Zalaris Asa · OSL:ZAL

Zalaris Asa — Q1 2026 Earnings Presentation

20 slides from Zalaris Asa's earnings presentation, Apr 28, 2026

  1. Slide 1: Presentation of financial results Q1 2026

    Zalaris ASA Presentation of financial results Q1 2026 28 April 2026

  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: Today’s presenters

    Today’s presenters Hans-Petter Mellerud Gunnar Manum CEO and Founder CFO 3 © zalaris 2026

  4. Slide 4: Agenda

    Agenda 1 Highlights 2 Financial review 3 Outlook 4 Q&A 4 © zalaris 2026

  5. Slide 5: Highlights

    01 Highlights 5 © zalaris 2026

  6. Slide 6: Record Q1 revenue driven by Managed Services, offsetting weaker Consulting

    Record Q1 revenue driven by Managed Services, offsetting weaker Consulting Revenue (NOKm) Revenue from Managed Services was NOK 296m, an 1% 397 increase of 7.9% YoY in constant currency, and accounted 370 375 372 378 for 80% (75%) of total quarterly revenue 365 362 340 323 319 Adj. EBIT was NOK 42.3

  7. Slide 7: Q1 signings add ~NOK 75m ARR; on track for 15% growth in Managed Services

    Q1 signings add ~NOK 75 m ARR; on track for 15% growth in Managed Services. Notable wins: Positive market situation Signed Nav (Norway public sector) SaaS payroll & HR with increased activity agreement for 24K+ employees. Opens the Norwegian public level driven by digital sector. transformation, foc

  8. Slide 8: Recommended voluntary cash offer for 100% of the shares in Zalaris for NOK 100 per share

    Recommended voluntary cash offer for 100% of the shares in Zalaris for NOK 100 per share • Voluntary offer launched on 15 April by Kona BidCo AS, a newly formed entity indirectly owned by Norvestor IX SCSp, for the acquisition of 100% of the shares in Zalaris ASA • The offer is unanimously recommend

  9. Slide 9: Financial review

    02 Financial review 9 © zalaris 2026

  10. Slide 10: Managed Services grew 7.9% YoY in constant currency and delivered adj. EBIT of NOK 48.8m

    Managed Services grew 7.9% YoY in constant currency and delivered an adj. EBIT of NOK 48.8m Managed Services Revenue in Managed Services grew by 6.5% YoY (+7.9% growth YoY when adj. for currency effects) Revenue (NOKm) Adj. EBIT (NOKm) and EBIT% +7% 103% Net Revenue Retention 317,6 299,8 YoY in cons

  11. Slide 11: Zalaris Consulting experienced a decline in revenue after finishing several major implementation projects in 2025

    Zalaris Consulting experienced a decline in revenue after finishing several major implementation projects in 2025 Zalaris Consulting Zalaris Consulting revenue decreased by 18.0% year-over- year (15.5% growth YoY after Revenue (NOKm) Adj. EBIT (NOKm) and EBIT% adjusting for currency fluctuations). -

  12. Slide 12: Profit & Loss

    Profit & Loss 2026 2025* (NOK 1 000) Jan-Mar Jan-Mar Revenue 371 936 370 150 License costs 32 081 28 046 % of revenue 8,6 % 7,6 % Personnel expenses 189 837 181 822 % of revenue 51,0 % 49,1 % Other operating expenses 80 672 88 424 % of revenue 21,7 % 23,9 % Amortisation implementation costs customer

  13. Slide 13: Operating cash flow used to reduce interest-bearing debt resulting in lower interest expenses

    Operating cash flow used to reduce interest-bearing debt resulting in lower interest expenses Development in cash balance since the prior quarter (NOKm) Cash flow from operating activities of -18.0 NOK 11.5m vs. NOK 12.6m last year -9.7 -4.7 -1.5 72.0 -23.6 Down-payment RCF Operating cash flow -3.2

  14. Slide 14: Outlook

    03 Outlook 14 © zalaris 2026

  15. Slide 15: Strong revenue visibility 2026 and onwards – new BPO contracts will add ~NOK 53 million

    Strong revenue visibility 2026 and onwards – new BPO contracts will add ~NOK 53 million** in annual recurring revenue when implemented 337 New BPO contracts to be implemented 133 Revenue 53 will contribute NOK 119m in revenue. development 1 577 Total additional revenue of NOK 53m net of churn*** bas

  16. Slide 16: 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

  17. Slide 17: 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

  18. Slide 18: Conclusion: Starting 2026 maintaining managed services momentum. Clear path to 2028 ambition.

    Conclusion Starting 2026 maintaining managed services momentum. Clear path to 2028 ambition. • Strong start to the year. All-time-high Q1; managed services growth offset consulting slowdown hit revenue & EBIT • Growth and mix Managed Services now ~80% of revenue; expanding contract base improves vis

  19. Slide 19: Q&A

    04 Q&A 19 © zalaris 2026

  20. Slide 20: Thank you

    Thank you © zalaris

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