Kvartalsrapport Q2 2026

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1
Half-year report
January – June 2026

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22
The period in summary
MSEK
Q2
2026
Q2
2025
Jan-Jun
2026
Jan-Jun
2025
ARR 395 305 395 305
Organic ARR growth 15 % 17 % 15 % 17 %
Net retention 110 % 112 % 110 % 112 %
Churn -3 % -4 % -3 % -4 %
Revenue 97.7 82.9 188.1 168.1
- of which subscription based 77.3 65.1 149.8 129.7
- of which transaction based 13.9 11.0 27.9 23.6
- of which consulting & other 6.5 6.7 10.4 14.7
Gross profit 81.4 70.3 157.8 142.2
Gross margin 83.3% 84.8 % 83.9 % 84.6 %
Reported EBITDA 14.8 12.1 33.0 26.0
Non-recurring costs 4.2 0.0 4.2 0.0
Adjusted EBITDA 19.0 12.1 37.2 26.0
Adjusted EBITDA margin 19 % 15 % 20 % 15 %
Net operating income -2.7 -3.7 -1.1 -5.6
EBIT margin -3 % -5 % -1 % -3 %
Reported EBITDAC 6.2 2.2 14.8 7.0
Reported EBITDAC margin 6 % 3 % 8 % 4 %
Adjusted EBITDAC 10.4 2.2 19.0 7.0
Adjusted EBITDAC margin 11 % 3 % 10 % 4 %
Net income -2.8 -5.5 0.2 -8.5
Earnings per share -0.04 -0.08 0.00 -0.12
Cash flow from operating activities 25.4 12.8 68.3 17.4
Free cash flow, excl. acquisitions and interest 15.3 2.7 48.3 -2.1
Cash balance 51 255 51 255
# of shares end of period (EoP) 70.3 72.3 70.3 72.3
# of shares end of period (EoP) (excl own shares) 66.9 72.3 66.9 72.3
Number of employees 236 196 236 196
First half of the year in brief
▪ Net sales amounted to SEK 188.1 (168.1) million, 
corresponding to a net sales growth of 12%.
▪ Organic growth amounted to 9% at constant currency.
▪ EBITDA amounted to SEK 33.0 (26.0) million, 
corresponding to an EBITDA margin of 18% (15%).
▪ Adjusted EBITDA margin was 20% (15%).
▪ Operating result amounted to SEK -1.1 million (-5.6).
▪ Cash flow from operating activities amounted to SEK 
68.3 million (17.4).
▪ Profit after tax amounted to SEK 0.2 million (-8.5).
▪ Earnings per share, before and after dilution, 
amounted to SEK 0.00 (-0.12).
Second quarter in brief
▪ Net sales amounted to SEK 97.7 (82.9) million, 
corresponding to a net sales growth of 18%.
▪ Organic growth amounted to 11% at constant 
currency.
▪ EBITDA amounted to SEK 14.8 (12.1) million, 
corresponding to an EBITDA margin of 15% (15%).
▪ Adjusted EBITDA margin was 19% (15%).
▪ Operating result, EBIT, amounted to SEK -2.7 (-3.7) 
million.
▪ Cash flow from operating activities amounted to SEK 
25.4 (12.8) million.
▪ Profit after tax amounted to SEK -2.8 M (-5.5).
▪ Earnings per share, before and after dilution, 
amounted to SEK -0.04 (-0.08).

===== SIDA 3 =====

33
Letter
To our shareholders
In the second quarter, our strong organic growth continued, combined with good cost control, 
ensuring improving margins. In the quarter, we had an organic ARR growth of 15% and adjusted 
EBITDAC landed at just over SEK 10 million. We also had very good sales in Q2, both to new 
customers and in add-on services, including our AI assistant, which bodes well for the rest of the 
year. The churn is still low at 3%, of which about 1% is attributable to the German systems that we 
are going to shut down. Consulting revenues remained somewhat subdued, as we still needed to 
devote some work to Volvat during the period within the scope of the fixed price. These temporarily 
lower consulting revenues help us build long-term value in the form of recurring revenue.
The biggest event in the quarter was our acquisition of Infosolutions. Infosolutions is a market 
leader and has a unique position when it comes to connecting healthcare providers' medical record 
systems with laboratories and diagnostics, and has for a long time been a central add-on service in 
Carasent's Swedish products. The acquisition gives us a very strong position. The challenge has been 
that, except during the pandemic, Infosolutions has had difficulty achieving reasonable profitability. 
We have therefore implemented cost savings, which reduced the cost base by 25% and it is these 
restructuring costs that we have adjusted for. We have also flagged to customers that we are raising 
prices, but this will not have an impact until the end of the year.
Our major focus continues to be AI, both in product and in development. In the product, we see 
good demand for our AI assistant, Medsum, which automatically suggests journal entries. During the 
autumn, we will add significant functionality to further save time for our customers with the help of 
LLM-generated documentation. In development, we are gaining speed and our products are moving 
forward significantly faster than ever before. This does, however, put new and higher demands on 
our processes: a much faster pace creates new bottlenecks and requires even better customer 
communication. But it is incredibly exciting to be developing our products at this speed.
In Germany, we are preparing for faster and more modern marketing and sales work. As a basis for 
this, we have hired a new CEO with very strong sales and market experience from the sector. He has 
previously been involved in bringing new products to the market and has a strong entrepreneurial 
drive.
With a strong line-up in Germany, AI that allows us to help our customers significantly more than 
before and a profitable Infosolutions that gives us an even stronger position, it will be an exciting 
autumn!
Daniel Öhman
CEO

