Zalaris Asa · OSL:ZAL
Zalaris Asa — Deutsches Eigenkapitalforum 2025
20 slides from Zalaris Asa's conference presentation, Nov 25, 2025
Slide 1: Zalaris ASA Investor Presentation Deutsches Eigenkapitalforum 2025
25 November, 2025 Zalaris ASA Investor Presentation Deutsches Eigenkapitalforum 2025 © zalaris 2025
Slide 2: Payroll & HR solutions that enable digital organizations
Payroll & HR solutions that enable digital organizations One global IT platform with local presence Geographical footprint Zalaris is a leading European provider of global payroll and human capital management solutions delivered through software as a service, outsourcing, or consulting delivery mode
Slide 3: Services delivered by two integrated business units with recurring revenues
Services delivered by two integrated business units with most revenues being recurring of nature Managed services (MS) Zalaris Consulting (ZC) Zalaris’ cloud solution and comprehensive payroll and HR outsourcing services Consulting services including delivery of traditional consulting projects as we
Slide 4: State-of-the-art global HR and payroll SaaS platform
State-of-the-art global HR and payroll Saas platform unifying payroll and HR Master Data A global multi-country payroll platform built on SAP payroll engine ensures cost-effective expansion Zalaris PeopleHub transactional HR platform External HR Robust and scalable platform with Systems SAP HXM as t
Slide 5: Diversified and large customer base comprising blue-chips across multiple industries
Diversified and large customer base comprising blue- chips across multiple industries Managed Services Zalaris Consulting Private and public >1,000 employees >2 countries Software agnostic >1,000 employees SAP integration sector North Rhine- Westphalia Deutschland Bank, Insurance & Financial service
Slide 6: Strong financial momentum with revenue growth, increased profitability, and strong cash flow
Strong financial momentum with revenue 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 Q3 Q3 Q
Slide 7: Significant European player with Germany largest and fastest growing market
Significant European player with Germany largest and fastest growing market facing unit Revenue per country YTD Q3 2025 (%) Other Australia 8% 4% UK 5% Germany 33% Poland 6% Finland 8% 8% Denmark 18% 10% Norway Sweden © zalaris 2025
Slide 8: Strong revenue visibility through 2025/26 - new BPO contracts
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) Total annual revenue expected to increase by ~NOK 218m (+16%) vs. FY 2024 by Q4’26, based on 347 already signed
Slide 9: Refinanced EUR 40 million bond loan with a Revolving Credit Facility
Refinanced EUR 40 million bond loan with a Revolving Credit Facility, reducing financing costs significantly Zalaris’ EUR 40 million publicly traded bond loan was fully redeemed on 14 November, financed though a new EUR 40 million, 3+2-year Revolving Credit Facility with a commercial bank Lower fina
Slide 10: Market and Competition
Market and Competition © zalaris 2025
Slide 11: The market for HR business process outsourcing is expected to continue its strong growth
The market for HR business process outsourcing is expected to continue its strong growth Market growth expectations Comments Market size, USDbn Managed services market size breakdown Attractive market with strong 12.7 CAGR, % growth outlook across both 17.4 2021-26 managed and professional 5.2 servi
Slide 12: Global HR Market Size and Growth
Global HR Market Size and Growth HR Transformation Services - Estimated Market Size by Region ($bn) fetes os $10.30 03 m North America a 36 EMEA wAPAC mLATAM 2024
Slide 13: Zalaris is the MCP provider of choice for enterprise customers in Northern Europe
Zalaris is the MCP provider of choice for enterprise customers in Northern Europe Overview of competitive landscape (mgmt. assessment) Why Zalaris win High Safe- Active BDO TMF guard payroll Ceridian Customers needing one common IT Strada global solution to be integrated with Global SD Worx ADP HR s
Slide 14: Well-positioned to support European leaders globally
Well-positioned to support European leaders globally Zalaris’ addressable market has increased significantly with global opportunities Low-cost (capex) effort to support global accounts through established partner ecosystem for PeopleHub implementation and operation in larger GEOs (and full long-tai
Slide 15: Outlook
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Slide 16: Zalaris is well-positioned to benefit from macroeconomic uncertainties
Zalaris is well-positioned to benefit from macroeconomic uncertainties 2025 presents a complex global landscape, including growing macroeconomic uncertainties Business model anchored in long-term contracts delivering essential services like payroll Value proposition delivering cost savings and strat
Slide 17: Reaffirmed SAP partnership with new long-term agreement to migrate PeopleHub
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 18: Delivering NOK 1.5bn target for 2026 one year early; targeting NOK 2bn by 2028
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 HR Outsourcing NOKm 1 services to th
Slide 19: Zalaris' Investment Case
Zalaris’ Investment Case Strong market position through PeopleHub As a leading provider in the multi-country segment, we hold prime positions in the most attractive segments of the payroll services market Scalable operating model with a predictable recurring revenue base ~80% recurring or recurring-
Slide 20: Thank you
Thank you Simplify work life. Achieve more.