Zalaris Asa · OSL:ZAL

Zalaris Asa — Q2 2025 Earnings Presentation

23 slides from Zalaris Asa's earnings presentation, Aug 29, 2025

  1. Slide 1: Presentation of financial results Q2 2025

    29 August, 2025 Zalaris ASA Presentation of financial results Q2 2025 © zalaris 2025 Page 1

  2. Slide 2: Disclaimer

    Disclaimer The following presentation is being made only to, and is only directed at, persons to whom such presentation may lawfully be communicated (“relevant persons”). Any person who is not a relevant person should not act or rely on this presentation or any of its contents. This presentation doe

  3. Slide 3: Agenda

    Agenda Today’s presenters Highlights Financial review Outlook Q&A Hans-Petter Mellerud Gunnar Manum CEO and Founder CFO © zalaris 2025

  4. Slide 4: Highlights

    Highlights © zalaris 2025 Page 4

  5. Slide 5: Strongest Q2 on Record – Continued Organic Growth Momentum while solidifying improvements in EBIT

    Strongest Q2 on Record – Continued Organic Growth Momentum while solidifying improvements in EBIT Strong growth: Revenue increased 12.0% YoY to NOK 362 million and 14% for H1 to NOK 732 million All-time high Q2 margins, with adjusted EBIT of NOK 44 million in Q2 and NOK 96 million for H1, correspond

  6. Slide 6: Strategic review conclusion

    Strategic review conclusion Strategic review completed • Accelerating current strategy to maximize shareholder value • Acquisition proposals rejected — undervalued Zalaris’ performance and potential Strategic positioning • Zalaris' Global Ambition: top 3 global multi-country payroll & HR transformat

  7. Slide 7: Strong financial momentum: Significant growth with increasing profitability and stronger cash flow

    Strong financial momentum: Significant growth with increasing profitability and stronger cash flow Revenue (NOKm) Adj. EBIT* (NOKm) Adj. EBIT margin* (%) LTM 1,437 LTM 181 LTM 12.6% 1,233 9.8% +40% 120 1,023 +6.4% +183% ~31% 6.2% currency 64 adj. Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

  8. Slide 8: Q2 wins and go-lives support continued delivery of target growth

    Q2 wins and go-lives support continued delivery of target growth Expanded and renewed services with existing customers in Managed Services Secured NOK 30 Mill ACV additional recurring revenue Significant pipeline of Multi-Country PeopleHub new name and upsell opportunities Securing large long term P

  9. Slide 9: Managed Services grew 15% YoY to NOK 280m and 77% of total revenue

    Managed Services grew 15% YoY to NOK 280m and 77% of total revenue. Revenue** Managed Services NOK 279.6m (+15.4%) +15% 275.3 277.8 279.6 Revenue in Managed Services 273.1 grew by 15.4% YoY (+12.7% 253.7 growth YoY when adj. for 242.3 currency effects) 232.7 228.9 103% Net Revenue Retention 204.0 20

  10. Slide 10: Zalaris Consulting revenue was 2% higher YoY mainly from growth in APAC and Poland

    Zalaris Consulting revenue was 2% higher YoY mainly from growth in APAC and Poland Revenue** Zalaris Consulting Revenue in Zalaris NOK 81.7m (1.6%) Consulting was 1.6% higher YoY (2.0% when adjusted 2% for currency effects). 91.5 87.9 Revenue increase is mainly 85.6 83.5 85.0 81.7 82.1 from increase

  11. Slide 11: Financial Review

    Financial Review © zalaris 2025

  12. Slide 12: Revenue increased by 10% for the quarter YoY in constant currency

    Revenue increased by 10% for the quarter YoY in constant currency Revenue NOK 361.9m (+12.0%) 12% 10% Revenue growth (as reported) 400 for the quarter YoY: +12.0% 361.9 355.8 350 Revenue growth +9.9% YoY in 323.2 constant currency* 300 MS +15.4% to NOK 280m 250 • Net retention of 103% 200 PS +1.6% t

