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CARASENT
ANNUAL REPORT
2024
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TABLE OF CONTENTS
Comments from the CEO 3
Carasent in brief 4
Highlights 2024 5
Director’s report 7
Corporate Governance Report 17
Financial Reports 27

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ANNUAL REPORT 2024
CARASENT
As we close 2024, it is gratifying to reflect on a year in which we have truly demonstrated that Carasent is 
on the right track. Across all our business areas, we have seen increased new sales activity, continued 
growth in recurring revenues, important product milestones and a strong focus on cost control. The result 
is a stronger Carasent – well positioned for the exciting opportunities ahead.
At the beginning of 2024, we placed great emphasis on improving our new sales processes. By Q1, lead 
generation and conversion rates were already showing gains. We signed several major contracts, including 
the largest deals in Carasent's history. By year-end, our signed but not yet implemented ARR had reached 
SEK 18 million, validating our strategy and strengthening our belief in accelerating growth in 2025 and 
beyond.
A key priority this year was our expansion into Germany, culminating in the acquisition of Data-AL. Having 
been in close dialogue with Data-AL for some time before finalizing the acquisition, we were able to 
integrate quickly. Our Webdoc X development team is now part of the German organization, accelerating 
plans for a full-scale launch. We also decided to replace both of Data-AL's existing products with Webdoc 
X, reducing maintenance work and expediting the transition to a modern EHR system. As we have said 
before, Webdoc X has the potential to become Carasent's most valuable product in the long run, and 2024 
has firmly set us on that path.
Alongside our market expansion, we devoted significant resources to product innovation. We launched or 
advanced key features across our portfolio, including e-referral and new surgical functionality in Webdoc 
(with a pilot project planned for early 2025), an updated Ad Opus Web, and ongoing improvements to 
Medrave, Metodika, and Ad Curis. Our customers expect continuous development of our software, and we 
intend to exceed their expectations. At the same time, we maintained a stable cost base and steadily 
improved our margins. We reorganized parts of our development teams, replaced consultants with 
employees, reduced hosting costs, and continuously optimized our cost structure. Thanks to these 
initiatives, our adjusted EBITDAC margin improved to 0 percent in 2024 compared to -18 percent in 2023.
A major milestone was our relisting on the Stockholm Stock Exchange – an important step in strengthening 
our market presence and visibility. This process was complex, in part due to the fact that it involved 
changing the jurisdiction of the listing and dealing with significant Norwegian loss carry-forwards, but we 
do not expect any further one-off costs from the relisting. Earlier in the year, we also evaluated a takeover 
interest from EG, which ultimately did not materialize but was a time-consuming and intensive process.
At the start of the year, we updated our financial targets for 2024 to NOK 270 million in revenue, NOK 40 
million in EBITDA, neutral EBITDAC and NOK 20 million in EBITDAC excluding Webdoc X. Strong recurring 
revenues, disciplined cost management, and successful new sales enabled us to achieve all these 
targets. I am particularly pleased that we delivered operationally while managing multiple external 
strategic initiatives throughout the year.
Looking ahead, we have a solid foundation to build on. The major new customer agreements – including 
Metodika with Volvat, Ad Curis with Frelsesarmeen, and Medrave with VGR – will contribute primarily in the 
second half of 2025 Additionally, Webdocs new surgical functionality should start to contribute in a 
meaningful way when customers see its features live. With our German expansion in full swing, a strong 
product pipeline and a scalable cost base, we see a strong potential for continued margin growth. While 
we will allocate additional resources to our expansion in Germany, we remain committed to balancing 
these investments against our EBITDA and cash flow targets.
This year has been pivotal for Carasent. We strengthened our operational execution, refined our product 
portfolio, expanded into a significant new market and secured a listing on a major stock exchange. We 
accomplished all these goals, laying a strong foundation for the future. I would like to extend a big thank 
you to all our dedicated employees for their contribution to these successes.
3
Daniel Öhman
CEO
COMMENTS FROM THE CEO

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ÅRSREDOVISNING 2024
CARASENT
Carasent is a full-service provider that offers cloud-
based EHR solutions and platform services for 
various businesses in the healthcare sector. With 
Webdoc as the leading product, Carasent offers a 
wide ecosystem of services, including solutions for 
patient communication and business intelligence.
Carasent operates with a decentralized 
organizational structure, founded on the belief that 
success comes from a deep understanding of 
customer needs. This approach enables each entity 
to specialize in its core products and services, 
fostering expertise in its respective field.
The product portfolio can be divided into two 
categories: EHR software and platform services. 
Together, these solutions form a comprehensive 
range of services designed to meet the demands of 
digitalization and evolving market needs.
Carasent's mission is to enhance efficiency and 
quality in healthcare. Its product portfolio includes 
digital medical record systems (EHR software) and 
other business-critical tools and services (platform 
services) designed to reduce administrative 
burdens and streamline care processes through 
digitalization and automation.
Carasent has made several strategic acquisitions 
and now offers a broad portfolio of innovative 
solutions tailored to the specific needs of various 
healthcare providers across multiple segments in 
Europe. With a business model largely based on 
recurring revenue from SaaS solutions, Carasent 
ensures stability and scalability for long-term 
growth.
Carasent is on a very exciting growth journey in the 
e-health sector, with a strong ambition to expand 
both organically and through strategic acquisitions..
CARASENT IN BRIEF
Revenue growth
12 %
Organic growth
14 %
Organic growth recurring
revenue
16 %
Adjusted EBITDA 
margin
15 %
Adjusted EBITDAC 
margin
0 %
KPIs 2024
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ÅRSREDOVISNING 2024
CARASENT
February
On 5 February 2024, Carasent 
sold the Confrere brand and 
customer agreements to Com-
podium AB. The sale resulted 
in an impairment charge of 
NOK 5.2 million in Q1 2024.
April
Region Västra Götaland and 
Medrave AB entered into an 
agreement to implement Med-
rave in the Millennium medical 
record system. The annual 
recurring. Revenue from the 
contract amounted to SEK 11 
million, of which SEK 6 million 
is new revenue.
April
Carasent updated its financial 
targets because order intake 
was significantly higher than 
expected; better than expected 
success in terms of cost 
savings; and continued low 
customer churn.
HIGHLIGHTS
2024
June
Frelsesarmeen and Carasent 
Norway entered into an agree-
ment to implement the EHR 
system Ad Curis at Frelsesar-
meens addiction treatment 
and recovery clinics in Norway. 
The annual recurring revenue 
from the contract amounts to 
SEK 3.3 million.
September
The Carasent Group was 
certified under ISO14001, 
marking a significant step 
forward in the company's 
commitment to sustainability 
and responsible business 
practices.
October
An Extraordinary General Meet-
ing approved the cross-border 
merger to carry out the relisting 
on Nasdaq Stockholm.
October
Carasent acquired Data-AL 
GmbH, a German provider of 
electronic medical record 
(EHR) solutions for private 
healthcare clinics. With over 
1,000 customers and a long, 
successful history in the 
German market, Data-AL 
strengthens Carasent’s 
presence and growth potential 
in Germany.
December
Carasent successfully tran-
sitioned its listing to Nasdaq 
Stockholm and was delisted 
from the Oslo Stock Exchange. 
December 9, 2024, marked the 
first day of trading for Carasent 
AB (publ) shares on Nasdaq 
Stockholm.
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ÅRSREDOVISNING 2024
CARASENT
CARASENT SHARES
Carasent AB is a Swedish public limited company. 
In 2024, the merger between the Norwegian public 
limited company Carasent ASA and Carasent AB 
was completed. Carasent ASA's shares were listed 
on the Oslo Stock Exchange until December 4, 
2024.
DIVIDENDS
The year's lowest share price of SEK 10 was 
recorded when the stock market closed on February 
22. After that, the price increased until the end of 
the year. Carasent's share increased in price during 
the second half of the year, reaching an annual high 
of SEK 23 on December 9, 2024, the same day as 
the listing change to Stockholm.
In total, Carasent's share price increased by 102 
percent in 2024. The price rose by SEK 11 – from 
SEK 11 to SEK 22. For comparison, the Stockholm 
Stock Exchange as a whole (OMXSPI) increased by 6 
percent, which means that Carasent's share price 
development exceeded stock market in 2024.
SHARE TURNOVER AND TRADING
The total turnover in Carasent's share – including all 
trading venues, listed as well as unlisted – 
amounted to 33 million shares in 2024.
OWNERS AND OWNERSHIP STRUCTURE
The number of shareholders on December 31, 2024 
was 4,027. 80 percent of these were natural 
persons. Natural persons controlled 26 percent of 
the number of shares, while legal persons 
controlled the remaining 74 percent. Of the total 
share capital, Swedish shareholders owned 63 
percent and foreign shareholders 37 percent of the 
total share capital.
Ten largest owners 2024-12-31 No. of shares Holding
1 Vitruvian Partners 13 850 332 19.2%
2 Nordnet Pensionsförsäkring 4 649 575 6.4%
3 Avanza Pension 4 067 095 5.6%
4 Handelsbanken Fonder 3 660 000 5.1%
5 SEB Investment Management 3 097 803 4.3%
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Consensus Asset 
Management 3 000 000 4.1%
7 Schroders 2 850 000 3.9%
8 Andra AP-fonden 2 700 000 3.7%
9 Alcur Fonder 2 649 788 3.7%
10 Niclas Hugosson 2 557 038 3.5%
List of owners top 10 43 081 631 59.6%
Other 29 243 150 40.4%
Total 72 324 781 100.0%
CARASENT SHARES
Geographical distribution No. of shares Holding
Sweden 46 214 165 64 %
UK 16 351 335 23 %
Norway 4 240 942 6 %
Finland 3 245 077 2 %
Denmark 158 682 0 %
Other 2 114 580 5 %
Total 72 324 781 100 %
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ÅRSREDOVISNING 2024
CARASENT
The Board of Directors and the CEO of Carasent AB 
(publ), corporate identity number 559478-3440, 
registered in Sweden with registered office in 
Stockholm, hereby submit their Directors Report for 
the financial year 2024.
Carasent AB (publ) is the parent company of the 
Carasent group. Carasent AB (publ) is listed on 
Nasdaq Stockholm, Small Cap list.
ABOUTCARASENT
Carasent is a full-service provider that offers cloud-
based EHR solutions and platform services for 
various businesses in the healthcare sector. With 
Webdoc as the leading product, Carasent offers a 
wide ecosystem of services, including solutions for 
patient communication and business intelligence.
Carasent operates with a decentralized 
organizational structure, founded on the belief that 
success comes from a deep understanding of 
customer needs. This approach enables each entity 
to specialize in its core products and services, 
fostering expertise in its respective field.
PRODUCTS
The company's product portfolio is extensive and 
includes various products, each of which is based 
on its own technical foundation and tailored to meet 
specific needs in the healthcare sector.
The product portfolio can be divided into two types
of software solutions: EHR software and platform
services. The EHR software category includes
Webdoc, Webdoc X, Metodika, Ad Curis, Ad Opus
and Data-AL. Platform services include Medrave,
Vårdrummet, Ad Voca, and HPI Plustoo.
All products together create a comprehensive range 
of services that are adapted to meet the demands of 
digitalization and changing needs in the market. The 
products are at different stages of maturity in their 
development cycle and are designed for their 
specific customer segments and user needs.
The patient platforms Vårdrummet and Ad Voca are 
usually sold, delivered and maintained together with 
a specific EHR software. It is also common for 
customers who use the Webdoc EHR software to 
also use the Medrave platform service.
Several occupational health care operations also 
benefit from the HPI Plustoo platform service. 
Customer overlap is thus common, even though the 
Group targets a number of different customer 
segments with its diversified product portfolio. In 
addition to its own products, the Company has a 
network of partner products that are sold almost 
exclusively to customers who use the Webdoc 
medical record system.
STRENGTHS AND COMPETITIVE 
ADVANTAGES
Carasent's mission is to drive efficiency and quality 
in healthcare. The company's product portfolio 
includes digital medical record systems (EHR 
software) and other business-critical tools and 
services (platform services) that reduce unneces-
sary administration and streamline care flows 
through digitalization and automation.
The company has made several strategic acquisi-
tions and today offers a broad portfolio of innovative 
solutions that meet the specific needs of different 
healthcare providers, and in multiple healthcare 
segments, across Europe. Carasent's business 
model is stable and scalable as it is largely based on 
recurring revenue from SaaS solutions.
Carasent as a company is characterized by a strong 
commitment and a pronounced innovation culture, 
with a primary focus on improving accessibility and 
service levels for both patients and healthcare 
providers. The company values close relationships 
with its customers highly, which is reflected in the 
fact that all development initiatives are based on 
actual use cases and the needs of the industry.
With deep expertise in healthcare processes and 
challenges across various segments, Carasent can 
identify and address issues holistically, creating 
synergies and solutions that benefit the entire 
ecosystem rather than just isolated parts.
DIRECTOR’S REPORT 
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ANNUAL REPORT 2024
CARASENT
EVENTS OF SIGNIFICANT IMPORTANCE THAT 
OCCURRED IN 2024
MAJOR NEW CUSTOMER AGREEMENTS
In November 2023, Carasent and Volvat Medicinska 
Senter (VMS) entered into an agreement to 
implement Metodika’s medical record system in 
VMS’s clinics in Norway. The system is scheduled to 
be deployed at VMS's first clinic in the first half of 
2025. In April, Carasent signed a new agreement 
with Västra Götalands Regionen (VGR) for Medrave, 
with a value of SEK 6 million in new ARR (annual 
recurring revenue). In June 2024, Carasent and 
Frelsesarmeen (the Salvation Army in Norway) 
entered into an agreement under which 
Frelsesarmeen will introduce the medical record 
system Ad Curis in its operations. These 
agreements represent a significant development of 
Carasent's market position and the annual 
revenues from the agreements are estimated to 
amount to SEK 16-18 million.
INTEREST IN ACQUISITIONS
During the year, Carasent received interest from EG, 
which intended to make a voluntary cash offer for 
the company. Carasent cooperated with EG in this 
process, but as communicated in the press 
releases, the Board of Directors considered that 
such an offer would (i) represent a significantly 
lower value for Carasent's shareholders compared 
to the value in Carasent's business plan on a 
standalone basis
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and (ii) be unlikely to succeed based on 
communications with shareholders. Finally, EG 
decided not to pursue the proposed offer.
ACQUISITION OF DATA-AL GMBH
On 28 October 2024, Carasent ASA acquired all 
shares in the German company Data-AL GmbH for 
an initial purchase price of EUR 8 million. Provided 
that certain growth targets are achieved per the 
transfer agreement regarding the shares in Data-AL 
GmbH, the Company may pay an earn-out of a 
maximum of EUR 4 million to the sellers. The 
acquisition is financed with Carasent ASA's own 
cash and cash equivalents.
Data-AL GmbH provides electronic health record 
(EHR) solutions for private healthcare clinics in 
Germany. With over 1,000 customers and a strong 
track record in the German market, the company 
has established itself as a trusted provider in the 
market.
Data-AL's financial metrics align with industry 
standards, characterized by stable revenue streams 
and low customer churn, providing a strong 
foundation for long-term growth. In 2023, Data-AL 
reported revenues of approximately EUR 4.0 million 
and an EBITDA of EUR 0.5 million.
MERGER AND RELISTING TO NASDAQ STOCHKOLM
On December 5, 2024, Carasent AB (publ) 
completed a cross-border merger with Carasent 
ASA as part of its relisting on Nasdaq Stockholm.
PERFORMANCE
SEK Million
Jan-Dec
2024
Jan-Dec
2023
Jan-Dec
2022
Revenue 275.3 245.2 205.4
Revenue growth 12% 20% 52%
Organic growth 14% 12% 16%
Recurring revenue 252.0 223.0 184.4
Organic recurring revenue growth1 16% 13% 17%
Gross profit 232.7 198.7 167.8
Gross profit margin 85% 81% 83%
Reported EBITDA 11.6 13.4 34.4
Non-recurring expenses 30.6 7.8 14.2
Adjusted EBITDA 42.2 21.2 48.7
Adjusted EBITDA margin 15% 9% 24%
Reported EBIT -54.5 -77.9 -1.4
Adjusted EBIT -11.1 -21.1 19.9
Adjusted EBIT margin -4% -9% 10%
Capitalized development -41.3 -65.8 -84.4
Adjusted EBITDAC 0.9 -44.6 -36.7
Adjusted EBITDAC margin2 0% -18% -17%
(i): Constant currency excluding Confrere and Data-AL GmbH
(ii): See alternative key figures

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ANNUAL REPORT 2024
CARASENT
Upon completion of the merger, all shareholders in 
Carasent ASA had their shares in Carasent ASA 
exchanged one-for-one for shares in Carasent AB 
(publ), and Carasent ASA was delisted from the 
Oslo Stock Exchange. 9 December 2024 was the 
first day of trading in the shares in Carasent AB 
(publ) on Nasdaq Stockholm.
THE GROUP'S DEVELOPMENT IN 2024
NET SALES AND PROFIT
The Group's net sales amounted to SEK 275.3 
million, an increase of 12 percent compared to SEK 
245.2 million in the same period in 2023. Sales 
growth was driven by organic growth of 14 percent 
(constant currency) and the acquisition of Data-AL, 
which was consolidated from the beginning of 
November. The divestment of Confrere in Q1 2024 
has a negative impact on the growth rate.
Gross profit amounted to SEK 232.7 million in 2024, 
an increase of SEK 33 million or 17 percent 
compared to the previous year. The increase in 
gross profit is attributed to revenue growth of 12 
percent, the reduction in hosting costs in Norway 
because of a procurement process, and the 
divestment of Confrere, which had a dilutive effect 
on margins. The acquisition of Data-AL had a 
marginal dilutive effect on the gross margin. Gross 
margin increased by 3.5 percentage points to 84.5 
percent in 2024 compared to 81.0 percent in 2023.
Personnel costs amounted to SEK 139.9 million in 
2024, an increase of 5.4 percent compared to the 
same period last year. The driving force is a shift in 
focus from the development team to prioritizing 
pending cases and minor developments, which 
leads to a lower degree of capitalized development 
costs compared to the same period last year.
Other operating and administrative expenses for the 
Group amounted to SEK 81.1 million in 2024, an 
increase of 54.4 percent compared to SEK 52.6 
million in the same period last year. The increase 
was mainly due to SEK 28.9 million in non-recurring 
transaction costs.
The Group's earnings before interest, taxes and 
depreciation (EBITDA) amounted to SEK 11.6 million 
in the period 2024, compared to SEK 13.4 million in 
the same period in 2023. Adjusted EBITDA 
amounted to SEK 42.2 million in 2024, compared to 
SEK 21.2 million in the same period in 2023.
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Adjusted EBITDA is adjusted for non-recurring costs 
of SEK 30.5 million in non-recurring costs, of which 
SEK 22.6 million is related to EC's potential takeover 
offer for the Company, the listing and the 
acquisition process in Germany, and the remaining 
SEK 1.7 million is related to restructuring costs 
related to cost savings.
The Group's profit before interest and tax (EBIT) 
amounted to SEK -54.5 million in 2024, compared 
to SEK -77.9 million during the same period in 2023. 
Adjusted earnings before interest and tax (adjusted 
EBIT) amounted to SEK -11.1 million compared to 
SEK -21.1 million in 2023.
Adjusted EBIT is adjusted for SEK 30.5 million of 
non-recurring costs and PPA-related depreciation of 
SEK 7.8 million during the period.
Profit for the year amounted to a net loss of SEK -
42.3 million in 2024, compared to a net result of 
SEK -46.7 million in 2023.
THE GROUP'S LIQUIDITY, CASH FLOW AND 
FINANCIAL POSITION
Cash flow from operating activities amounted to 
SEK 37.7 million in 2024, compared to SEK -4 
million in the same period last year. The increase 
was driven by positive working capital effects from, 
among other things, trade receivables. In addition, 
some of the listing expenses were still outstanding 
at the end of the year, which increased liabilities.
Cash flow from investments amounted to SEK -
120.1 million in 2024 compared to SEK -55.8 million 
in the same period last year, driven by the 
acquisition of Data-AL.  Investments in tangible and 
intangible assets amounted to SEK 43 million in 
2024. Investments in property, plant and equipment 
amounted to SEK 1.6 million. Capitalized 
development amounted to SEK 41.4 million (65.8), a 
decrease of 37 percent compared to 2023.
For the full year, cash flow from financing activities 
amounted to SEK -16.4 million in 2024 and SEK -
260.8 million in 2023. The net change in cash and 
cash equivalents amounted to SEK -105.5 million 
for 2024 and SEK -368.1 million for 2023. Cash and 
cash equivalents amounted to SEK 264 million at 
the end of 2024.

