Omda (OMDA) Status Update summary

M&A Activity and Strategic Rationale

• Announced and completed acquisitions of Predicare, Aweria, and Dermicus to enhance emergency and medical imaging offerings, with integration at various stages.

• Dermicus, acquired for 19 MSEK (12 MSEK cash, 7 MSEK in 2027) plus up to 15 MSEK earn-out, brings AI telemedicine capabilities and a 2025 sales forecast of 14 MSEK.

• Aweria acquisition includes limited upfront payment and up to 20 MSEK earn-out, with 2025 sales expected at 2.5-5 MSEK and negative EBITDAC.

• Predicare acquired for 23.5 MSEK (12 MSEK cash, 11.5 MSEK shares), with 2025 sales expected at 15-17 MSEK.

• Earn-out structures and limited upfront payments manage risk and incentivize performance in new acquisitions.

Financial Performance and Guidance

• Cost reduction measures, including decentralization and FTE reductions, secure NOK 30 million in permanent savings.

• 2025 cash EBITDA margin expected at 13%-17%, with a target of 30% margin in H2 2025 and stabilization at this level for 2026–2027.

• Revenue outlook: 410-420 MNOK (organic) in 2024, rising to 450-480 MNOK in 2025 including acquisitions.

• Seasonality, especially holiday pay in Norway and Sweden, will impact first-half profitability, with stronger results in the second half.

• CapEx guidance remains at 8%-10% of revenue.

Cash Management and Working Capital

• Significant improvements in working capital achieved in Q4 through better AR management, invoicing, and supplier terms.

• Cash position at year-end expected to be similar to last year, despite dividend payments and acquisition outflows.

• Enhanced cash flow discipline supports ongoing and future M&A activity.