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Investor Relations14 Oct 2025
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Zalaris (ZAL) investor relations material
Zalaris Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary29 Aug, 2025
Executive summary
Achieved record Q2 with revenue of NOK 362 million, up 12% year-over-year, and H1 revenue of NOK 732 million, reflecting 10–14% growth; adjusted EBIT reached NOK 44 million in Q2 and NOK 96 million for H1, with margins of 12.1–13.1%.
Managed Services drove growth, accounting for 77% of Q2 revenue, with 15.4% year-over-year growth and significant EBIT margin improvement, especially in Germany.
Operating cash flow improved to NOK 62 million in Q2 and NOK 84 million in H1, with net profit of NOK 10.8 million and total comprehensive income of NOK 24.1 million.
Closed new long-term agreements and expansions, including in the Nordics, with annual contract value exceeding NOK 30 million.
Strategic review concluded with no acquisition proposals meeting value expectations; focus remains on organic growth, margin expansion, and becoming a top three global provider.
Financial highlights
Q2 revenue was NOK 362 million, up 12% year-over-year (10% in constant currency); managed services revenue grew 15% year-over-year to NOK 280 million, now 77% of total revenue.
Adjusted EBIT for Q2 was NOK 43.9 million, up 55% year-over-year, with a margin of 12.1%.
Net profit for the period was NOK 10.8 million; total comprehensive income was NOK 24.1 million.
Operating cash flow for Q2 was NOK 62 million, up from NOK 18 million year-over-year.
Dividend of NOK 0.90 per share (NOK 19.6 million) paid in Q2.
Outlook and guidance
Expect to reach NOK 1.5 billion run-rate revenue by 2025, one year ahead of previous target; new target set for NOK 2 billion revenue and 13–15% EBIT margin by 2028.
Managed services expected to reach at least 80% of total revenue at NOK 2 billion.
Signed BPO contracts to add ~NOK 75 million in annual recurring revenue; total annual revenue expected to increase by ~NOK 202 million by Q3'26 based on signed contracts.
Growth strategy focuses on multi-country payroll, HR services, SAP consulting, and expansion into new geographies.
Technology-driven efficiencies, automation, and AI initiatives expected to further boost margins.
What is the remaining EBIT margin upside for Germany?
How will the capital structure review impact EPS?
Quantify future revenue from new MS contracts
What prevented a deal from the strategic review?
Detail the strategy for NOK 2B revenue by '28.
How to address consulting talent limiter?
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Next Zalaris earnings date
Q3 202524 Oct, 2025
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Frequently asked questions
Zalaris is a Nordic based leading partner for integrated HR and payroll services, reducing complexity and enabling companies to focus on their core businesses. Zalaris offers cloud-based HR and payroll for more than 700 000 employees in 27 countries, with roots back to 2000. Zalaris is listed on the Oslo Stock Exchange with ticker code: ZAHL and is headquartered in Oslo, Norway.
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