Interim report
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1 Quarterly report Q3 2026
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22 The period in summary Q3 2026 highlights ▪ Net sales amounted to SEK 108.2 (82.2) million, corresponding to a net sales growth of 32%. ▪ Organic growth amounted to 12% at constant currency. ▪ EBITDA amounted to SEK 27.5 (23.6) million, corresponding to an EBITDA margin of 25% (29%). ▪ Adjusted EBITDA margin amounted to 25% (29%). ▪ Operating result, EBIT, amounted to SEK 9.1 (7.2) million. ▪ Cash flow from operating activities amounted to SEK 5.5 (2.5) million. ▪ Profit after tax amounted to SEK 10.3 (14.1) million. ▪ Earnings per share, before and after dilution, amounted to SEK 0.15 (0.20). YTD Q3 2026 highlights ▪ Net sales amounted to SEK 296.3 (250.3) million, corresponding to a net sales growth of 18%. ▪ Organic growth amounted to 10% at constant currency. ▪ EBITDA amounted to SEK 60.5 (49.6) million, corresponding to an EBITDA margin of 20% (20%). ▪ Adjusted EBITDA margin amounted to 22% (20%). ▪ Operating result amounted to SEK 8.1 (1.7) million. ▪ Cash flow from operating activities amounted to SEK 73.7 (19.8) million. ▪ Profit after tax amounted to SEK 10.5 (5.6) million. ▪ Earnings per share, before and after dilution, amounted to SEK 0.15 (0.08). MSEK Q3 2026 Q3 2025 Jan-Sep 2026 Jan-Sep 2025 ARR 416 323 416 323 Organic ARR growth 14% 16% 14% 16% Net retention 110% 111% 110% 111% Churn -3% -3% -3% -3% Revenue 108.2 82.2 296.3 250.3 - of which subscription based 84.4 67.2 234.2 196.9 - of which transaction based 14.0 10.3 41.9 33.9 - of which consulting & other 9.7 4.7 20.1 19.4 Gross profit 90.8 70.2 248.6 212.4 Gross margin 83.9% 85.4% 83.9% 84.9% Reported EBITDA 27.5 23.6 60.5 49.6 Non-recurring costs 0.0 0.0 4.2 0.0 Adjusted EBITDA 27.5 23.6 64.7 49.6 Adjusted EBITDA margin 25% 29% 22% 20% Net operating income 9.1 7.2 8.1 1.7 EBIT margin 8% 9% 3% 1% Reported EBITDAC 21.4 12.2 36.2 19.2 Reported EBITDAC margin 20% 15% 12% 8% Adjusted EBITDAC 21.4 12.2 40.4 19.2 Adjusted EBITDAC margin 20% 15% 14% 8% Net income 10.3 14.1 10.5 5.6 Earnings per share 0.15 0.20 0.15 0.08 Cash flow from operating activities 5.5 2.5 73.7 19.8 Free cash flow, excl. acquisitions and interest -0.7 -9.0 48.3 -11.1 Cash balance 47 173 47 173 # of shares end of period (EoP) 70.3 72.3 70.3 72.3 # of shares end of period (EoP) (excl own shares) 67.4 69.9 67.4 69.9 Number of employees 231 196 231 196
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33 Letter To our shareholders In the third quarter, we continue to grow with good profitability. Organic ARR growth amounted to 14%, with the Nordics growing well while Germany diluted the growth. EBITDAC landed at just over SEK 21 million, a margin of 20% and an improvement of SEK 9 million compared with the same quarter last year. The third quarter is seasonally strong for us as the summer holidays lower personnel costs, but the improvement still shows that our business continues to scale, while Infosolutions is contributing strongly. We had good sales in the quarter, both to new and existing customers. For example, Falck Norge has chosen Metodika, an agreement worth approximately SEK 2-3 million in ARR starting in January 2027, and Frelsesarmeen has expanded its agreement with Ad Curis by a further SEK 1 million in ARR. Our signed but not yet implemented ARR has thereby increased to SEK 8 million. Infosolutions is developing very positively. Following the measures we implemented in connection with the acquisition, profitability is already in line with the group’s margin, and that is before the price increases have had any effect. They take effect at the turn of the year. In Germany, progress is slower than we had planned. Revenue from the old Data-AL products is declining and the launch of Webcur has taken longer than expected, which together weigh on the group’s results. We continue to strongly believe in Webcur and the German market. With a new CEO in place since September and new salespeople, we are now significantly stepping up our sales and marketing. Medsum, where we use AI to automatically suggest journal notes, has become our most important add-on in Webdoc in terms of sales and continues to grow rapidly. Despite the summer months, the number of paying users increased from around 200 to just over 300 during the quarter, and including those testing the service, we now have close to 400 users. We aim to continue the roll -out at a high pace. The new user interface in Webdoc, with AI built into the entire workflow, will start rolling out around the turn of the year. We