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10
ANNUAL REPORT 2024
CARASENT
EMPLOYEES
As of 31.12.2024, Carasent has 199 employees 
stationed in offices in Gothenburg, Stockholm, Oslo 
and Dale (Norway), and Neu-Ulm (Germany), with 
the head office located in Gothenburg.
Guidelines for remuneration to senior executives 
and information on remuneration to the CEO and 
senior executives can be found under Note 6 in the 
Annual Report 2024.
PARENTCOMPANY'SDEVELOPMENT
Carasent AB (publ) was established in 2024, with 
comparative figures referring to the former parent 
company, Carasent ASA.
PARENT COMPANY'S NET SALES
AND RESULTS
The Parent Company's gross profit amounted to SEK 
26.5 million in 2024, a decrease of SEK 2 million or -
7 percent compared to the same period last year. 
Operating profit amounted to SEK -19.2 million in 
2024, a decrease compared to SEK -6.4 million in 
the same period in 2023. Profit for the year 
amounted to SEK -1.5 million in 2024, a decrease 
compared to SEK 20.9 million during the same 
period in 2023.
PARENT COMPANY'S LIQUIDITY,
CASH FLOW AND FINANCIAL POSITION
The Parent Company's personnel costs amounted 
to: SEK 5.4 million during the period 2024. Cash 
flow from operating activities amounted to SEK -7.1 
million in 2024. Cash flow from investments 
amounted to SEK -147.5 million in 2024 compared 
to SEK -44.0 million in the same period last year, 
driven by the acquisition of Data-AL. For the full 
year, cash flow from financing activities amounted 
to SEK 11.6 million in 2024 and SEK -233.5 million in 
2023. During the previous year, share buybacks and 
dividends were distributed.
SHARE CAPITAL AND OWNERSHIP
The parent company's shares are listed on Nasdaq 
Stockholm's main market.
10
According to the Company's Articles of Association, 
the share capital may not be less than SEK 500,000 
and not exceed SEK 2,000,000, and the number of 
shares may not be less than 72,000,000 and not 
exceed 288,000,000. When the Company was 
formed on March 25, 2024, there were 500,000 
shares in the Company. Following a reverse share 
split with subsequent share splits resolved by the 
Annual General Meeting on 30 August 2024, the 
number of issued shares amounts to 72,324,781, 
see the table "Development of the share capital" for 
more information. As of December 31, 2024, the 
Company has thus issued a total of 72,324,781 
shares and the share capital amounts to SEK 
500,000. The company does not hold any own 
shares. The shares are denominated in SEK and 
each share has a quota value of SEK 0.006913.
The Company has one (1) series of shares, where 
each share entitles the owner to one vote at the 
Annual General Meeting. At year-end, the single 
largest shareholder, Vitruvian Partners, held 19 
percent of the shares. See the section "Carasent 
Shares" for further information about the share and 
shareholders.
RESEARCH AND DEVELOPMENT ACTIVITIES
Innovation and a high rate of renewal in Carasent's 
customer offering are crucial for its continued 
success. Product development is conducted within 
Carasent AB (publ) and its subsidiaries Medrave 
Software AB, Carasent Sverige AB, Carasent Norge 
AS, Data-AL GmbH, Metodika AB and HPI Health 
Profile Institute AB. Aggressive development 
activities are an important part of Carasent's 
strategy and crucial for the company to achieve its 
financial targets and strengthen its position in the 
market. During the year, a total of SEK 41.3 (65.8) 
million was invested in capitalized development 
costs. The capitalization policy is described in Note 
13.
BRANCHES ABROAD
Carasent AB (publ) conducts business operations 
that have been transferred from Carasent ASA 
through the Company's Norwegian branch. The 
Norwegian branch will continue the existing 
Norwegian tax positions of the transferring entity.
Timing of 
decision Event
Change in 
number of 
shares and 
votes
Number of shares 
and votes after the 
transaction
Share capital (SEK) Quota value
Change Total
25 mars 2024 Formation 500 000 500 000 500 000 500 000 1
30 august 2024 Reverse share split 499 999 1 - 500 000 500 000
30 august 2024 Split of shares 72 324 780 72 324 781 - 500 000 0,006913
DEVELOPMENT OF SHARE CAPITAL

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11
ANNUAL REPORT 2024
CARASENT
Therefore, proper maintenance of the branch is 
required to protect the existing Norwegian tax 
losses in the Group.
SIGNIFICANTRISKANDRISKMANAGEMENT
The governance of Carasent is based on the 
company's Articles of Association, the Swedish 
Companies Act and other applicable Swedish and 
foreign laws and regulations, as well as internal 
governing documents. Carasent defines risk as 
something that can negatively affect the company's 
goal achievement. 
Internal governance is based on Carasent being 
able to effectively and appropriately detect, prevent 
and manage the risks to which the business is 
exposed.
STRATEGIC RISKS
Risks related to the healthcare sector
Carasent offers products to both the private and 
public healthcare sectors. The private sector is 
mainly financed through public funding, insurance 
or private payments, which makes the sector 
sensitive to political decisions and regulatory 
changes.
In Sweden, the issue of profits in welfare is regularly 
debated, and changes in rules can limit private care 
companies' opportunities to generate or transfer 
profits. If publicly funded private care is limited or 
discontinued, Carasent could lose important 
customer segments, which would reduce turnover 
and cash flow. In such a scenario, the company 
may need to reorganize and focus on other markets.
For example, regions' decisions on joint medical 
record systems, such as in Västra Götaland and 
Skåne, may limit the market for Carasent's 
products. Sudden changes in the public sector can 
be difficult to predict and can have a significant 
negative impact on the company's results and 
financial position.
Risks related to technological development
The ongoing digital transformation in the healthcare 
sector is creating increased demand for cost-
effective and innovative technologies, including 
solutions that use artificial intelligence (AI) and data 
analytics. Carasent needs to adapt its products to 
this development to maintain its competitiveness.
If Carasent fails to implement new technology or 
meet market demands, there is a risk that the 
company's solutions will be replaced by more 
advanced alternatives from competitors.
11
This could lead to reduced demand, lower revenues 
and a weakened market position.
Demand-related risks and macroeconomic factors
Carasent's demand is driven by demographic and 
economic factors, such as an aging population and 
increasing healthcare needs. However, demand 
may decline if, for example, a healthier elderly 
population or macroeconomic factors such as 
inflation and budget cuts have a negative impact on 
healthcare investments.
Economic downturns can impair Carasent's earning 
capacity and require costly product development 
efforts to meet changing market needs. Therefore, it 
is crucial that the company continuously monitors 
trends and adapts its strategy to manage these 
risks.
OPERATING RISKS
Risks related to growth strategy and acquisitions
Carasent's growth strategy is based on developing 
new products and services, reaching new customer 
segments and expanding into new markets, both 
through organic growth and strategic acquisitions. 
There is a risk that the strategy will not be realized, 
for example due to competition, technological 
developments or political changes.
Since 2020, Carasent has acquired six companies, 
most recently Data-Al GmbH in Germany. However, 
acquisitions entail risks such as difficulties with 
integration, unresolved legal and financial risks, and 
costly legal processes. Failed acquisitions or lack of 
growth can negatively impact the company's market 
position, revenues and margins.
Risks related to partners and product development
Carasent's success depends on suitable partners to 
integrate new technologies into the product offering 
and act as a one-stop shop for EHR solutions. If the 
company fails to find or retain partners, product 
development may be delayed or negatively affected, 
which risks making the products less competitive.
There is also a risk that product development does 
not reach planned goals due to technical barriers, 
market misjudgments or competitors' better 
solutions. This can lead to lost market share and 
increased investment costs in order to remain 
competitive.

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ANNUAL REPORT 2024
CARASENT
Risks related to employees and key competencies
Carasent relies on the expertise of its management 
and key employees, especially in areas such as 
healthcare and software development. Loss of key 
personnel or difficulties in recruiting employees with 
the right expertise can negatively impact the 
company's product offering, business goals and 
market position.
To minimize these risks, it is important that 
Carasent maintains strategies to attract and retain 
talent, including a strong company culture, 
competitive conditions, and opportunities for 
development. Failure to do so may lead to a 
weakened financial position and a deterioration in 
operating conditions.
Carasent is subject to risks related to brand and 
reputation
Carasent's reputation is a key asset that plays a 
crucial role in the Company's ability to differentiate 
its solutions, products and services from 
competitors' offerings. A strong reputation is not 
only an advantage in a marketing context, but also 
acts as a catalyst for maintaining and attracting 
customers, employees and suppliers in the markets 
where Carasent operates. Carasent's reputation 
may also be an important factor for sellers of 
businesses that the Company is interested in 
acquiring. 
A strong reputation also makes it easier for the 
Group to build long-term relationships and creates 
a foundation of trust. This trust is of utmost 
importance to attract new customers and retain 
existing ones, as well as to attract and retain 
talented staff and reliable suppliers. 
Despite its importance, Carasent's reputation is 
exposed to a number of risks. If Carasent fails to 
meet its contractual obligations, or if incidents 
occur that affect the business, this can lead to 
reputational damage. 
Likewise, actions or statements made by current or 
former customers, competitors, partners, suppliers, 
potential counterparties in litigation, authorities or 
employees may adversely affect Carasent's 
reputation.
REGULATORY RISKS
Risks related to sensitive personal data
Carasent handles sensitive data such as patient 
data and personal data in its systems. Non-
compliance with the General Data Protection 
Regulation (GDPR) or
12
Other rules can lead to sanction fees, damages and 
damaged reputation. Changes in regulations and 
the handling of data transfers can also have a 
negative impact on the company.
Risks related to medical devices
Carasent's products are subject to regulations such 
as MDR and NMI. If the company fails to meet the 
requirements, this could lead to product recalls, 
increased compliance costs or the development of 
new products, which could negatively impact 
earnings and reputation.
Risks related to intellectual property rights
Lack of protection of intellectual property rights, 
such as trademarks and domain names, can 
damage Carasent's competitiveness and 
reputation. In the event of infringement of the rights 
of third parties, the company may be subject to 
litigation and costly damages, which would 
adversely affect revenues and earnings.
Risks related to ESG and compliance
Stricter environmental, social and governance (ESG) 
requirements may increase costs for Carasent. For 
example, the company's energy consumption, 
waste and AI use may be subject to regulations that 
entail sanction fees in the event of non-compliance. 
This can negatively affect earnings and reputation.
FINANCIAL RISKS
Currency risks
Carasent is a Swedish company with operations 
and subsidiaries in Norway and Germany as well as 
with customers in several countries. Consequently, 
the Group is exposed to currency risks. Currency 
risk refers to the risk that exchange rate fluctuations 
have a negative effect on Carasent's financial 
position, profitability or cash flow. The Company's 
accounting currency is SEK while the Group's 
accounting currency has previously been NOK, 
which will be changed to SEK in connection with the 
completion of the Merger. Furthermore, currency 
risk includes the two main types of transaction 
exposure and translation exposure. 
Transaction exposure occurs when Carasent 
manages cash flows in foreign currency, which may 
be due to loans or trading in currencies other than 
its own, i.e. SEK. Fluctuations in exchange rates 
may cause the value of these cash flows to change, 
which in turn may adversely affect Carasent's 
results. For example, if Carasent has expenses in a 
currency that strengthens in relation to SEK, these 
expenses will increase when translated into SEK, 
which can reduce profit margins.

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ANNUAL REPORT 2024
CARASENT
Transparative exposure, on the other hand, arises 
when Carasent converts the financial statements of 
its foreign subsidiaries into the Group's reporting 
currency, SEK. If the subsidiaries' local currencies 
weaken compared to SEK, the value of their assets 
and income in the Group's reports decreases, which 
may lead to a decrease in the Group's total net 
worth and earnings.
Carasent handles inflows and outflows in several 
currencies, which means that the Company is 
sensitive to exchange rate fluctuations. If, for 
example, the Company has large inflows in a 
currency that weakens against SEK, these will be 
converted into smaller amounts in SEK and thus 
reduce revenues. Carasent's main markets are 
Sweden and Norway, which means that the 
Company is primarily exposed to NOK and SEK. 
It is worth noting that Carasent does not use foreign 
exchange derivatives or other financial instruments 
to manage these risks. This means that the 
Company is exposed to exchange rate fluctuations, 
which can have significant negative consequences 
for the Group's cash flows, financial position and 
operating profit. Refraining from hedging currency 
exposure is a strategic decision, based on a trade-
off between the cost of hedging measures and the 
perceived risk, as well as an assessment that 
exchange rate fluctuations will not be significantly 
negative over time.
Carasent is subject to risks related to deferred tax 
balances
The Group has significant tax losses attributable to 
its tax positions. See note 10 for more information. 
These tax losses are characterized by the fact that 
they have no maturity date, which means that they 
can be carried forward indefinitely in time in order to 
possibly be offset against future taxable income.
However, in view of the current operations of the 
Group, it appears uncertain whether these deferred 
tax assets will be utilized in the future. There is 
currently no convincing evidence to support the 
possibility that these tax claims could be realized. 
This uncertainty has led to the deferred tax assets 
not being included in the Group's annual report for 
the financial year 2024. This uncertainty factor is 
significant and could result in material adjustments 
to the carrying amounts of assets and liabilities in 
the upcoming financial year 2025.
13
Carasent is subject to credit risks
Credit risk is one of the most significant risks that 
businesses face, especially those involved in 
financial transactions with customers and banks. 
That risk is particularly relevant for Carasent, a 
company which, although it has not experienced 
any major credit risks to date, cannot ignore the 
possibility that such risks may arise in the future. 
The credit risk is mainly linked to trade receivables, 
which means that there is a risk that Carasent's 
customers will not be able or unwilling to pay their 
debts.
Carasent is subject to liquidity risk
There is a risk that Carasent may not have sufficient 
funds available to manage its ongoing payment 
obligations. This may mean difficulties in financing 
day-to-day operations or in implementing the 
necessary investments that are in line with 
Carasent's strategic plans. Such a situation may 
arise if, for example, the Company is unable to 
generate sufficient cash flow from its operations. 
There is also a risk that Carasent will not be able to 
raise new capital on terms acceptable to the 
Company. This may be due to a number of factors, 
such as unfavorable market conditions, the 
occurrence of credit risks of a large extent or 
seriously deteriorating economic conditions in the 
markets in which the Company operates. 
Carasent's ability to secure financing and liquidity is 
critical to its long-term sustainability and growth.
To manage these risks, Carasent has implemented 
several strategies. A key aspect is to maintain a high 
level of financial readiness. This means that 
Carasent actively monitors and manages its capital 
raising at a Group level. By centralizing this function, 
Carasent can more efficiently balance and 
distribute resources within the Group. Another 
important part of risk management is the 
preparation of monthly cash flow forecasts. 
These forecasts are based on net income, planned 
investments and changes in working capital. 
By regularly updating and analyzing these forecasts, 
Carasent can improve its financial planning and risk 
management. This helps to identify potential 
liquidity gaps in a timely manner and allows for 
proactive measures to secure the necessary 
funding. Furthermore, Carasent has no significant 
loan financing arrangements and thus no interest 
rate or refinancing risk in relation to credit 
institutions or other lenders.

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ANNUAL REPORT 2024
CARASENT
CORPORATESOCIALRESPONSIBILITY
ENVIRONMENTAL CERTIFICATION
The Carasent Group has officially received 
ISO14001 certification, marking an important step 
forward in the company's commitment to 
sustainability and responsible business practices. 
The certification underscores Carasent's efforts to 
minimize its environmental impact while 
encouraging its partners and customers to adopt 
more environmentally friendly practices. The 
certification process included a comprehensive 
review of Carasent's operations to identify key areas 
of environmental risks and opportunities.
As part of this initiative, Carasent audited its supply 
chain, evaluated the management of electronic 
devices such as computers and phones, and 
assessed its energy suppliers to ensure that they 
were in line with the company's environmental 
objectives. These actions reflect a holistic approach 
to sustainability that aims to reduce environmental 
risks across the organization.
SUSTAINABILITY WORK AND SOCIAL 
RESPONSIBILITY
Sustainability is an integral part of Carasent's 
business. As a publicly traded software company in 
the healthcare sector, Carasent operates in an 
environment with high regulatory requirements, 
strict data protection laws, and increasing 
expectations for environmental and social 
sustainability.
Carasent develops and delivers innovative IT 
solutions to support a more digitalized healthcare in 
the Nordic and German markets. The business 
model is based on increasing efficiency, safety and 
resource use in healthcare. Through Carasent's 
products and services, Carasent helps healthcare 
organizations optimize patient flows, digitize 
medical record management and strengthen 
information security.
Carasent is aware of its impact on the environment, 
society and the people the company interacts with. 
Therefore, the company works actively to identify 
and manage risks, improve transparency and 
ensure that operations are conducted responsibly. 
As part of its sustainability commitment, Carasent 
adheres to the UN Global Compact (UNGC) and its 
ten principles in the areas of human rights, labor 
rights, the environment and anti-corruption. 
The Carasent Group has a stimulating and positive 
working environment with highly qualified and 
motivated staff.
14
At the end of 2024, the company had 199 
employees. No accidents have occurred in 2024. 
There have been no significant sickness absences 
in 2024.
SUSTAINABILITY MANAGEMENT
Sustainability work is an integral part of 
Carasent's business strategy and is led by Group 
Management in collaboration with the 
Compliance Department. The Board of Directors 
has overall responsibility for the company's 
sustainability strategy, while operational initiatives 
and compliance with sustainability policies are 
handled by specialized working groups in relevant 
business areas.
Carasent operates according to established 
international standards, such as ISO 14001 for 
environmental management and ISO 27001 for 
information security, and ensures that processes 
comply with legal requirements and industry 
standards. Through continuous risk assessment, 
potential sustainability challenges are identified 
and managed and measures are implemented to 
continuously develop the Group's sustainability 
work. This includes regular internal and external 
audits, updates to policies, and continuous 
training of employees.
Opportunities in ESG
Carasent has several opportunities in 
sustainability that are directly linked to the 
business strategy:
Innovation and economic growth (SDG 8): 
Carasent is continuously developing products to 
enable more efficient use of resources in 
healthcare, particularly by optimizing the use of 
time for healthcare professionals. Through digital 
solutions, Carasent helps healthcare 
organizations work in a more streamlined way, 
leading to improved ways of working and 
increased productivity.
Sustainable consumption and production (SDG 
12): As a technology provider with extensive 
energy consumption, Carasent recognizes its 
responsibility to minimize environmental impact. 
In 2024, the Group has ensured that Scope 2 
emissions consist exclusively of fossil-free energy, 
and also one of the most significant Scope 3 
emissions, which is the electricity consumption in 
rented data centers.
Health and well-being (SDG 3): Carasent's vision 
is to contribute to higher efficiency and quality in 
healthcare, which in turn contributes to better 
health in the communities in which the Group 
operates. Carasent also places great emphasis on 
information security and works actively to protect 
the privacy of individuals.