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44
Group development
Revenue
Revenue
Revenue amounted to SEK 97.7 million in the second quarter of 2026, an increase of 18% compared 
to SEK 82.9 million in the second quarter of 2025. Sales growth was driven by organic growth of 11% 
(constant currency) and the acquisition of Infosolutions Sverige AB, which was consolidated from the 
beginning of June. Organic growth was driven by recurring revenue growth.
Revenue amounted to SEK 188.1 million during January to June 2026, an increase of 12% compared 
to SEK 168.1 million in the corresponding period in 2025.
Revenue per category 
Subscription-based revenue increased by 19% year-over-year to SEK 77.3 million. Transaction-based 
revenue increased by 27% compared to the same quarter last year to SEK 13.9 million. Consulting 
and other income decreased by 4% to SEK 6.5 million in the second quarter of 2026. Our focus 
remains on generating long-term recurring revenue.
Annual recurring revenue (ARR) growth of 29%
ARR grew to SEK 395 million (305) in the second quarter of 2026, corresponding to a growth of 29% 
compared to the same quarter last year. Organic ARR growth was 15% (constant currency).
217 235
305
395
Q2 2023 Q2 2024 Q2 2025 Q2 2026
Quarterly ARR (MSEK)

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55
Earnings 
Gross profit
Gross profit amounted to SEK 81.4 million in the second quarter of 2026, an increase of SEK 11 
million or 16% compared to the same quarter last year. The increase in gross profit is attributed to 
revenue growth of 18% % compared to the same quarter last year. Gross margin decreased by 1.5 
percentage points to 83.3% in the second quarter of 2026 compared to 84.8% in the second quarter 
of 2025.
Gross profit amounted to SEK 157.8 million for January to June 2026, an increase of 11% compared 
to SEK 142.2 million for the same period in 2025.
EBITDA
Earnings before depreciation and amortization (EBITDA) amounted to SEK 14.8 million in the second 
quarter of 2026, compared to SEK 12.1 million in the second quarter of 2025, where the margin was 
stable at 15%. Adjusted EBITDA was SEK 19 million in the second quarter of 2026, compared to SEK 
12.1 million in the second quarter of 2025. Adjusted EBITDA has been adjusted for transaction costs 
in connection with the acquisition of Infosolutions (SEK 0.3 million) and restructuring costs for the 
terminations made during the quarter (SEK 4 million).
Personnel costs amounted to SEK 50.3 million in the second quarter of 2026, an increase of 11% 
compared to the same quarter last year. The increase was partly driven by the acquisition of 
Infosolutions and restructuring costs for the terminations made during the quarter.
Operating profit
Earnings before interest and tax (EBIT) amounted to SEK -2.7 million in the second quarter. Adjusted 
earnings before interest and tax (Adjusted EBIT) amounted to SEK 4.0 million compared to SEK -1.4 
million in Q2 2025. Adjusted EBIT is adjusted for PPA-related depreciation of SEK 2.6 million. 
EBIT amounted to SEK -1.1 million for the first half of 2026 compared to SEK -5.6 million for the first 
half of 2025. Adjusted for non-recurring items and PPA-related depreciation, EBIT for the first half of 
2026 amounted to SEK 7.9 million compared to SEK -0.7 million for the first half of 2025.
Profit after tax
Profit after tax was a loss of SEK -2.8 million for the second quarter of 2026, compared to a loss of 
SEK -5.5 million for the second quarter of 2025. For the half-year, the result was a profit of SEK 0.2 
million in 2026, compared to a net loss of SEK -8.5 million in the same period in 2025.

