Omda (OMDA) Status Update summary

M&A Activity and Strategic Rationale

• Announced and completed acquisitions of Averia (Aweria), Dermicus, and Predicare to strengthen emergency and medical imaging sectors, with integration ongoing or completed for each.

• Dermicus acquisition priced at 19 MSEK (12 MSEK cash at closing, 7 MSEK in 2027), with a potential earn-out up to 15 MSEK and 2025 sales estimated at 14 MSEK; Predicare acquired for 23.5 MSEK (12 MSEK cash, 11.5 MSEK in shares), with 2025 sales of 15-17 MSEK; Aweria deal includes limited fixed consideration and an earn-out up to 20 MSEK, with 2025 sales of 2.5-5 MSEK.

• Acquisitions are structured with a mix of cash, shares, and earn-outs, minimizing upfront cash outlays and aligning incentives for future performance.

• Dermicus adds advanced AI and telemedicine capabilities, while Aweria enhances acute care and ambulance software, both complementing existing solutions and enabling upsell opportunities.

• Integration is expected to be smooth due to shared methodologies and synergies, supporting Omda’s growth ambitions.

Financial Outlook and Margin Expansion

• Cost reduction measures, including decentralization and FTE reductions, are expected to deliver permanent savings of around NOK 30 million, supporting margin expansion.

• Guidance for 2025 anticipates cash EBITDA margins of 13%-17% across core business areas, with a target of reaching 30% EBITDA margin in the second half of 2025 and around 30% by 2026-2027.

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

• Seasonality effects, particularly holiday pay in Norway and Sweden, will impact profitability, with stronger margins expected in the second half of each year.

• CapEx guidance remains unchanged, expected to be around 8%-10% of revenue.

Cash Management and Working Capital

• Significant improvements in cash management and working capital have been achieved, focusing on aged receivables, invoicing practices, and supplier terms.

• Despite dividend payments and acquisition-related outflows, year-end cash position is expected to be similar to last year, reflecting underlying operational improvements.

• Enhanced invoicing systems and more agile practices have contributed to better cash flow and reduced delays.

• The company remains confident in its ability to fund future M&A activities and maintain a strong cash position.