Q2 2026 Omda AS Earnings Call

August 27, 2026

Sverre Flatby: Good morning, and welcome to Omda's presentation of the results for Q2 2026. We have two important themes today. We have the mission criticality of our software platforms and the predictable business. I am Sverre, the CEO of Omda, and as usual, I have my colleague and CFO, Einar, beside me, primarily to make sure that I don't get too optimistic. Today, we are going to talk about two important things in our business. It is the division between specialized healthcare and emergency. That is vital when it comes to understanding Omda's business in the next years. We divided this business into these two. I think let's start by letting Einar explain the rock and roll version of our numbers for Q2. Einar.

Speaker #1: Good morning, and welcome to Omda's presentation of the results for the second quarter of 2026. We have two important themes today: the mission-criticality of our software platforms, and the predictability of our business.

Speaker #1: And I am Sverre, the CEO of Omda, and as usual, I have my colleague and CFO, Einar, beside me—primarily to make sure that I don't get too optimistic.

Speaker #1: Today we are going to talk about two important things in our business: the division between specialized healthcare and emergency. That is vital when it comes to understanding Omda's business in the next years.

Speaker #1: So, we divided this business into these two, and I think let's start by letting Einar explain the rock-and-roll version of our numbers for the second quarter.

Speaker #1: Einar?

Speaker #2: Thank you, thank you, Sverre. The numbers overall: income of NOK 127 million, and with the NIBEDA margin of 25%, and an organic growth quarter over quarter of 9%. So, overall, strong numbers.

Einar Bonnevie: Thank you. Thank you, Sverre. The numbers overall, income of NOK 127 million and with the EBITDA margin of 25% and an organic growth quarter-over-quarter over 9%. Overall, strong numbers. The emergency comprises 44% of the total income and specialized healthcare, the other main market, 56%. You see a slightly stronger number for specialized healthcare than emergency. That is the usual fluctuations from a quarter to a quarter and from a year to a year. Overall, strong numbers. We will dive into the details a little later. Stay tuned.

Speaker #2: The emergency comprises 44% of the total income, and specialized healthcare the other main market, 56%. You see a slightly stronger number for specialized healthcare than emergency; that is the usual fluctuations from quarter to quarter and from year to year.

Speaker #2: But overall, strong numbers. We will dive into the details a little later—stay tuned.

Speaker #1: Okay, so let me then explain the fundamentals of these two market segments. Specialized healthcare is the foundation of Omda, started 20 years ago. And just to shortly explain the five areas there: Women and Child is about pregnancy, birth, and the follow-up after.

Sverre Flatby: Okay. Let me then explain the fundamentals of these two market segments. Specialized healthcare is the foundation of Omda 20 years ago. Just to shortly explain the five areas there, woman and child is about pregnancy, birth, and the follow-up after. This is also a value chain, a software platform with different components doing different things for highly critical aspects of the birth and woman and child healthcare. On the right-hand side, we have a similar, completely different when it comes to medication management and cancer, but this is also value chains and software platforms that support different user groups and the steps between them.

Speaker #1: And this is also a value chain: a software platform with different components doing different things, for highly critical aspects of birth and women and child healthcare.

Speaker #1: And then on the right-hand side, we have a similar but completely different situation when it comes to medication management and cancer. But this is also about value chains and software platforms that support different user groups and the steps between them.

Speaker #1: So, of course, when you—if you get cancer, I hope you don't—you want the best medication treatment you can get, and functions to design and calculate a cure, to give you the cure, to produce it correctly in the pharmacy, and also to get back to administer the cure with a nurse, and then, of course, the follow-up from oncologists and your own app to follow up also.

Sverre Flatby: If you get cancer, I hope you don't, you want the best medication treatment you can get, and functions to design and calculate the cure, to give you the cure, to produce it correctly in the pharmacy, and also to get back to administer the cure with a nurse. Then, of course, the follow-up from oncologists and your own app to follow up also. This is the typical similarity between these platforms, but they are completely different, of course, when it comes to what it does for you as a patient. Then we have on the left corner, the bottom there, so-called connected imaging, which is also a combination of complex platforms. One is infrastructure to share images between regions and even in a country.

