Omda AS

Investor Presentation • May 14, 2025

Q1 2025 Presentation

14 May 2025

Agenda

• 1) Q1 2025 Highlights
• 2) Outlook 2025 -2026
  • Short term guidance
  • Long term ambitions

• 3) Q1 2025 Financials

  • P&L highlights
  • Cash flow and working capital

• 4) Summary

• 5) Q&A

Q1 2025 A defining quarter

Q1 2025: Reaching important milestones

Q1 2025 Highlights

Long-term recurring revenue with minimal churn

Outlook 2025-2026

Revenue and guidance

* Current organic business - no new acquisitions

EBITDA margin and guidance

Omda's key building blocks and value creation model

Q1-2025 Financials

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

Favourable revenue mix

Total revenue development Q1'24 vs Q1'25

Commentary

• Favourable revenue mix with the majority consisting of attractive high margin recurring software revenue
• License sales and recurring revenue 80% of total sales in Q1- 25
• Highest recurring revenue ever (close to covering all costs)
• Strong professional services sales in the quarter

FTE base right sized providing cost visibility for 2025

Cost base development quarter over quarter Commentary

• COGS flat Q/Q despite 15% revenue increase
• Other opex (~12%) lower than target of 15%

• of FTEs still includes ~30 FTEs from Cebu

  • Personnel cost at ~60% (vs. target at 50%)
  • Will be gradually reduced over the coming quarters
• Recurring revenue (MNOK 93) close to covering all cost items
• Overall, the cost initiatives lead to good visibility on profitability for 2025

EBITDA in line with guidance

EBITDA development Q1'24 vs Q1'25 MNOK Q1 2024 Q1 2025 15.0 26.5 14% 22% % EBITDA-margin

Commentary

• Strong recurring revenues
• Strong sales of Professional Services
• Cost initiatives work
• Capex 8%, below guided 10%

Capex development

Commentary

• Investments in software that is expected to provide lasting recurring revenue is defined as capitalised R&D
• Business cases are prepared for each investment with different go/no-go milestones to make well-founded decisions that meet required return rates
• PPE capex consists of computer equipment or fixture/fittings, and is consistently around ~1%
• Capex % below guidance of ~10%

NWC development encouraging

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 Q1-25

All business areas perform well in Q1/25

Key fgures per Business Area	Income	EBITDA	Capex	Organic Growth Q/Q	Organic Growth LFQ
Connected Imaging	22 107	24 %	8 %	2 %	1 %
Emergency	55 113	20 %	9 %	9 %	2 %
Health Analytics	6 956	28 %	0 %	0 %	0 %
LIMS	17 600	23 %	9 %	13 %	5 %
Medication Management	7 071	20 %	0 %	21 %	32 %
Woman & Child	12 593	25 %	11 %	-3 %	4 %

Q1 2025 16

Note: Organic growth is measured in local currency. Other income is excluded

Including all newly announced acquisitions, Omda expects total income between

460 and 485 MNOK for 2025, with a corresponding EBITDA-margin in the 18%-

22% range in the frst two quarters and between 25% and 35% in the last two

Certain statements included in this report may be deemed to contain forward-

concerning plans, objectives and strategies, such as investments, divestments,

other projects, cost reductions and proft objectives, margins, and growth rates.

The report may include qualifed statements such as "assumed", "believed",

Although we believe that the expectations refected in such forward-looking

of the release of this report and such forward-looking statements are based

on several assumptions and forecasts that, by their nature, involve risk and

uncertainty, and actual results could difer materially from those indicated by

statements are reasonable, they are based on information available at the time

"expected", "scheduled", "targeted", "planned" or similar.

looking information, including, but not limited to, information relating to

forecasts, projections and estimates, statements of Omda management

rounding.

quarters.

OUTLOOK 2025

these statements.

FORWARD LOOKING STATEMENTS

Summary

• Key numbers in line with guiding
• Continued focus on organic growth and EBITDA margin
• Ensure acquired entities are being incorporated efficiently (such as NWC)
• Continue to explore relevant M&A opportunities
• Work focused and diligently to reveal the true value of Omda to the benefit of all stakeholders