will then begin to capture all actions that the clinician and patient agree on, such as sick leave, prescriptions and follow-up visits. AI agents then automatically create structured suggestions directly in the medical record system, with full access to the patient’s context. The goal is to drastically reduce the administrative time for our users. The cost level will be higher in the fourth quarter than in the third. This is partly because the holiday period is over and partly because we are deliberately investing for long-term growth. We are increasing our investment in sales and marketing in Germany and carrying out the MDR certification of Medsum (EU certification of medical devices), while AI costs are growing in line with usage. With good sales in the Nordics and a profitable Infosolutions, we have a strong foundation for these investments, and I look forward with enthusiasm to the rest of the year. Daniel Öhman CEO
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44 Group development Revenue Revenue Revenue amounted to SEK 108.2 million in the third quarter of 2026, an increase of 32% compared to SEK 82.2 million in the third quarter of 2025. Sales growth was driven by organic growth of 12% (constant currency) and the acquisition of Infosolutions Sverige AB, which was consolidated from the beginning of June 2026. The organic growth was driven by recurring revenue growth. Revenues amounted to SEK 296.3 million during January - September 2026, an increase of 18% compared to SEK 250.3 million in the corresponding period in 2025. Revenue per category Subscription-based revenue increased by 26% year-over-year to SEK 84.4 million. Transaction-based revenue increased by 36% year-over-year to SEK 14.0 million. Consulting and other revenue increased by 106% to SEK 9.7 million in the third quarter of 2026. Our focus remains on generating long-term recurring revenue. Annual recurring revenue (ARR) growth of 29% ARR grew to SEK 416 million (323) in the third quarter of 2026, corresponding to a growth of 29% compared to the same quarter last year. Organic ARR growth was 14% (constant currency). 229 255 323 416 Q3 2023 Q3 2024 Q3 2025 Q3 2026 Quarterly ARR (MSEK)
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55 Earnings Gross profit Gross profit amounted to SEK 90.8 million in the third quarter of 2026, an increase of SEK 20.6 million or 29% year-over-year. The increase in gross profit is attributed to revenue growth of 32% year-over-year. Gross margin decreased by 1.5 percentage points to 83.9% in the third quarter of 2026 compared to 85.4% in the third quarter of 2025. Gross profit amounted to SEK 248.6 million for January to September 2026, an increase of 17% compared to SEK 212.4 million for the same period in 2025. EBITDA Earnings before depreciation and amortization (EBITDA) amounted to SEK 27.5 million in the third quarter of 2026, compared to SEK 23.6 million in the third quarter of 2025, where the margin was 25% compared to 29% in the same quarter last year. The lower margin is explained by lower capitalized development work, SEK 6.0 million compared to SEK 11.3 million in the third quarter of 2025. EBITDAC increased to SEK 21.4 million compared to SEK 12.2 million, corresponding to a margin of 20% compared to 15%. No adjustments were made in the third quarter of 2026 or 2025, which is why adjusted EBITDA corresponds to reported EBITDA. Personnel costs amounted to SEK 46.1 million in the third quarter of 2026, an increase of 29% compared to the same quarter last year. The increase was partly driven by the acquisition of Infosolutions and of lower capitalized development work during the quarter. Operating profit Earnings before interest and tax (EBIT) amounted to SEK 9.1 million in the third quarter. Adjusted earnings before interest and tax (Adjusted EBIT) amounted to SEK 12.3 million compared to SEK 9.5 million in Q3 2025. Adjusted EBIT is adjusted for PPA-related depreciation of SEK 3.2 million. EBIT amounted to SEK 8.1 million for the period January – September 2026 compared to SEK 1.7 million for the corresponding period in 2025. Adjusted for non-recurring items and PPA-related depreciation, EBIT for the period January – September 2026 amounted to SEK 20.2 million compared to SEK 8.8 million for the same period in 2025. Profit after tax Profit after tax was a profit of SEK 10.3 million for the third quarter of 2026, compared to a profit of SEK 14.1 million for the third quarter of 2025. For the period January - September, the result was a profit of SEK 10.5 million in 2026, compared to a net profit of SEK 5.6 million in the same period in 2025.