Speaker #1: So, this is the typical similarity between these platforms, but they are completely different, of course, when it comes to what it does for you as a patient.

Speaker #1: And then we have, in the bottom left corner there, so-called connected imaging, which is also a combination of complex platforms. One is infrastructure to share images between regions and even in the country, and then of course, on the top there, similarly, the highly specialized component.

Sverre Flatby: And then, of course, on the top there, similarly, the highly specialized component, for instance, within cardiology or for skin cancer. All of these areas have their own specialties. Then in the middle there, LIMS or blood management. Of course, that also is a critical thing for hospitals. You collect blood and cells, tissue from the citizens. You have to handle its storage, et cetera, and then, of course, give these products to patients in critical situations in specialized hospitals. That is also a typical 50-year-old business with a long-term market leadership here in the Nordics. Then health analytics, which is, of course, a different thing when it comes to processing. On the other hand, the data is critical to researchers, critical to manage even national registers, making sure that you have the overview and the ability to use the data to handle your business.

Speaker #1: For instance, within cardiology or skin cancer—so all of these areas have their own specialties. And then in the middle there, LIMS or blood management.

Speaker #1: Of course, that is also a critical thing for hospitals. You collect blood, cells, and tissue from the citizens, you have to handle it, store it, etc., and then, of course, give these products to patients in critical situations in the specialized hospitals.

Speaker #1: So, that is also a typical 50-year-old business with long-term market leadership here in the Nordics. And then health analytics, which is, of course, a different thing when it comes to processing.

Speaker #1: On the other hand, the data is critical—critical to researchers, critical to managing even national registers. Making sure that you have the overview and the ability to use the data to handle your business.

Speaker #1: So, all of these are part of what we call specialized healthcare, and I think that is very important for you when you look at our numbers, the development, and the predictability of the business—that this is what it's all about: critical for everyone.

Sverre Flatby: All of these are part of what we call specialized healthcare, and I think that is very important for you when you look at our numbers and the development and the predictability of the business, that this is what it is all about, critical for everyone. Similarly, critical also here when it comes to emergency, our other leg, so to speak. To explain that value chain, let us start at the top left corner, planning and preparedness. What is that? Of course, in a society, you have services that people rely on, a 911 call, for instance. You have to plan what type of resources are actually there to help you. That is also software types to analyze this and to plan it properly.

Speaker #1: And similarly, critical also here when it comes to emergency or other leg, so to speak. And to explain that value chain, let's start on the top left corner.

Speaker #1: Planning and preparedness—what is that? Of course, in a society, you have services that people rely on; a 911 call, for instance. You have to plan what type of resources are actually there to help you.

Speaker #1: So, there are also software tools to analyze this and to plan it properly. For instance, when July 4th in the US occurs, that type of event of course creates a different planning situation than other days during the week.

Sverre Flatby: For instance, when it is the 17th of May in Norway or 4th of July in the US, that type of happening is, of course, giving you another planning situation than other days of the week. Down to the left, you will see that the most important part, of course, when you call in, is that the operator that helps you actually have the tools and the ability to make the decision fast and to distribute and dispatch the right resource at the right timing. Of course, when you see the on-scene response, what is that? Well, on the on-scene response, normally you have one out of three types of resources. It might be the healthcare part, the fire, or the police, or sometimes, or many times, actually, it is all of them, for instance, in a bigger accident.

Speaker #1: To the left, down to the left, you'll see that the most important part, of course, when you call in, is that the operator who helps you actually has the tools and the ability to make the decision fast and to distribute and dispatch the right resource at the right timing.

Speaker #1: And of course, when you see the on-scene response, what is that? Well, in the on-scene response, normally you have one out of three types of resources.

Speaker #1: It might be the healthcare part, the fire, or the police, or sometimes—or many times, actually—it’s all of them, for instance, in a bigger accident.

Speaker #1: So that means it's relevant for the value chain that you have a component that handles all of these situations, and then you have the transport and care.

