Zalaris

Earnings Release • Apr 27, 2023

First quarter 2023 financial results

First quarter 2023 financial results

Zalaris ASA (Zalaris, OSE:ZAL) reported record-high revenues in the first

quarter of 2023 of NOK 260.1 million, up 25 percent from the same period in

2022, reflecting strong underlying fundamentals.

"The company grew more than 25 percent in the quarter, and 17 percent in

constant currency, and delivered the fifth consecutive quarter with all time

high revenues. We closed the quarter with all-time-high volume of new signings

in Managed Services that in total generated around 75% of our sales target for

the year, and we are well on track to deliver on our target of generating NOK 1

billion in revenue by the end of 2023." says Hans-Petter Mellerud, Chief

Executive Officer of Zalaris.

The reported revenues of NOK 260.8 million in the first quarter of 2023 compares

to NOK 208.4 million in the first quarter 2022. Adjusted EBIT*, excluding the

APAC operations launched in 2022, was NOK 21.0 million in the first quarter,

compared to NOK 14.8 million in the first quarter of 2022. The reported EBIT

ended at NOK 12.8 million compared to NOK 8.4 million to the first quarter of

The EBIT improvement project is on track and continues to be Zalaris' number one

priority. The plan is for EBIT improvements of 40 - 50 million by the end of

"With our recently signed agreements we will soon cover more than fifty

countries with our existing solutions and services. Including setting up own

solution delivery capability together with partners in important markets as

North America, China, and South America, significantly increasing the Total

Addressable Market for Zalaris.", Mellerud concludes.

Zalaris will host a streamed management presentation at 08:30 CET today followed

by a Q&A session. The webcast will be available on ir.zalaris.com or directly on

Teams (https://teams.microsoft.com/l/meetup

-join/19%3ameeting_NDViMmIwYmMtYTQ1NC00ZGUyLThkYjgtYzFhMTUwMzJjMDAz%40thread.v2/0

?context=%7B%22Tid%22%3A%22a16eb8e2-803d-4f22-849c

-f3f335a60a39%22%2C%22Oid%22%3A%22bf49dddc-8238-4b99-a279

-e3cd579293a1%22%2C%22IsBroadcastMeeting%22%3Atrue%2C%22role%22%3A%22a%22%7D&btyp

e=a&role=a).

The presentation of the first quarter 2023 financial result and the financial

report are enclosed.

· Zalaris ASA Q1 2023 Presentation (https://ir.zalaris.com/wp

-content/uploads/sites/3/2023/04/Zalaris-ASA-Q1-2023-Presentation.pdf)

· Zalaris ASA Q1 2023 Report (https://ir.zalaris.com/wp

-content/uploads/sites/3/2023/04/Zalaris-ASA-Q1-2023-Report.pdf)

* Adjusted EBIT and other alternative performance measures (APMs) are defined

and reconciled to the IFRS financial statements as a part of the APM section of

the first quarter 2023 financial report on page 22 to 24.

Contact:

Hans-Petter Mellerud, CEO

Mobile: +47 928 97 276

E-mail: hans-petter.mellerud@zalaris.com

Gunnar Manum, CFO

Mobile: +47 951 79 190

E-mail: gunnar.manum@zalaris.com

About Zalaris

Zalaris (OSLO: ZAL) simplifies HR and payroll administration and empower

customers with useful information so that they can invest more in people. We are

a leading service provider of Human Experience Management (HXM) solutions across

Europe, serving more than 1.5 million employees with an annual revenue of NOK

893 million  (2022). We hold #1 or #2 positions in most of our markets. Our

consultants have more than 22 years of experience in transforming HR with our

clients. Simplify work life. Achieve more. For more information, go to

www.zalaris.com.

This information is considered to be inside information pursuant to the EU

Market Abuse Regulation and is subject to the disclosure requirements according

to section 5-12 of the Norwegian Securities Trading Act. The information was

submitted for publication by [Gunnar Manum], CFO, on behalf of the company on

the time and date set out above.