  13. Slide 13: Strong revenue visibility through 2025/26 - new BPO contracts will add ~NOK 75 million

    Strong revenue visibility through 2025/26 - new BPO contracts will add ~NOK 75 million in annual recurring revenue when implemented Revenue development based on signed MS contracts (NOKm) 346 Total annual revenue expected to increase by ~NOK 202m (+15%) vs. FY 2024 by Q3’26, based on already signed

  14. Slide 14: All-time high adj. EBIT for a second quarter

    All-time high adj. EBIT for a second quarter Adj. EBIT* (NOKm) and margin (%) Adj. EBIT NOK 43.9 (NOK 28.4m) +55% 14.1% 13.1% Adj. EBIT margin 12.1% (+3.3pp) 12.1% 10.9% EBIT and margin improvements from increased 8.8% revenue (lower unit cost) and operational improvements Germany (e.g. larger share

  15. Slide 15: Condensed Profit and Loss

    Condensed Profit and Loss 2025 2024 2025 2024 2024 (NOK 1 000) Apr-Jun Apr-Jun Jan-Jun Jan-Jun Jan-Dec Revenue 361 860 323 206 732 010 641 724 1 346 282 License costs 29 149 27 243 57 195 52 250 108 074 % of revenue 8,1 % 8,4 % 7,8 % 8,1 % 8,0 % Personnel expenses 177 636 172 420 359 458 335 077 674

  16. Slide 16: Operating cash flow increased by NOK 44m YoY

    Operating cash flow increased by NOK 44m YoY Development in cash balance since the prior quarter (NOKm) -12.0 -0.5 Cash flow from -9.1 -4.4 operating activities of -8.6 15.1 NOK 61.9m vs. NOK 71.2 -3.2 -19.6 18.4m last year 255.4 -1.1 Paid dividend of NOK 19.6m (NOK 0.9 per 227.6 share) Cash balance

  17. Slide 17: Improved cash flow and reduced leverage: Assessing capital structure for the future

    Improved cash flow and reduced leverage: Assessing capital structure for the future Operating CF (NOKm) NIBD* (NOKm) NIBD/adj. EBITDA* LTM 189 356 3.1 287 217 1.6 85 0.8 1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 -23 -23 -23 -24 -24 -24 -24 -25 -25 -23 -23 -23

  18. Slide 18: Outlook

    © Zotrisarcapabioctsening © tis ere abeady serving © Zaats offcalocxtons mae ¢ © zaais 2005 @ zalaris

  19. Slide 19: Delivering NOK 1.5bn target for 2026 one year early. Now setting sights on NOK 2bn

    Delivering NOK 1.5bn target for 2026 one year early. Now setting sights on reaching revenue of NOK 2bn with adj. EBIT of 13-15% by 2028. Key growth and margin initiatives Revenue development and revenue target Preferred partner for multi-country 2,000 payroll and transactional HR NOKm 1 services to

  20. Slide 20: Summary: Best Q2 on record and positioned to deliver on long term targets

    Summary: Best Q2 on record and positioned to deliver on long term targets Strong growth: Revenue increased 12.0% YoY to NOK 362 million and 14% for H1 to NOK 732 million All-time high Q2 margins, with adjusted EBIT of NOK 44 million in Q2 and NOK 96 million for H1, corresponding to margins of 12.1%

  21. Slide 21: Q&A

    Q&A © zalaris 2025 Page 21

  22. Slide 22: #teamZalaris finishes the Zalaris Norseman Xtreme Triathlon, raising NOK 5 million to combat cancer

    #teamZalaris finishes the Zalaris Norseman Xtreme Triathlon, raising a legendary NOK 5 million to combat cancer For the sixth consecutive year, Zalaris proudly served as the title sponsor of the Zalaris Norseman Xtreme Triathlon - a race that many claim is the world’s toughest triathlon, a race so d

  23. Slide 23: Thank you!

    We simplify HR and payroll administration, and empower you with useful information so that you can invest more in people. Thank you! Zalaris ASA | +47 4000 3300 | www.zalaris.com Simplify work life. Achieve more. © zalaris 2025 Page 23

Zalaris — Q2 2025 Earnings Presentation on 6ix