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66 Cash flow Cash flow from operating activities Cash flow from operating activities amounted to SEK 5.5 million in the third quarter of 2026, compared to SEK 2.5 million in the same period last year. Cash flow from operating activities amounted to SEK 73.7 million for the period January-September 2026, compared to SEK 19.8 million for the same period in 2025. Investments Cash flow from investments amounted to SEK -6.2 million in the third quarter of 2026, compared to SEK -10.5 million in the same period last year. Investments in tangible and intangible assets amounted to SEK -6.2 million in the third quarter of 2026. Investments in property, plant and equipment amounted to SEK 0.2 million in the third quarter. Capitalized development amounted to SEK 6.0 million (11.3), a decrease of 47% compared to the third quarter of 2025. Capitalized development of SEK 2.8 million (8.8) was related to the expansion of our existing markets. This included the development of existing and future products in our existing markets. Capitalized development costs related to new initiatives amounted to SEK 3.2 (2.5) million in Q3 2026. The new initiatives only include the development of Webcur. Cash flow from financing activities amounted to SEK -4.1 million in the third quarter of 2026 and SEK -73.7 million in the third quarter of 2025. The net change in cash and cash equivalents amounted to SEK -4.3 million in the third quarter of 2026 and amounted to SEK -82.1 million in the same period last year. Cash and cash equivalents Cash and cash equivalents amounted to SEK 47.1 million at the end of the third quarter of 2026. MSEK Q3 2026 Q3 2025 Jan-Sep 2026 Jan-Sep 2025 Existing markets 2.8 8.8 13.1 21.2 New initiatives 3.2 2.5 11.2 9.2 Total Capitalized Development 6.0 11.3 24.3 30.3
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77 Significant events during the period Acquisition of Infosolutions On June 9, 2026, Infosolutions Sverige AB and the company's three subsidiaries Keyfo System AB, Swe-Mark Data AB and Healthcare Payment Solutions Sverige AB were acquired. Infosolutions' software connects the healthcare provider's medical record system with laboratories and diagnostics and has for a long time been a central add-on service in Carasent's Swedish products. In 2025, Infosolutions had sales of SEK 67 million, of which approximately SEK 41 million consists of recurring revenue, and an EBITDAC of around SEK 0 million. Carasent believes that Infosolutions has as good margin opportunities as other products in the portfolio and therefore growth and margin targets are maintained for the Group, including Infosolutions. General Meeting At the Annual General Meeting on April 20, 2026, it was resolved to re-elect the Board members Camilla Skoog, Henric Carlsson, Tomas Meerits, Johan Kallblad and Cecilia Lager, and to re-elect Tomas Meerits as Chairman of the Board. Other decisions from the meeting included: • To amend the Articles of Association whereby the limits for the number of shares are changed to a minimum of 50,000,000 and a maximum of 200,000,000. • To authorize the Board of Directors to, with or without deviation from the shareholders' preferential rights, resolve on a new issue of shares in an amount not exceeding 10 percent of the number of outstanding shares in the company as of the date of the Annual General Meeting. • To authorize the Board of Directors to decide on the acquisition and transfer of the company's own shares. The authorization means that the Board of Directors may acquire Carasent shares on Nasdaq Stockholm and that the Board of Directors may dispose of such shares. A maximum number of shares may be acquired so that the company's holding at any time does not exceed 10 percent of all shares in the company. Other information
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88 Cancellation of own shares During May 2026, Carasent AB (publ) has carried out a reduction of the share capital through the cancellation of 2,000,000 own shares, together with a simultaneous bonus issue of SEK 100,000 without the issuance of new shares, in accordance with the resolution of the Annual General Meeting on 20 April 2026. The Swedish Companies Registration Office (Sw. Bolagsverket) registered the resolutions on 19 May. Warrant program The Annual General Meeting resolved to implement a long-term incentive program for senior executives and key employees within the company through the issuance of a maximum of 350,000 warrants. A total of 264,841 warrants were subscribed for. Significant events after the end of the reporting period There are no events after the balance sheet date that need to be made public. Other information Employees At the end of Q3, the number of employees in the Group amounted to 231, a net increase of 35 employees compared to Q3 2025. 131 employees work in research and development (R&D), 21 in sales and marketing (S&M), 17 in Group Management & Administration (G&A) and 62 in operations, delivery and support. Carasent also uses external consultants for individual projects. The parent company The Parent Company's operations are focused on Group-wide management and financing. Apart from Group functions, the Company has no employees at the end of the period. Operating profit in the Parent Company in the third quarter of 2026 amounted to SEK 3.3 million. Cash and cash equivalents amounted to SEK -71.5 million. On January 1, Carasent AB entered into a commission agreement with the wholly-owned subsidiary Medrave Software AB, which means that Medrave Software AB will act as a commissioner and conduct business on behalf of Carasent AB in the future.
