Zalaris Asa · OSL:ZAL

Zalaris Asa — Q3 2025 Earnings Presentation

23 slides from Zalaris Asa's earnings presentation, Oct 24, 2025

Slide 1: Zalaris ASA Presentation of financial results Q3 2025
24 October, 2025 Zalaris ASA Presentation of financial results Q3 2025 © zalaris 2025 Page 1
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
Slide 3: Agenda
Agenda Today’s presenters Highlights Financial review Outlook Q&A Hans-Petter Mellerud Gunnar Manum CEO and Founder CFO © zalaris 2025
Slide 5: Record-high quarterly revenue with the strongest Q3 EBIT to date
Record-high quarterly revenue with the strongest Q3 EBIT to date Strong growth: Revenue increased 10.3% YoY to NOK 375 million All-time high Q3 EBIT, with adjusted EBIT of NOK 47 million and a margin of 12.6% Signed new, long-term contracts and expanded existing agreements in Germany to provide HR a
Slide 6: Strong financial momentum continues in Q3 with growth, increased profitability, and strong cash flow
Strong financial momentum continues in Q3 with growth, increased profitability, and strong cash flow Revenue (NOKm) Adj. EBIT* (NOKm) Adj. EBIT margin* (%) LTM 1,472 LTM 191 LTM 13.0% 1,295 10.3% +37% 134 +5.8% 1,078 +146% 7.2% ~32% 78 currency adj. Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Slide 7: Q3 wins support continued growth
Q3 wins support continued growth Some of our notable wins: • Signed a new agreement with Eurowings partly a renewal but with a significant upsell in both solution scope and geographical coverage. • Won a new client with HIPP baby food, providing DACH payroll services, with potential for further geog
Slide 8: Managed Services grew 14% YoY to NOK 289m and 77% of total revenue
Managed Services grew 14% YoY to NOK 289m and 77% of total revenue. Revenue** Managed Services NOK 288.5m (+13.7%) +14% 288.5 284.4 Revenue in Managed Services 275.3 277.8 279.6 grew by 13.7% YoY (+12.1% growth YoY when adj. for 253.7 currency effects) 242.3 232.7 228.9 103% Net Revenue Retention Yo
Slide 9: Zalaris Consulting revenue was 1% higher YoY mainly from growth in APAC
Zalaris Consulting revenue was 1% higher YoY mainly from growth in APAC Revenue** Zalaris Consulting Revenue in Zalaris NOK 85.0m (0.7%) Consulting was 0.7% higher +1% YoY (2.4% when adjusted 91.5 for currency effects). 87.9 87.1 Revenue increase is mainly 85.6 85.6 83.5 85.0 81.7 from increased sal
Slide 11: 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%) 10% 10% Revenue growth (as reported) 374.7 364.9 370.2 361.9 372.1 for the quarter YoY: +10.3% 339.7 323.2 Revenue growth +9.5% YoY in 318.5 313.2 constant currency* 278.2 MS +13.7% to NOK 289m • Net retent
Slide 12: Strong revenue visibility through 2025/26 - new BPO contracts will add ~NOK 71 million
Strong revenue visibility through 2025/26 - new BPO contracts will add ~NOK 71 million in annual recurring revenue when implemented Revenue development based on signed MS contracts (NOKm) 347 Total annual revenue expected to increase by ~NOK 218m (+16%) vs. FY 2024 by Q4’26, based on already signed
Slide 13: All-time high adj. EBIT for a third quarter
All-time high adj. EBIT for a third quarter Adj. EBIT* (NOKm) and margin (%) Adj. EBIT NOK 47.0 (NOK 37.0m) +27% 14.1% 13.1% 12.6% Adj. EBIT margin 12.6% (+1.7pp) 12.1% 10.9% EBIT and margin improvements mainly from increased revenue (lower unit cost) in Nordics 52.1 47.4 43.9 47.0 37.0 MS: Adj EBIT
Slide 14: Condensed Profit and Loss
Condensed Profit and Loss 2025 2024 2025 2024 2024 (NOK 1 000) Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec Revenue 374 747 339 682 1 106 757 981 406 1 346 282 License costs 33 548 27 113 90 743 79 363 108 074 % of revenue 9,0 % 8,0 % 8,2 % 8,1 % 8,0 % Personnel expenses 180 768 165 156 540 226 500 233 6
Slide 15: Cash balance decreased from settlement of employee share options and increased net working capital
Cash balance decreased from settlement of employee share options and increased net working capital Development in cash balance since the prior quarter (NOKm) -15.2 -4.6 Cash flow from Op.CF -7.9 -3.1 NOK 10.9m operating activities of 77.2 NOK 10.9m vs. NOK -35.6 48.4m last year -2.2 255.4 -8.7 Cash
Slide 16: Secured a EUR 40 million Revolving Credit Facility to refinance bond loan
Secured a EUR 40 million Revolving Credit Facility to refinance bond loan Signed loan agreement with Nordea for a EUR 40 million, 3+2-year Revolving Credit Facility (RCF) to refinance our current EUR 40 million senior secured bond loan Lower finance costs: Will reduce annual interest expenses by NOK
Slide 18: Reaffirmed SAP partnership with new long-term agreement to migrate PeopleHub to SAP S/4 HANA Cloud
Reaffirmed SAP partnership with new long-term agreement to migrate PeopleHub to SAP S/4 HANA Cloud Access to a solution that SAP has committed to support until 2040 Stronger alignment with SAP’s global sales organization Enhanced access to SAP’s AI innovations and integration capabilities Supports f
Slide 19: Delivered NOK 1.5bn run-rate target one year early. Now targeting NOK 2bn run-rate revenue
Delivered NOK 1.5bn run-rate target one year early. Now targeting NOK 2bn run-rate revenue with EBIT of 13-15% by Q4 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 the mid-market
Slide 20: Summary: Best Q3 on record and positioned to deliver on long term targets
Summary: Best Q3 on record and positioned to deliver on long term targets Strong growth: Revenue increased 10.3% YoY to NOK 375 million All-time high Q3 EBIT, with adjusted EBIT of NOK 47 million and a margin of 12.6% Signed new, long-term contracts and expanded existing agreements in Germany to pro
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 — Q3 2025 Earnings Presentation on 6ix