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ANNUAL REPORT 2024
CARASENT
Risks in ESG
Carasent manages several sustainability-related 
risks, both within the company and the industry. The 
three main identified risks are:
Privacy risks and GDPR compliance: As a software 
company in the healthcare sector, Carasent 
handles large amounts of sensitive personal data. 
Non-compliance with the GDPR can lead to legal 
consequences and damage the trust of customers 
and patients.
Supplier and partner data leaks: Carasent's systems 
integrate with many external platforms, which 
means an increased risk of data leaks if partners 
lack sufficiently robust security measures.
Environmental impact from operations: Operating 
data centers and offices with high energy 
consumption can have a negative environmental 
impact. Carasent is therefore actively working to 
optimize its energy use and reduce its carbon 
footprint.
The Company conducts its operations in rented, 
modern and secure office environments with limited 
exposure to environmental hazards. The biggest 
threat is considered to be the lack of electricity and 
clean water. The company has not considered it 
necessary to take its own specific measures to 
reduce this risk.
LABOUR LAW
Carasent's operations are affected by labor laws 
and regulations in the countries in which the 
company operates. As an employer, Carasent has a 
responsibility to ensure that all employees and 
consultants work under fair, safe and inclusive 
working conditions. To ensure a safe and inclusive 
work environment, Carasent implements measures 
in the areas of labor law, work environment, 
ergonomics and whistleblowing.
Measures to ensure compliance with labor laws and 
collective agreements
Continuous updating of policies and guidelines: The 
company continuously reviews its employment law 
processes to ensure that these comply with 
applicable legislation and collective agreements.
Clear terms of employment and competitive 
salaries: Carasent ensures that all employees have 
fair working conditions and that salaries are in line 
with industry standards.
Flexible working arrangements: To meet the 
changing labor market, the company offers flexible
15
working hours and the possibility of remote work 
whenever possible.
Measures to strengthen the psychosocial work 
environment
Health programs and support for stress 
management: Carasent provides employees with
support through access to occupational health
services and counseling on stress management.
Balanced workload and clear expectations: Regular 
performance appraisals and planning meetings 
ensure that the workload is sustainable.
Promoting a positive corporate culture: Team 
activities, development opportunities and an 
inclusive corporate culture strengthen well-being in 
the workplace.
Measures to improve ergonomics and physical 
working environment
Ergonomic workstations: All employees have access 
to height-adjustable desks, ergonomic chairs and 
adapted lighting.
Breaks and movement during the working day: 
Carasent encourages short breaks and physical 
activity to reduce the risk of musculoskeletal 
injuries.
Measures to strengthen the whistleblower system
Anonymous and secure reporting channel: Carasent 
has implemented a whistleblower system that 
enables anonymous reporting of misconduct.
Clear guidelines and protection against retaliation: 
The company communicates that employees can 
report problems without fear of negative 
consequences.
Fast and efficient handling of cases: Reports 
received through the whistleblower system are 
handled by an independent entity to ensure fair 
investigations.
ENVIRONMENTAL AND CLIMATE IMPACT
Carasent operates in the IT sector and has a 
relatively low direct climate impact compared to 
industries that are dependent on fossil fuels or 
resource-intensive production. However, the 
company has a significant indirect environmental 
impact, mainly through energy consumption in data 
centers, use and disposal of IT equipment, and 
impact through the supply chain. As Carasent 
develops and provides digital solutions for the 
healthcare sector, the greatest environmental 
impact occurs through Scope 2 and Scope 3 
according to the GHG Protocol.

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ANNUAL REPORT 2024
CARASENT
Energy use and climate impact of data centers
Carasent's products are hosted in data centers, 
which means significant energy consumption. Data 
centers consume large amounts of electricity to 
power servers and cool them down. How big the 
climate impact of this is depends on the energy mix 
used in the countries where the servers are located.
Electronic waste and IT equipment management
Carasent uses a wide range of electronic 
equipment, including computers, servers, and 
network equipment. These products have a life 
cycle that includes raw material extraction, 
production, transport, use and finally waste 
management.
Indirect environmental impact via the supply chain
Carasent relies on a network of suppliers, especially 
in IT infrastructure and cloud services. These 
suppliers' choice of energy sources, manufacturing 
methods and materials affects the company's 
overall environmental impact. Carasent works 
actively to reduce its environmental impact by 
improving energy efficiency, choosing sustainable 
suppliers and implementing better routines for 
waste management and recycling. The company 
has implemented an environmental management 
system in accordance with ISO 14001, which 
means that the environmental work is structured 
and systematic.
Measures to reduce energy consumption in data 
centers
100 percent fossil-free electricity where possible: 
Carasent ensures that its own offices and the data 
centres it uses are powered by renewable energy 
where available.
Collaboration with sustainable cloud service 
providers: Carasent prioritizes suppliers that have 
ambitious climate goals and use energy-efficient 
solutions.
More efficient code and system architecture: By 
optimizing software performance, the load on 
servers is reduced, leading to lower energy 
consumption.
Measures to manage electronic waste and IT 
equipment sustainably
Sustainable IT management: Carasent has 
implemented a policy for responsible management 
of electronics, where equipment is reused or 
recycled in an environmentally friendly way.
16
Cooperation with certified recycling partners: 
Electronic waste is handled in accordance with EU 
directives and national legal requirements to ensure 
the proper recycling of metals and other materials.
Longer equipment life: By updating and repairing IT 
equipment where possible, its useful life is 
extended, reducing the need for new production.
Measures to reduce indirect environmental impacts in 
the supply chain
Sustainable sourcing policy: Carasent requires its 
suppliers to work actively to reduce their 
environmental impact, for example through energy-
efficient production and recyclable materials.
Environmental education and employee engagement
Mandatory environmental training: All employees 
undergo training in sustainability and 
environmentally conscious working methods.
Eco-friendly workplaces: Carasent's offices are 
energy-efficient and use sustainable materials 
wherever possible.
Encouraging eco-friendly travel: The company offers 
remote work and digital meeting opportunities to 
reduce the need for business travel.
EXPECTATIONS REGARDING FUTURE 
DEVELOPMENTS
The uncertain geopolitical and global economic 
situation makes economic developments difficult to 
assess. Carasent has taken several measures to 
reduce the risks of economic fluctuations. The 
company has a growing share of recurring revenue 
from a diversified customer base in the healthcare 
sector, which contributes to stability. Carasent 
expects limited effects, but indirect effects such as 
longer sales processes and customers in financial 
difficulties may happen. 
The efforts made to strengthen the business have 
had the desired effect and are expected to continue 
to contribute positively to the company's 
development. In 2025, Carasent will continue to 
build a business for profitable growth.
PROPOSAL FOR APPROPRIATION OF PROFITS
The Board of Directors recommends the following 
distribution of net income in Carasent AB (publ);
(Amounts in 1 000 SEK) 2024
Profit for the year (1 461 285)
Transferred to retained earnings (1 461 285)

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ANNUAL REPORT 2024
CARASENT
IMPLEMENTATION AND REPORTING OF CORPORATE GOVERNANCE
Carasent AB is a Swedish public limited company. In 2024, the merger between the Norwegian public 
limited company Carasent ASA and Carasent AB was completed. Carasent ASA's shares were listed on 
the Oslo Stock Exchange until December 4, 2024.
In connection with the Company's shares being listed on Nasdaq Stockholm, the Company is subject to 
Swedish law, Nasdaq Stockholm's rule book for issuers and the Swedish Code of Corporate Governance 
(the "Code"). The Code applies to all Swedish companies whose shares are listed on a regulated market in 
Sweden. Carasent AB has adapted its corporate governance procedures in line with the Code and applies 
it in full as of the listing. Any deviations from the Corporate Governance Code and the justifications 
therefor are reported on an ongoing basis in the text. The company has chosen not to establish a special 
remuneration committee, as the Board of Directors in its entirety performs the tasks that normally fall 
within the responsibility of a remuneration committee. The Company believes that this solution is 
appropriate given the Company's size and operational structure.
Carasent's Corporate Governance Policy aims to ensure an appropriate division of roles and 
responsibilities between shareholders, the Board of Directors and management. The Company 
emphasizes the importance of fair and equal treatment of all shareholders, the importance of independent 
and qualified persons on governing bodies, and ensuring that all financial reporting is reviewed by 
qualified, independent auditors. The Corporate Governance Report contains a detailed description of the 
Company's application of the Swedish Code of Corporate Governance and a report on any deviations. For 
the financial year 2024, the Company has not identified any deviations from the Code. At year-end, the 
single largest shareholder, Vitruvian Partners, held 19 percent of the shares See the section "The Carasent 
share" for further information about the share and shareholders.
GENERAL MEETING
According to the Swedish Companies Act (2005:551), the Annual General Meeting is Carasent's highest 
decision-making body. At the Annual General Meeting, shareholders exercise their voting rights on key 
issues, such as the adoption of the income statements and balance sheets, the allocation of the 
Company's earnings, the discharge from liability of the members of the Board of Directors and the CEO, 
election of members of the Board of Directors and auditors, and remuneration to the Board of Directors 
and auditors. The Annual General Meeting must be held within six months of the end of the financial year. 
In addition to the Annual General Meeting, an Extraordinary General Meeting may be convened. According 
to the Articles of Association, notice of the Annual General Meeting is given through an announcement in 
the Swedish Official Gazette and by the notice being made available on the Company's website. That the 
notice has been issued will also be announced in Dagens Industri.
Right to participate in general meetings
Shareholders who wish to participate in the negotiations at the General Meeting must be entered in the 
share register maintained by Euroclear Sweden six banking days prior to the Annual General Meeting and 
notify the Company of their intention to participate in the General Meeting no later than the date stated in 
the notice of the Annual General Meeting. Shareholders may attend general meetings in person or by proxy 
and may also be assisted by a maximum of two persons. Shareholders can usually give notice of 
attendance at the Annual General Meeting in several different ways, which are specified in more detail in 
the notice of the Annual General Meeting. Shareholders are entitled to vote for all shares held by the 
shareholder.
Shareholder's right of initiative
Shareholders who wish to have a matter considered at the Annual General Meeting must send a written 
request to the Board of Directors. The request shall normally be received by the Board of Directors no later 
than seven weeks before the Annual General Meeting.
17
CORPORATE GOVERNANCE 
REPORT 2024

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18
ANNUAL REPORT 2024
CARASENT
NOMINATING COMMITTEE
Companies that comply with the Code shall have a nomination committee. According to the Code, the 
Annual General Meeting shall appoint the members of the Nomination Committee or state how the 
members are to be appointed. According to the Code, the Nomination Committee shall consist of at least 
three members and a majority of these shall be independent in relation to the Company and Group 
Management. In addition, at least one member of the Nomination Committee shall be independent in 
relation to the largest shareholder in terms of voting rights or the group of shareholders who collaborate on 
the Company's management. 
The company's Nomination Committee for the 2025 Annual General Meeting consists of Niclas Lindlöf 
(appointed by Vitruvian Partners), Anna Sundberg (appointed by Handelsbanken Fonder) and Elisabet Jamal 
Bergström (appointed by SEB Investment Management). The members of the Nomination Committee were 
appointed in accordance with the current Nomination Committee instruction adopted by the Annual 
General Meeting in connection with the company's relisting to Nasdaq Stockholm. Due to changes in 
ownership following Carasent's relisting to Nasdaq Stockholm in December 2024, the new Nomination 
Committee was based on the ownership structure as of December 31, 2024. The Nomination Committee 
shall perform the tasks assigned to the Nomination Committee in accordance with the Code. The members 
of the Nomination Committee are independent in relation to the Board of Directors and management. Since 
Vitruvian Partners is the company's largest shareholder, Niclas Lindlöf is not considered to be independent 
of the largest shareholder in terms of votes. Anna Sundberg (appointed by Handelsbanken Fonder) and 
Elisabet Jamal Bergström (appointed by SEB Investment Management) are considered independent 
according to the criteria set out in the Swedish Corporate Governance Code. At the Extraordinary General 
Meeting held on 3 November 2024, it was resolved to adopt the following principles for the appointment of 
the Nomination Committee, to apply from the 2025 Annual General Meeting: The Nomination Committee 
shall be independent in relation to the Board of Directors and the company's administration and shall work 
to safeguard the interests of all shareholders. The Nomination Committee shall consist of at least three 
members. The Nomination Committee shall remain in place until the next Nomination Committee has been 
appointed. The Chairman of the Board shall, based on the ownership structure at the end of September 
each year, convene a Nomination Committee consisting of one member appointed by each of the three 
largest shareholders in the Company ("Shareholders" herein refers to an individual shareholder or ownership 
group). If a member of the Nomination Committee no longer represents one of the three largest 
shareholders in the company, the Nomination Committee has the right to dismiss the member. In the event 
that a member of the Nomination Committee resigns or is dismissed, the Nomination Committee may 
appoint another member nominated by the major shareholders to replace such member. 
The Chairman of the Nomination Committee shall be the member representing the largest shareholder in 
terms of votes, provided that the members of the Nomination Committee do not agree on another 
Chairman. The Chairman of the Nomination Committee shall not be a member of the Board of Directors of 
the company. The Nomination Committee shall fulfil its assignment in accordance with what is stipulated in 
the Swedish Code of Corporate Governance. No fees shall be paid to the members of the Nomination 
Committee. However, the company shall be responsible for reasonable costs that are reasonably 
attributable to the performance of the Nomination Committee assignment. Changes in the composition of 
the Nomination Committee shall be announced immediately. The Nomination Committee shall carry out 
the duties of the Nomination Committee in accordance with the Code. The composition of the Nomination 
Committee for the Annual General Meeting shall normally be announced no later than six months prior to 
the Annual General Meeting. No remuneration shall be paid to the representatives of the Nomination 
Committee. The company shall reimburse any costs reasonably incurred by the Nomination Committee in 
its work. The term of office of the Nomination Committee ends when the composition of the next 
Nomination Committee has been announced.
BOARD OF DIRECTORS
The Board of Directors is the Company's highest decision-making body after the Annual General Meeting. 
According to the Swedish Companies Act, the Board of Directors is responsible for the Company's 
administration and organization, which means that the Board of Directors is responsible for, among other 
things, establishing goals and strategies, ensuring procedures and systems for evaluating established goals, 
continuously evaluating the Company's results and financial position, and evaluating the operational 
management. The Board of Directors is also responsible for ensuring that the Annual Report and interim 
reports are prepared in a timely manner. In addition, the Board of Directors appoints the Company's CEO.
The members of the Board of Directors are normally elected by the Annual General Meeting for the period 
until the end of the next Annual General Meeting. According to the Company's Articles of Association, the 
Board of Directors, to the extent elected by the Annual General Meeting, shall consist of a minimum of three 
members and a maximum of ten members with a maximum of ten deputies.
18

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ANNUAL REPORT 2024
CARASENT
According to the Code, the Chairman of the Board shall be elected by the Annual General Meeting and have 
a special responsibility for the management of the Board's work and for ensuring that the Board's work is 
well organized and carried out in an efficient manner.
The Board of Directors follows written rules of procedure, which are revised annually and adopted at the 
inaugural Board meeting each year. The rules of procedure regulate, among other things, board practices, 
functions and the division of work between the members of the board and the CEO. In connection with the 
statutory Board meeting, the Board of Directors also adopts the instructions for the CEO, including financial 
reporting. In addition, the Board of Directors of the Company has adopted customary internal regulations 
and policies regarding compliance with relevant provisions of Regulation (EU) No 596/2014 of the European 
Parliament and of the Council on market abuse and with regard to the Group's communication, financial 
reporting and internal governance.
The Board meets according to an annually established schedule. In addition to these Board meetings, 
additional Board meetings may be convened to deal with matters that cannot be referred to an ordinary 
Board meeting. In addition to the Board meetings, the Chairman of the Board and the CEO have an ongoing 
dialogue regarding the management of the Company. Currently, the Company's Board of Directors consists 
of five ordinary members elected by the Annual General Meeting, who are presented in the section "Board of 
Directors, Senior Executives and Auditors".
AUDIT COMMITTEE
The company has an audit committee consisting of two members: Tomas Meerits and Camilla Skoog. The 
Audit Committee shall, without prejudice to the Board's responsibilities and duties in general, monitor the 
Company's financial reporting, monitor the effectiveness of the Company's internal control, internal audit 
and risk management, keep itself informed about audits of the annual accounts and consolidated financial 
statements, review and monitor the auditor's impartiality and independence, paying particular attention to 
whether the auditor provides the Company with services other than auditing services, and assist in 
Preparation of proposals for the Annual General Meeting's election of auditor.
1) Refers to independence in relation to the company and its management, as well as independence in relation to the company's major shareholders.
2) CEO AND OTHER SENIOR EXECUTIVES
The CEO is subordinate to the Board of Directors and is responsible for the Company's day-to-day 
management and day-to-day operations. The division of responsibilities between the Board of Directors and 
the CEO is set out in the Rules of Procedure for the Board of Directors and the instructions for the CEO 
adopted by the Board of Directors. The CEO is also responsible for preparing reports and compiling 
information from management for Board meetings and is the rapporteur for the material at the Board 
meetings.
In accordance with the instructions for financial reporting adopted by the Board of Directors, the CEO is 
responsible for financial reporting in the Company and shall accordingly ensure that the Board of Directors 
receives sufficient information to enable the Board of Directors to continuously evaluate the Company's 
financial position. 
The CEO shall keep the Board of Directors continuously informed of the development of the Company's 
operations, the development of sales, the Company's results and financial position, liquidity and credit 
situation, important business events and any other event, circumstance or circumstance that can be 
assumed to be of material importance to the Company's shareholders. The CEO and other senior 
executives are presented in the section "Board of Directors, senior executives and auditor“.
REMUNERATION TO MEMBERS OF THE BOARD OF DIRECTORS, CEO AND SENIOR EXECUTIVES
Guidelines for remuneration to members of the Board of Directors, the CEO and senior executives
At the Extraordinary General Meeting held on 3 November 2024, it was resolved to adopt the following 
guidelines for remuneration to members of the Board of Directors, the CEO and other senior executives. The 
persons who are members of Carasent's Group Management during the period that these guidelines apply 
are subject to the provisions of these guidelines. The guidelines shall apply to agreed remuneration, as well 
as changes to already agreed remuneration, made after the adoption of the guidelines by the Extraordinary 
General Meeting on 3 November 2024.
19
Board 2024 Member since Independence (1) Board meetings Audit committee
Petri Niemi (chairman of the board) 2022 Yes/Yes 20/21
Camilla Skoog (board member) 2022 Yes/Yes 21/21 5/5
Ulrika Cederskog Sundling (board member) 2022 Yes/Yes 21/21
Tomas Meerits (board member) 2023 Yes/No 21/21 5/5
Henric Carlsson (board member) 2024 Yes/Yes 18/21

