Zalaris (ZAL) Q4 2025 earnings summary

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.