments	-	8	-	8
Other special operating items	-	2 019	-	2 019
Restructuring costs	-	-	-	1 662
Derecognition intangible assets	-	-	-	5 089
Amortization excess values	2 333	1 892	4 859	3 804
(b) Adjusted EBIT	(1 401)	(3 140)	( 712)	(8 749)
(c) Operating revenue	82 872	65 890	168 054	131 983
EBIT Margin (a/c)	-5 %	-12 %	-3 %	-17 %
Adjusted EBIT Margin (b/c)	-2 %	-5 % 0 %		-7 %

Half-year report

Carasent focuses on providing digital services to the health care industry. The Company's strategy is to continue to develop and expand digitalization that helps customers to meet challenges in providing efficient and qualitative health care services. For more information, visit carasent.com.

For further information:

Daniel Öhman (CEO) daniel.ohman@carasent.com +46 708 55 37 07

Svein Martin Bjørnstad (CFO) svein.martin.bjornstad@carasent.com +47 979 69 493

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