Carasent — Investor Presentation 2021

Aug 18, 2021

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 forwardlooking 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.

Second Quarter 2021 Results

• Overview
• Evimeria
• AvansSoma
• Financials
• Outlook
• Q&A

Q2 2021 highlightsand recent events

Carasent is scaling rapidly

Acquisition of Metodikain May 2021 – strong strategic rationale

Attractive customer base	Providing a combined and comprehensive product offering to Metodika's loyal customer base
Robust foothold in Norway and Denmark	Market entry in Denmark and strengthening of position in Norway	✓
Presence in additional markets	Gain a presence in international markets, both in terms of customer base and local know how	Accelerate growth through increased scale and breadth of offering
Complementary technical capabilities	Gain access to knowhow and solution covering inpatient care to broaden Evimeria's offering	✓ Cost synergies from combining the platforms

Broadening our offering through acquisitions…

…with aim of becoming "one Carasent" – unlocking synergies Historical Strategic direction Products with overlapping functionality One platform Significant costs of maintaining several platforms Cross sale of products 2 Highly scalable model 3 Unlocking synergies

Q2 2021 review

Sales

• Signed 32 new units during the second quarter
• Ambition of rolling out Evimeria's services in more units in the future
• Continued strong market conditions

Growth

• The ratio between Webdoc and integrated services was 1:1.1

million

• Evimeria continues to expand its ecosystem of new services and features
• The increase in services enabling digital visits over physical ones continues to show a strong trend.

Scalability

IFRS EVIMERIA
ADJUSTED SEK	H1-20	H1-21	Q2 2020	Q2 2021
Webdoc license	16 399	19 532	8 370	10 002
Integrated Services	13 382	20 753	6 693	11 059
Consulting	2 485	2 070	1 285	635
Other	89	4 -	73	5 -
REVENUES	32 355	42 351	16 420	21 690
Growth%	-53,0%	30,9%		32%
COGS	6 070	7 870	2 895	3 842
GROSS MARGIN	26 285	34 481	13 526	17 848
% GM	81%	81%	82%	82%
OPEX	14 011	17 713	7 277	9 061
EBITDA	12 275	16 768	6 249	8 787
EBITDA%	37,9%	39,6%	38,1%	40,5%
D&A	4 576	5 391	2 293	2 702
EBIT	698 7	377 11	3 956	6 085
EBIT%	23,8%	26,9%	24,1%	28,1%

EBITDA of 8.8 million
EBIT of 6.1 million
54% EBIT growth
28% EBIT margin

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Depreciation EBIT

Q2 2021 review

Sales

• Signed 5 new units during the second quarter
• 29 new units in H1, including large contract win with Kirkens Bymisjon in (20 units)

Growth

• Continues to migrate its customers from on-premises solutions to cloud solutions
• Increases sales of new ancillary services and features.

48% growth

million

Scalability

PRO FORMA AVANS SOMA
IFRS ADJUSTED NOK 1,000	Q2-20	Q2-21	H1-20	H1-21
and license Service	4 931	6 635	9 683	12 617
Consulting	536	1 468	1 309	2 776
Other
REVENUES	467 5	8 103	10 992	15 392
Growth%		48%
COGS	568	1 128	1 061	2 103
GROSS MARGIN	4 899	6 976	9 931	13 289
GM %	89,6%	86,1%	90,4%	86,3%
OPEX	1 781	2 060	5 812	6 334
EBITDA	3 118	4 916	4 119	6 955
EBITDA%	57,0%	60,7%	37,5%	45,2%
D&A	1 371	1 844	2 741	3 687
EBIT	1 747	3 072	1 378	3 268
EBIT%	32,0%	37,9%	12,5%	21,2%

EBITDA of 4.9 million
EBIT of 3.1 million
76% EBIT growth
38% EBIT margin

Financials

Q2 2021 – Summary

Strong organicgrowth rates…

…driven by loyaland consistentlygrowingcustomerbase

Scalable model with increasing margins

Improving margins and topline growth driving earnings further

Carasent ASA Q2 2021

• Reported EBIT of NOK 3.7 million as compared to NOK NOK 2.4 million in Q2 2020
• Non-recurring costs of NOK 3.3 million mainly related to acquisition of Metodika
• Adjusted EBIT of NOK 7 million
• Cash balance of NOK 487 million as per Q2 2021
• Not including equity issue of NOK 420 million completed in July
• Stock options had positive effect of NOK 17.3 million on net income

Commentary EBIT bridge Q2 2021

Illustrative pro forma financials

	6 Months Ended March 31, 2021 6 30 2021 Months Ended June ,
	Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Unaudited
(Amounts in NOK 1,000)	Evimeria	Avans Soma	Metodika	Carasent AS	Carsent Recurring	Carsent Non recurring	H1 total
Active units	561	169	54				784
Operating Revenues	42,555	15,392	2,272	-	-	-	60,219
Cost of Sales	7,908	2,103	258	-	-	-	10,269
Gross Profit	34,647	13,289	2,014	-	-	-	49,950
Operating Expenses
Employee Compensation and Benefits	12,849	3,426	1,342	-	720		18,338
Other Operational and Administrative Expenses	5,256	2,908	31	-	1,520	3,300	13,015
Total Operating Expenses	18,105	6,335	1,374	-	2,240	3,300	31,353
EBITDA	16,542	6,955	640	-	(2,240)	(3,300)	18,597
Cash D&A	1,817	337	112	-	-	-	2,265
Non Cash D&A	3,602	3,350	85	-	1,974	-	9,012
EBIT	11,123	3,268	443	-	(4,214)	(3,300)	7,319
Other Financial (Income)/Expenses	(294)	(49)	(17)	-	13,882	(6,942)	6,581
Net Income/(Loss) Before Income Taxes	10,829	3,219	426	-	9,668	(10,242)	13,900
Income Tax	(2,095)			-	453	-	(1,642)
Net Income/(Loss)	8,734	3,219	426	-	10,121	(10,242)	12,258

Outlook

• Shortcomings and underinvestment in the healthcare sector have been made very clear, as have the challenges when it comes to sharing information between different entities based on standards and integrations.
• Our opinion is that Carasent will continue to benefit from this development, and we assess that the market will remain strong.
• We continue to see a growing demand for our services, with positive reactions from customers to our broadened product offering from recent acquisitions.
• We have identified a broad range of strategic opportunities in new geographies, segments and offerings, with a strong rationale. Our pipeline of acquisition targets remains active with both near-term and long-term opportunities, including ongoing processes and bilateral dialogues.