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66
Cash flow
Cash flow from operating activities
Cash flow from operating activities amounted to SEK 25.4 million in the second quarter of 2026, 
compared to SEK 12.8 million in the same period last year. Cash flow from operating activities 
amounted to SEK 68.3 million for the first half of 2026, compared to SEK 17.4 million for the first half 
of 2025. 
Investments
Cash flow from investments amounted to SEK -100.8 million in the second quarter of 2026 
compared to SEK -8.8 million in the same period last year. Investments in tangible and intangible 
assets amounted to SEK -9.3 million in the second quarter of 2026. Investments in property, plant 
and equipment amounted to SEK 0.7 million in the second quarter. Capitalized development 
amounted to SEK 8.6 million (9.9), a decrease of 13% compared to the second quarter of 2025.
Capitalized development of SEK 4.6 million (6.7) was related to the expansion of our existing 
markets. This included the development of existing and upcoming products in our existing markets. 
Capitalized development costs related to new initiatives amounted to SEK 4.0 (3.2) million in Q2 
2026. The new initiatives only include the development of Webcur. 
Cash flow from financing activities amounted to SEK -2.9 million in the second quarter of 2026 and 
SEK -1.9 million in the second quarter of 2025. The net change in cash and cash equivalents 
amounted to SEK -78.6 million in the second quarter of 2026 and amounted to SEK 1.6 million in the 
same period last year.
Cash and cash equivalents 
Cash and cash equivalents amounted to SEK 51 million at the end of the first half of 2026.
MSEK
Q2
2026
Q2
2025
Jan-Jun
2026
Jan-Jun
2025
Existing markets 4.6 6.7 10.3 12.3
New initiatives 4.0 3.2 8.0 6.7
Total Capitalized development 8.6 9.9 18.2 19.0

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77
Significant events during the period
Acquisition of Infosolutions
On June 9, 2026, Infosolutions Sverige AB and the company's three subsidiaries Keyfo System AB, 
Swe-Mark Data AB and Healthcare Payment Solutions Sverige AB were acquired. Infosolutions' 
software connects the healthcare provider's medical record system with laboratories and diagnostics 
and has for a long time been a central add-on service in Carasent's Swedish products.
In 2025, Infosolutions had sales of SEK 67 million, of which approximately SEK 41 million consists of 
recurring revenue, and an EBITDAC of around SEK 0 million. Carasent believes that Infosolutions has 
as good margin opportunities as other products in the portfolio and therefore growth and margin 
targets are maintained for the Group, including Infosolutions.
General Meeting
At the Annual General Meeting on April 20, 2026, it was resolved to re -elect the Board members 
Camilla Skoog, Henric Carlsson, Tomas Meerits, Johan Kallblad and Cecilia Lager, and to re-elect 
Tomas Meerits as Chairman of the Board.
Other decisions from the meeting included:
• To amend the Articles of Association whereby the limits for the number of shares are changed to 
a minimum of 50,000,000 and a maximum of 200,000,000.
• To authorize the Board of Directors to, with or without deviation from the shareholders' 
preferential rights, resolve on a new issue of shares in an amount not exceeding 10 percent of the 
number of outstanding shares in the company as of the date of the Annual General Meeting.
• To authorize the Board of Directors to decide on the acquisition and transfer of the company's 
own shares. The authorization means that the Board of Directors may acquire Carasent shares on 
Nasdaq Stockholm and that the Board of Directors may dispose of such shares. A maximum 
number of shares may be acquired so that the company's holding at any given time does not 
exceed 10 per cent of all shares in the company.
Other information

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88
Cancellation of own shares
During May 2026, Carasent AB (publ) has carried out a reduction of the share capital through the 
cancellation of 2,000,000 own shares, together with a simultaneous bonus issue of SEK 100,000 
without the issuance of new shares, in accordance with the resolution of the Annual General 
Meeting on 20 April 2026. The Swedish Companies Registration Office (Sw. Bolagsverket) registered 
the resolutions on 19 May.
Warrant program
The Annual General Meeting resolved to implement a long-term incentive program for senior 
executives and key employees within the company through the issuance of a maximum of 350,000 
warrants. A total of 264,841 warrants were subscribed for.
Significant events after the end of the reporting period
There are no events after the balance sheet date that need to be made public.
Other information
Employees
At the end of Q2, the number of employees in the Group amounted to 236, a net increase of 40 
employees compared to Q2 2025. 140 employees work in research and development (R&D), 20 in 
sales and marketing (S&M), 18 in Group Management & Administration (G&A) and 58 in operations, 
delivery and support. Carasent also uses external consultants for individual projects.
The parent company
The Parent Company's operations are focused on Group-wide management and financing. Apart 
from Group functions, the company has no employees at the end of the period. Operating profit in 
the Parent Company amounted to SEK 0.5 million in the second quarter of 2026. Cash and cash 
equivalents amounted to SEK -73 million.