===== SIDA 20 =====

20
ANNUAL REPORT 2024
CARASENT
The guidelines do not apply to remuneration resolved or approved by the Annual General Meeting. If a Board 
member performs work on behalf of Carasent in addition to the Board assignment, these guidelines shall 
apply to remuneration related to such work (regarding consultancy fees). All handling and decisions relating 
to remuneration are based on transparency and accepted standards to prevent self-dealing and conflicts of 
interest.
General principles
All members of management shall have standard terms and conditions for termination in accordance with 
applicable law and industry standards. None of the members of the management, with the exception of the 
CEO, shall have severance pay or other special arrangements upon termination. For senior executives 
resident in Sweden, the employee and the employer have a mutual notice period of three to six months. The 
total remuneration to each of the senior executives in Carasent, as well as to other senior executives, 
consists of basic salary, other fixed benefits and, in some cases, performance-based bonuses.
The guidelines' promotion of the company's business strategy, long-term interests and sustainability
A prerequisite for the successful implementation of the company's business strategy and the safeguarding 
of the shareholders' long-term interests, including the company's sustainability, is that the company is able 
to recruit and retain qualified employees. This requires that Carasent offers attractive and competitive 
remuneration, and these guidelines enable the company to offer senior executives a competitive total 
remuneration consisting of base salary, other fixed benefits and in some cases performance-based 
bonuses as described in more detail below.
Basic salary
The basic salaries shall be determined at levels that the Board of Directors considers to be comparable to 
those of managers in a similar position in the company's industry and are intended to be competitive in the 
market.
The base salary for all employees, including management, shall be based on various considerations such as 
industry levels, comparable groups and national surveys, as well as assessments of the individual senior 
executive's past and expected future performance.
Pension
All employees of Carasent are entitled to an old-age pension in accordance with the law and industry 
standards of the specific country. If the pension benefit is defined contribution based, the pension 
contribution shall not exceed 30 percent of the basic salary. Both the structure and compensation levels are 
considered reasonable and based on industry standards for all employees.
Other benefits
Other benefits such as mobile phones and internet costs must be kept at minimum levels in accordance 
with industry standards or below. Other benefits may not exceed 5 percent of the fixed salary.
Variable salary
Senior executives may have as part of their remuneration a bonus program that is limited to a certain 
percentage of the base salary and which may under no circumstances exceed 100 percent of the base 
salary. The bonus shall be directly linked to predetermined and measurable criteria that shall be linked to 
the results of the relevant business according to given key figures. These criteria can be financial or non-
financial and can be collective or individualized. They can also be either of a quantitative or qualitative 
nature. The criteria are designed so that successful fulfillment directly contributes to the successful 
fulfillment of the company's business goals. The total compensation package for all employees, including 
bonuses, is well within the industry standard. The introduction and design of a variable bonus is considered 
to benefit the company in its pursuit of its business goals, as well as benefit the company's business 
strategy, long-term interests and sustainable business practices. The extent to which the goal has been 
achieved and the bonus is to be paid will be evaluated at the end of each year. The Board of Directors is 
responsible for this evaluation with bonuses to the CEO. For other executives, the CEO is responsible for the 
evaluation after consultation with the Board.
20

===== SIDA 21 =====

21
ANNUAL REPORT 2024
CARASENT
Incentive program
The company is highly dependent on qualified and motivated employees to be able to grow and create 
shareholder value. Incentive programs where the employees have an ownership interest in the company are 
considered to be an effective and valuable tool. As part of the total compensation package to the 
employees, the company can therefore offer incentives linked to performance and earnings, such as share 
options or similar incentive programs. The Company has not currently implemented any incentive programs.
Salary and terms of employment for employees
In the preparation of the Board's proposal for these remuneration guidelines, salary and terms of 
employment for the company's employees have been taken into account by providing information on 
employees' total remuneration, the various components of the remuneration, and the increase and rate of 
increase of remuneration over time, as part of the Board's decision-making basis when evaluating the 
reasonableness of the guidelines and the limitations that follow from them.
The decision-making process for establishing, reviewing and implementing the guidelines
The Board of Directors shall decide on all matters relating to remuneration to senior executives. The Board of 
Directors shall prepare proposals for new guidelines at least every four years and present the proposal at the 
Annual General Meeting. The guidelines shall apply until new guidelines have been adopted by the Annual 
General Meeting. The Board of Directors shall also monitor and evaluate programs for variable remuneration 
for senior executives, the application of the guidelines for remuneration to senior executives and current 
remuneration structures and remuneration levels in the company. The CEO or other senior executives are 
not present at the Board's consideration of and decisions on remuneration-related issues, to the extent that 
they are affected by the issues.
Departing from the Guidelines
The Board of Directors may decide to temporarily deviate from the guidelines in whole or in part, if there are 
special reasons for doing so in an individual case and a deviation is necessary to meet the company's long-
term interests, including its sustainability, or to ensure the company's financial viability.
Fees to the Board of Directors of Carasent AB during the financial year 2024
The table below shows the fees received by the Board members elected by the Annual General Meeting 
during the financial year 2024.
Current employment contracts for the CEO and other senior executives. Decisions on current remuneration 
levels and other terms of employment for the CEO and other senior executives have been made by the 
Board of Directors. The table below shows the fees to the CEO and other senior executives for the financial 
year 2024.
21
Name Position
Remuneration to the 
Board of Directors
Petri Niemi Chairman 491 595 
Camilla Skoog Member 304 789 
Ulrika Cederskog Sundling Member 245 798 
Tomas Meerits Member -
Henric Carlsson Member 163 865 
Total 1 206 047 
2024 Basic salary Variable salary Other benefits Pension costs Total
Chief Executive Officer 2 450 936 100 641 4 128
Other senior executives 4 656 859 12 663 6 190
Total 7 106 1 795 112 1 304 10 318
Amount 2024 Men (%) 2023 Men (%)
Senior executives 5 40 % 7 29 %
Amount 2024 Men (%) 2023 Men (%)
Board 5 60 % 5 60 %

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22
ANNUAL REPORT 2024
CARASENT
All amounts in the table are stated in SEK. Agreements concerning pensions shall, where possible, be based 
on fixed premiums and formulated in accordance with the levels, practices and collective agreements in 
force in the country where the senior executive is employed. For senior executives resident in Sweden, the 
employee and the employer have a mutual notice period of three to six months. The Company's CEO is 
entitled to severance pay of nine months' salary in addition to the above salary during the notice period in 
the event of termination by the Company.
INTERNAL CONTROL
Internal control includes control of the Company's and the Group's organisation, procedures and support 
measures. The objective is to ensure that reliable and correct financial reporting is made, that the 
Company's and the Group's financial statements are prepared in accordance with law and applicable 
accounting principles, that the Company's assets are protected and that other requirements are complied 
with. The internal control system is also intended to monitor compliance with the Company's and the 
Group's policies, principles and instructions. Internal control also includes analysis of risks and follow-up of 
incorporating information and business systems. The Group identifies, assesses and manages risks based 
on the Group's vision and goals. Risk assessment of strategic, compliance, operational and financial risks is 
carried out annually by the CFO, the assessment is presented to the Audit Committee and the Board of 
Directors. 
The Board is responsible for internal control. Processes for managing the business and delivering value 
should be established within the business management system. The CEO is responsible for the process 
structure within the Group.
A self-assessment of the minimum requirements in defined controls for identified risks for each business 
process shall be carried out annually and reported to the Board of Directors. The CFO is responsible for the 
review process, which is facilitated by the functioning of internal control. In addition, the finance function 
carries out assessments of risk controls and internal systems in accordance with the plan agreed with the 
Board of Directors and Group Management.
Control activities
Carasent has established a risk management process that includes a number of key controls that are 
crucial to ensure that risk management is effective and well-functioning throughout the organisation. These 
control requirements are an important tool to give Carasent's Board of Directors the opportunity to manage 
and evaluate information from Group Management and to take responsibility for identified risks.
Carasent focuses on mapping and evaluating the most significant risks related to financial reporting to 
ensure that reporting is accurate and reliable. An example of such a check is Carasent's annual impairment 
test of intangible assets, which aims to assess returns and identify any impairment needs. The control 
activities are designed to limit identified risks and ensure both accurate financial reporting and high process 
efficiency.
The control activities in Carasent include both comprehensive and detailed controls, and they aim to 
prevent, detect and correct errors and deviations. The finance department is responsible for consolidated 
financial statements, consolidated financial statements and financial control systems. In addition, the 
department is responsible for ensuring that relevant instructions for financial reporting are known and 
available to the relevant personnel. Within the accounting and controller function, there are continuous 
reconciliations and checks of reported amounts, together with analyses of income statements and balance 
sheets.
The controller function plays an important role by performing control activities at all levels within the 
company. The function analyses and follows up on deviations from the budget, prepares forecasts and 
follows up on significant fluctuations over different periods. By reporting further in the organisation, the 
function helps to minimise the risk of errors in financial reporting.
22

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23
ANNUAL REPORT 2024
CARASENT
A high level of IT security is a basic prerequisite for maintaining good internal control of financial reporting. 
Therefore, Carasent has developed rules and guidelines to ensure accessibility, accuracy, confidentiality 
and traceability of the information handled in the company's business system. Permissions to the ERP 
system are strictly regulated, which aims to prevent accidental or intentional errors in registrations.
As part of the work to ensure the quality of financial reporting, Carasent's Board of Directors has established 
an Audit Committee. The Audit Committee is responsible for dealing with critical accounting issues and 
monitoring the effectiveness of internal control and risk management processes, among other things.
Audit
The auditor shall review the Company's annual report and accounts as well as the administration of the 
Board of Directors and the CEO. After each financial year, the auditor shall submit an auditor's report and a 
consolidated auditor's report to the Annual General Meeting. 
According to the Company's Articles of Association, the Company shall have one or two auditors and a 
maximum of two deputy auditors. The company's auditor is KPMG AB, with Daniel Haglund as auditor in 
charge. The company's auditor is presented in more detail in the section "Board of Directors, senior 
executives and auditor".
In 2024, the total remuneration to the Company's auditor amounted to SEK 2 million.
23

===== SIDA 24 =====

24
ÅRSREDOVISNING 2024
CARASENT
BOARD, SENIOR EXECUTIVES AND AUDITOR
CAMILLA SKOOG
Board member since 2022. Born 1973
Systems Science Programme, University of Växjö.
Other positions Chief Executive Officer of Akribi System AB and Board Member of Admicom Oy
Previous positions Business Area Manager at Fortnox AB and deputy board member of Ontarget Växjö 
AB.
Shareholding in the 
Company Camilla Skoog holds 9,345 shares in Carasent AB (Publ).
PETRI NIEMI
Chairman of the board since 2022. Born 1961
Bachelor of Engineering and MSc in Physics, Helsinki University of Technology, Finland.
Other positions
Chairman of the Board of Directors of Admicom Oyj, Autori Oy, B10 Group Oy, 
Sevendos Oy, G2 Invest Oy and Lounea Oy. Member of the Board of Directors of 
Cadmatic Oy and Insta Group Oy.
Previous positions
Chairman of the Board of Directors of Wega Group Oy, Liana Technologies,
Leaddesk Oyj, Bilot Oyj, Clausion Oy and NextGames Oyj. Board member of
Detection Technology Oy.
Shareholding in the 
Company
Petri Niemi holds 12,264 shares in Carasent AB (Publ) through G2 Invest Oy, which is 
a related party to Petri Niemi.
TOMAS MEERITS
Board member since 2021. Born 1978
Master of Science in Business and Economics, Stockholm School of Economics
Other positions Managing Director of Vitruvian Partners and Board member of Mustjalg Holding AB.
Previous positions Board member of Gemme Sverige AB.
Shareholding in the 
Company
Tomas Meerits does not hold any shares in Carasent AB (Publ). Tomas Meerit's 
employer, Vitruvian Partners AB, is part of a group (Vitruvian Partners) that manages 
funds that together own 13,850,332 shares in the Company. Tomas Meerits is 
Managing Director of Vitruvian Partners. He is not the only decision-maker on the 
funds' investments.
24

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25
ÅRSREDOVISNING 2024
CARASENT
AUDITOR
DANIEL HAGLUND
Authorized Public Accountant, KPMG AB
Auditor in charge for Carasent since: 2024
ULRIKA CEDERSKOG SUNDLING
Board member since 2022. Born 1968
MSc Handelshögskolan i Stockholm. Major in Finance, Wharton Business School, USA. MBA/Master of
Business Administration, INSEAD, Frankrike.
Other positions Chairman of the Board of Directors of CeSu Invest AB. Board member of Divigen AB, 
Carmenta AB, C-AUT Holding AB (and subsidiary of C-AUT Holding AB). Deputy Board 
member of Sundling Wärn Partners AB and Sundling Wärn Capital AB. CEO of CeSu 
Invest AB and Divigen AB.
Previous positions Board member of Investments i Norrbotten AB, Mindmore AB and Pocket Solutions 
AB. Chief Strategy Officer (interim) of Varnish Software AB.
Shareholding in the 
Company Ulrika Cederskog holds 12,000 shares in Carasent AB (Publ).
HENRIC CARLSSON
Board member since 2022. Born 1973
BA, International Business, J&W University, USA. DIHM, IHM Business School
Other positions Chairman of the Board of Säljstöd Sverige AB, Södra Bohuslän Turism AB,
Brandskärbåtar Aktiebolag, Fendrar i Väst AB and Södra Bohuslänsföretagens
ekonomisk förening. Board member of Omilon Holding AB and subsidiaries in the
Omilon Group, Yo Adrian AB, Min Journal Sverige AB, Väle Group AB, Medical Profile
in Sweden AB, NRG Nordiska Resultatgruppen AB, Makhazin AB, Makhazin One AB,
Tripshield AB. Deputy Board member of Glittertind AB, AB Pettersson&Carlsson,
Humdinger AB, Zephyra AB, Samuel Hesser AB, SH Webcom AB. Managing Director
of Sales Support Sweden AB and NRG Labs AB.
Previous positions Chairman of the Board of Omilon AB and subsidiaries of the Omilon Group, NRG
Labs AB and Inovia AB. Board member of Omilon AB, Gnosco AB and Remisshjälpen
Sverige AB. Deputy Board member of Makhazin AB and subsidiaries of Makhazin AB,
Södra Bohuslän Turism AB, Södra Bohuslänsföretagens ekonomisk förening, Omilon
AB and subsidiaries of the Omilon Group. CEO of Omilon Holding AB and
subsidiaries in the Group.
Shareholding in the 
Company Henric Carlsson holds 10,000 shares in Carasent AB (Publ) through companies.
25

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26
ÅRSREDOVISNING 2024
CARASENT
GROUP MANAGEMENT
DANIEL ÖHMAN
Chief Executive Officer since 2022. Born 1980
Master of Science in Industrial Engineering and Management and Master of Science in 
Electrical Engineering, Chalmers University of Technology, Gothenburg, Sweden.
Previous positions: CEO of GHP Speciality Care and other subsidiaries in the Capio 
Group.
Assignments outside the company: Chairman of the Board of Quarant Företagshälsa 
AB (publ).
Daniel Öhman holds 161,115 shares in Carasent AB (Publ).
SVEIN MARTIN BJØRNSTAD
Chief Financial Officer since 2021. Born 1990
Master's Degree in Banking and Finance, University of St. Gallen, Switzerland
Svein Martin Bjørnstad holds 353,645 shares in Carasent AB (Publ)
VILMA JONSON
Head of Strategy since 2022. Born 1994
Master's degree in Innovation and Industrial Governance, School of Business, 
Economics and Law, University of Gothenburg, Sweden
Vilma Jonson holds 24,132 shares in Carasent AB (Publ)
CORNELIA BROQVIST
Chief Marketing Officer since 2022. Born 1973
Master's Degree in Public Relations & Communication, Master's Degree in 
Ethnology, Freie Universität, Berlin, Germany
Cornelia Broqvist holds 2,403 shares in Carasent AB (Publ)
STEFAN JERNBERG
Chief Compliance Officer since 2024. Born 1970
MBA, School of Business, Economics and Law, University of Gothenburg, Sweden, 
Master's degree in Computer Science, Chalmers University of Technology, 
Gothenburg, Sweden
Stefan Jernberg holds 2,600 shares in Carasent AB (Publ)
26

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27
ANNUAL REPORT 2024
CARASENT 27
FINANCIAL REPORTS
GROUP
Consolidated income statement 28
Consolidated statement of comprehensive income 29
Consolidated balance sheet 30
Consolidated cash flow statement 32
Consolidated statement of changes in equity 33
THE PARENT
Parent income statement 34
Parent balance sheet 35
Parent cash flow statement 36
Parent statement of changes in equity 37
NOTES
Note 1 - General Information 38
Note 2 - General accounting principles 38
Note 3 - Business combinations 40
Note 4 - Revenues 43
Note 5 – Operating segments 44
Note 6 - Remuneration and benefits to employees and senior 
executives 45
Note 7 - Remuneration to the auditors 48
Note 8 - Other operational and administrative expenses 49
Note 9 - Financial income and expenses 49
Note 10 – Income tax 49
Note 11 - Earnings per share 52
Note 12 - Goodwill and impairment test 52
Note 13 - Intangible assets 54
Note 14 - Tangible assets 56
Note 15 - Accountsreceivable 56
Note 16 - Cash and cash equivalents 58
Note 17 - Leasing 58
Note 18 – Fair value measurement 61
Note 19 – Share based payments 61
Note 20 – Stock option program 62
Note 21 – Financial fixed assets 63
Note 22 - Equity 63
Note 23 – Related parties 64
Note 24 - Financialrisk 65
Note 25 – Allocation of the company's profit 67
Note 26 - Collateral and contingent liabilities
Note 27 – Merger between Carasent ASA and Carasent AB 
(publ) 67
Note 28 - Events after the balance sheet date 68
BOARD’S AFFIRMATION 69
AUDITOR’S REPORT 70

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28
ANNUAL REPORT 2024
CARASENT 28
CONSOLIDATED INCOME STATEMENT
January – December
2024 2023
(Amounts in SEK 1 000) Note
Revenue 275 264 245 183
Operating revenues 4 275 264 245 183
Cost of sales (42 550) (46 444)
Gross profit 232 714 198 740
Operating expenses -
Employee compensation and benefits 6 (139 937) (132 769)
Other operational and administrative expenses 8 (81 140) (52 564)
Depreciation and amortization (61 051) (51 145)
Impairment and derecognition of intangible assets (5 089) (40 165)
Total operating expenses (287 217) (276 643)
Net operating income/(loss) (54 502) (77 903)
Financial items
Net interest income/(expenses) 12 808 15 376
Other financial income/(expenses) (4 141) 12 204
Net financial items 9 8 667 27 580
Net income/(loss) before income taxes (45 836) (50 324)
Income tax income/(expense) 10 3 577 3 650
Net income/(loss) (42 259) (46 674)
Attributable to equity holders of the parent (42 259) (46 674)
Earnings per share:
Basic earnings per share (0.58) (0.60)
Diluted earnings per share (0.58) (0.60)
GROUP COMPANY

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29
ANNUAL REPORT 2024
CARASENT 29
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
January – December
2024 2023
(Amounts in SEK 1 000)
Net Income/ (Loss) (42 259) (46 674)
Changes in Translation Differences (5 742) (8 900)
Items that may be Reclassified Subsequently to the Income Statement (5 742) (8 900)
Changes in Translation Differences 0 (49 938)
Items that will not be Reclassified Subsequently to the Income Statement 0 (49 938)
Total Other Comprehensive Income/(Loss) for the Period (5 742) (58 838)
Total Comprehensive Income/(Loss) for the Period (48 001) (105 510)
Attributable to Equity Holders of the Parent (48 001) (105 510)
1: Förändring i omräkningsdifferenser som uppstod genom historiska omräkningar i samband med 
fusionen och som inte kommer att reklassificeras.

