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Zalaris (ZAL) investor relations material
Zalaris Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue for Q2 2026 was NOK 344.2 million, down 4.9% year-over-year, but up 0.5% in constant currency, with Managed Services growth offset by weaker Consulting.
Adjusted EBIT fell to NOK 37.6 million from NOK 44.3 million, mainly due to lower Consulting activity and higher business development costs.
EBIT was negative NOK 14.6 million, impacted by strategic advisory fees and early redemption of share-based payment programs.
A recommended voluntary and subsequent mandatory offer by Kona BidCo AS led to 87.3% ownership and a decision to delist from Oslo Stock Exchange.
Migration of PeopleHub to SAP Cloud completed, enabling future innovation but increasing short-term costs.
Financial highlights
Q2 2026 revenue: NOK 344.2 million (Q2 2025: NOK 361.9 million), a 4.9% decrease year-over-year.
Adjusted EBIT: NOK 37.6 million (down 15.1% year-over-year); adjusted EBIT margin: 10.9% (down 1.4 pp).
EBIT: negative NOK 14.6 million (Q2 2025: NOK 36.6 million); EBIT margin: -4.2%.
Net loss for the quarter: NOK 21.1 million (Q2 2025: profit of NOK 10.8 million).
Operating cash flow: negative NOK 23.1 million (Q2 2025: NOK 61.9 million).
Outlook and guidance
Demand for multi-country payroll and HR services remains strong, with expected revenue growth from new and expanded Managed Services contracts.
Short-term earnings will be negatively affected by higher IT costs from PeopleHub migration and restructuring in Germany.
Long-term growth expected from automation, AI, and new ownership structure.
- Record Q1 revenue and strong Managed Services growth offset weaker Consulting performance.ZAL
Q1 2026 - Record revenue, strong margins, and robust cash flow support a positive outlook.ZAL
Q4 2025 - Record Q3 revenue and EBIT, new SAP deal, and refinancing support future growth.ZAL
Q3 2025 - Record Q2 with 12% revenue growth, margin expansion, and strong outlook for accelerated growth.ZAL
Q2 2025 - Zalaris targets NOK 1.5bn revenue and 12% EBIT margin by 2026, driven by strong recurring growth.ZAL
Deutsches Eigenkapitalforum 2024 Presentation - Record Q3 revenue and margin gains, with strong outlook despite future customer loss.ZAL
Q3 2024 - Record Q2 revenue and EBIT growth, with strong outlook and margin improvement initiatives underway.ZAL
Q2 2024 - Record Q1 revenue and margin growth support ambitious NOK 2bn target for 2028.ZAL
Q1 2025 - Record Q4 revenue and margin gains set the stage for surpassing NOK 1.5bn annual revenue.ZAL
Q4 2024
Next Zalaris earnings date
Next Zalaris earnings date
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