Carasent (CARA) investor relations material

Executive summary

• Q3 revenue rose 32% YoY to SEK 108.2m, with 12% organic growth; organic ARR growth was 14%.

• Adjusted EBITDAC reached SEK 21.4m at a 20% margin, up from 15%; Nordic strength and Infosolutions supported growth while German weakness weighed on results.

• Contracted ARR reached SEK 424m, up 29% YoY; recurring revenue exceeded 90%, with 3% churn and 110% net revenue retention.

Financial highlights

• Subscription revenue grew 26% to SEK 84.4m, transaction revenue 36% to SEK 14.0m, and consulting and other revenue 106% to SEK 9.7m.

• Gross profit increased 29% to SEK 90.8m; gross margin was 83.9% versus 85.4% YoY.

• Reported EBITDA was SEK 27.5m, up 17%, with a 25% margin versus 29%; adjusted EBITDAC rose 75% to SEK 21.4m.

• Jan-Sep revenue was SEK 296.3m; adjusted EBITDA was SEK 64.7m, including SEK 4.2m in non-recurring expenses.

Outlook and guidance

• Q4 costs are expected to exceed Q3 as holiday-related cost reductions end and spending rises on German sales and marketing, Medsum MDR certification, and AI usage.

• Germany sales activity is set to increase under a new CEO and expanded sales team; Webcur rollout and legacy-product modernization are planned.

• Infosolutions price increases are planned around year-end; its profitability is in line with the broader business following integration measures.

• Medsum rollout is planned to continue at a high pace; an AI-enabled Webdoc interface is scheduled to begin rolling out around year-end.