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30
ANNUAL REPORT 2024
CARASENT
December 31, December 31, January 1, 
2024 2023 2023
(Amounts in SEK 1 000) Note
ASSETS
Non-current assets
Goodwill 12 498 459 400 247 407 470
Customer relationships 13 40 236 40 749 47 857
Technology 13 174 134 167 286 174 343
Other intangible assets 13 217 1 249 1 520
Total intangible assets 713 046 609 531 631 191
Tools and equipment 14 4 237 3 914 3 205
Right of use asset 17 38 549 46 924 39 134
Total non-current assets 755 833 660 369 673 531
Current assets
Customer receivables 15 31 884 36 079 29 171
Other receivables 10 685 6 616 3 285
Current tax assets 3 328 7 457 7 079
Prepaid expenses 6 997 4 696 -
Cash and cash equivalents 16 263 562 369 086 737 160
Total current assets 316 457 423 934 776 695
TOTAL ASSETS 1 072 289 1 084 304 1 450 226
30
CONSOLIDATED BALANCE SHEET

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31
ANNUAL REPORT 2024
CARASENT
December 31, December 31, January 1,
2024 2023 2023
(Amount SEK 1 000) Note
LIABILITIES AND SHAREHOLDERS EQUITY
Equity attributed to equity holders of the parent
Share capital 22 500 95 101 112 192
Other paid-in capital 979 365 883 987 1 202 135
Other reserves 7 466 14 681 (12 911)
Retained earnings (94 463) (52 204) (5 529)
Warrants outstanding 20 0 1 579 1 693
Total shareholders equity 892 869 943 145 1 297 579
Lease liability 17 30 132 37 152 29 858
Deferred tax liability 8 277 9 986 13 694
Other non-current liabilities 18 23 640 0 9 671
Total non-current liabilities 62 049 47 138 53 222
Current liabilities
Trade accounts payable 21 297 16 092 21 416
Accrued expenses 31 957 26 676 27 920
Contract liability 38 196 33 695 26 477
Current lease liability 17 11 066 12 374 9 589
Other current liabilities 14 856 5 183 14 020
Total current liabilities 117 372 94 021 99 423
Total liabilities and equity 1 072 289 1 084 304 1 450 226
31
CONSOLIDATED BALANCE SHEET

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32
ANNUAL REPORT 2024
CARASENT 32
CONSOLIDATED CASH FLOWS STATEMENT
January - December
2024 2023
(Amounts SEK 1 000) Note
Cash flows from operating activities
Profit/(loss) before tax (45 836) (50 324)
Interest (income)/expenses (12 808) (15 376)
Items not affecting cash flow 70 455 78 511 
Change in accounts receivable 15 4 625 (8 857)
Change in accounts payable 3 402 (3 893)
Change in current assets & liabilities 19 024 2 808 
Income tax paid 10 (1 137) (6 892)
Cash flow from operating activities 37 725 (4 023)
Cash flows from investing activities
Investments in intangible and tangible assets (42 876) (69 543)
Acquisition of Data-AL (gmbh) 3 (89 101) 0 
Received interest 11 906 13 744 
Cash flows from investing activities (120 071) (55 799)
Cash flows from financing activities
Issuance of warrants - 800 
Payment lease liability 17 (11 635) (9 957)
Share buy back - (118 071)
Dividend paid - (129 984)
Repayment of debt to credit institutions - (1 601)
Repayment warrant program 20 (1 587) -
Net paid interest (2 308) (1 971)
Settlement of share-based payment 19 ( 854) -
Cash flows from financing activities (16 383) (260 783)
Effect of exchange rates on cash (6 794) (47 469)
Net change in cash and cash equivalents (105 524) (368 074)
Cash and cash equivalents at beginning of period 369 086 737 160 
Cash and cash equivalents at end of period 263 562 369 086

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33
ANNUAL REPORT 2024
CARASENT 33
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Other reserves
(Amounts in SEK 1 000)
Share 
Capital
Other 
Paid-in 
Capital
Warrants 
outstanding
Share 
based 
payment 
reserve
Translation 
Difference 
Reserves
Retained 
Earnings
Total
Equity
Equity December 31, 2022 112 192 1202 135 1 693 847 (13 759) (5 529) 1297 579 
Net Income for the Period - - - - - (46 674) (46 674)
Other Comprehensive 
Income/(Loss) (7 193) (78 344) ( 113) ( 70) 26 882 - (58 838)
Total Comprehensive 
Income/(Loss) (7 193) (78 344) ( 113) ( 70) 26 882 (46 674) (105 510)
Share buy back (9 898) (108 998) - - - - (118 896)
Transaction Costs ( 821) - - - - ( 821)
Dividend paid (129 984) - - - - (129 984)
Share Based Payments - - - 779 - - 779 
Equity December 31, 2023 95 101 883 987 1 579 1 556 13 125 (52 204) 943 144 
Other reserves
(Amounts in SEK 1 000)
Share 
Capital
Other 
Paid-in 
Capital
Warrants 
outstanding
Share 
based 
payment 
reserve
Translation 
Difference 
Reserves
Retained 
Earnings
Total
Equity
Equity December 31, 2023 95 101 883 987 1 579 1 556 13 125 (52 204) 943 144 
Net Income for the Period - - - - - (42 259) (42 259)
Other Comprehensive 
Income/(Loss)
(7) (63) - (14) (5 658) - (5 742)
Total Comprehensive 
Income/(Loss)
(7) (63) - (14) (5 658) (42 259) (48 001)
Share Based Payments - - - 174 - - 174 
Share Based Payments (Cash 
Settlement)
- - - (870) - - (870)
Closing of Share Option Program - 847 - (847) - - 0 
Warrants cancellation - - (1 579) - - - (1 579)
Reclassifications due to the 
Merger (94 593) 94 593 - - - - 0 
Equity December 31, 2024 500 979 364 - - 7 467 (94 463) 892 868

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34
ANNUAL REPORT 2024
CARASENT 34
INCOME STATEMENT
PARENT COMPANY
April – December
(Amounts in SEK 1 000) Note 2024
Revenue -
Other revenue 26 506
Total revenues 26 506
Cost of goods sold -
Gross profit 26 506
Operating expenses
Employee compensation and benefits 6 (5 378)
Other operational and administrative expenses 8 (40 327)
Depreciation and amortization (21)
Total operating expenses (45 726)
Net operating income (19 220)
Financial Items
Net interest income/(expenses) 22 276
Other financial income/(expenses) (4 518)
Net financial items 9 17 758
Net income/(loss) before income taxes (1 461)
Income tax income/(expense) 10 -
Net income/(loss) (1 461)
Statement of comprehensive income
Changes in translation differences -
Comprehensive income for the year (1 461)

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35
ANNUAL REPORT 2024
CARASENT 35
31 December
(Amounts in SEK 1 000) Note 2024
ASSETS
Financial fixed assets
Other intangible assets 217
Investments in subsidiaries 21 649 920
Total intangible assets 650 137
Loans to Group Companies 23 135 535
Total Non-Current Assets 135 535
Current Assets
Receivables Group Companies 23 56 811
Prepaid Expenses 3 866
Cash and Cash Equivalents 16 193 296
Total Current Assets 253 973
TOTAL ASSETS 1 039 644
LIABILITIES AND EQUITY
Equity attributable to parent company shareholders
Share capital 22 500 
Other paid in capital 971 988 
Retained earnings (1 461)
Total equity 971 027 
Loans from Group companies 23 24 478
Other long-term liabilities 23 377
Total long-term liabilities 47 855
Current liabilities
Accounts payable 11 506
Payables to Group companies 1 325
Accrued expenses 1 336
Other current liabilities 6 595
Total current liabilities 20 763 
Total equity and liabilities 1 039 644
PARENT BALANCE SHEET

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36
ANNUAL REPORT 2024
CARASENT 36
April – December
(Amounts in SEK 1 000) 2024
Cash flows from operating activities
Profit/(loss) before tax (16 085)
Interest (income)/expenses (1 208)
Items not affecting cash flow 3405
Change in accounts payable 11 347 
Change in current assets & liabilities 2 213 
Cash flow from operating activities ( 327)
Cash flows from investing activities
Cash balance from merger 214 416 
Change of loans to Group companies 3 2 582 
Change in loans from Group companies 3 ( 90)
Capital injections in subsidiaries 23 (20 000)
Cash flow from investing activities 196 908 
Financing activities
Paid share capital 500
Interest income 1 208 
Repayment of warrants 20 (1 587)
Cash flows used in financing operations 121 
Impact of exchange rates on cash and cash equivalents (3 405)
Net change in cash and cash equivalents 193 296 
Cash and cash equivalents at the beginning of the period 0 
Cash and cash equivalents at the end of the period 193 296 
PARENT CASH FLOW

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37
ANNUAL REPORT 2024
CARASENT 37
PARENT STATEMENT OF CHANGES IN EQUITY
Restricted equity Free equity
(Amounts in SEK 1 000) Share capital Other paid in 
capital
Retained 
earnings Total equity
Equity December 31, 2023 - - - -
Net Income for the Period - - (1 461) (1 461)
Other Comprehensive Income/(Loss) - - - -
Total Comprehensive Income/(Loss) - - (1 461) (1 461)
The company was formed 500 - - 500
Equity from merger - 973 567 - 973 567
Cancellation of warrants - (1 579) - (1 579)
Equity December 31, 2024 500 971 988 (1 461) 971 027

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38
ANNUAL REPORT 2024
CARASENT
NOTE 1 – GENERAL INFORMATION
Carasent AB ("Carasent" or the "Company"), the parent company of the Carasent Group (the "Group"), is a 
public company registered in Sweden and traded on Nasdaq Stockholm (ticker: CARA) with registered 
address at Nellickevägen 20, 412 63 Gothenburg, Sweden.
The consolidated financial statements for the year ended 2023 were approved by the Board of Directors for 
publication on March 24, 2024. The financial statements are scheduled to be approved by the Annual 
General Meeting on April 23, 2025.
NOTE 2 - GENERAL ACCOUNTING PRINCIPLES
Basis for preparation
The consolidated financial statements for the Carasent Group have been prepared in accordance with IFRS 
Accounting Standards as adopted by the EU. The Group figures are presented in SEK rounded to the nearest 
thousand. As a result of rounding, the sum of amounts and percentages may not match the total.
The Parent Company applies the same accounting principles as the Group, except in the cases set out 
below under the section "Parent Company's accounting policies". 
The Group's report on income and other comprehensive income and the report on financial position and the 
parent company's income statement and balance sheet will be subject to adoption at the Annual General 
Meeting on 23 April 2025.
Basis for consolidation
The Group consists of the parent company and wholly owned subsidiaries and consolidation takes place in 
accordance with the rules of IFRS 10. Subsidiaries are consolidated in their entirety as of the date on which 
the controlling interest is transferred to the Group. 
In 2024, the parent company Carasent AB (publ) completed a downstream merger with its parent company 
Carasent ASA, which has thus been discontinued. Carasent AB is thus the new parent company in the 
Group. The company was founded in April 2024 and the parent company's accounts only show this period. 
However, as a result of the merger, the book values of Carasent ASA have been recorded in Carasent AB as 
of 5 December 2024 and thus include Carasent ASA's income statement for the full year.
Carasent AB has taken over all assets and liabilities from Carasent ASA. The accounting treatment has 
followed the principles of a sub-group merger, where all historical figures from Carasent ASA have been 
included in Carasent AB's financial reporting as if the merger had taken place from the beginning of the 
financial year.
Functional and reporting currency
The Parent Company's functional currency is now Swedish kronor, which is also the reporting currency for 
the Parent Company and the Group. This means that the financial statements are presented in Swedish 
kronor. All amounts are, unless otherwise stated, rounded to the nearest million.
Merger and translation of foreign currency
Carasent AB's downstream merger with its parent company Carasent ASA also resulted in a change in the 
reporting currency from NOK to SEK from 2024 onwards. As a result, the historical figures for 2023 have 
been translated into Swedish kronor at the exchange rate on the balance sheet date and the income 
statements are translated at the average exchange rates per year.
38

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39
ANNUAL REPORT 2024
CARASENT
The consolidated financial statements are presented in SEK, which is Carasent AB (publ)'s functional 
currency. Transactions in foreign currencies are initially reported by the Group's units at the spot rate of the 
respective functional currency at the time when the transaction first meets the conditions for recognition. 
Monetary assets and liabilities denominated in foreign currencies are translated at the spot exchange rate of 
the functional currency on the balance sheet date. Exchange differences arising from the adjustment or 
translation of monetary items are recognized in the income statement. Non-monetary items that are 
measured in terms of historical acquisition values in a foreign currency are translated at the exchange rates 
at the first time of transactions.
The Group has foreign units with a functional currency other than SEK. On the balance sheet date, assets 
and liabilities in foreign entities with a functional currency other than SEK are translated into SEK at the 
exchange rate at the balance sheet date and their income statements are translated at the average 
exchange rate per year. The translation differences arising from the restatement are recognized in other 
comprehensive income until the net investment is sold, in which case they are recognized in the income 
statement.
Segment
An operating segment is a part of a company that conducts business activities from which it can receive 
revenue and incur costs. The Company has determined that the Board of Directors is the highest executive 
decision-maker. The segment information is reported in accordance with the reporting to the Board of 
Directors (the highest executive decision-maker) and is consistent with the financial information used to 
assess performance and to support the Group's governance and strategy, resource allocation and 
acquisition activities. See Note 5 for a further description of the division and presentation of the Group's 
operating segments.
Key accounting judgments, estimates and assumptions
The preparation of the Group's financial statements requires management to make assessments and 
estimates and to make assumptions that affect the reported amounts of income, expenses, assets and 
liabilities and related disclosures and contingent liabilities. Uncertainty in these assumptions and estimates 
could lead to outcomes that require a material adjustment to the carrying amount of assets or liabilities that 
are affected in future periods.
The Group has identified the following critical assessments made by management that may affect the 
reported financial statements:
• The contingent earn-out payment, see note 18 for further information
Parent company's accounting policies
The Parent Company has prepared its annual report in accordance with the Annual Accounts Act 
(1995:1554) and the Swedish Financial Reporting Board's recommendation RFR 2 Accounting for legal 
entities. Statements issued by the Financial Reporting Council regarding listed companies are also applied. 
RFR 2 means that the parent company shall apply all IFRS and statements adopted by the EU in the annual 
accounts of the legal entity as far as possible within the framework of the Annual Accounts Act, the 
Safeguarding Act and with regard to the relationship between accounting and taxation. The 
recommendation specifies the exceptions and additions to IFRS to be made. The differences between the 
Group's and the parent company's accounting policies are set out below. The accounting principles set out 
below for the Parent Company have been consistently applied to all periods presented in the Parent 
Company's financial statements.
39

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40
ANNUAL REPORT 2024
CARASENT
Subsidiaries, associates and jointly controlled companies
Investments in subsidiaries, associated companies and jointly controlled companies are recognised in the 
parent company according to the cost method, and if the carrying amount exceeds the replacement cost, a 
write-down is made to the lower value. In the case of acquisitions of shares in subsidiaries, transaction 
expenses are included in the carrying amount of holdings in subsidiaries. In the consolidated financial 
statements, transaction expenses attributable to subsidiaries are reported directly in profit or loss when 
they arise
Financial instruments
The Parent Company has chosen not to apply IFRS 9 to financial instruments. However, parts of the 
principles in IFRS 9 are still applicable – such as with respect to impairments, cancellation, criteria for hedge 
accounting to be applied and the effective interest method for interest income and interest expenses.
Operating segment reporting
The Parent Company does not report segments according to the same distribution and scope as the Group.
Property, plant and equipment
Property, plant and equipment in the Parent Company is recognized at cost after deduction of accumulated 
depreciation and any write-downs in the same way as for the Group, but with the addition of any 
revaluations.
Leased assets
The Parent Company does not apply IFRS 16, in accordance with the exemption contained in RFR 2. As a 
lessee, lease payments are reported as costs on a straight-line basis over the lease period and thus rights of 
use and lease liability are not reported in the balance sheet.
NOTE 3 – BUSINESS COMBINATIONS
Accounting principles
The acquisition method is used to account for all business combinations. The purchase price for a business 
combination consists of the fair value of the transferred assets, liabilities to the previous owners of the 
acquired business, equity shares issued by the Group, the fair value of all assets or liabilities resulting from 
a contingent purchase price agreement and the fair value of any previous shareholding in the subsidiary. 
Identifiable acquired assets and assumed liabilities and contingent liabilities in a business combination are 
initially, with limited exceptions, measured at fair values on the date of acquisition. Acquisition-related 
costs are expensed as they arise.
Goodwill arising from acquisitions is recognized as an asset measured at the amount by which the sum of 
retained considerations, fair value of any previous holdings of equity interests and the amount of any non-
controlling interests in the acquired entity exceeds the net amounts of acquired identifiable assets and 
assumed liabilities. If, after reassessment, the Group's share of the net fair value of the acquired entity's 
identifiable assets, liabilities and contingent liabilities exceeds the total purchase price of the business 
combination, the excess amount is immediately recognized in the income statement.
If the adjustment of any part of the cash compensation is deferred, the amounts to be paid in the future are 
discounted to their present value as of the date of transfer. The discount rate used is the company's 
marginal borrowing rate, which is the rate at which a similar borrowing could be obtained from an 
independent financier on comparable terms.
Contingent purchase prices are then revalued at fair value with changes in fair value recognized in the 
income statement.
40

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41
ANNUAL REPORT 2024
CARASENT
Acquisition of Data-AL GmbH
Carasent acquired the German company Data-AL GmbH ("Data-Al") on 29 October 2024 for a purchase 
price of EUR 8 million. The transaction was settled with EUR 8 million in cash and a contingent earn-out of a 
maximum of EUR 4 million. The main purpose of the acquisition was to gain access to an organization and 
customer base in the German market. Control was achieved through the purchase of 100 percent of the 
shares in the acquired company.
Significant estimates
The acquisition required the use of assessments and significant estimates in the identification and valuation 
of intangible assets. For Data-AL, two intangible assets were identified: technology and customer 
relationships.
The "relief-from-royalty" method has been applied to value the technology at fair value. The relief-from-
royalty method takes into account the discounted estimated royalty payments that are expected to be 
avoided as a result of the technology being owned. The valuation is based on forecasted cash flows for the 
next five years, which includes estimated revenue growth. These cash flows are adjusted for assumptions of 
customer churn, attrition and multiplied by a royalty of 13.8 percent (cost savings from owning the 
technology). These cost savings are discounted by a 9 percent cost of capital. The technology is assumed to 
have a lifespan of three years.
Customer relationships are valued using the Multi-period Excess Earnings Method (MEEM). The principle is 
that the value of the intangible asset is equal to the present value of the after-tax cash flows attributable 
only to the intangible assets.
The valuation is based on forecasted cash flows for the next eight years. These cash flows are adjusted for 
fees to contributory assets (CAC). Customer churn is estimated at 20 percent. Cash flows are discounted at 
a discount rate of 9 percent. The customer relationships are assumed to have a useful life of 5 years.
Transaction costs, pro forma figures and fair value of the contingent earn-out
Acquisition costs of SEK 6.3 million arose as a result of the acquisitions of Data-AL Gmbh, which have been 
recognized as part of other operating expenses in the income statement. Data-AL has contributed SEK 7.8 
million to the Group's revenues since the acquisition date and a net profit of SEK 1.5 million. 
If the acquisition had taken place on 1 January 2024, the Group's pro forma revenues could have amounted 
to SEK 310.4 million and the Group's net profit could have amounted to SEK -40 million in 2024. 
The purchase price included a conditional earn-out of a maximum of EUR 4 million. As of 31 December 
2024 and at the time of acquisition, the fair value of the contingent earn-out consideration was estimated to 
be EUR 2 million. 
The earn-out related to Data-AL is determined based on net sales targets for the financial year 2025. The fair 
value of the contingent debt is determined by the thresholds reached after the acquisition date of the 
acquisition and changes in the interest rate.
Preliminary distribution of the purchase price - acquired assets and assumed liabilities
The goodwill from the acquisition of Data-AL represents expected synergies in the Group and will lead to 
additional value for the Carasent platform with combined product portfolio and development activities. No 
goodwill is tax-deductible.  
The amounts recognized at the time of acquisition in respect of identifiable acquired assets and assumed 
liabilities are shown in the table on the next page.
41

