Zalaris Asa · OSL:ZAL
Zalaris Asa — Q4 2025 Earnings Presentation
22 slides from Zalaris Asa's earnings presentation, Feb 26, 2026
Slide 1: Presentation of financial results Q4 2025
ZalarisASA Presentation of financial results Q4 2025 26 February 2026
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 anyofits contents. This presentation does
Slide 3: Today's presenters
Today’s presenters Hans-Petter Mellerud Gunnar Manum CEO and Founder CFO 3 © zalaris 2026
Slide 4: Agenda
Agenda 1 Highlights 2 Financial review 3 Outlook 4 Q&A 4 © zalaris 2026
Slide 5: Highlights
01 Highlights 5 © zalaris 2026
Slide 6: Record-high quarterly revenue with strong margins and cash flow
Record-high quarterly revenue with strong margins and cash flow. Delivering NOK 1.5 billion revenue for the year Managed Services revenue increased by 15.4% YoY, reaching NOK 317.7 million, and accounted for 80% (75%) of total quarterly revenue Strong growth with Revenue Signed new long-term contrac
Slide 7: Strong financial momentum continues in Q4 with growth and strong profitability and cash flow
Strong financial momentum continues in Q4 with growth and strong profitability and cash flow Revenue (NOKm) Adj. EBIT* (NOKm) Adj. EBIT margin* (%) LTM 1,503 LTM 194 LTM 12.9% 1,346 11.0% +33% 148 1,134 +4.5 +103% 8.4% 96 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Slide 8: Strong close to 2025, with new signings increasing ARR with ~NOK 80 mill since Q3
Strong close to 2025, with new signings increasing ARR with ~NOK 80 mill since Q3. Delivering on sales target required to sustain 15% growth in Managed Services. Some of our notable wins: Agreement with The Norwegian Labour and Welfare Administration – Nav – for SaaS payroll and HR for 24K+ Positive
Slide 9: Managed Services grew 15% YoY to NOK 318m and 80% of total revenue
Managed Services grew 15% YoY to NOK 318m and 80% of total revenue Revenue** Managed Services NOK 317.6m (+15.4%) Revenue in Managed Services grew by 15.4% YoY (+14.9% growth YoY when adj. for +15% currency effects) 317.6 316.3 110% Net Revenue 277.8 279.6 288.5 Retention YoY in constant 275.3 curre
Slide 10: Zalaris Consulting revenue was 11% lower YoY mainly from execution issues in APAC
Zalaris Consulting revenue was 11% lower YoY mainly from execution issues in APAC Revenue in Zalaris Revenue** Zalaris Consulting NOK 78.0m (-11.3%) Consulting was 11.3% lower YoY (-9.9% when adjusted for currency effects). -11% Revenue decrease from less 91.5 AMS work for a large 85.6 87.9 85.6 cus
Slide 11: Financial review
02 Financial review 11 © zalaris 2026
Slide 12: Revenue increased by 9% for the quarter YoY in constant currency
Revenue increased by 9% for the quarter YoY in constant currency Revenue Revenue growth (as reported) NOK 396.5m (+8.7%) for the quarter YoY: +8.7% 9% 396.5 396.2 Revenue growth +8.6% 370.2 374.7 YoY in constant currency* 364.9 361.9 339.7 318.5 323.2 MS +15.4% to NOK 318m 313.2 • Net retention of 1
Slide 13: Strong revenue visibility 2026 and onwards – new BPO contracts will add ~NOK 68 million
Strong revenue visibility 2026 and onwards – new BPO contracts will add ~NOK 68 million** in annual recurring revenue when implemented 337 Total annual revenue increase of 6% 134 Revenue 68 compared to full-year 2025 confirmed development 1 589 through already signed contracts*** based on signed 1 0
Slide 14: Solid margins in the fourth quarter
Solid margins in the fourth quarter Adj. EBIT* (NOKm) and margin (%) 14.1% Adj. EBIT NOK 50.6 (NOK 47.4m) +7% 13.1% 12.6% 12.8% 12.1% Adj. EBIT margin 12.8% (-0.3pp) • Marginally lower margins mainly from 52.1 47.4 52.1 47.4 43.9 47.0 43.9 50.6 47.0 reduced revenue in ZC 37.0 MS: Adj EBIT NOK 65.0m
Slide 15: Condensed profit and loss
Condensed profit and loss 2025 2024 2025 2024 (NOK 1 000) Oct-Dec Oct-Dec Jan-Dec Jan-Dec Revenue 396 489 364 876 1 503 246 1 346 282 License costs 36 550 28 711 127 293 108 074 % of revenue 9,2 % 7,9 % 8,5 % 8,0 % Personnel expenses 193 085 174 545 733 311 674 778 % of revenue 48,7 % 47,8 % 48,8 %
Slide 16: Significant operating cash flow, partly used to reduce interest-bearing debt on early redemption of bond loan
Significant operating cash flow, partly used to reduce interest-bearing debt on early redemption of bond loan Development in cash balance since the prior quarter (NOKm) Cash flow from operating activities of -16.8 NOK 68.0m vs. NOK 57.4m -8.0 -4.1 last year -5.8 14.2 -5.6 -2.6 -19.1 87.0 Net effect
Slide 17: Outlook
03 Outlook 17 © zalaris 2026
Slide 18: Targeting NOK 2bn run-rate revenue with adj. EBIT of 13-15% by Q4 2028
Targeting NOK 2bn run-rate revenue with adj. EBIT of 13-15% by Q4 2028 Revenue development and revenue target (NOKm) Key growth and margin initiatives Preferred partner for multi-country 2,000 01 payroll and transactional HR services to the mid-market and target NOK 2 billion by 2028 1,503 1,346 Lan
Slide 19: Structured AI deployment across operations underpins 10% annual productivity target
Structured AI deployment across operations underpins 10% annual productivity target From experimentation to embedded operating model (2026-2028) 10% Annual productivity improvement target 15 MS processes under AI review 200+ Employees using AI daily 30%+ Code from AI-assisted development <3 wks Clie
Slide 20: Summary
SUMMARY Revenue increasing 9% YoY to NOK 397 mill for the Growth continues with Best Q4 Quarter and 2025 ended with 12% growth at NOK 1.5 billion on record Adj. EBIT continue trending upward to NOK 50.6 mill (12.8%) for the Quarter and NOK 194 mill (12.9%) for the full and positioned to year despite
Slide 21: Q&A
04 Q&A 21 © zalaris 2026
Slide 22: Thank you
Thank you © zalaris