Slides
Page 1
Driving efficiency and quality in the world of care Interim report Q4 12 February 2026
Page 2
1 Company update 2 Financial update Todays presenters Agenda Daniel Öhman CEO Svein Martin Bjørnstad CFO
Page 3
3 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 128 Q3 21 154 168 179 195 220 233 240 245 250 254 261 275 294 311 329 Q4 25 344 137 Recurring revenue Consulting & other LTM quarterly revenue SEKm Rapidly improving financials Sticky SaaS business model 331m Contracted ARR Q4 2025 15% Organic ARR growth 25% EBITDA margin Q4 2025 >90% Recurring revenues 3% Churn 110% Net revenue retention Fast growing and highly recurring EHR business
Page 4
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 organic growth Profitability ▪ EBITDAC margin of 16%
Page 5
Performance in line with targets 5 SEKm 2024A 2025 Outcome 2025 Targets Revenue 275 344 About 345-350 EBITDA 12 73 About 75 EBITDA – capex -30 34 About 35 ▪ Performance in line with updated targets ▪ Revenue within range with same fx as in H1 (345) ▪ Strong year over year improvements ▪ We aim to continue converting a high degree of our growth to EBITDAC
Page 6
AI update 6 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; ▪ Important to take a measured approach and maintain high quality and fulfill legal requirements in our sector, we cannot have disruptions to our services. New revenue opportunities ▪ We are continuously adding AI functionality across our products, enabling our customers to help more patients. Our AI scribe MedSum is the first substantial example of this; ▪ Given the slow-moving and sticky nature of our industry, we do not need to be ‘first’. Instead, we can be a fast - follower offering AI tools that are truly appreciated by the customer. Defendable market position ▪ EHR systems are mission critical platforms with countless integrations, numerous workflows, tough legal requirements and are painful to swap. Our sector doesn’t like change and the EHR cost is only 1 -2% of our customers’ revenue; ▪ Given our strong and sticky customer relationships we are very well positioned to capitalize on the AI trend by delivering new adjacent tools to our customers, while making our R&D more efficient. Carasent has a very sticky and defendable market position, and we see AI being net positive for us over the coming years
Page 7
Strong organic growth • Growing and strengthening sales and marketing in Sweden and Germany • Many long development projects and new functionality reaching the market Journey Ahead Strong foundation of mission critical solutions with minimal churn in a growing and non-cyclical industry 7 Launch Webdoc X • Finalize for therapists and then add functionality for doctors • Roll out and get the growth going Efficient use of resources • Continuous efficiency gains, everyday getting a bit better • Cost control through prioritization and diligent financial follow up
Page 8
Financial update Q4 2025 Carasent Capital Market Day 2023
Page 9
Carasent – Q4 financial highlights 331 Million contracted ARR per Q4 2025 110% Net retention rate 16% EBITDA – capex margin 15% Organic ARR growth (constant fx) 14% ARR growth 25% EBITDA margin 9
Page 10
18 Q4’24 ARR (constant currency) 37 Net upsale 9 Churn 14 New customers 5 Q4’25 ARR 302 331 15% organic ARR growth Carasent Capital Market Day 2023 Ending Q4 at a good pace with 15% organic ARR growth +13% 10 -3% +5% Implemented ARR Signed, not implemented ARR 15% +56% vs 9m last year
Page 11
Strong improvements YoY 11 ▪ Growth boosted by consulting revenues ▪ Gross profit lower because of one-time revenue in Germany ▪ Cost base is positively affected by grant in Norway in Q4 (as we had expected) ▪ Adjusted margin improvement of 10 percentage points (36 pp reported) SEKm Q4 2025 Q4 2024 YoY growth FY 2025 FY 2024 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 Revenue 93.6 78.7 19 % 343.8 275.3 COGS -17.0 -12.8 -54.8 -42.5 Gross profit 76.6 65.9 16 % 289.0 232.7 Gross profit margin 82 % 84 % 84 % 85 % Personnel expenses -41.1 -39.3 -165.4 -139.9 Other operating costs -11.7 -35.3 -50.3 -81.1 EBITDA 23.8 -8.7 -373 % 73.3 11.6 EBITDA margin 25 % -11 % 21 % 4 % Non-recurring expenses 0.0 20.4 0.0 30.6 Adj. EBITDA 23.8 11.7 103 % 73.3 42.2 Adj. EBITDA margin 25 % 15 % 21 % 15 % Capitalized development -9.2 -8.1 -39.6 -41.4 EBITDA - capex 14.5 -16.8 nm 33.7 -29.8 EBITDA - capex margin 16 % -21 % 10 % -11 % 1 2 3 4
Page 12
245 243 Q4 2023 236 Q1 2024 231 Q2 2024 231 Q3 2024 229 Q4 2024 229 Q1 2025 234 Q2 2025 234 Q3 2025 Q4 2025 344m 231 Scalability over time 12 Keeping costs flat while growing revenues LTM development of cash cost base (adjusted for one-offs) Flat cost base LTM Revenue: LTM revenues LTM opex & capex organic LTM opex & capex M&A COGS
Page 13
Strong operating cash flow 13 SEKm Q4 2025 Q4 2024 FY 2025 FY 2024 Revenue 93.6 78.7 343.8 275.3 Reported EBITDA 23.8 -8.7 73.3 11.6 Change in working capital -3.2 25.0 -32.9 26.1 Operating cash flow 20.6 16.3 40.4 37.7 Share of revenue 22 % 21 % 12 % 14 % Investments in tangible and intangibles -10.0 -8.6 -40.9 -42.9 Free cash flow 10.6 7.7 -0.5 -5.2 Share of revenue 11 % 10 % 0 % -2 % Acquisition of Data-AL 0.0 -89.1 0.0 -89.1 Share buybacks -39.3 0.0 -108.4 0.0 Other investments and financing cash flow -4.6 -3.0 -15.2 -11.2 Total change in cash -33.3 -84.5 -124.1 -105.5 Cash end of period 139.5 263.6 139.5 263.6 ▪ Working capital headwinds during 2025, driven by certain effects: ▪ Relisting cost paid in Q1 (cost taken in 2024) ▪ A large customer with delayed payment of annual invoice (10m), this was paid in January ▪ High consulting revenues invoiced in December, which increased receivables ▪ Normally, working capital is supportive for cash flow given upfront invoicing ▪ Share buy-back program affect net change is cash
Page 14
Q&A