Slides
Page 1
Driving efficiency and quality in the world of care Interim report Q3 15 October 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 Q4 25 Q1 26 Q2 26 128 137 154 168 179 195 220 233 240 245 250 254 Q3 21 275 294 311 329 261 349 364 Q3 26 390 344 Recurring revenue Consulting & other LTM quarterly revenue SEKm Rapidly improving financials Sticky SaaS business model 424m Contracted ARR Q3 2026 14% Organic ARR growth 25% EBITDA margin Q3 2026 >90% Recurring revenues 3% Churn 110% Net revenue retention Fast growing and highly recurring EHR business
Page 4
Highlights Q3 4 Update ▪ Strong sales to both new customers and add-on services, including Falck Norway and Frelsesarmeen ▪ Infosolutions developing strongly ▪ Germany entering a new phase Growth ▪ Contracted ARR of SEK 424m, 29% growth YoY ▪ 14% organic ARR growth and 12% organic revenue growth Profitability ▪ EBITDAC of SEK 21m, margin of 20% (15%)
Page 5
Medsum – strong traction 5 Adoption ▪ Medsum, our AI assistant, automatically drafts clinical notes from the patient consultation ▪ Close to 400 active users at the end of September ▪ Around 300 paying users, up from 13 in January ▪ Customers are satisfied and report significant time savings – supports a higher roll-out pace ▪ Very limited churn so far Outlook ▪ Significant new LLM-based documentation functionality to be launched during the autumn ▪ MDR certification of the AI support planned for this year – will be extra cost in Q4 ▪ Aiming to get test users at as many clinics as possible ~400 Active users Key metrics ~300 paying users SEK 3m ARR Jan Feb Mar Apr May Jun Jul Aug Sep Medsum users per month
Page 8
Germany: behind plan, stepping up 8 Where we are ▪ Revenue down 10% yoy due to higher churn ▪ Webcur launch delayed, slower ramp-up than planned ▪ Reduced group adj. EBITDAC by ~SEK 3m in Q3 Why we believe in Germany ▪ Large fragmented market with huge potential ▪ Webcur is a modern cloud product ▪ Data-AL gives us customers, sales and support locally Stepping up ▪ New CEO in place since September ▪ Sales and marketing push from Q4 ▪ Modernizing legacy product Key metrics 20% 25% Group Excl. Germany EBITDAC margin Q3 2026 12% 15% Group Excl. Germany Organic revenue growth Q3 2026
Page 9
Strong organic growth Journey Ahead Strong foundation of mission critical solutions with minimal churn in a growing and non-cyclical industry 9 Launch Webcur Efficient use of resources
Page 10
Financial update Q3 2026
Page 11
Carasent – Q3 financial highlights 424 Million contracted ARR per Q3 2026 110% Net retention rate 20% EBITDAC margin 14% Organic ARR growth (constant fx) 29% ARR growth 25% EBITDA margin 11
Page 12
Strong improvements YoY 12 ▪ 32% revenue growth, 12% organic growth ▪ InfoSolutions dilutes gross margin slightly ▪ Cost increase from InfoSolutions and lower capitalized development ▪ EBITDAC margin up 5 percentage points and 75% growth ▪ Q4: no holiday effects, extra costs and a strong quarter as comparison 1 2 3 4 SEKm Q3 2026 Q3 2025 YoY growth YTD 2026 YTD 2025 Subscription based 84.4 67.2 26 % 234.2 196.9 Transaction based 14.0 10.3 36 % 41.9 33.9 Consulting and other 9.7 4.7 106 % 20.1 19.4 Revenue 108.2 82.2 32 % 296.3 250.3 COGS -17.4 -12.0 -47.7 -37.9 Gross profit 90.8 70.2 29 % 248.6 212.4 Gross profit margin 84 % 85 % 84 % 85 % Personnel expenses -46.1 -35.8 -140.3 -124.3 Other operating costs -17.2 -10.8 -47.8 -38.6 EBITDA 27.5 23.6 17 % 60.5 49.6 EBITDA margin 25 % 29 % 20 % 20 % Non-recurring expenses 0.0 0.0 4.2 0.0 Adj. EBITDA 27.5 23.6 17 % 64.7 49.6 Adj. EBITDA margin 25 % 29 % 22 % 20 % Capitalized development -6.0 -11.3 -24.3 -30.3 Adj. EBITDAC 21.4 12.2 75 % 40.4 19.2 Adj. EBITDAC margin 20 % 15 % 14 % 8 % 5
Page 13
Q325 ARR (constant currency) 42 Net upsale 9 Churn 13 New customers 8 373 Q3’26 ARR organic 44 Q3’26 ARR 416 8 M&A 339 380 424 12 14% organic ARR growth Ending Q3 at a good pace with 14% organic ARR growth +13% 13 -3% +4% Implemented ARR Signed, not implemented ARR 14%
Page 14
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 231 Q4 2025 229 Q1 2026 229 Q2 2026 Q3 2026 232 390m Scalability over time 14 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 15
Working capital seasonally weak 15 ▪ Seasonally weak Q3, strong cash flow YTD: ▪ Operating cash flow of SEK 5m, working capital SEK -22m (Q3 2025: SEK -21m) ▪ SEK 74m operating cash flow YTD, 25% of revenue ▪ SEK 48m free cash flow YTD incl. capex ▪ No share buybacks in the quarter, SEK 40m repurchased YTD ▪ Cash position of SEK 47m at the end of the quarter SEKm Q3 2026 Q3 2025 YTD 2026 YTD 2025 Revenue 108.2 82.2 296.3 250.3 Reported EBITDA 27.5 23.6 60.5 49.6 Change in working capital -22.0 -21.1 13.2 -29.7 Operating cash flow 5.5 2.5 73.7 19.8 Share of revenue 5 % 3 % 25 % 8 % Investments in tangible and intangibles -6.2 -11.5 -25.5 -31.0 Free cash flow -0.7 -9.0 48.3 -11.1 Share of revenue -1 % -11 % 16 % -4 % Acquisition of InfoSolutions 0.0 0.0 -92.0 0.0 Share buybacks 0.0 -69.2 -39.6 -69.2 Other investments and financing cash flow -3.6 -3.8 -9.0 -10.5 Total change in cash -4.3 -82.1 -92.4 -90.8 Cash end of period 47.1 172.7 47.1 172.7
Page 16
Q&A