Carasent : Q2 2024 Presentation

Interim report Q2

12 July 2024

Driving efficiency and quality in the world of care

Agenda

1 Highlights Q2

Todays presenters

2 Company update

3 Financial update

Daniel Öhman	Svein Martin Bjørnstad
CEO	CFO

Highlights Q2	3

Update

• New agreement with Frelsesarmeen for Ad Curis - all products, except for Ad Opus, already have or have now secured strong growth going forward
• The relisting process continues with aim of first day of trading in Stockholm in Q4
• High one time costs related to potential bid from EG, relisting and acquisition project in Germany

Growth

• Signed not implemented ARR amounts to NOK 17m
• 15% organic recurring revenue growth

Profitability

• Close to breakeven on cash profitability, including Webdoc X
• Significant YoY improvements
• Cash flow positive in Q2 and H1

Track record of growth	4

Adj. EBITDA margin

	Adj. EBITDAC margin1														✓
	Revenue										✓
													63		65	67	66
									✓
											60
								✓			57
													56
						✓
								45	47	47
					✓
						40
						37
					32
				28
		18	20
16	17				36%		31%
				40%		28%
					27%	23%							16%
				33%					15%					12%
		36%	34%										10%
35%	31%									9%
	13%							8%	8%
20%	14%		6%
9%	9%	7%
												-2%
							-7%
							-10%		-12%						-7%
												-12%
									-18%				-13%
												-18%
											-28%	-30%
Q1-20	Q2-20	Q3-20	Q4-20	Q1-21	Q2-21	Q3-21	Q4-21	Q1-22	Q2-22	Q3-22	Q4-22	Q1-23	Q2-23	Q3-23	Q4-23	Q1-24	Q2-24

1: Defined as EBITDA less capitalized development expenses

Scaling into the cost base	5

Significant improvement through cost efficiencies and growth

Revenue growth is the key to drive margins going forward

2

1

7

54

+3 million

4

5

61

Q2-23	Q2-24
Recurring revenues	Confrere
Consulting & other	Signed not implemented ARR

	+10 million	4
	-4	-1
-11
Q2-23		Q2-24

Adj. EBITDA - capex1 Adj. EBITDA - capex excl. Webdoc X

1. Defined as EBITDA less capitalized development expenses
2. Excl. Confrere

Financial performance Q2 2024	6

Well functioning base with strong scalability

Ambition to keep costs flat and accelerate growth

NOK 10m EBITDAC from operations

HPI & Ad Opus with significant improvements YoY

Divestment of Confrere cleans up structure and lets us focus

	Operations
NOKm	(excl. HPI,	HPI & Ad Opus	WDX	HQ	Group
	Ad Opus)
Total revenues	58	8	0	-	66
Share of revenue	87%	12%	0%	nm	100%
Organic recurring growth	16%	7%	nm	nm	15%
Adj. EBITDA
Q2 2024	15	2	-1	-5	10
Q2 2023	13	1	0	-8	6
Margin 2024	25%	27%	nm	nm	16%
Margin 2023	20%	16%	nm	nm	8%
Adj. EBITDA - capex
Q2 2024	10	0	-6	-5	-1
Q2 2023	7	-3	-7	-8	-11
Margin 2024	17%	-4%	nm	nm	-2%
Margin 2023	12%	-47%	nm	nm	-15%

Journey Ahead and Q1 Highlights	7

Strong organic

growth

Efficient use of

resources

Launch Webdoc X

• 15% organic growth in recurring revenues in Q2 and 17 MNOK ARR backlog
• Continue to develop our sales model and increase traction for Ad Opus' and HPI's new products
• Deliver new development on time
• Continuous efficiency gains
• Additional cost savings - during Q2 we continued to move from consultants to employed
• Optimize operating cost base - procurement and prioritization
• Development focus on certifying for Germany - most likely in Q1
• Many discussions with possible pilots, acquisition targets and collaboration partners

Strong foundation of mission critical solutions with minimal churn in a

growing and non-cyclical industry

Financial update

Q2 2024

Carasent Capital Market Day 2023

Carasent - Q2 financial highlights	9

66

15%

16%

Million revenue	Organic recurring	Adj. EBITDA margin
Q2 2024	revenue growth

254	111%	-2%
Million signed ARR per	Net retention rate	Adj. EBITDA - capex
Q2 2024		margin

20% organic growth in signed ARR	10

Sales initiatives starting to pay off - strong growth in revenue backlog

	Implemented ARR	Signed, not implemented ARR	Fx
		+20%
				256	254
				17	17
	22	5	9
215	-2%	+4%
2
	+11%
					3
Q2'23 ARR	Net upsale	Churn	New customers	Q2'24 ARR	Q2'24 ARR
(excl. Confrere)				(constant	(actual)
				currency)

• Significant uptick in recurring revenue growth
• Transaction add-ons are lower in June
• Large contracts not yet implemented
• Signed not implemented ARR of NOK 17m vs. 2m Q2 2023