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99 Material risks and uncertainties The Group and the Parent Company are exposed to the same risk factors in their operations, which may affect earnings or financial position to a lesser or greater extent. These can be divided into industry- and operation-related risks as well as financial risks. Management's general view of the risks that the business may be affected by is described in the most recently published Annual Report. For a more detailed review of the risk picture, please refer to Carasent's Annual Report for 2025, page 12, where further information about the company's risk factors is presented. Material transactions with related parties As of 30 September 2026, the Parent Company has intra-group loans to Carasent Sverige AB (SEK 100 million), Carasent Norge AS (SEK 15 million) and HPI Health Profile Institute AB (SEK 41 million). The loans are used to avoid external financing. Reporting occasions • Interim report Q4, 2026, to be presented on February 4, 2027
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1010 Consolidated statement of income Financial statement July – September January - September 2026 2025 2026 2025 (SEK 1 000) Note Revenue 108 160 82 196 296 273 250 250 Revenue 2 108 160 82 196 296 273 250 250 Cost of sales (17 373) (12 021) (47 652) (37 861) Gross profit 90 787 70 175 248 621 212 389 Operating expenses Employee compensation and benefits (46 086) (35 842) (140 348) (124 258) Other operational and administrative expenses 3 (17 222) (10 757) (47 763) (38 560) Depreciation and amortization (18 348) (16 337) (52 460) (47 902) Total operating expenses (81 656) (62 936) (240 570) (210 720) Net operating income/(loss) 9 131 7 239 8 051 1 669 Financial items Interest income/(expenses) (492) 438 (440) 2 731 Other financial income(expenses) 954 488 2 255 (3 318) Net financial items 462 925 1 814 (587) Net income/(loss) before income taxes 9 594 8 165 9 865 1 082 Income tax income/(expense) 701 5 952 613 4 538 Net income/(loss) 10 295 14 117 10 478 5 620 Attributable to equity holders of the parent 10 295 14 117 10 478 5 620 Earnings per share: Basic earning per share 0.15 0.20 0.15 0.08 Diluted earnings per share 0.15 0.20 0.15 0.08
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1111 Consolidated statement of comprehensive income July - September January - September 2026 2025 2026 2025 (SEK 1 000) Net Income/(Loss) 10 295 14 117 10 478 5 620 Changes in Translation Differences 9 857 (818) 20 787 (6 645) Items that may be Reclassified Subsequently to the income statement 9 857 (818) 20 787 (6 645) Changes in Translation Differences - - - - Items that will not be Reclassified Subsequently to the Income Statement - - - - Other Comprehensive Income(Loss) for the Period 9 857 (818) 20 787 (6 645) Total Comprehensive Income/(Loss) for the Period 20 152 13 299 31 264 (1 025) Attributable to equity holders of the parent 20 152 13 299 31 264 (1 025)
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1212 Consolidated statement of financial position September 30, December 31, 2026 2025 (SEK 1 000) Note ASSETS Non-Current assets Goodwill 6 601 255 486 852 Customer Relationships 35 350 31 810 Technology 183 396 171 987 Other intangible assets 207 227 Total intangible assets 820 208 690 875 Tools and equipment 4 997 3 366 Right of use assets 21 770 29 241 Total non-current assets 846 975 723 482 Current assets Customer receivables 51 189 54 713 Other receivables 15 324 8 950 Current Tax assets 7 524 4 570 Prepaid expenses 12 677 9 809 Cash and cash equivalents 47 101 139 483 Total current assets 133 815 217 524 TOTAL ASSETS 980 790 941 006
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1313 Consolidated statement of financial position September 30, December 31, 2026 2025 (SEK 1 000) Note LIABILITIES AND SHAREHOLDERS EQUITY Equity attributable to equity holders of the parent Share capital 583 500 Other paid-in capital 4 845 708 872 436 Other reserves 15 646 (5 141) Retained earnings (49 316) (59 793) Total shareholders equity 812 621 808 003 Lease liability 11 539 18 830 Deferred tax liability 10 770 2 472 Total non-current liabilities 22 309 21 302 Current liabilities Accounts payable 17 906 10 195 Contract liability 57 470 45 111 Current lease liability 13 871 13 106 Other current liabilities 15 765 11 851 Accrued expenses 40 848 31 439 Total current liabilities 145 860 111 701 TOTAL LIABILITIES AND EQUITY 980 790 941 006
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1414 Consolidated statement of cash flow July - September January - September 2026 2025 2026 2025 (SEK 1 000) Note Cash Flows from Operating Activities Profit/(loss) Before Tax 9 594 8 165 9 865 1 082 Interest (Income)/Expenses 492 (438) 440 (2 731) Non-cash items 17 409 15 849 50 423 51 219 Change in Accounts Receivable (7 993) (10 344) 15 838 (16 116) Change in Accounts Payable 2 374 (6 818) 5 474 (12 625) Change in Current Assets & Liabilities. (15 493) (2 544) (5 551) 3 316 Income tax Paid (915) (1 403) (2 743) (4 316) Net Cash flows Provided by Operating Activities 5 469 2 468 73 746 19 829 Cash Flows from Investing Activities Investments in Intangible and Tangible Assets (6 210) (11 516) (25 491) (30 951) Acquisition Infosolutions - - (91 961) - Received interest 988 988 4 245 Cash Flows Used in Investing Activities (6 210) (10 528) (116 463) (26 706) Cash Flows from Financing Activities Payment Lease Liability (3 631) (4 064) (10 425) (9 963) Warrant Program - - 991 1 502 Net paid Interest (491) (550) (1 429) (1 514) Buyback of Own Shares - (69 156) (39 649) (69 156) Cash Flows Used in Financing Activities (4 122) (73 771) (50 512) (79 131) Effect of Exchange Rates on Cash and Cash Equivalents 538 (221) 849 (4 818) Net Change in Cash and Cash Equivalents (4 325) (82 052) (92 382) (90 826) Cash and Cash equivalents at Beginning of period 51 427 254 788 139 483 263 562 Cash and Cash Equivalents at End of Period 47 101 172 736 47 101 172 736