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99
Material risks and uncertainties
The Group and the Parent Company are exposed to the same risk factors in their operations, which 
may affect the result or financial position to a lesser or greater extent. These can be divided into 
industry- and business-related risks as well as financial risks. Management's general view of the risks 
that the business may be affected by is described in the most recently published annual report. 
For a more detailed review of the risk picture, please refer to Carasent's Annual Report for 2025, 
page 12, where further information about the company's risk factors is presented.
Material transactions with related parties
As of June 30, 2026, the Parent Company has intra-group loans to Carasent Sverige AB (SEK 99 
million), Carasent Norge AS (SEK 15 million) and HPI Health Profile Institute AB (SEK 41 million). The 
loans are used to avoid external financing. 
Reporting occasions
• Interim report Q3, 2026, to be presented on October 15, 2026
• Interim report Q4, 2026, to be presented on February 4, 2027

===== SIDA 10 =====

1010
Consolidated statement of income
Financial statements
April - June January - June
2026 2025 2026 2025
(SEK 1 000) Note
Revenue 97 706 82 872 188 113 168 054
Revenue 2 97 706 82 872 188 113 168 054
Cost of sales (16 341) (12 609) (30 279) (25 841)
Gross profit 81 364 70 263 157 834 142 214
Operating expenses
Employee compensation and benefits (50 293) (45 510) (94 262) (88 417)
Other operational and administrative expenses 3 (16 293) (12 691) (30 541) (27 803)
Depreciation and amortization (17 482) (15 796) (34 112) (31 565)
Total operating expenses (84 069) (73 997) (158 914) (147 785)
Net operating income/(loss) (2 704) (3 734) (1 081) (5 571)
Financial items
Net interest income/(expenses) (109) 807 51 2 293
Other financial income/(expenses) 96 (902) 1 301 (3 806)
Net financial items (13) (95) 1 352 (1 512)
Net income/(loss) before income taxes (2 718) (3 829) 271 (7 083)
Income tax income/(expense) (45) (1 677) (88) (1 414)
Net income/(loss) (2 763) (5 506) 183 (8 497)
Attributable to equity holders of the parent (2 763) (5 506) 183 (8 497)
Earnings per share:
Basic earnings per share (0.04) (0.08) 0.00 (0.12)
Diluted earnings per share (0.04) (0.08) 0.00 (0.12)

===== SIDA 11 =====

1111
Consolidated statement of comprehensive income
April – June January – June
2026 2025 2026 2025
(SEK 1 000)
Net Income/(Loss) (2 763) (5 506) 183 (8 497)
Changes in Translation Differences 2 200 2 053 10 929 (5 827)
Items that may be Reclassified
Subsequently to the Income Statement 2 200 2 053 10 929 (5 827)
Changes in Translation Differences - - - -
Items that will not be Reclassified 
Subsequently to the Income Statement - - - -
Total Other Comprehensive 
Income/(Loss) for the Period 2 200 2 053 10 929 (5 827)
Total Comprehensive Income/(Loss) for 
the Period (563) (3 453) 11 112 (14 324)
Attributable to equity holders of the 
parent (563) (3 453) 11 112 (14 324)

===== SIDA 12 =====

1212
Consolidated statement of financial position
June 30,
2026
December 31,
2025
(SEK 1 000) Note
ASSETS
Non-current assets
Goodwill 6 593 025 486 852
Customer relationships 36 972 31 810
Technology 187 455 171 987
Other intangible assets 214 227
Total intangible assets 817 666 690 875
Tools and equipment 4 019 3 366
Right of use asset 25 348 29 241
Total non-current assets 847 033 723 482
Current assets
Customer receivables 43 197 54 713
Other receivables 10 818 8 950
Current tax assets 6 610 4 570
Prepaid expenses 14 016 9 809
Cash and cash equivalents 51 427 139 483
Total current assets 126 066 217 524
TOTAL ASSETS 973 100 941 006

===== SIDA 13 =====

1313
Consolidated statement of financial position
June 30, December 31,
2026 2025
(SEK 1 000) Note
LIABILITIES AND SHAREHOLDERS EQUITY
Equity attributed to equity holders of the parent
Share capital 583 500
Other paid-in capital 4 845 708 872 436
Other reserves 5 788 (5 141)
Retained earnings (59 610) (59 793)
Total shareholders equity 792 470 808 003
Lease liability 14 549 18 830
Deferred tax liability 11 181 2 472
Total non-current liabilities 25 730 21 302
Current liabilities
Accounts payable 15 532 10 195
Contract liability 61 988 45 111
Current lease liability 14 108 13 106
Other current liabilities 15 072 11 851
Accrued expenses 48 199 31 439
Total current liabilities 154 900 111 701
TOTAL LIABILITIES AND EQUITY 973 100 941 006