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42
ANNUAL REPORT 2024
CARASENT 42
(Amounts in SEK 1 000) Data-AL Gmbh
Purchase consideration
Cash consideration 92 309
Deferred purchase price 23 077
Total purchase consideration 115 386
Technology 8 065
Customer relationship 12 261
Right of use assets 1 988
Customer receivables 430
Cash and cash equivalents 3 208
Deferred tax liability (3 857)
Lease liability (1 988)
Trade payables (1 803)
Net other assets and liabilities (3 388)
Total net identifiable assets and liabilities 14 916 
Goodwill 100 471
Consideration transferred 115 386 
Cash and cash equivalent balances acquired (3 208)
Deferred purchase price (23 077)
Net cash outflow arising on acquisition 89 101

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43
ANNUAL REPORT 2024
CARASENT
NOTE 4 – REVENUE
The distribution of revenue from agreements with customers in major product areas is summarized below. 
In 2024, we have updated our reporting with new product categories. The biggest change is that we now 
report EHR license and ancillary revenues in the same category. Below is a summary of the revenue streams 
included in the different product categories. 
Revenues in the Group can be categorized into four different categories: Webdoc EHR, Other EHRs, 
Platform services, and Consulting and other revenues. The accounting principles for each revenue category 
are described below.
Carasent reports revenue from subscription services from its SaaS solutions over time using a time-based 
output method. This means that revenues are reported on a straight-line basis during the subscription 
period, as the services included in the subscription are continuously delivered to the customer. The method 
has been chosen because it provides a true and fair view of the transfer of control to the customer over time, 
in accordance with IFRS 15.124(a). Follow-up and evaluation are carried out on an ongoing basis using 
internal measurement methods to ensure that revenues are reported correctly.
Webdoc
The Group delivers the cloud-based medical record system Webdoc. The category includes subscription 
services with associated licenses and ongoing access to support, additional revenue, upgrades and new 
functionality. These agreements give customers the right to access the Group's intellectual property rights. 
All services are transferred to customers on an ongoing basis and are accounted for over time. The Webdoc 
license is billed to customers quarterly in advance with 30 days payment terms.
Other EHR
The Group also delivers other cloud-based EHR solutions. Other EHRs include all EHR services other than 
Webdoc. The category includes subscription services with the related license and ongoing access to 
support, additional revenue, upgrades, and new functionality and is recognized over time. The services are 
invoiced quarterly or annually in advance and with 30-day payment terms.
Plattform services
Platform products are cloud solutions that are not medical record systems, e.g. analytics tools and/or 
integrated with third parties. These platform services include Medrave and HPI. Confrere was also part of 
this category until it was divested in February 2024. The category includes subscription services with the 
related license and ongoing access to support upgrades and new functionality that are recognized over 
time. The category also includes transaction-based services that are reported at a specific point in time. 
Platform services are billed monthly in arrears with 30-day payment terms.
Consulting and other revenue
Consulting revenues and other income consist of consultancy, sale of licenses and other things. Consulting 
is delivered as an add-on to the SaaS and license agreements. Consulting services include setup fees. 
These services are reported over time based on hours spent. Consulting assignments are invoiced per hour 
spent and with 30 days payment terms.
The Group delivers on-prem solutions and offers the products Metodika EPM and Metodika Klinik. The 
license is accounted for at the time the customer receives the license. The license is billed shortly after the 
customer has gained access to the IP and with 30 days payment terms. Other revenues are with existing 
customers where the Group delivers services as described above that are not directly related to the 
description and are presented separately in the table.
Contract liabiliity
Of the opening balance of contract liabilities, everything has been recognized as revenue in 2024. For the 
closing balance of the contract liabilities, the remaining performance commitment is less than 12 months. 
Contract liabilities primarily refer to the advances received from the customer in respect of subscription 
services where revenues are recognized over time. The increase in contract liabilities can be attributed to 
the Group's net sales growth.
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44
ANNUAL REPORT 2024
CARASENT
Revenue by category
Revenue by country
NOTE 5 – OPERATING SEGMENTS
An operating segment is a part of a company that conducts business activities from which it can receive 
revenue and incur costs. The Company has determined that the Board of Directors is the highest executive 
decision-maker. The segment information is reported in accordance with the reporting to the Board of 
Directors (the highest executive decision-maker) and is consistent with the financial information used to 
assess performance and to support the Group's governance and strategy, resource allocation and 
acquisition activities. 
In 2022, the Group evaluated its internal organizational structure, internal reporting system and geographic 
business units. The Group concluded that it has an operating and reporting segment. As a result of the 
expansion in the German market and the acquisition of a German company in 2024, the Group has updated 
its operating segment to reflect this. As a result, reported figures from 2023 have been restated according to 
the new structure.
Description of the segments
The highest executive decision-maker assesses the business from a geographical perspective, the Nordic 
region and Germany. The segments have the same operations and business model. The operating segments 
are assessed based on net sales and earnings based on a metric called EBITDA. 
The Nordics include the products in the Nordics excluding costs for the head office (HQ) and Webdoc X, our 
expansion initiative in the German market. HQ is related to management costs and other administrative 
costs at Group level. In Germany, costs and revenues related to Webdoc X and the new acquisition Data-AL 
are included. Prior to 2023, all costs related to Webdoc X were capitalized.
44
Amounts in SEK 1000
FY FY
2024 2023
Revenue by category
Webdoc HER 134 763 112 597
Other HER 64 658 56 190
Platform Services 52 555 54 216
Consulting & Other 23 288 22 180
Total revenue 275 264 245 183
Revenue by geography:
Nordics
Webdoc HER 134 358 112 441
Other HER 58 731 56 190
Platform Services 52 555 54 216
Consulting & Other 21 459 22 180
Total revenue 267 103 245 027
Germany1
Webdoc X 405 156
Other EHR 5 927 -
Consulting & Other 1 829 -
Total revenue 8 161 156
Amounts in SEK 1000 FY FY
Revenue by country 2024 2023
Sweden 196 064 168 250
Norway 59 242 64 103
Other countries2 19 958 12 830
Total revenue 275 264 245 183
1: Webdoc X-kategorin inkluderar intäkter utanför Tyskland.
2: Inkluderar Tyskland, Danmark, Irland, Schweiz och Finland

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45
ANNUAL REPORT 2024
CARASENT
NOTE 6 – REMUNERATION AND BENEFITS TO EMPLOYEES AND SENIOR EXECUTIVES
45
Group Parent 
2024 2023 2024
Wages and salaries 122 065 118 546 3 856 
Social security tax 32 404 34 382 1 007 
Pension costs 13 829 10 691 203 
Other benefits 3 111 6 491 312 
Capitalized costs (31 472) (37 341) -
Total Employee Compensation 139 937 132 769 5 378 
Average number of employees
2024 Men (%) 2023 Men (%)
Parent
Norway 2 50%
Group
Sweden 139 66% 138 59%
Norway 27 73% 34 69%
Germany 25 60% - -
2024 Nordics Germany HQ & 
eliminations Total group
Revenues 267 103 8 161 - 275 264
Revenue (from other segments) 8 911 (8 911) -
Total revenue 276 013 8 161 (8 911) 275 264
Costs of goods sold (39 949) (2 601) (42 550)
Personnel costs (130 907) (2 524) (5 378) (138 809)
Other costs (40 373) (909) (37 682) (78 964)
EBITDA 64 784 (1 176) (51 970) 11 637
Depreciation and amortization (66 140)
Operating income (54 502)
Net financial items 8 667
Profit before tax (45 836)
2023 Nordics Germany HQ & 
eliminations Total group
Revenues 245 027 156 - 245 183
Revenue (from other segments) 14 598 - (14 598) -
Total revenue 259 625 156 (14 598) 245 183
Costs of goods sold (46 444) - - (46 444)
Personnel costs (126 243) (1 342) (5 185) (132 769)
Other costs (40 187) - (12 377) (52 564)
EBITDA 46 752 (1 186) (32 160) 13 406
Depreciation and amortization (91 310)
Operating income (77 903)
Net financial items 27 580
Profit before tax (50 324)

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46
ANNUAL REPORT 2024
CARASENT
Guidelines for remuneration to members of the Board of Directors, the CEO and senior executives
At the Extraordinary General Meeting held on 3 November 2024, it was resolved to adopt the following 
guidelines for remuneration to members of the Board of Directors, the CEO and other senior executives.
The persons who are members of Carasent's Group Management during the period that these guidelines 
applies are subject to the provisions of these guidelines. These guidelines shall apply to agreed 
remuneration, as well as changes to already agreed remuneration, made after the adoption of the policy by 
the Extraordinary General Meeting on 3 November 2024. The guidelines do not apply to remuneration 
resolved or approved by the Annual General Meeting. If a Board member performs work on behalf of 
Carasent in addition to the Board assignment, this guidelines shall apply to remuneration related to such 
work (e.g. consultancy fees). All handling and decisions regarding remuneration are based on transparency 
and accepted standards to prevent self-dealing and conflicts of interest.
General principles
All members of management shall have standard terms and conditions for termination in accordance with 
applicable law and industry standards. None of the members of the management, with the exception of the 
CEO, shall have severance pay or other special arrangements upon termination. For senior executives 
resident in Sweden, the employee and the employer have a mutual notice period of three to six months. The 
total remuneration to each of the senior executives in Carasent, as well as to other senior executives, 
consists of basic salary, other fixed benefits and, in some cases, performance-based bonuses.
Amounts in SEK 1000 Base salary Variable salary Pension cost Other benefits Total
Chief executive officer 2 400 437 - 437 3 275
Other senior executives 6 513 530 54 622 7 719
Summa 10 291 967 54 1 060 12 371
46
2024
SEK Position Remuneration
Petri Niemi Chairman 491 595 
Camilla Skoog Board member 304 789 
Ulrika Cederskog Sundling Board member 245 798 
Tomas Meerits Board member -
Henric Carlsson Board member 163 865 
Summa 1 206 047 
Amounts in SEK 1000 Base salary Variable salary Pension cost Other benefits Total
Chief executive officer 2 450 936 641 100 4 128
Other senior executives 4 656 859 663 12 6 190
Summa 7 106 1 795 1 304 112 10 318
2023
SEK Position Remuneration
Petri Niemi Chairman 497 300
Camilla Skoog Board member 288 434
Ulrika Cederskog Sundling Board member 248 650
Tomas Meerits Board member -
Staffan Hanstorp Board member 227 929
Terje Rogne Board member 102 444
Summa 1 364 756      
Number of 2024 Men (%) 2023 Men (%)
Senior executives 5 40 % 7 29 %
Number of 2024 Men (%) 2023 Men (%)
Board members 5 60 % 5 60 %

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47
ANNUAL REPORT 2024
CARASENT
The guidelines’s promotion of the company's business strategy, long-term interests and sustainability
A prerequisite for the successful implementation of the company's business strategy and the safeguarding 
of the shareholders' long-term interests, including the company's sustainability, is that the company is able 
to recruit and retain qualified employees. This requires that Carasent offers attractive and competitive 
remuneration, and these guidelines enable the company to offer senior executives a competitive total 
remuneration consisting of base salary, other fixed benefits and in some cases performance-based 
bonuses as described in more detail below.
Base salary
The base salaries shall be determined at levels that the Board of Directors considers to be comparable to 
those of managers in a similar position in the company's industry and are intended to be competitive in the 
market. The base salary for all employees, including management, shall be based on various considerations 
such as industry levels, comparable groups and national surveys, as well as assessments of the individual 
senior executive's past and expected future performance.
Pension
All employees of Carasent are entitled to an old-age pension in accordance with the law and industry 
standards of the specific country. If the pension benefit is defined contribution based, the pension 
contribution shall not exceed 30 percent of the base salary. Both the structure and compensation levels are 
considered reasonable and based on industry standards for all employees.
Other benefits
Other benefits such as mobile phone and internet costs must be kept at minimum levels in accordance with 
industry standards or below. Other benefits may not exceed 5 percent of the fixed salary.
Variable salary
Senior executives may have as part of their remuneration a bonus program that is limited to a certain 
percentage of the base salary and which may under no circumstances exceed 100 percent of the base 
salary. The bonus shall be directly linked to predetermined and measurable criteria that shall be linked to 
the results of the relevant business according to given key figures. These criteria can be financial or non-
financial and can be collective or individualized. They can also be either of a quantitative or qualitative 
nature. The criteria are designed so that successful fulfillment directly contributes to the successful 
fulfillment of the company's business goals. The total compensation package for all employees, including 
bonuses, is well within the industry standard. The introduction and design of a variable bonus is considered 
to benefit the company in its pursuit of its business goals, as well as benefit the company's business 
strategy, long-term interests and sustainable business practices.
The extent to which the goal has been achieved and the bonus is to be paid will be evaluated at the end of 
each year. The Board of Directors is responsible for this evaluation with regard to bonuses to the CEO. For 
other executives, the CEO is responsible for the evaluation after consultation with the Board.
Incentive programs
The company is highly dependent on qualified and motivated employees to be able to grow and create 
shareholder value. Incentive programs where the employees have an ownership interest in the company are 
considered to be an effective and valuable tool. As part of the total compensation package to the 
employees, the company can therefore offer incentives linked to performance and earnings, such as share 
options or similar incentive programs. The Company has not currently implemented any incentive programs.
Salary and terms of employment for employees
In the preparation of the Board's proposal for these remuneration guidelines, salary and terms of 
employment for the company's employees have been taken into account by providing information on 
employees' total remuneration, the various components of the remuneration, and the increase and rate of 
increase of remuneration over time, as part of the Board's decision-making basis when evaluating the 
reasonableness of the guidelines and the limitations that follow from them.
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ANNUAL REPORT 2024
CARASENT
The decision-making process for establishing, reviewing and implementing the guidelines
The Board of Directors shall decide on all matters relating to remuneration to senior executives. The Board of 
Directors shall prepare proposals for new guidelines at least every four years and present the proposal at the 
Annual General Meeting. The guidelines shall apply until new guidelines have been adopted by the Annual 
General Meeting. The Board of Directors shall also monitor and evaluate programs for variable remuneration 
for senior executives, the application of the guidelines for remuneration to senior executives and current 
remuneration structures and remuneration levels in the company. The CEO or other senior executives are 
not present at the Board's consideration of and decisions on remuneration-related issues, to the extent that 
they are affected by the issues.
Deviations from the guidelines
The Board of Directors may decide to temporarily deviate from the guidelines in whole or in part, if there are 
special reasons for doing so in an individual case and a deviation is necessary to meet the company's long-
term interests, including its sustainability, or to ensure the company's financial viability.
Current employment contracts for the CEO and other senior executives
Agreements concerning pensions shall, where possible, be based on fixed premiums and formulated in 
accordance with the levels, practices and collective agreements in force in the country where the senior 
executive is employed. For senior executives resident in Sweden, the employee and the employer have a 
mutual notice period of three to six months. The Company's CEO is entitled to severance pay of nine 
months' salary in addition to the above salary during the notice period in the event of termination by the 
Company.
NOTE 7 – REMUNERATION TO THE AUDITORS
Audit engagements refer to statutory audits of the annual and consolidated financial statements and 
accounting as well as the administration of the Board of Directors and the CEO, as well as audits and other 
audits carried out in accordance with agreements or agreements. This includes other tasks that it is the 
responsibility of the Company's auditor to perform as well as advice or other assistance that is prompted by 
observations during such audits or the implementation of such other tasks.
48
Group Parent
2024 2023 2024
KPMG
Audit 1 754 2 932 1 050
Audit advice other than statutory audit services 284 48 260
Other services - 10 -
Total 2 039 2 990 1 310
Other 
Audit 197 - -
Audit advice other than statutory audit services - - -
Other services - - -
Total 197 - -

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49
ANNUAL REPORT 2024
CARASENT
NOTE 8 – OTHER OPERATIONAL AND ADMINISTRATIVE COSTS
The following table summarizes the components of the Group's other operational and administrative costs:
NOTE 9 – FINANCIAL INCOME AND EXPENSES
The following table provides a summary of the components of the Group's financial income and expenses:
NOTE 10 – INCOME TAX
Accounting principles
Income tax expenses consist of taxes paid and changes to deferred tax. Taxes are recognized in the income 
statement, except to the extent that they relate to items that are recognized in other comprehensive income 
or directly in equity.
Tax payable
The tax that is now payable is based on the taxable profit for the year. Taxable profit differs from net profit 
recognized in the income statement because it excludes income or expense items that are taxable or 
deductible in other years, and it further excludes items that are never taxable or deductible. The Group's 
liability for the tax in question is calculated using tax rates decided or announced as of the balance sheet 
date. The Group's operations are subject to the tax regimes of Norway, Sweden and Germany.
49
Group Parent
2024 2023 2024
Financial income and similar income items:
Interest income 15 115 17 463 14 870
Interest income for group companies - - 8 810
Change in fair value of contingent earn-out consideration - 9 163 -
Exchange rate differences 856 3 987 (4 518)
Interest expenses and similar profit and loss items:
Interest expenses (2 308) (2 101) (1 403)
Other financial expenses (4 997) (958) -
Interest income/expenses 12 808 15 376 22 276
Other financial income (4 141) 12 204 (4 518)
Net financial items 8 667 27 580 17 758
Group Parent
2024 2023 2024
Marketing 1 205 1 933 12 
Travel and entertainment 2 630 2 557 190 
Rent and office expenses 5 594 5 271 644 
Professional services 55 303 27 212 34 364 
Utilities and maintenance costs 4 895 2 788 1 665 
IT services 9 064 9 765 1 463 
Other operating expenses 2 449 3 038 1 991 
Total operating expenses 81 140 52 564 40 327

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50
ANNUAL REPORT 2024
CARASENT
Deferred tax
Deferred tax assets and liabilities are calculated on the basis of temporary differences between the carrying 
amount of assets and liabilities in the financial statements and their tax values as well as tax loss carry-
forwards as of the balance sheet date. Deferred tax assets and liabilities are calculated using the tax rates 
and tax laws that are expected to apply when the assets are realized or liabilities are settled, based on the 
tax rates and tax laws decided or announced as of the balance sheet date. Deferred tax sources in the 
Group include deferred tax attributable to adjustments to purchase price allocation (PPA) arising from 
business combinations.
 