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1515 Consolidated statement of changes in equity Other reserves (SEK 1 000) Share capital Other paid-in capital Warrants Outstanding Share based payment reserve Translation Difference Reserves Retained earnings Total Equity Equity December 31, 2024 500 979 365 - - 7 467 (94 463) 892 868 Net Income for the Period - - - - - 34 670 34 670 Other Comprehensive Income/(Loss) - - - - (12 607) - (12 607) Total Comprehensive Income/(Loss) - - - - (12 607) 34 670 22 063 Issued warrants - 1 502 - - - - 1 502 Share Buy Back - (108 430) - - - - (108 430) Equity December 31, 2025 500 872 437 - - (5 141) (59 793) 808 003 Other reserves (SEK 1 000) Share Capital Other paid-in capital Warrants outstanding Share based payment reserve Translation Difference Reserves Retained earnings Total Equity Equity December 31, 2025 500 872 436 - - (5 141) (59 793) 808 002 Net Income/(Loss) - - - - - 10 478 10 478 Other Comprehensive Income/(Loss) for the Period - - - - 20 787 - 20 787 Total Comprehensive Income/(Loss) - - - - 20 787 10 478 31 264 New share Capital 83 (83) - - - - - Warrants issued - 991 - - - - 991 Share buyback - (39 649) - - - - (39 649) Share payment for acquisition - 12 013 - - - - 12 013 Equity September 30, 2026 583 845 707 - - 15 646 (49 315) 812 621
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1616 Statement of income The parent company July - September January - September 2026 2025 2026 2025 (SEK 1 000) Revenue - - - - Other Revenue 10 307 5 703 28 505 16 428 Total Revenue 10 307 5 703 28 505 16 428 Cost of goods sold - - - - Gross profit 10 307 5 703 28 505 16 428 Operating expenses Employee compensation and benefits (4 966) (5 765) (16 110) (15 255) Other operating and administrative expenses (2 077) (1 832) (7 048) (8 395) Depreciation and impairment (7) (12) (20) (17) Total operating expenses (7 051) (7 609) (23 177) (23 668) Net operating income 3 257 (1 906) 5 328 (7 240) Financial items Net interest income 1 593 2 418 5 667 8 531 Net interest expenses (499) (312) (1 181) (1 038) Other financial income/(expenses) (53) 87 271 (4 404) Total financial items 1 041 2 193 4 757 3 089 Net income/(loss) before income taxes 4 298 287 10 085 (4 150) Income tax - - - 9 Net income/loss 4 298 287 10 085 (4 142)
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1717 Statement of financial position The parent company September 30, December 31, 2026 2025 (SEK 1 000) Note ASSETS Financial fixed assets Other intangible assets 207 227 Investments in subsidiaries 755 362 628 284 Total intangible assets 755 569 628 511 Loans to Group companies 156 320 151 754 Total non-current assets 156 320 151 754 Current assets Receivables Group companies 11 598 4 786 Prepaid expenses 853 1 766 Cash and Cash Equivalents - 81 013 Total current assets 12 451 87 565 TOTAL assets 924 341 867 830 LIABILITIES AND EQUITY Equity Share capital 583 500 Other paid in capital 837 617 865 059 Retained earnings 6 549 (4 014) Total equity 844 750 861 545 Current liabilities Accounts payable 458 947 Payables to Group companies 222 76 Accrued expenses 5 038 3 957 Current liabilities to Credit institutions 71 480 - Other current liabilities 2 394 1 305 Total current liabilities 79 591 6 284 TOTAL LIABILITIES AND EQUITY 924 341 867 830
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1818 Note 1 – General information Carasent AB (publ) ("Carasent", the "Company" or the "Group") is a public company registered in Sweden and listed on the Nasdaq Stockholm Stock Exchange with registered company address at Nellickevägen 24, 412 63 Gothenburg, Sweden. The consolidated financial statements for Q3 were approved by the Board of Directors for publication on October 14, 2026. The interim report has been subject to a review by the company's auditors. The consolidated financial statements in summary comprise Carasent AB (publ) and its subsidiaries. The interim report is prepared in accordance with International Accounting Standard (IAS) 34. The consolidated financial information in summary does not contain all information and disclosures required in the annual report and should be read together with the consolidated financial statements for the year ended December 31, 2025, which have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union (IFRS). The accounting principles applied by Carasent in the interim report are consistent with the principles that apply for the financial year 2025. The presentation currency is SEK (Swedish kronor). All financial information is presented in TSEK, unless otherwise stated. The income statements are translated at the average exchange rate so far this year. The report has been prepared in accordance with IAS 34 Interim Financial Reporting and the Annual Accounts Act. The Parent Company applies RFR 2 Accounting for Legal Entities and the Annual Accounts Act. The accounting principles applied are in accordance with those described in the Annual Report for 2025. Carasent AB is the principal in a commission relationship with the wholly-owned subsidiary Medrave Software AB. In accordance with the commission agreement, the commissioner conducts the operational activities on behalf of the principal. The commissioner is entitled to a pre-agreed remuneration, while excess operating profit, or loss, is settled between the companies through commission contributions. According to the agreement, the financial results of commission activities are transferred to the parent company through periodic settlements and are reported under other income. On 9 June 2026, Carasent AB (publ) acquired the company Infosolutions Sverige AB and its three subsidiaries. Infosolutions was consolidated into the Group as of 1 June 2026. Accordingly, comparable figures for the quarter ended 30 September 2025 do not include Infosolutions.
