Zalaris (ZAL) investor relations material

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.