Deferred tax assets are recognized only to the extent that it is likely that future taxable surpluses will be 
available, against which the assets can be utilized. Part of the basis for recognition of deferred tax assets is 
based on the fact that the loss carry-forwards are set off against future taxable income in the group, which 
requires that estimates are made to calculate future taxable income. Deferred tax assets are not recognized 
for entities with longer loss periods unless there is convincing evidence of recoverability. Deferred tax assets 
and liabilities are not discounted. Deferred tax assets and liabilities are set off when there is a legal right to 
set off current tax assets against current tax liabilities and when the deferred tax assets and liabilities relate 
to income taxes levied by the same tax authority on the same taxpayer. The companies included in the 
consolidated financial statements are subject to income tax in the countries in which they are resident.
Income tax specification
Specification of the basis for deferred tax liabilities
The Group also has tax losses related to tax positions in Norway (SEK 289 million) and Sweden (SEK 81 
million). The tax deficit has no maturity date. Based on current operations, there is no convincing evidence 
that this deferred tax asset can be leveraged in the near future. Consequently, the deferred tax asset has not 
been recognized.
50
Group Parent
(Amounts in SEK 1 000) 2024 2023 2024
Tax payable 2 511 (0) -
Changes in deferred tax (6 087) (3 650) -
Total income tax expense/(income) (3 577) (3 650) -
Group Parent
(Amounts in SEK 1 000) 2024 2023 2024
Non current assets 87 892 86 192 -
Non current liabilties (41 197) (44 866) -
Other temporary differences (104) (89) (42)
Total 46 591 41 237 (42)
Deferred tax liability (asset) 8 277 9 986 -
Carrying value deferred tax liability (assets) 8 277 9 986 -
whereof deferred tax assets - - -
whereof deferred tax liabilities 8 277 9 986 -

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51
ANNUAL REPORT 2024
CARASENT
Reconciliation of net deferred tax balances
Reconciliation of the effective tax rate
51
Group Parent
(Amounts in SEK 1 000) 2024 2023 2024
Deferred tax liabilities at 1 January 9 986 12 779 -
Recognised deferred tax expense (6 087) (3 647) -
Acquisition of companies 4 405 - -
Currency translation effects (27) 793 -
Deferred tax liabilities at 31 December 8 277 9 986 -
Group Parent
(Amounts in SEK 1 000) 2024 2023 2024
Profit before tax (45 836) (50 077) (1 461)
Group contributions - -
Expected income taxes at statutory tax rate (9 491) (10 302) (96)
Permanent differences 1 960 (1 677) 2 
Unrecognized deferred tax assets 4 880 8 573 97 
Other changes (925) (244) (9)
Income tax expense/(income) (3 577) (3 650) -
Effective tax rate in % 8 % 7 % 0 %

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52
ANNUAL REPORT 2024
CARASENT
NOT 11 – EARNINGS PER SHARE
Accounting principles
Earnings per share before dilution are calculated by dividing the earnings attributable to the parent 
company's ordinary shareholders by the weighted average number of ordinary shares outstanding during the 
period.
The calculation of earnings per share after dilution is consistent with the calculation of earnings per share 
before dilution, but at the same time gives effect to all potential ordinary shares outstanding during the 
period that may give rise to a dilutive effect, by adjusting the result and the weighted average number of 
shares outstanding for the effects of all potential shares giving rise to dilution;  for example.:
• Profit for the period attributable to shares is adjusted for changes in earnings that would arise as a result 
of conversion of potential ordinary shares that give rise to a dilution effect.
• The weighted average number of shares is increased by the weighted average number of additional 
ordinary shares that would have been outstanding, provided that all potential diluted ordinary shares are 
converted.
NOTE 12 - GOODWILL AND IMPAIRMENT TEST
Accounting principles
Goodwill is recognized as part of business combinations. Goodwill is initially measured at the amount by 
which the purchase price of the acquired company exceeds the acquired company's identifiable net assets.
Goodwill does not generate cash flows independently of other assets or groups of assets and is allocated to 
the cash-generating entities or groups of cash-generating entities that are expected to benefit from the 
synergies of the merger that gave rise to goodwill. A cash-generating entity is the smallest identifiable group 
of assets that generate cash inflows that are essentially independent of cash inflows from other assets or 
groups of assets.
In 2022, the Group had only one operating and reporting segment, and for 2023, goodwill was tested at 
Group level. From 2023, Carasent updated the strategy and due to this shift, goodwill per KGE in the Group 
is tested. Goodwill is now monitored at KGE level by management and the Group performs impairment 
testing of goodwill at individual KGE level. In 2023, goodwill was distributed to the individual KGEs based on 
how goodwill was originally distributed to the KGEs. The basis for this assessment was that cash-generating 
units have not changed significantly since before the reallocation in 2022.
The identified cash-generating entities are the wholly-owned subsidiaries Carasent Sverige AB, Metodika 
AB, Medrave AB, Carasent Norge AS and HPI Health Profile AB.
Impairment of assets
The cash-generating units to which goodwill has been allocated are tested for impairment needs annually or 
more frequently if there is any indication that the cash-generating unit has decreased in value. If the 
recoverable value of the cash-generating entity is less than the carrying amount of the entity, the impairment 
is allocated first to reduce the carrying amount of any goodwill allocated to the entity and then to the entity's 
other assets proportionately on the basis of the carrying amount of each asset in the entity. An impairment 
of goodwill is not reversed in a subsequent period.
52
( Amounts in SEK 1 000 - except for stock data) 2024 2023
Profit for the year (42 259) (46 674)
Total profit for the year (42 259) (46 674)
Weighted average number of ordinary shares outstanding 72 324 781 77 736 461
Shares outstanding after dilution - 64 965
Earnings per share before dilution for the year (0.58) (0.60)
Diluted earnings per share for the year (0.58) (0.60)

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53
ANNUAL REPORT 2024
CARASENT
Other assets are tested for impairment when events or changes in circumstances indicate that the carrying 
amount may not be recoverable. Intangible assets that have not yet been taken into use are tested annually 
for impairment needs. If it is not possible to estimate the recoverable value of an individual asset, the Group 
determines the recoverable value of the cash-generating unit or group of cash-generating units to which the 
asset belongs.
An impairment is made by the amount by which the carrying value of the asset exceeds its recoverable 
value. The recoverable value is the higher of an asset's fair value less selling costs and value in use. In the 
assessment of value in use, estimated future cash flows are discounted to present value using a discount 
rate that reflects current market estimates of the time value of money and the risks associated with the 
asset, the cash-generating unit or group of cash-generating units to which the asset belongs.
The Group's goodwill relates to the following:
As part of the Group's annual review process, it assesses whether or not acquired goodwill or other non-
current assets should be written down. The assessment reflects the Group's assessment of the value of the 
cash-generating entity to which the goodwill is allocated, or to which the fixed assets are linked. To calculate 
the value in use, the Group is required to estimate the expected cash flows from the cash-generating units 
and also select an appropriate pre-tax discount rate to calculate the present value of the cash flow.
The Group allocates its fixed assets to the cash-generating units. The recoverable value of the cash-
generating units has been determined based on a calculation of the value in use using cash flow forecasts 
based on financial projections approved by management covering a five-year period and after five years, a 
perpetual growth rate for future cash flows has been set at 3 percent (3 percent). 
The pre-tax discount rate applied to the cash flow forecasts was 11 percent (11 percent). The discount rate 
after tax applied was 9 percent (9 percent).
Key assumptions used in calculations of value at value for the Group as of 31 December 2024
Below is a description of each key assumption that management has based its cash flow forecasts on to 
conduct the impairment test:
• Revenue - revenue growth is based on a combination of historical sales and market opportunities in 
existing and new markets.
• EBIT margin - The EBIT margin is based on historical performance and the impact of the cost savings 
implemented and the scalable cost base as revenues grow.
• Interest rate - to determine the present value of future cash flows, the Group has used the CAPM formula 
where the input data is based on observable public information.
• Pre-tax discount rates - To determine the present value of future cash flows, the Group has used a pre-
tax Weighted Average Cost of Capital (WACC) model. The Group has considered that the discount rate is 
attributable to all cash-generating units due to the similarities between the markets.
Based on this assessment, there is no need for impairment as the recoverable value (value in use) exceeds 
the carrying amount of the cash-generating units.
53
(Amounts in SEK 1000) 2023 Acquisition Exchange rate 
differences 2024
Carasent Sverige 62 217 - 0 62 218 
Carasent Norge 103 815 - (1 836) 101 979 
Metodika 108 981 - - 108 982 
Medrave 107 586 - - 107 586 
HPI 17 646 - - 17 646 
Data-AL - 100 471 (423) 100 047 
Total 400 247 101 179 (2 968) 498 459

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54
ANNUAL REPORT 2024
CARASENT
The Group has conducted a sensitivity analysis for each cash-generating unit to support the conclusion. The 
forecasted EBIT can decrease by 40-80 percent before the margin becomes negative, all other things being 
equal. WACC before tax can amount to 15-40 percent before the margin becomes negative, all other things 
being equal. There are no cash-generating entities where a reasonable possible change could lead to a 
goodwill impairment.
NOTE 13 - INTANGIBLE ASSETS
Accounting principles
Intangible assets are capitalized on the balance sheet if there is a likelihood that there are future economic 
benefits attributable to the asset owned by the Group and the cost of the asset can be reasonably 
calculated. Intangible assets are recognized at cost
Intangible assets with a determinable useful life are depreciated over the useful life. Depreciation takes 
place on a straight-line basis over the estimated useful life. The depreciation calculations and the 
depreciation method are subject to an annual assessment based on the future economic benefits. 
Intangible assets with an indefinite useful life are not depreciated, but impairment is made if the recoverable 
value is below the current carrying value. The recoverable value is calculated every year or if there are 
indications of a decline in value.
Expenses for development activities are capitalized if, and only if, all of the following conditions are met:
• the technical feasibility of finalizing the intangible asset so that it becomes available for use;
• The intent to complete the Intangible Asset and use it;
• The ability to use the Intangible Asset;
• How the intangible asset will generate likely future economic benefits;
• The availability of adequate technical, financial and other resources to complete the development and 
use of the Intangible Asset; and
• The ability to reliably measure the expenditure attributable to the intangible asset during its development
The assessment of whether these criteria are met is a critical assessment by the management regarding the 
development projects.
Capitalized development costs include costs directly attributable to the development of the intangible 
asset, such as personnel costs and consulting services. Capitalized development costs refer to new 
developments in existing markets and new initiatives regarding the new platform for the German market, 
Webdoc X.
Asset Disposal – Confrere
In 2022, Carasent entered into a collaboration agreement with the Norwegian company Confrere 4 AS 
("Confrere"). As part of the agreement, Carasent acquired the Confrere brand (Other Intangible Assets) and 
took over the customer agreements (Customer Relations), while Confrere continues to maintain the 
technology solution. The purchase price amounted to approximately NOK 10 million, of which NOK 5 million 
was paid in advance and the remaining payments distributed across the assets are deferred over time.
In February 2024, Carasent entered into an agreement to sell the Confrere brand and customer agreement 
to Compodium International AB ("Compodium"). The sale of the Confrere assets resulted in an impairment 
of SEK 5.1 million in Q1 2024. The negative impact compared to book values can be reduced if Compodium 
succeeds in transferring customers to its own solution.
54

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55
ANNUAL REPORT 2024
CARASENT
The following table summarizes the activity of the Group's intangible assets:
The Parent Company has no intangible assets other than domains that are below other intangible assets 
with a carrying value as of December 31, 2024 of SEK 0.2 million.
55
(Amounts in SEK 1000)
Cust-
omer 
relation-
ship
Tech-
nology Goodwill
Capita-
lized 
develop-
ment
Other 
intangible 
assets Total
Cost
Cost at 31 December 2022 63 195 70 337 407 470 153 489 1 659 696 150 
Additions - - - 65 698 147 
65 
845 
Derecognition of assets - - - (40 025) -
(40 
025)
Acquisition of business - - - - - -
Exchange differences (858) (404) (7 224) (1 423) (101)
(10 
010)
Cost at 31 December 2023 62 337 69 934 400 247 177 739 1 704 711 960 
Additions - - - 41 316 99 
41 
415 
Acquisition of business 11 814 7 694 100 474 - - 119 982 
Sale of Confrere (1 865) (1 109) (2 974)
Exchange differences (127) 70 (2 259) (476) (22)
(2 
814)
Cost at 31 December 2024 72 159 77 697 498 462 218 579 672 867 569 
Accumulated depreciation -
Accumulated at 31 December 2022 (15 338) (28 576) - (20 908) (138)
(64 
960)
Disposals - -
Amortization for the year (6 250) (10 069) - (20 834) (317)
(37 
469)
Accumulated at 31 December 2023 (21 588) (38 645) - (41 742) (455)
(102 
430)
Sale of Confrere (5 089)
(5 
089)
Amortization for the year (5 248) (2 085) - (39 671)
(47 
003)
Accumulated at 31 December 2024 (31 924) (40 729) - (81 413) (455)
(154 
522)
Carrying amount at 31 December 2023 40 749 31 289 400 247 135 997 1 249 609 530 
Carrying amount at 31 December 2023 40 234 36 968 498 462 137 166 216 713 046

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56
ANNUAL REPORT 2024
CARASENT
NOTE 14 - TANGIBLE ASSETS
Accounting principles
Tangible assets are recognized in accordance with IAS 16. The following table summarizes the activity of the 
Group's tangible assets:
NOTE 15 – CUSTOMER RECEIVABLES
Accounting principles
Accounts receivable are initially valued at transaction price. Trade receivables are non-interest-bearing and 
the trading terms are up to 30 days and are therefore classified as short-term. Current trade receivables are 
valued by the Group as safe receivables.
Reserve for feared credit losses
The Group applies the simplified method for measuring expected credit losses, which means that the loss 
reserve is valued at an amount corresponding to expected credit losses during the remaining life of the 
receivable.  See Note 22 for more information on risk exposure. The expected loss levels are based on 
payment profiles and customer contracts in previous years. Receivables are grouped into categories and the 
expected loss levels reflect the Group's ability to recover receivables when they are due.
The tables on the next page show the Group's trade receivables as of 31 December 2024 and 2023.
56
(Amounts in SEK 1 000) Tools and equipment
Cost
Cost at december 2022 5 702 
Additions 2 345 
Disposals (441)
Exchange rate differences 457 
Cost at december 2023 8 062 
Additions 1 609 
Acquisitions 579 
Exchange rate differences (8)
Cost at december 2024 10 242 
Accumulated amortization
Accumulated at 31 december 2022 (2 643)
Amortization for the year (1 506)
Accumulated at 31 december 2023 (4 149)
Amortization for the year (1 856)
Accumulated at 31 december 2024 (6 005)
Carrying amount 31 December 2023 3 914 
Carrying amount  31 December 2024 4 237

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57
ANNUAL REPORT 2024
CARASENT 57
31 December 2024 
(Amounts in SEK 1 000) Current
More than 30 
days past due
More than 60 days 
past due
More than 120 
days past due Total
Expected loss rate 0,0% 0,0% 11,3% 64,1% 5,1%
Gross carrying amount - trade 
receivables 29 123 961 1 026 2 480 33 591 
Loss allowance - trade 
receivables - - 116 1 591 1 707 
31 December 2023
(Amounts in SEK 1 000) Current
More than 30 
days past due
More than 60 days 
past due
More than 120 
days past due Total
Expected loss rate 0,0% 0,0% 49,7% 69,0% 4,0%
Gross carrying amount - trade 
receivables 35 089 195 413 1 895 37 592 
Loss allowance - trade 
receivables - - 205 1 308 1 513 
(Amounts in SEK 1 000) Reserve for bad debts
December 31, 2022 306 
New reserves 1 330
Confirmed losses (123)
December 31, 2023 1 513 
New reserves 194 
December 31, 2024 1 707 
(Amounts in SEK 1 000) Reported expenses
Change in reserve 1 207 
Confirmed losses 123 
Total 2023 1 330 
Change in reserve 194 
Confirmed losses -
Total 2024 194

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58
ANNUAL REPORT 2024
CARASENT
NOTE 16 - CASH AND CASH EQUIVALENTS
Accounting principles
Cash and cash equivalents include bank deposits. Cash and cash equivalents in foreign currency are 
translated at the exchange rate at the balance sheet date. The following table shows a summary of the 
Group's cash and cash equivalents. The Group's cash and cash equivalents consist of fixed-term deposits 
and available funds at variable interest rates based on the average daily balance. The fixed-term deposits 
are available to the Group and are not considered to be binding:
NOT 17 – LEASING
Accounting principles
Assets and liabilities arising from a lease are initially valued at present value. Lease liabilities include the 
present value of the fixed lease payments.
The lease payments are discounted using the lessee's marginal borrowing rate, which is the interest rate 
that the individual lessee would have to pay in order to borrow the funds necessary to acquire an asset of 
similar value to the usufructuary asset in a similar economic environment with similar terms, security and 
conditions. To determine the marginal borrowing rate, the Group uses a mark-up method starting with a risk-
free rate similar to the length of the lease adjusted for margin relevant to the company and the assets held 
by the Group.
The Group is exposed to potential future increases in variable lease payments based on an index, which are 
not included in the lease liability until they come into effect. When adjustments to lease payments based on 
an index or interest rate take effect, the lease liability is reassessed and adjusted against the right-of-use 
asset. The lease payments are divided between principal amount and financial cost. The financial cost is 
expensed in the income statement during the lease period so that each period is charged with an amount 
corresponding to a fixed interest rate for the liability reported during each period.
Right of use assets are measured at cost consisting of the amount of the initial valuation of the lease 
liability, lease payments paid on or before the commencement date, less any leasing incentives received 
and any upfront direct costs.
Right-of-use assets are generally depreciated on a straight-line basis over the shorter period of the asset's 
useful life and the lease period. The right-of-use assets are tested for possible impairment when events or 
changed circumstances indicate that the carrying amount of the asset exceeds its recoverable value.
Gains and losses arising from the removal from the balance sheet of right-of-use assets and corresponding 
lease liabilities (i.e., termination, transfer or sale of leases) are calculated as the difference between the 
remaining net carrying amount of the right-of-use assets and the corresponding lease liabilities and any 
income or termination fees and are recognised as an adjustment of other operating and administrative 
expenses in the income statement as part of the Operating income.
58
Group Parent
2024 2023 2024
Cash and cash equivalents 263 562 366 754 193 296 
Restricted cash and cash equivalents 1 544 2 332 1 287 
Total cash and cash equivalents 265 106 369 086 194 583

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59
ANNUAL REPORT 2024
CARASENT
Payments attributable to short-term leases and all leases relating to low-value assets are recognized on a 
straight-line basis as an expense in the income statement. Short-term leases are leases with a lease term of 
12 months or less. Low-value assets consist of IT equipment and small office furniture. The Group has 
contracted office premises through lease agreements and a leasing agreement for furniture and equipment.
Description
The Group's leasing agreements mainly relate to office rent for the various premises leased in Norway and 
Sweden. The average marginal loan interest rate is 5 percent (4 percent).
Right-of-use assets
59
(Amounts in SEK 1 000) Property Equipment Total
Balance December 31, 2022 38 394 740 39 134 
Depreciation (11 874) (370) (12 244)
Acquired business - - -
Addition 21 254 - 21 254 
Adjustments due to terminations (819) - (819)
FX effects (402) - (402)
Balance December 31, 2023 46 554 370 46 924 
Depreciation (11 306) (370) (11 675)
Acquired business 2 058 - 2 058 
Addition 1 254 - 1 254 
Adjustments due to terminations - - -
FX effects (12) - (12)
Balance December 31, 2024 38 549 - 38 549 
Useful life 4-5 years 5 years
Depreciation method Straight-line Straight-line