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1919 Note 2 – Segment reporting and revenue sharing SEK 1000 Q3 Q3 YTD YTD 2026 2025 2026 2025 Revenue Subscription based 84 444 67 158 234 220 196 861 Transaction based 14 036 10 328 41 937 33 948 Consulting & Other 9 680 4 710 20 116 19 442 Total revenue 108 160 82 196 296 273 250 250 Nordics Subscription based 76 749 59 050 210 940 171 621 Transaction based 14 036 10 328 41 937 33 948 Consulting & Other 8 830 3 282 17 399 15 165 Total revenue 99 615 72 660 270 276 220 734 Germany Subscription based 7 695 8 108 23 280 25 240 Transaction-based 0 0 0 0 Consulting & Other 850 1 428 2 717 4 277 Total revenue 8 545 9 536 25 997 29 516 Revenue categories The Group has three main categories of revenue: • Subscription-based – recurring license and subscription revenue from the core products. • Transaction-based – usage-based revenue linked to additional services such as Patient communication, digital testing, and other services billed on a per-transaction basis. • Consultancy and other – consultancy services and other income, corresponding to the previous category with the same name.
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2020 Nordics Germany HQ & eliminations Total group SEK 1000 Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3 2025 Net sales 99 615 72 660 8 545 9 536 - - 108 160 82 196 Revenue (from other segments) 709 721 263 299 (972) (1 019) - - Revenue 100 324 73 381 8 808 9 835 (972) (1 019) 108 160 82 196 COGS (15 890) (10 424) (1 483) (1 597) - - (17 373) (12 021) Personnel costs (35 892) (24 900) (5 228) (5 177) (4 966) (5 765) (46 086) (35 842) Other opex (13 532) (7 221) (2 038) (2 234) (1 653) (1 302) (17 222) (10 757) EBITDA 35 011 30 836 60 827 (7 591) (8 087) 27 479 23 577 Depreciation and amortization (18 348) (16 337) Net operating income 9 131 7 239 Net financial items 462 925 Profit before tax 9 594 8 165 Nordics Germany HQ & eliminations Total group SEK 1000, YTD 2026 2025 2026 2025 2026 2025 2026 2025 Net sales 270 276 220 734 25 997 29 516 - - 296 273 250 250 Revenue (from other segments) 1 968 1 678 788 299 (2 756) (1 977) - - Revenue 272 243 222 412 26 785 29 815 (2 756) (1 977) 296 273 250 250 COGS (43 274) (32 996) (4 378) (4 865) - - (47 652) (37 861) Personnel costs (109 722) (94 354) (14 515) (14 649) (16 110) (15 255) (140 348) (124 258) Other opex (35 765) (24 626) (6 224) (6 813) (5 774) (7 122) (47 763) (38 560) EBITDA 83 483 70 436 1 668 3 488 (24 640) (24 354) 60 511 49 571 Depreciation and amortization (52 460) (47 902) Net operating income 8 051 1 669 Net financial items 1 814 (587) Profit before tax 9 865 1 082 Reconciliation from operating segment to group figures The Group's segments are divided by geographic market and reflect the Group's internal reporting and follow-up. HQ includes the Group's overhead costs. The Group's internal invoicing (revenues and expenses) is presented in line with the internal reporting.
