Carasent

Earnings Release • Apr 28, 2022

Interim report Q1 2022

28 April 2022

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.

1 2 Revenue growth of 59% group 3 Organic recurring revenue growth of 25% 4 organisation

Q1 2022 Summary

Webdoc X and Webdoc Norway progressing according to plan

Organic growth of 22% for the

Changes in reporting structure to reflect

Acquisition of Medrave closed in Jan-22

Carasent at a glance

• Cloud-based proprietary medical record software solution for the private healthcare segment
• Broad ecosystem of integrated third party services
• Three acquisitions completed, including Avans Soma in December 2020, Metodika in May 2021 and Medrave in December 2021
• Significant opportunity to expand organically and through M&A:
• New products and services
• New geographies
• New segments

Consistent track-record of growth

Overall market trends

DRIVERS

PROBLEM

The need for high-quality healthcare at lower cost to society has never been greater

The healthcare industry is facing underlying structural issues

Digitalization is transforming healthcare

Becoming "one Carasent" –unlocking synergies

Changes in reporting structure to reflect organisation

• Going from our history as an investment company to one integrated company
• Aim of extracting synergies between our entities
• Changes made to our reporting structure to reflect the organisational changes

Unique full service product offering with a growing range of platform services

Acquisition of Medraveis a good strategic fit for Carasent

• Number one healthcare software provider for clinical performance analysis to the primary care and secondary outpatient care markets in Sweden and Norway
• Module based software solution providing clinical reports on quality improvement to GPs, physiotherapists, child care, urgent care, youth care, mental health and habilative care practices
• The quality improvement solution automatically collects and sorts data, analyze and visualize, tracks and benchmarks KPIs, and provides automatic reporting
• Seamless and tailored integration with mainstream EMR system vendors
• Consistent historical organic growth of 15% revenue CAGR from 2017-2020

Carasent'spathto growth

• Apparent need for digitalization in the healthcare sector to drive efficiency and allow more time for clinical personnel to handle patients

• Clear expansion opportunities across geographic presence and healthcare verticals

• Proven track record and capabilities

• Fragmented market with many small niche players

• Carasent leading the consolidation

• Established model for creating and extracting synergies

• Cross sale potential enabled through platform solution
• Accelerate growth of acquired companies

Financial Review

Q1 2022 Financial summary

Q1 2022 –Summary

Strong underlying growth and increasing share of platform services

Organic growth in recurring revenues of 25% and total growth of 62%

Recurring revenue bridge Q1 2021 – Q1 2022 (NOKm)

ARR Bridge Q1 2021 –Q1 2022

Adjusted EBTIDA margins of 31% in Q1 2022

• Adjusted EBITDA margins of 30.7% in Q1 2022, slightly down from 32.5% in Q1 2021
• Q1 gross margins increased to 83.7% in Q1 2022, primarily driven by the acquisitions completed in the period, with a slightly higher gross margin (90%) than the existing business (81%)
• The acquisitions completed has had a positive impact on gross margins, but a dilutive impact on operating margins in the short term
• Non-recurring operating expenses were NOK 2.9 million in Q1 2022, out of which NOK 1.4 million were related to the discount given to employees in the Employee Investment Matching Program and the remaining NOK 1.4 million was related to M&A transaction costs and other non-recurring items
• Adjusted EBIT margins of 17.1% in Q1 2022 up from 16.4% in Q1 2021

Comments P&L breakdown

NOKm	Q1 2022	Q1 2021	2021	2020
Revenue	44.8	28.2	137.1	70.6
COGS	7.3	5.1	24.2	13.8
Gross profit	37.5	23.2	112.9	56.8
Gross margin	83.7%	82.1%	82.3%	80.5%
Personnel expenses1	(16.6)	(9.3)	(47.3)	(21.9)
Other operating expenses1	(7.1)	(4.7)	(20.2)	(11.6)
Adj. EBITDA	13.8	9.2	45.5	23.3
Adj. EBITDA margin	30.7%	32.5%	33.2%	33.0%
Adjustments	(2.9)	-	(12.5)	(7.3)
EBITDA	10.9	9.2	33.0	16.1
D&A	(7.8)	(5.5)	(23.3)	(12.6)
PPA related D&A	1.7	0.9	4.0	3.6
Adjusted EBIT	7.7	4.6	26.1	14.3
Adj. EBIT margin	17.1%	16.4%	19.1%	20.3%

Significant investments in new expansion initiatives

• Investing into organic growth initiatives, both in existing and new markets
• Investment into new initiatives has accelerated recently and consists of Webdoc's expansion into Norway and Webdoc X
• These initiatives is currently not generating any revenues, but have potential to drive long term organic growth significantly
• Investments related to existing markets have decreased as a share of revenue during the last few years
• Capex in existing markets is related to development of new functionality and products that will drive organic growth in our existing markets

Comments Historical capex breakdown

Adjusted EBITDA scaling vs. capex in existing markets

Comments Figures

• Cash generation in existing markets is scaling compared to the same quarter last year
• Margins of 13% in Q1 2022 vs. 11% in Q1 2021
• Capitalized development related to existing platforms is decreasing as a share of revenue within our core markets
• 18% of revenues in Q1 2022 vs. 22 % of revenues in Q1 2021

NOKm	Q1 2022	Q1 2021	2021	2020
Adjusted EBITDA	13 8	9 2	45 5	23 3
Capitalized development markets) (existing	(7 9)	(6 2)	(20 9)	(16 1)
Adj . EBITDA - Capex	5.9	3.0	24.6	7.2
Margin	13%	11%	18%	10%

Outlook and guidance

• Performance and growth rates in Q1 2022 in line with guidance
• Guidance for 2022:
• Revenue NOK >200 million (excluding potential from additional M&A and currency effects)
• Group EBITDA margin in line with 2021