===== SIDA 14 =====

1414
Consolidated statement of cash flows
April – June January-June
2026 2025 2026 2025
(SEK 1 000) Note
Cash Flows from Operating Activities
Profit/(loss) Before Tax (2 718) (3 829) 271 (7 083)
Interest (Income)/Expenses 109 (807) (51) (2 293)
Non-cash items 17 588 16 698 33 013 35 370
Change in Accounts Receivable 5 510 (2 498) 23 830 (5 772)
Change in Accounts Payable 2 999 5 179 3 100 (5 807)
Change in Current Assets & Liabilities. 976 (520) 9 942 5 860
Income tax Paid 902 (1 419) (1 828) (2 914)
Net Cash flows Provided by Operating Activities 25 367 12 804 68 277 17 361
Cash Flows from Investing Activities
Investments in Intangible and Tangible Assets (9 329) (10 080) (19 281) (19 435)
Acquisition Infosolutions (91 961) - (91 961) -
Received interest 445 1 266 989 3 257
Cash Flows Used in Investing Activities (100 845) (8 814) (110 253) (16 177)
Cash Flows from Financing Activities
Payment Lease Liability (3 362) (2 966) (6 794) (5 899)
Warrant Program 991 1 502 991 1 502
Net paid Interest (554) (460) (937) (964)
Buyback of Own Shares - - (39 649) -
Cash Flows Used in Financing Activities (2 924) (1 924) (46 389) (5 360)
Effect of Exchange Rates on Cash and Cash 
Equivalents
(206) (484) 310 (4 597)
Net Change in Cash and Cash Equivalents (78 609) 1 582 (88 057) (8 774)
Cash and Cash equivalents at Beginning of period 130 035 253 206 139 483 263 562
Cash and Cash Equivalents at End of Period 51 426 254 788 51 426 254 788

===== SIDA 15 =====

1515
Consolidated statement of changes in equity
Other reserves
(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, 2024
500 979 365 - - 7 467 (94 463) 892 868
Net Income for the Period - - - - - 34 670 34 670
Other Comprehensive 
Income/(Loss) - - - - (12 607) - (12 607)
Total Comprehensive 
Income/(Loss) - - - - (12 607) 34 670 22 063
Issued warrants - 1 502 - - - - 1 502
Share Buy Back - (108 430) - - - - (108 430)
Equity December 31, 2025 500 872 437 - - (5 141) (59 793) 808 003
Other reserves
(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, 2025
500 872 436 - - (5 141) (59 793) 808 003
Net Income/(Loss) - - - - - 183 183
Other Comprehensive 
Income/(Loss) for the Period - - - - 10 929 - 10 929
Total Comprehensive 
Income/(Loss) - - - - 10 929 183 11 112
New share Capital 84 (84) - - - - -
Warrants issued - 991 - - - - 991
Share buyback - (39 649) - - - - (39 649)
Share payment for acquisition - 12 014 - - - - 12 014
Equity June 30, 2026 584 845 707 - - 5 788 (59 610) 792 470

===== SIDA 16 =====

1616
Statement of income
The parent company
April - June January - June 
2026 2025 2026 2025
(SEK 1 000)
Revenue - - - -
Other Revenue 8 580 6 844 18 198 10 725
Total Revenue 8 580 6 844 18 198 10 725
Cost of goods sold - - - -
Gross profit 8 580 6 844 18 198 10 725
Operating expenses
Employee compensation and benefits (5 205) (5 219) (11 144) (9 490)
Other operating and administrative expenses (2 822) (2 598) (4 970) (6 563)
Depreciation and impairment (7) (0) (12) (6)
Total operating expenses (8 033) (7 817) (16 127) (16 059)
Net operating income 547 (974) 2 071 (5 333)
Financial items
Net interest income 1 929 2 686 4 074 6 113
Net interest expenses (366) (390) (682) (726)
Other financial income/(expenses) 97 (1 548) 324 (4 491)
Total financial items 1 659 748 3 717 896
Net income/(loss) before income taxes 2 206 (226) 5 788 (4 437)
Income tax - 9 - 9
Net income/loss 2 206 (217) 5 788 (4 429)

===== SIDA 17 =====

1717
Statement of financial position
The parent company
June 30, December 31,
2026 2025
(SEK 1 000) Not
ASSETS
Financial fixed assets
Other intangible assets 214 227
Investments in subsidiaries 755 362 628 284
Total intangible assets 755 576 628 511
Loans to Group companies 154 787 151 754
Total non-current assets 154 787 151 754
Current assets
Receivables Group companies 9 148 4 786
Prepaid expenses 1 531 1 766
Cash and Cash Equivalents (72 990) 81 013
Total current assets (62 312) 87 565
TOTAL assets 848 052 867 830
LIABILITIES AND EQUITY
Equity 
Share capital 583 500
Other paid in capital 837 656 865 059
Retained earnings 2 373 (4 014)
Total equity 840 612 861 545
Current liabilities
Accounts payable 628 947
Payables to Group companies 441 76
Accrued expenses 4 646 3 957
Other current liabilities 1 724 1 305
Total current liabilities 7 440 6 284
TOTAL LIABILITIES AND EQUITY 848 052 867 830