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2121 Note 3 – Other operating expenses July - September January - September (SEK 1 000) 2026 2025 2026 2025 Marketing 259 543 1 476 2 124 Travel and entertainment 684 565 2 014 2 008 Rent and office expenses 1 284 286 3 605 2 911 Professional services 7 089 4 890 20 450 16 476 Utilities and maintenance costs 822 730 2 291 2 854 IT services 5 161 2 719 13 820 9 033 Other operating expenses 1 923 1 025 4 106 3 155 Total operating expenses 17 222 10 757 47 763 38 560 Acquisition of Infosolutions Sverige AB Carasent acquired the company Infosolutions Sverige AB and its three subsidiaries Keyfo System AB, Swe-Mark Data AB and Healthcare Payment Solutions Sverige AB for a purchase price of SEK 127 million. The transaction was settled with SEK 115 million in cash and a share transfer at a value of SEK 12 million. Control was achieved through the purchase of 100% of the shares in the acquired company. Significant estimates The acquisition required the use of assessments and significant estimates in the identification and valuation of intangible assets. For Infosolutions, two intangible assets were identified: technology and customer relationships. Note 4 – Share buy-back programme In July 2025, the company initiated the share buy-back program announced in the press release on July 10, 2025, with a maximum scope of SEK 150 million. During the period January – September 2026, Carasent repurchased a total of 1,614,384 shares for a total amount of SEK 39.6 million. The purpose of the program is to optimize the company's capital structure and create flexibility for future value creation. During the second quarter of 2026, Carasent completed a cancellation of 2,000,000 own shares. In June 2026, 538,555 own shares worth SEK 12.0 million were transferred as part of the purchase price for Infosolutions. Following the completion of the repurchases, cancellation and transfer, the total number of shares amounts to 70,324,781, of which 2,931,921 are treasury shares, and the number of outstanding shares, excluding treasury shares, is 67,392,860. Note 5 – Business combination
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2222 The "relief-from-royalty" method has been applied to value the technology at fair value. The relief- from-royalty method takes into account the discounted estimated royalty payments that are expected to be avoided as a result of owning the technology. The valuation is based on forecasted cash flows for the next five years, which includes projected revenue growth. These cash flows are adjusted for assumptions of churn, attrition and multiplied by a royalty of 13.8% (cost savings from owning the technology). These cost savings are discounted by a capital cost of 9%. The technology is assumed to have a lifespan of five years. Customer relationships are valued using the Multi-period Excess Earnings Method (MEEM). The principle is that the value of the intangible asset is equal to the present value of the after-tax cash flows attributable only to the intangible assets. The valuation is based on forecasted cash flows for the next eight years. These cash flows are adjusted for fees to contributory assets (CAC). Churn is estimated at 1%. Cash flows are discounted at a discount rate of 9 percent. The customer relationships are assumed to have a useful life of 10 years. Transaction costs and pro forma figures Acquisition costs of SEK 260 thousand arose as a result of the acquisitions of Infosolutions. These have been recognized as part of other operating expenses in the income statement. If the acquisition had taken place on January 1, 2026, the Group's pro forma revenues could have amounted to SEK 325.5 million and the Group's net profit could have amounted to SEK 12.7 million during January - September 2026. Since the date of acquisition, Infosolutions has contributed SEK 20.5 million to the Group's sales and a profit of SEK 0.1 million. Goodwill Goodwill from the acquisition of Infosolutions Sverige AB represents expected synergies in the Group and will lead to additional value for the Carasent platform with combined product portfolio and development activities. No goodwill is tax deductible.
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2323 Note 6 – Goodwill Changes in goodwill during the period are shown in the table below. 2025 Acquisitions Currency Q3 2026 Carasent Sverige 62 218 - - 62 218 Carasent Norge 96 206 - 13 103 109 309 Metodika 108 982 - - 108 982 Medrave 107 586 - - 107 586 HPI 17 648 - - 17 648 Data-AL 94 213 - 4 450 98 663 Infosolutions - 96 850 - 96 850 Total 486 852 96 850 17 552 601 255 Preliminary distribution of the purchase price - acquired assets and assumed liabilities The amounts recognized at the time of acquisition in respect of identifiable acquired assets and Assumed liabilities are listed in the table below. (SEK 1 000) Infosolutions Sverige AB Purchase consideration Cash consideration 115 068 Share consideration 12 010 Total purchase consideration 127 078 Technology 17 852 Customer relationship 8 370 Right of use assets 172 Customer receivables 12 314 Cash and cash equivalents 23 107 Deferred tax liability (5 402) Lease liability (172) Trade payables (4 530) Net other assets and liabilities (21 483) Total net identifiable assets and liabilities 30 228 Goodwill 96 850 Consideration transferred 127 078 Cash and cash equivalent balances acquired (23 107) Share consideration (12 010) Net cash outflow arising on acquisition 91 961
