Slide 1: Interim report Q4
Interim report Q4 12 February 2026 Driving efficiency and quality in the world of care
Slide 2: Agenda
Agenda Todays presenters 1 Company update 2 Financial update Daniel Öhman Svein Martin Bjørnstad CEO CFO
Slide 3: Fast growing and highly recurring EHR business
Fast growing and highly recurring EHR business 3 344 LTM quarterly revenue 329 SEKm 311 Rapidly improving financials 294 275 233 240 245 250 254 261 331m 15% 25% 220 Contracted ARR Organic ARR EBITDA margin 195 Q4 2025 growth Q4 2025 179 168 154 128 137 Sticky SaaS business model >90% 3% 110% Recurr
Slide 4: Highlights Q4
Highlights Q4 4 Update ▪ High activity in Q4 with consulting revenues, also boosting profitability ▪ Strong improvements and promising sales pipeline ▪ Germany will dilute growth for the group in 2026 Growth ▪ Signed not implemented ARR amounts to SEK 5m ▪ 15% organic ARR growth and 16% reported org
Slide 5: Performance in line with targets
Performance in line with targets 5 2025 2025 SEKm 2024A ▪ Performance in line with Outcome Targets updated targets ▪ Revenue within range with same fx as in H1 (345) Revenue 275 344 About 345-350 ▪ Strong year over year improvements ▪ We aim to continue converting EBITDA 12 73 About 75 a high degree
Slide 6: AI update
AI update 6 Carasent has a very sticky and defendable market position, and we see AI being net positive for us over the coming years Productivity gains ▪ AI developer tools allow us to take new products to market faster, thereby increasing the gap between us and our competition even further; ▪ Impor
Slide 7: Journey Ahead
Journey Ahead 7 Strong organic • Growing and strengthening sales and marketing in Sweden and Germany Many long development projects and new functionality reaching the market growth • Efficient use of • Continuous efficiency gains, everyday getting a bit better Cost control through prioritization and
Slide 8: Financial update
Carasent Capital Market Day 2023 Financial update Q4 2025
Slide 9: Carasent – Q4 financial highlights
Carasent – Q4 financial highlights 9 331 15% 25% Million contracted ARR per Q4 Organic ARR growth EBITDA margin 2025 (constant fx) 14% 110% 16% ARR growth Net retention rate EBITDA – capex margin
Slide 10: 15% organic ARR growth
15% organic ARR growth 10 Ending Q4 at a good pace with 15% organic ARR growth Implemented ARR Signed, not implemented ARR +56% vs 9m last year 331 5 9 14 302 37 18 -3% +5% +13% 15% Q4’24 ARR (constant currency) Net upsale Churn New customers Q4’25 ARR
Slide 11: Strong improvements YoY
Strong improvements YoY 11 SEKm Q4 2025 Q4 2024 YoY growth FY 2025 FY 2024 1▪ Growth boosted by consulting revenues Subscription based 69.2 57.4 20 % 266.1 206.0 Transaction based 12.6 12.6 1% 46.6 46.0 Consulting and other 11.7 8.7 34 % 31.2 23.3 2▪ Gross profit lower because of one-time Revenue 93
Slide 12: Scalability over time
Scalability over time 12 Keeping costs flat while growing revenues LTM development of cash cost base (adjusted for one-offs) LTM Revenue: 344m 245 243 236 231 231 229 229 234 234 231 Flat cost base Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 LTM revenues LTM opex & capex
Slide 13: Strong operating cash flow
Strong operating cash flow 13 SEKm Q4 2025 Q4 2024 FY 2025 FY 2024 ▪ Working capital headwinds during 2025, driven by certain effects: Revenue 93.6 78.7 343.8 275.3 ▪ Relisting cost paid in Q1 (cost Reported EBITDA 23.8 -8.7 73.3 11.6 taken in 2024) Change in working capital -3.2 25.0 -32.9 26.1 ▪ A
Slide 14: Q&A
Q&A