Slides
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Oslo, 14 November 2025 Q3 2025Reinforcing the core of our value creation journey CEO Sverre FlatbyCFO Einar Bonnevie
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Key Highlights 2 EBITDA Margin Growth Guidance M&A Financials Value Creation
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Key Highlights 3 EBITDA Margin Growth Guidance M&A Financials Value Creation
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EBITDA Margin 30%4
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Key Highlights 5 EBITDA Margin Growth Guidance M&A Financials Value Creation
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Reported Revenue Growth 14%6
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Organic Growth 7%7
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Growth in Reported ARR 15%8
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Growth in Reported Professional Services 27%9
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Key Highlights 10 EBITDA Margin Growth Guidance M&A Financials Value Creation
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2025 Guidance: Revenue and EBITDA 460 - 485 MNOK 11 23 - 27%
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2026 Guidance: Revenue and EBITDA 500 - 525 MNOK 12 28 - 32%
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Key Highlights 13 EBITDA Margin Growth Guidance M&A Financials Value Creation
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Current M&A Pipeline >400 targets 01020304050607080 Qualified TargetsUnder AnalysisEarly discussionsActive Dialogue 14
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Inorganic Growth Target 2026 and Beyond 10 - 20%15
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Key Highlights 16 EBITDA Margin Growth Guidance M&A Financials Value Creation
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Revenues Q3-24 vs Q3-25 17 -15 000 5 000 25 000 45 000 65 000 85 000 105 000 125 000 Q3 2024 Q3 2025Recurring Software RevenueProfessional ServicesLicense salesHardwareOther operating incomeGovernment grants R&D (Skattefunn)
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Recurring- more than software•A large part of our Professional Services are also recurring–In the past, we have referred to this as “semi recurring”•Taking a closer look:–92% of customers in Q3 were also customers 12 months ago–86% of customers YTD were also customers 12 months ago–We can view these customers as “recurring”•Applying this logic, we get a very different perspective on “recurring” 18
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Real recurring YTD per 3Q-2025: 94% 19 Recurring Recurring PS Non recurring PS License Sales Hardware/Other 0 % 20 % 40 % 60 % 80 % 100 % 120 %
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M&A: Impact on margin•Quick recap: BiB(Buy –integrate–Build)–12-18-24 months –Omda’s focus is on Turn-Around or Turn-Better acquisition candidates•Last three acquisitions are all in this category:–Predicare–Dermicus–Aweria•Acquired Q4/24, effective closing Q1/25–6 to 9 months have passed–All three still in BiB phase 1 mode–Target #1: Reach break even+20
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M&A: Impact on margin•Quick recap: BiB(Buy –integrate–Build)–12-18-24 months –Omda’s focus is on Turn-Around or Turn-Better acquisition candidates•Last three acquisitions all in this category:–Predicare–Dermicus–Aweria•Acquired Q4/24, effective closing Q1/25–6 to 9 months have passed–All three still in BiB phase 1 mode–Target #1: Reach break even+22
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M&A diluted YTD EBITDA-margin by ~2% 23 0% 5% 10% 15% 20% 25% 30% 050100150200250300350400450500 2025YTDEx M&A M&AsTotal SalesEBITDAEBITDA-%
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M&A dilution effect on Q3: 3% 24 0% 5% 10% 15% 20% 25% 30% 35% 020406080100120140160180 Q3-reported Q3-ex M&ATotal SalesEBITDAEBITDA-%
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Why do we acquire sub–perfoming businesses? •Over the next 12-18 months we will bring these acquired businesses up to the same level as the rest of the business•Initial underperformance is part of the business case•All the other 15 acquisitions have been similar•For the long-term investor, this strategy makes a ton of sense•This is probably where Omda differentiates from the typical serial acquirer or compounder–But buying TAoTB candidates is a core element of our M&A strategy–We buy the potential of the future, not the performance of the past25
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Cash and reserves per Q3-25 26 Cash RCF Own shares 0 20 000 000 40 000 000 60 000 000 80 000 000 100 000 000 120 000 000
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Key Highlights 27 EBITDA Margin Growth Guidance M&A Financials Value Creation
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Value creation opportunities- longer term thinkingThree main components:1.Persex 2.Continued margin expansion3.Capex compression…coupled with organic growth of 5-10% per annum and continued M&A 28
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C O N F I D E N T I A L •Stronggrowthin revenues•Severalacquisitions•PersExgrewwithrevenues•Turning pointin 2022•PersExtrendingdown•Target 50% of total revenue Continued margin expansion- PersEx 29 35% 40% 45% 50% 55% 60% 65% 70% - 100 000 200 000 300 000 400 000 500 000 600 000 20182019202020212022202320242025RevenuePersEx reported-%
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Continued margin expansion- COGS and Other cost•Target COGS: 5% of sales–Per Q3 YTD at ~6%•Current target Other Cost: 15% of sales–Per Q3 YTD at ~13% of sales –Revised target: 10% of sales–Driven by cost reductions and growth•The combined efforts contribute to a margin expansion–4% of 500 MNOK = 20 MNOK in increased cash earnings30 3,0 %3,5 %4,0 %4,5 %5,0 %5,5 %6,0 %6,5 %7,0 %7,5 % 5 6005 8006 0006 2006 4006 6006 8007 0007 2007 400 Q3-23Q3-24Q3-25 KNOK COGSCOGS-%
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COGS 2018-2024 in % of revenue 31 3% 5% 7% 9% 11% 13% 15% 17% 2018201920202021202220232024COGSLinear (COGS)
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CAPEX 2018-2024 in % of revenue 32 0% 2% 4% 6% 8% 10% 12% 14% 16% 2018201920202021202220232024CapexLinear (Capex)
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C O N F I D E N T I A L •Capex has come down from 14% in 2018 to 9% in 2024•This trend should continue•Increased development efficiency following decentralisation, homesourcing and use of AI•Long term target is 5% of total revenue Capex compression 33 0 5 10 15 20 25 30 35 202520262027202820292030 % Capex Compression EBITDACCapexEBITDA
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35 Q&A