===== SIDA 18 =====

1818
Note 1 – General information
Carasent AB (publ) ("Carasent", the "Company" or the "Group") is a public company registered in 
Sweden and listed on the Nasdaq Stockholm Stock Exchange with registered company address at 
Nellickevägen 24, 412 63 Gothenburg, Sweden. 
The consolidated financial statements for Q2 were approved by the Board of Directors for 
publication on July 9, 2026. The interim report is unaudited.
The consolidated financial statements in summary include Carasent AB (publ) and its subsidiaries. 
The interim report is prepared in accordance with International Accounting Standard (IAS) 34. The 
consolidated financial information in summary does not contain all the information and disclosures 
required by the annual report and should be read in conjunction with the consolidated financial 
statements for the year ended December 31, 2025, which have been prepared in accordance with 
International Financial Reporting Standards as adopted by the European Union (IFRS). 
The accounting principles applied by Carasent in the interim report are consistent with the 
principles that apply for the financial year 2025. The presentation currency is SEK (Swedish kronor). 
All financial information is presented in TSEK, unless otherwise stated. The income statements are 
translated at the average exchange rate so far this year. The report has been prepared in 
accordance with IAS 34 Interim Financial Reporting and the Annual Accounts Act. The Parent 
Company applies RFR 2 Accounting for Legal Entities and the Annual Accounts Act. The accounting 
policies applied are consistent with those described in the 2025 Annual Report. 
On 9 June 2026, Carasent AB (publ) acquired the company Infosolutions Sverige AB and its three 
subsidiaries. Infosolutions was consolidated into the Group as of June 1, 2026. Accordingly, 
comparable figures for the quarter ended June 30, 2025 do not include Infosolutions.

===== SIDA 19 =====

1919
Note 2 – Segment reporting and revenue sharing
SEK 1000
Q2 Q2 YTD YTD
2026 2025 2026 2025
Revenue
Subscription based 77 343 65 145 149 777 129 703
Transaction based 13 910 10 986 27 901 23 620
Consulting & Other 6 453 6 742 10 435 14 732
Total revenue 97 706 82 872 188 113 168 054
Nordics
Subscription based 69 769 57 109 134 191 112 571
Transaction based 13 910 10 986 27 901 23 620
Consulting & Other 5 613 5 466 8 568 11 883
Total revenue 89 292 73 562 170 660 148 074
Germany
Subscription based 7 574 8 035 15 585 17 132
Transaction-based 0 0 0 0
Consulting & Other 840 1 275 1 867 2 848
Total revenue 8 414 9 310 17 452 19 980
Change in the presentation of revenue categories
The Group has three main categories of revenue:
• Subscription-based – recurring license and subscription revenue from the core products.
• Transaction-based – usage-based revenue linked to additional services such as
 Patient communication, digital testing and other services billed on a per-transaction basis.
• Consultancy and other – consultancy services and other income, corresponding to the 
previous category with the same name.

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

20
20
Nordics Germany HQ & 
eliminations Total group
SEK 1000 Q2
2026
Q2 
2025
Q2 
2026
Q2 
2025
Q2 
2026
Q2
2025
Q2
2026
Q2
2025
Net sales 89 292 73 562 8 414 9 310 - - 97 706 82 872
Revenue (from other segments) 277 292 236 - (512) (292) - -
Revenue 89 568 73 854 8 650 9 310 (512) (292) 97 706 82 872
COGS (14 963) (11 122) (1 379) (1 487) - - (16 341) (12 609)
Personnel costs (40 123) (35 170) (4 966) (5 121) (5 205) (5 219) (50 293) (45 510)
Other opex (11 818) (8 201) (2 077) (2 264) (2 397) (2 227) (16 293) (12 691)
EBITDA 22 664 19 361 228 438 (8 114) (7 738) 14 778 12 062
Depreciation and amortization (17 482) (15 796)
Net operating income (2 704) (3 734)
Net financial items (13) (95)
Profit before tax (2 718) (3 829)
Nordics Germany HQ & 
eliminations Total group
SEK 1000, YTD 2026 2025 2026 2025 2026 2025 2026 2025
Net sales 170 660 148 074 17 452 19 980 - - 188 113 168 054
Revenue (from other segments) 1 259 957 525 - (1 783) (957) - -
Revenue 171 919 149 032 17 977 19 980 (1 783) (957) 188 113 168 054
COGS (27 384) (22 572) (2 895) (3 268) - - (30 279) (25 841)
Personnel costs (73 831) (69 454) (9 287) (9 472) (11 144) (9 490) (94 262) (88 417)
Other opex (22 233) (17 405) (4 187) (4 579) (4 121) (5 820) (30 541) (27 803)
EBITDA 48 472 39 600 1 608 2 660 (17 048) (16 267) 33 031 25 994
Depreciation and amortization (34 112) (31 565)
Net operating income (1 081) (5 571)
Net financial items 1 352 (1 512)
Profit before tax 271 (7 083)
Reconciliation from operating segment to group figures
The Group's segments are divided by geographic market and reflect the Group's internal reporting 
and follow-up. HQ includes the Group's overhead costs. Intercompany invoicing (revenues and 
expenses) is presented in line with internal reporting.