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2424 This report has been submitted by the CEO on behalf of the Board of Directors. 14 October 2026 DANIEL ÖHMAN CHIEF EXECUTIVE OFFICER
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Review report To the Board of Directors of Carasent AB (publ) Corp. id. 559478-3440 Introduction We have reviewed the condensed interim financial information (interim report) of Carasent AB (publ) as of 30 September 2026 and the nine-month period then ended. The Board of Directors and the Managing Director are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review. Scope of review We conducted our review in accordance with International Standard on Review Engagements ISRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and other generally accepted auditing practices and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, for the Group in accordance with IAS 34 and the Annual Accounts Act, and for the Parent Company in accordance with the Annual Accounts Act. Göteborg 14 October 2026 KPMG AB Daniel Haglund Authorized Public Accountant
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2626 Alternative performance measures Carasent AB may disclose information about alternative performance measures as part of its financial reporting as a supplement to the financial statements prepared in accordance with IFRS. Carasent AB believes that the performance measures provide useful supplementary information to management, investors and other stakeholders and are intended to provide an increased insight into the financial development of the business and to improve comparability between periods. EBITDA is defined as the Net Income/(Loss) for the period before income tax expense, net financial items, depreciation and amortization of fixed and intangible assets. Adjusted EBITDA is defined as the Net Income/(Loss) for the period before income tax expense, net financial items, depreciation and amortization of fixed and intangible assets adjusted for certain special operating items affecting comparability. EBITDA Margin is defined as EBITDA as a percentage of revenues. Adjusted EBITDA margin is defined as Adjusted EBITDA as a percentage of revenues. EBIT is defined as the Net Income/(Loss) for the period before net financial items and income tax expense. Adjusted EBIT is defined as the Net Income/(Loss) for the period before net financial items and income tax expense, adjusted for certain special operating items affecting comparability in addition to PPA related amortization and depreciation. EBIT Margin is defined as EBIT as a percentage of revenues. Adjusted EBIT Margin is defined as Adjusted EBIT as a percentage of revenues. EBITDAC is defined as EBITDA less capitalized development. Adjusted EBITDAC is defined as Adjusted EBITDA less capitalized development. Adjusted EBITDAC margin is defined as Adjusted EBITDAC as a percentage of revenues. Annual Recurring Revenue ("ARR") is defined as the Monthly Recurring Revenue ("MRR") multiplied with 12. MRR is defined as the revenue the Group expects to receive on a monthly basis from customers from EHR solutions and Platform Services.
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2727 July - September January - September 2026 2025 2026 2025 (SEK 1 000) Net Income/(Loss) 10 295 14 117 10 478 5 620 Income tax income/(expense) 701 5 952 613 4 538 Net financial items 462 925 1 814 (587) Net operating income/(loss) 9 131 7 239 8 051 1 669 Depreciation and amortization 18 348 16 337 52 460 47 902 Derecognition intangible assets - - - - (a) EBITDA 27 479 23 577 60 511 49 571 Adjusted for: Transaction costs - - 260 - Share based payments - - - - Other special operating items - - - - Restructuring costs - - 3 912 - (b) Adjusted EBITDA 27 479 23 577 64 683 49 571 (c) Revenue 108 160 82 196 296 273 250 250 EBITDA Margin (a/c) 25% 29% 20% 20% Adjusted EBITDA Margin (b/c) 25% 29% 22% 20% (d) Capitalized development (6 037) (11 334) (24 270) (30 346) (e) EBITDAC 21 442 12 242 36 240 19 224 EBITDAC Margin (e/c) 20% 15% 12% 8% (f) Adjusted EBITDAC 21 442 12 242 40 412 19 224 Adjusted EBITDAC Margin (f/c) 20% 15% 14% 8% July - September January - September 2026 2025 2026 2025 (SEK 1 000) Net Income/(Loss) 10 295 14 117 10 478 5 620 Income tax income/(expense) 701 5 952 613 4 538 Net financial items 462 925 1 814 ( 587) (a) EBIT 9 131 7 239 8 051 1 669 Adjusted for: Transaction costs - - 260 - Share based payments - - - - Other special operating items - - - - Restructuring costs - - 3 912 - Derecognition intangible assets - - - - PPA depreciation 3 164 2 259 7 941 7 118 (b) Adjusted EBIT 12 295 9 499 20 164 8 787 (c) Operating revenue 108 160 82 196 296 273 250 250 EBIT Margin (a/c) 8% 9% 3% 1% Adjusted EBIT Margin (b/c) 11% 12% 7% 4%
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28 Carasent focuses on providing digital services to the health care industry. The Company's strategy is to continue to develop and expand digitalization that helps customers to meet challenges in providing efficient and qualitative health care services. For more information, visit carasent.com. About Carasent Daniel Öhman (CEO) daniel.ohman@carasent.com +46 708 55 37 07 Svein Martin Bjørnstad (CFO) svein.martin.bjornstad@carasent.com +47 979 69 493 For further information: Quarterly report