Sverre Flatby: That means it is relevant for the value chain that you have components that handles all of these situations. Then you have the transport and care. In an ambulance, you have two user groups. You have the driver in the car that has to come to the right place as soon as possible. Then, of course, you have, in the back of the car, the ability to register and handle critical information so that when you get down to the corner here on the right-hand side, into the hospital, in the emergency room, that the preparedness of those that receive the patient is actually able to help you the best way. Then again, on top right, you will see you are using the data of all of these steps again to get back to the beginning, planning and preparedness. This quality is critical for society.

Speaker #1: In an ambulance, you have two user groups. You have the driver in the car, who has to get to the right place as soon as possible.

Speaker #1: And then, of course, you have in the back of the car the ability to register and handle critical information, so that when you get down to the corner here, on the right-hand side, into the hospital, in the emergency room, the preparedness of those that receive the patient is actually able to help you in the best way.

Speaker #1: And then again, on the top right, you will see you are using the data from all of these steps again to get back to the beginning—planning and preparedness.

Speaker #1: And this quality is critical for society and, as you know, we are in many countries with this, and after the acquisition of Sub Public Safety Solutions, we have of course strengthened this value chain very, very much.

Sverre Flatby: And as you know, we are in many countries with this. After the acquisition of Saab Public Safety Solutions, we have, of course, strengthened this value chain very much. That is probably one of the most important things when it comes to what we have achieved now through Q2 2026 in our business, is the additional strength of the platform here, a long-term, important platform for customers. Not only that, if you look at what happens in the market. Earlier on, we have important national and regional installations of these platforms. One is the SOS Alarm in Sweden as one example. A regional example number 2 there is Valencia in Spain. Those two are handling millions of calls every year is, of course, the critical infrastructure. We have other countries like Greece, Moldova, Croatia, Slovakia, and Montenegro as well.

Speaker #1: And that is probably one of the most important things when it comes to what we have achieved now through the second quarter 2026 in our business—the additional strength of the platform here.

Speaker #1: A long-term important platform for customers. But not only that, if you look at what happens in the market—earlier on, we have important national and regional installations of these platforms.

Speaker #1: One is the SOS alarm in Sweden, as one example. A regional example, number two, is Valencia in Spain. And those two, handling millions of calls every year, is of course critical infrastructure.

Speaker #1: And we have other countries like Greece, Moldova, Croatia, Slovakia, and Montenegro as well. But in the second quarter of 2026, the signature, when it comes to acquiring the sub-public safety solutions, we have increased the annual sales next year in the UK from 2% to 15% of our business.

Sverre Flatby: But in Q2 2026, the signature when it comes to acquiring the Saab Public Safety Solutions, we have increased the annual sales next year in the UK from 2% to 15% of our business. This is also important because the regional customers and even national entities that we serve here is as well as critical as many others, and it gives us a lot of opportunities when it comes to use our added platform software components to current customers and new customers. All in all, it has been, for this quarter, probably the biggest highlight, in addition to our predictable business, is the fact that we have made this acquisition. Now, Einar, it is time to go through the numbers.

Speaker #1: And this is also important because the regional customers and even national entities that we serve here are as critical as many others, and it gives us a lot of opportunities when it comes to using our added platform software components for current customers and new customers.

Speaker #1: So, all in all, for this quarter, probably the biggest highlight, in addition to our predictable business, is the fact that we have made this acquisition.

Speaker #1: And now, Einar, it's time to go through the numbers.

Speaker #2: Thank you, Sara. Let's have a look at the numbers and dive into the details. As I said, the reported revenue for the second quarter was NOK 137 million. That represents an organic growth of 9%, and a reported growth of 5%.

Einar Bonnevie: Thank you, Sverre. Let us have a look at the numbers, dive into the details. As I said, the reported revenue for the second quarter was 127 million NOK. That represents an organic growth of 9%, a reported growth of 5%. For those of you who wonder about the distance, we had headwinds from FX this quarter. As most of you know, you see that the Norwegian krone has strengthened toward almost all our trading currencies. Sales in Norwegian kroner, sales in other currencies. Other currencies represent roughly 85% of our sales are in not Norwegian kroner. So we are susceptible to the fluctuations in currencies. Profitability. A stark increase from Q2 last year, 23 million that quarter and 32 million this quarter after an EBITDA margin from 19% to 35%.