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

2121
Note 3 – Other operating expenses
April - June January - June
(SEK 1 000)​ 2026 2025 2026 2025
Marketing 587 812 1 217 1 581
Travel and entertainment 862 650 1 330 1 444
Rent and office expenses 1 215 1 369 2 320 2 625
Professional services 7 543 5 274 13 361 11 586
Utilities and maintenance costs 865 744 1 469 2 124
IT services 4 289 2 811 8 660 6 313
Other operating expenses 932 1 029 2 182 2 130
Total operating expenses 16 293 12 691 30 541 27 803
Acquisition of Infosolutions Sverige AB
Carasent acquired the company Infosolutions Sverige AB and its three subsidiaries Keyfo System AB, 
Swe-Mark Data AB and Healthcare Payment Solutions Sverige AB for a purchase price of SEK 127 
million. The transaction was settled with SEK 115 million in cash and a share transfer at a value of 
SEK 12 million. Control was achieved through the purchase of 100% 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 Infosolutions, two intangible assets were identified: technology 
and customer relationships.
Note 4 – Share buy-back programme
In July 2025, the company initiated the share buy-back program announced in the press release on 
July 10, 2025, with a maximum scope of SEK 150 million. During the first half of the year, Carasent 
repurchased a total of 1,614,384 shares for a total amount of SEK 39.6 million. The purpose of the 
program is to optimize the company's capital structure and create flexibility for future value 
creation. During the second quarter of 2026, Carasent carried out a cancellation of 2,000,000 own 
shares. After completed repurchases and cancellations, the total number of shares amounts to 
66,854,305 excluding treasury shares.
Note 5 – Business combination

===== SIDA 22 =====

2222
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 churn, attrition, and multiplied by a royalty of 13.8% (cost 
savings from owning the technology). These cost savings are discounted by a capital cost of 9%. The 
technology is assumed to have a lifespan of five 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). Churn is estimated at 1%. Cash flows are discounted 
at a discount rate of 9 percent. The customer relationships are assumed to have a useful life of 10 
years.
Transaction costs and pro forma figures
Acquisition costs of SEK 260 thousand arose as a result of the acquisitions of Infosolutions. These 
have been recognized as part of other operating expenses in the income statement. If the 
acquisition had taken place on 1 January 2026, the Group's pro forma revenues could have 
amounted to SEK 217.4 million and the Group's net profit could have amounted to SEK 2.4 million in 
H1 2026. 
From the date of acquisition, Infosolutions has contributed 5.4 MSEK to the Group’s revenues and a 
profit of -2.4 MSEK.
Goodwill
Goodwill from the acquisition of Infosolutions AB 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.

===== SIDA 23 =====

2323
Note 6 – Goodwill
Changes in goodwill during the period are shown in the table below.
2025 Acquisitions Currency 2026
Carasent Sverige 62 218 - - 62 218
Carasent Norge 96 206 - 6 942 103 148
Metodika 108 982 - - 108 982
Medrave 107 586 - - 107 586
HPI 17 648 - - 17 648
Data-AL 94 213 - 2 382 96 595
Infosolutions - 96 850 - 96 850
Total 486 852 96 850 9 322 593 025
Preliminary distribution of the purchase price - acquired assets and assumed liabilities
The amounts recognized at the time of acquisition in respect of identifiable acquired assets and
assumed liabilities are listed in the table under.
(SEK 1 000) Infosolutions Sverige AB
Purchase consideration
Cash consideration 115 068
Share consideration 12 010
Total purchase consideration 127 078
Technology 17 852
Customer relationship 8 370
Right of use assets 172
Customer receivables 12 314
Cash and cash equivalents 23 107
Deferred tax liability (5 402)
Lease liability​ (172)
Trade payables (4 530)
Net other assets and liabilities (21 483)
Total net identifiable assets and liabilities 30 228 
Goodwill 96 850
Consideration transferred 127 078 
Cash and cash equivalent balances acquired​ (23 107)
Share consideration (12 010)
Net cash outflow arising on acquisition 91 961

