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Zalaris (ZAL) investor relations material
Zalaris Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved record quarterly revenue of NOK 396.5 million in Q4 2025, up 8.7% year-over-year, and full-year revenue of NOK 1.5 billion, up 12% organically, with Managed Services driving growth and accounting for 80% of revenue.
Adjusted EBIT for Q4 was NOK 50.6 million (12.8% margin); full-year adjusted EBIT was NOK 194 million (12.9% margin), up from NOK 147 million (11%) in 2024.
Operating cash flow reached NOK 68 million in Q4 and NOK 162.5 million for the year.
Board proposes a dividend of NOK 2.5 per share for 2025, reflecting strong financial position and outlook.
Signed new long-term contracts totaling NOK 80 million in annual recurring revenue since Q3, including major agreements with NAV, a UKI customer, Swiss MedTech, and a German carve-out.
Financial highlights
Q4 revenue: NOK 396.5 million (+8.7% YoY); full-year: NOK 1.5 billion (+12% YoY).
Adjusted EBIT Q4: NOK 50.6 million (12.8% margin); full-year: NOK 194 million (12.9% margin).
Operating cash flow Q4: NOK 68 million; full-year: NOK 162.5 million.
Net interest-bearing debt reduced to NOK 216.7 million; leverage ratio at 0.76.
Net profit for Q4: -NOK 1.9 million (vs. NOK 13.4 million last year), impacted by one-off bond redemption costs.
Outlook and guidance
Targeting NOK 2 billion revenue and 13%-15% EBIT margin by Q4 2028, with 10% annual productivity improvement from AI and automation.
Signed contracts to add NOK 68–80 million in annual recurring revenue, supporting a 6% annual revenue increase for 2026.
Maintains guidance of 1.5–3% annual churn and 10% average annual revenue growth.
Strong pipeline with increased deal flow expected in the next three months.
No expectation of increased activity from a large Polish customer; focus on new customer acquisition.
- Record Q2 revenue and EBIT growth, with strong outlook and margin improvement initiatives underway.ZAL
Q2 202423 Jan 2026 - Record Q3 revenue and margin gains, with strong outlook despite future customer loss.ZAL
Q3 202418 Jan 2026 - Record Q4 revenue and margin gains set the stage for surpassing NOK 1.5bn annual revenue.ZAL
Q4 202416 Dec 2025 - Record Q1 revenue and margin growth support ambitious NOK 2bn target for 2028.ZAL
Q1 202528 Nov 2025 - Record Q2 with 12% revenue growth, margin expansion, and strong outlook for accelerated growth.ZAL
Q2 202523 Nov 2025 - Record Q3 revenue and EBIT, new SAP deal, and refinancing support future growth.ZAL
Q3 202524 Oct 2025 - Zalaris targets NOK 1.5bn revenue and 12% EBIT margin by 2026, driven by strong recurring growth.ZAL
Deutsches Eigenkapitalforum 2024 Presentation13 Jun 2025
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