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60
ANNUAL REPORT 2024
CARASENT
Leasing liability
Amounts recognised in the income statement
Leasing agreements in which the parent company is the lessee
(Amounts in SEK 1 000) Property Equipment Total
Balance December 31, 2022 38 705 743 39 448 
Cash changes
Repayments of lease liabilities (9 541) (407) (9 948)
Paid interest on lease liabilities (1 790) (28) (1 818)
Non-cash changes
Accrued interest 1 790 28 1 818 
Acquired business - - -
Addition 21 254 - 21 254 
Adjustments due to terminations (829) - (829)
FX effects (398) - (398)
Balance December 31, 2023 49 191 335 49 526 
Cash changes
Repayments of lease liabilities (9 666) (335) (10 001)
Paid interest on lease liabilities (2 242) (7) (2 249)
Non-cash changes
Accrued interest 2 242 7 2 249 
Acquired business 2 058 - 2 058 
Addition 1 254 - 1 254 
Adjustments due to terminations (1 633) - (1 633)
FX effects (6) - (6)
Balance December 31, 2023 41 197 - 41 197 
(Amounts in SEK 1 000) 2024 2023
Non-current 30 132 37 152 
Current 11 066 12 374 
Total lease liability 41 197 49 526 
2024 2023
Depreciation of right of use asset 11 675 12 244 
Interest expense 2 242 1 818 
Gains (-) and losses (+) due to terminations - 24 
Costs related to short-term leases and low-value 
leases 1 153 3 385 
Total costs of leasing 15 070 17 527 
60
Parent 2024
Non-terminable lease payments amount to:
Within 1 year 1 395 
2-5 years 1 913 
Later than 5 years -
Expensed leasing payments amount to:
Variable fees -
Minimum fees 1 487 
Total 1 487

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61
ANNUAL REPORT 2024
CARASENT
NOTE 18 – FAIR VALUE MEASUREMENT
Contingent purchase price
The acquisition of Data-AL included a conditional earn-out of a maximum of EUR 4 million. As of December 
31, 2024 and at the time of acquisition, the fair value of the contingent earn-out was estimated to be EUR 2 
million. The earn-out related to Data-AL is determined based on net sales targets for the financial year 2025. 
The fair value of the contingent debt is determined by the thresholds reached after the acquisition date of 
the acquisition and changes in the interest rate.
Valuation method
Discounted cash flows. The valuation model calculates expected cash flows using a risk -adjusted discount 
rate. Expected future probable payments are based on growth, which is conditional on the achievement of 
set targets.
Material non-observable data
• Projected annual growth rate (2025: 13 percent). 
• Risk-adjusted discount rate (9 percent)
Relationship between material non-observable inputs and fair value calculation
A higher growth rate leads to a higher estimated fair value, while lower than projected outcomes may result 
in a lower fair value.
Sensitivity analysis
For the fair value of the contingent purchase price and the shares, reasonably possible changes in any of the 
material unobservable inputs, all other things being equal, would have the following effect in 2024 :
NOT 19 – SHARE BASED REMUNERATION
Accounting principles
The share-based remuneration program is regarded as share-based remuneration that is settled with equity 
instruments. In addition, the Group is required to make a provision for social security tax related to the 
program, which is to be remitted to the tax authority, normally in cash. This part of the share-based 
remuneration arrangement is reported as a cash-settled share-based remuneration.
Share-based remuneration settled with equity instruments is measured at fair value (excluding the effect of 
any non-market-based vesting conditions) at the time of grant. The fair value determined at the grant date of 
the share-based remuneration settled with equity will be expensed during the vesting period, based on the 
Group's estimate of the shares that will ultimately vest.
61
Income statement
SEK 1 000 Increase Reduction
Expected revenue (10% change) (8 876) 23 377 
Discount rate (1% change) (214) 211

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62
ANNUAL REPORT 2024
CARASENT
Description
Participants in the option program in March 2022 were entitled to receive matching shares after two years, 
provided that the participants are still employed by the Group. The program was terminated in 2024 and the 
matching shares have vested. The Board of Directors of Carasent decided to exercise the right to settle the 
matching shares in cash. The cash settlement amounted to NOK 889,089 based on the closing price on 14 
March 2024. The strike price was 13.7 NOK. The settlement was concluded in April 2024. The cost for the 
year for the program was SEK 174,361 in 2024 and SEK 812,488 in 2023.
NOT 20 – STOCK OPTION PROGRAM
Accounting principles
Warrants are reported in the financial statements as an equity instrument, as the terms and conditions for 
exercise of the warrants are fixed for fixed. The warrants are classified as equity at the first accounting date 
and are initially valued at the fair value of the cash received for the warrants.
Description of the program
On 3 October 2022, Carasent sold warrants under an option program with maturities of four (50 percent of 
the options) and five (50 percent of the options) years to the Chairman of the Board of Directors for NOK 
800,000 and for the CEO of NOK 800,000.
Termation of the program
Warrants in Carasent ASA could not continue to apply in the same form after the cross-border merger. 
Carasent agreed with the Chairman of the Board and the CEO that the warrants sold by Carasent would 
cease to exist immediately prior to the completion of the cross-border merger and relisting. Carasent has 
refunded the purchase price that they have paid. The Chairman of the Board and the CEO will use the 
amounts to be repaid when purchasing Carasent AB (publ) shares on the open market.
62
Activity (Amounts in SEK 1000) 2024 2023
Outstanding OB (01.01) 64 965 74 082 
Granted - -
Terminated (9 117)
Earned (64 965)
Outstanding CB (31.12) - 64 965

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NOTE 21 – FINANCIAL FIXED ASSETS
Accounting principles
Investments in subsidiaries are measured in the consolidated financial statements according to the cost 
method. The investment is valued at the cost of shares in the subsidiary, unless impairment is required. An 
impairment to fair value is made if the decrease in value is a consequence of circumstances that cannot be 
considered temporary and which are necessary according to generally accepted accounting principles. 
Impairment charges are reversed when the reason for the initial impairment no longer exists.
NOTE 22 – EQUITY
Accounting principles
Direct transaction costs related to an offering of shares are recognized against equity after deduction of tax 
expenses. No other costs are recognized directly against equity. 
As of December 31, 2024, the company had issued a total of 72,324,781 shares and the share capital 
amounts to 500 000. The company does not hold any own shares. The shares are denominated in SEK and 
each share has a quota value of SEK 0.006913.
Merger between the parent company Carasent AB (publ) and the former parent company Carasent ASA
On 5 December 2024, Carasent AB (publ) completed a cross-border merger with Carasent ASA to carry out 
a relisting to Nasdaq Stockholm. Upon completion of the merger, all shareholders in Carasent ASA had their 
shares in Carasent ASA exchanged one-for-one for shares in Carasent AB (publ), and Carasent ASA was 
delisted from the Oslo Stock Exchange.  9 December 2024 was the first day of trading in the shares in 
Carasent AB (publ) on Nasdaq Stockholm.
As a result of the merger, the share capital was adjusted to the new parent company's share capital. 
Following a reverse share split with subsequent share split, which was resolved by the Annual General 
Meeting on 30 August 2024, the number of issued shares amounts to 72,324,781. As of 30 September 2024 
and as of the date of the Prospectus, the Company has thus issued a total of 72,324,781 shares and the 
share capital amounts to 500,000. The company does not hold any own shares. The shares are stated in 
SEK and each share has a quota value of SEK 0.006913.
63
Company
Registration 
number
Proportion of shares
directly owned by the 
parent company (%)
Proportion of 
shares
owned by the 
Group (%)
Book value of 
shares in 
subsidiaries
Company 
formation/
acquisition Headquarter
Carasent Sverige AB 556896-8001 100% 108 814 2018 Gothenburg, Sweden
Carasent AS 922829195 100% 30 2019 Oslo, Norway
Carasent Norge AS 988428795 100% 157 182 2020 Oslo, Norway
Metodika AB 556427-6300 100% 116 659 2021 Stockholm, Sweden
Medrave Software AB 556723-3936 100% 133 542 2022 Stockholm, Sweden
Carasent Holding AB 559387-1204 100% 10 024 2022 Stockholm, Sweden
Data-AL GmbH HRB 7117 100% 123 669 2024 Neu-Ulm, Germany
HPI Health Profile 
Institute AB 556714-5858 100% 2022 Stockholm, Sweden
Medrave Software AS 914183162 100% 2022 Oslo, Norway

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The table below shows the historical development of the parent company's share capital since the 
company's inception.
Translation difference reserves
This reserve included unrealized gains and losses arising from foreign entities with a functional currency 
other than SEK and is recognized directly in other comprehensive income until the entity is divested, 
whereby the accumulated gain or loss is carried forward from other reserves and recognized as part of the 
gain or loss for the divested entity.
NOTE 23 – RELATED PARTIES
The Parent Company has a related party relationship with its subsidiaries, see note 21, and with key 
executives. For the Group, related party transactions have taken place in accordance with the table below 
relating to suppliers.
Carasent Sverige AB has had related party transactions in 2024 with the supplier Camilla Skoog Consulting 
AB, which is owned by board member Camilla Skoog. For information on remuneration to key executives, 
see Note 6.
Group
64
Timing of 
decision Event
Change in 
number of 
shares and 
votes
Number of 
shares and 
votes after the 
transaction Share capital (SEK) Quota value
Change Total
25 mars 2024 Formation 500 000 500 000 500 000 500 000 1
30 augusti 
2024
Reverse share 
split 499 999 1 - 500 000 500 000
30 augusti 
2024 Split of shares 72 324 780 72 324 781 - 500 000 0,006913
Related parties Relationship Type of transaction Currency 2024 2023
Camilla Skoog Consulting AB Board member Consultation services SEK 90 374 392 684

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Parent
NOTE 24 – FINANCIAL RISK
The most significant financial risks affecting the Group are credit risk, liquidity risk and market risk related to 
foreign exchange risk, which are described in more detail below. Management conducts ongoing 
evaluations of these risks and the processes established to manage them within the Group.
Finansiella instrument
Parent
Receivable from 
related party
per 31 december
Liabilities to 
related party
per 31 
december
Sale of
goods/services 
for related party
Interest income 
(expenses)
Purchase of 
goods/
services
Carasent AS (subsidiary) 59 - - - -
Carasent Norge AS (subsidiary) 18 202 - 5 634 882 -
Carasent Sverige AB (subsidiary) 128 178 935 12 407 5 159 8 991
Medrave AB (subsidiary) 1 001 18 092 3 140 (920) -
Medrave AS (subsidiary) 89 - 284 - -
Metodika AB (subsidiary) 1 072 6 385 3 389 (325) -
Carasent Holding AB (subsidiary) 40 888 403 - 2 783 -
HPI Health Profile Institute AB 
(subsidiary) 3 090 - 1 646 - -
Total 192 580 25 815 26 498 7 579 8 991
Risk Exposure as a result of Measurement
Market risk - foreign exchange
Future Commercial Transactions. Recognised financial 
assets and liabilities that are not denominated in the 
functional currency.
Cash flow forecasts.
Credit risk Cash and cash equivalents and trade receivables Analysis of ageing 
receivables. Ratings.
Liquidity risk Current liabilities Rolling cash flow 
forecasts
Group Parent
2024 2023 2024
Financial instruments measured at amortised cost
Customer receivables 31 884 36 079 -
Other Receivables 10 685 6 616 -
Cash and Cash Eqiuvalents 263 562 369 086 193 296
Other long-term liabilities (263) - (263)
Accounts payable (21 297) (16 092) (11 506)
Accrued expenses (31 957) (26 676) (6 595)
Other current liabilities (14 856) (5 183) (1 336)
Net Financial Instruments measured at amortized cost 237 760 363 897 173 595
Financial instruments measured at fair value
Contingent earn out (23 377) - (23 377)
Net Financial Instruments measured at fair value (23 377) - (23 377)
Total Net Financial Instruments 214 383 363 897 150 219
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CARASENT
All financial instruments that are measured at fair value through profit or loss are categorised in tier 3; See 
Note 18 for more information. Financial instruments that are not recognised at fair value are consistent with 
carrying amounts, because they are short-term.
Market risk - risk of foreign exchange
Carasent is a Swedish company with operations and subsidiaries in Norway and Germany as well as with 
customers in several countries. Consequently, the Group is exposed to currency risks. Currency risk refers 
to the risk that exchange rate fluctuations have a negative effect on Carasent's financial position, 
profitability or cash flow. The Company's accounting currency is SEK while the Group's accounting currency 
has previously been NOK, which was changed to SEK in 2024.
The Group's risk exposure in foreign currency is essentially limited to translation effects of intra-group 
receivables and liabilities, where the effect on the income statement in the revaluation under IAS 21 is not 
completely eliminated. As the Group's Swedish operations have a significant proportion of their currency 
flow in Swedish kronor, there is no need for currency hedging.
 
If the Swedish krona had weakened/strengthened by 10 percent in relation to NOK, with all other variables 
constant, the restated profit after tax as of December 31, 2024 would have been SEK 1.7 million 
lower/higher.
Credit risk
The Group's credit risk arises from cash and cash equivalents and outstanding receivables. The Group does 
not have a material credit risk due to the nature of its operations and its customers in the healthcare sector.
Liquidity risk
The Group monitors liquidity centrally throughout the Group. It is the Group's strategy to have sufficient cash 
and cash equivalents to be able to finance operations and investments in accordance with the Group's 
strategic plans at all times. Liquidity is managed through monthly cash flow forecasts based on net income, 
investments and working capital. Currently, the Group has a solid cash position to maintain its 
commitments.
Parent company
None of the parent company's liabilities are paid more than 5 years after the balance sheet date.
66
31 December 2024
(Amounts in SEK 1 000) Book value less than 1 
year 1-2 year 3-5 year 5 year < Total
Borrowing from financial institutions - - - - - -
Other long-term liabilities 263 263 -
Leasing liabilities 41 197 13 822 24 032 8 010 - 45 864
Accounts payable 21 297 21 297 - - - 21 297
Other current liabilities 46 811 46 811 - - - 46 811
Total 109 305 82 193 24 032 8 010 - 113 972
31 December 2023
(Amounts in SEK 1 000) Book value less than 1 
year 1-2 year 3-5 year 5 year < Total
Borrowing from financial institutions - - - - - -
Leasing liabilities 49 527 14 565 23 729 17 274 - 55 568
Accounts payable 16 092 16 092 - - - 16 092
Other current liabilities 27 162 27 162 - - - 27 162
total 92 781 57 819 23 729 17 274 - 98 822

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Asset management
The Group's objective for asset management is to ensure that it has sufficient free liquidity in the form of 
cash and cash equivalents to support its operations and commitments, and to have sufficient flexibility to 
be able to invest in attractive investment opportunities. The Group is focused on growing organically and 
through acquisitions and has historically financed these acquisitions through a combination of balance 
sheet cash and equity issues. The Group manages its capital structure in light of changes in economic and 
factual conditions and the development of the Group's underlying operations. The Group's equity/assets 
ratio was 83 percent with cash and cash equivalents of SEK 263 million as of December 31, 2024. The 
Group has no significant interest-bearing loans.
NOTE 25 – ALLOCATION OF THE COMPANY'S PROFIT
The Board of Directors recommends the following distribution of profit for the year in Carasent AB (publ).
NOTE 26 – COLLATERAL AND CONTINGENT LIABILITIES
The Company has provided a Parent Company Guarantee in favour of Volvat Medicinsk Senter AS regarding 
the fulfilment of Metodika AB's obligations under the agreement on the development and maintenance of 
the Metodika EPM medical record system. The guarantee was signed in November 2023 and covers both 
performance and payment and applies as a Self-debtor guarantee, which means that the company is 
directly responsible for Metodika AB's obligations in the event of non-performance.
The guarantee remains in force until either all obligations under the agreement have been fulfilled or a 
separate written agreement is reached between the parties of its termination. However, the company has 
the right to terminate the guarantee no earlier than six years after the signing of the agreement. The 
maximum total contingent liability under the guarantee is limited to the amount owed by Metodika AB under 
the agreement, but not more than NOK 8 million. The Company will continuously monitor the progress of 
this obligation and update the financial statements as necessary, in accordance with applicable accounting 
standards.
NOT 27 – MERGER BETWEEN CARASENT ASA AND CARASENT AB (PUBL)
Carasent AB (publ) (company registration number 559478-3440) has applied the Swedish Accounting 
Standards Board's general guidelines regarding mergers (BFNAR 2020:5 Accounting of mergers).
In the parent company Carasent AB, the merger has been reported in accordance with these regulations, 
which means that the book values in Carasent ASA (company registration number 883 742 192) have been 
booked in Carasent AB as of 5 December 2024. Both income items and balance sheet items have been 
recognized as of this time. Since the company has not been acquired externally, Carasent AB has chosen to 
include Carasent ASA's income statement for the full year and calculate the merger difference as of the 
merger date.
The assets and liabilities taken over from Carasent ASA (company registration number 883 742 192) have 
been measured at book value in accordance with the continuity principle. The merger, which was registered 
on 5 December 2024, has meant that Carasent ASA's financial results up to this date have been integrated 
into Carasent AB's income statement, without any parts excluded. Immediately prior to the transfer, as of 30 
November 2024, Carasent ASA's assets amounted to TNOK 1,024,361 and liabilities amounted to TNOK 
28,811.
According to items 4.1–4.2 of BFNAR 2020:5, the following information is provided:
Type of merger: Absorbtion (Carasent AB absorbes Carasent ASA).
Accounting principles: There were no significant difference between the companies.
Merger differences: Has been calculated and reported in equity; no goodwill has arisen
67
(Amounts in SEK 1 000 ) 2024
Net Income (1 461)
Transferred to retained earnings (1 461)

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NOTE 28 - EVENTS AFTER THE BALANCE SHEET DATE
No other significant events have occurred after the balance sheet date.
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ANNUAL REPORT 2024
CARASENT
The Board of Directors and the CEO declare that the annual accounts have been prepared in 
accordance with generally accepted accounting principles in Sweden and that the consolidated 
financial statements have been prepared in accordance with the international accounting standards 
referred to in Regulation (EC) No 1606/2002 of the European Parliament and of the Council of 19 July 
2002 on the application of international accounting standards. The annual report and consolidated 
financial statements give a true and fair view of the position and results of the parent company and 
the group.
The Board of Directors' report for the Parent Company and the Group provides a fair overview of the 
development of the Parent Company's and the Group's operations, position and results and 
describes significant risks and uncertainties faced by the Parent Company and the companies that 
are part of the Group.
The Annual Report and the Consolidated Financial Statements have, as set out above, been approved 
for issuance by the Board of Directors and the CEO in accordance with the date stated in our 
electronic signature.
Our auditor's report has been submitted on the date stated in our electronic signature.KPMG AB
Daniel Haglund
Authorized Public Accountant
BOARD OF DIRECTORS’ AFFIRMATION
PETRI NIEMI
Chairman
CAMILLA SKOOG
Board member
HENRIC CARLSSON
Board member
TOMAS MEERITS
Board member
ULRIKA CEDERSKOG 
SUNDLING
Board member
DANIEL ÖHMAN
Chief Executive Officer
69

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