Zalaris Asa — Q3 2025 Earnings Presentation

Slide 1: Zalaris ASA Presentation of financial results Q3 2025

Slide 2: Disclaimer

Slide 3: Agenda

Slide 4: Highlights

Slide 5: Record-high quarterly revenue with the strongest Q3 EBIT to date

Slide 6: Strong financial momentum continues in Q3 with growth, increased profitability, and strong cash flow

Slide 7: Q3 wins support continued growth

Slide 8: Managed Services grew 14% YoY to NOK 289m and 77% of total revenue

Slide 9: Zalaris Consulting revenue was 1% higher YoY mainly from growth in APAC

Slide 10: Financial Review

Slide 11: Revenue increased by 10% for the quarter YoY in constant currency

Slide 12: Strong revenue visibility through 2025/26 - new BPO contracts will add ~NOK 71 million

Slide 13: All-time high adj. EBIT for a third quarter

Slide 14: Condensed Profit and Loss

Slide 15: Cash balance decreased from settlement of employee share options and increased net working capital

Slide 16: Secured a EUR 40 million Revolving Credit Facility to refinance bond loan

Slide 17: Outlook

Slide 18: Reaffirmed SAP partnership with new long-term agreement to migrate PeopleHub to SAP S/4 HANA Cloud

Slide 19: Delivered NOK 1.5bn run-rate target one year early. Now targeting NOK 2bn run-rate revenue

Slide 20: Summary: Best Q3 on record and positioned to deliver on long term targets

Slide 21: Q&A

Slide 22: © zalaris 2025 Page 22

Slide 23: Thank you!