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

2424
Alternative performance measures
Carasent AB may disclose alternative performance measures as part of its financial reporting as a 
supplement to the financial statements prepared in accordance with IFRS. Carasent AB believes that 
the performance measures provide useful supplemental information to management, investors and 
other stakeholders and are meant to provide an enhanced insight into the financial development of 
business operations and to improve comparability between periods.
EBITDA is defined as the Net Income/(Loss) for the period before income tax expense, net financial 
items, depreciation and amortization of fixed and intangible assets.
Adjusted EBITDA is defined as the Net Income/(Loss) for the period before income tax expense, net 
financial items, depreciation and amortization of fixed and intangible assets adjusted for certain 
special operating items affecting comparability.
EBITDA Margin is defined as EBITDA as a percentage of revenues.
Adjusted EBITDA margin is defined as Adjusted EBITDA as a percentage of revenues.
EBIT is defined as the Net Income/(Loss) for the period before net financial items and income tax 
expense.
Adjusted EBIT is defined as the Net Income/(Loss) for the period before net financial items and 
income tax expense, adjusted for certain special operating items affecting comparability in addition 
to PPA related amortization and depreciation.
EBIT Margin is defined as EBIT as a percentage of revenues. 
Adjusted EBIT Margin is defined as Adjusted EBIT as a percentage of revenues.
EBITDAC is defined as EBITDA less capitalized development.
Adjusted EBITDAC is defined as Adjusted EBITDA less capitalized development.
Adjusted EBITDAC margin is defined as Adjusted EBITDAC as a percentage of revenues.
Annual Recurring Revenue ("ARR") is defined as the Monthly Recurring Revenue ("MRR") 
multiplied with 12. MRR is defined as the revenue the Group expects to receive on a monthly basis 
from customers from EHR solutions and Platform Services.
.

===== SIDA 25 =====

2525
April - June January - June
2026 2025 2026 2025
(SEK 1 000)
Net Income/(Loss) (2 763) (5 506) 183 (8 497)
Income tax income/(expense) ( 45) (1 677) ( 88) (1 414)
Net financial items ( 13) ( 95) 1 352 (1 512)
Net operating income/(loss) (2 704) (3 734) (1 081) (5 571)
Depreciation and amortization 17 482 15 796 34 112 31 565 
Derecognition intangible assets - - 0 0 
(a) EBITDA 14 778 12 062 33 031 25 994 
AdJusted for:
Transaction costs 260 - 260 -
Share based payments - - - -
Other special operating items - - - -
Restructuring costs 3 912 - 3 912 -
(b) Adjusted EBITDA 18 950 12 062 37 203 25 994 
(c) Revenue 97 706 82 872 188 113 168 054 
EBITDA Margin (a/c) 15% 15 % 18% 15 %
Adjusted EBITDA Margin 
(b/c) 19% 15 % 20% 15 %
(d) Capitalized development (8 599) (9 871) (18 233) (19 012)
(e) EBITDAC 6 180 2 191 14 798 6 982 
EBITDAC Margin (e/c) 6% 3 % 8% 4 %
(f) Adjusted EBITDAC 10 352 2 191 18 970 6 982 
Adjusted EBITDAC Margin (f/c) 11% 3 % 10% 4 %
April - June January - June
2026 2025 2026 2025
(SEK 1 000)
Net Income/(Loss) (2 763) (5 506) 183 (8 497)
Income tax income/(expense) ( 45) (1 677) ( 88) (1 414)
Net financial items ( 13) ( 95) 1 352 (1 512)
(a) EBIT (2 704) (3 734) (1 081) (5 571)
Adjusted for:
Transaction costs 260 - 260 -
Share based payments - - - -
Other special operating items - - - -
Restructuring costs 3 912 - 3 912 -
Derecognition intangible assets - - - -
PPA depreciation​ 2 546 2 333 4 777 4 859
(b) Adjusted EBIT 4 013 (1 401) 7 868 (712)
(c) Operating revenue 97 706 82 872 188 113 168 054 
EBIT Margin (a/c) -3% -5 % -1% -3 %
Adjusted EBIT Margin (b/c) 4% -2 % 4% 0 %

===== SIDA 26 =====

26
Carasent focuses on providing digital services to the health care industry. The Company's strategy is 
to continue to develop and expand digitalization that helps customers to meet challenges in 
providing efficient and qualitative health care services. For more information, visit carasent.com.
About
Carasent
Daniel Öhman (CEO)
daniel.ohman@carasent.com
+46 708 55 37 07
Svein Martin Bjørnstad (CFO)
svein.martin.bjornstad@carasent.com
+47 979 69 493
For further information:
Half-year report