Einar Bonnevie: Thank you, Sverre. Let us have a look at the numbers, dive into the details. As I said, the reported revenue for the Q2 was 127 million NOK. That represents an organic growth of 9%, a reported growth of 5%. For those of you who wonder about the distance, we had headwinds from FX this quarter. As most of you know, you see that the Norwegian krone has strengthened toward almost all our trading currencies. Sales in Norwegian kroner, sales in other currencies. Other currencies represent roughly 85% of our sales are in not Norwegian kroner. So we are susceptible to the fluctuations in currencies. Profitability. A stark increase from Q2 last year, 23 million that quarter and 32 million this quarter after an EBITDA margin from 19% to 35%.

Speaker #2: And for those of you who wonder about the distance, we had headwinds from FX this quarter. As most of you know, you see that the Norwegian krone has strengthened toward almost all our trading currencies.

Speaker #2: And Norwegian sales in Norwegian krone, sales in, you know, in other currencies—other currencies represent roughly 85% of our sales are in non-Norwegian krone.

Speaker #2: So we are as susceptible to fluctuations in currencies. Profitability—a stark increase from the second quarter last year: NOK 23 million that quarter, and NOK 32 million this quarter, with an EBITDA margin up from 19% to 25%.

Speaker #2: But maybe even more important, I should add that the CAPEX was down to around 7% this year, giving us a cash EBITDA of 18%.

Einar Bonnevie: But maybe even more important to add that the CapEx was down to around 7% this year, so giving us a cash EBITDA of 18% versus 9% last year. So we are indeed heading in the right direction at approximately the speed that we envisaged. The quality of earnings remains high. Recurring revenue 97% in reported numbers. The software share recurring revenue is 76%. Professional services back on track this quarter, a little low in Q1 this year, back on track this quarter. Again, remember that professional services, they are also to a large extent recurring in nature. So we assume approximately 90% of the professional services are indeed recurring. It is all about predictability and why is our business so predictable, Sverre? Can you give a few examples on that?

Speaker #2: Versus 9% last year. So, we are indeed heading in the right direction at approximately the speed that we envisaged. The quality of earnings remains high; recurring revenue is 97% in reported numbers, and the software share of recurring revenue is 76%.

Speaker #2: Professional services are back on track this quarter—a little low in the first quarter this year, but back on track this quarter. And again, remember that professional services are also, to a large extent, recurring in nature.

Speaker #2: So, we assume approximately 90% of the professional services are indeed recurring. And it's all about, you know, predictability. And why is our business so predictable, Sara?

Speaker #2: Can you give a few examples on, you know, on that?

Speaker #1: Absolutely. And I think that is key to understanding Omda. If you look at the platforms and the criticality of what it is, the whole design of these platforms is part of a very, very important thing in society.

Sverre Flatby: Absolutely. I think that is key to understanding Omda. If you look at the platforms and the criticality of what it is, the whole design of these platforms is part of a very important thing in society. Every day, every second, mission-critical daily work is handled with these systems. Also, they are certified as part of how the quality of each operation is. That is also why the ability or the wish from the customer side to change things is not there. They want to develop things but not change these things. This public sector customer base is, of course, dependent on us, and it is a large responsibility for us, but they do not want to switch these systems because it is not a good business case for society. The embedded by design is really how these platforms are for the customer.

Speaker #1: So every day, every second, mission-critical daily work is handled with these systems. And also, they are certified as part of how the quality of each operation is ensured.

Speaker #1: And that is also why the ability, or the wish from the customer side, to change things is not there. They want to develop things, but not change these things.

Speaker #1: So this public sector customer base is, of course, dependent on us, and it's a large responsibility for us. But they don't want to switch these systems because it's not a good business case for society.

Speaker #1: So the embedded-by-design is really how these platforms are for the customer. And then, it's not only the technicality of the systems, of course, but it's also the relationship of decades with these customers.

Sverre Flatby: It is not only the technicality of the systems, of course, but it is also the relation over decades with these customers. The long customer relationships is there because since the critical platforms are there for the customers, they depend on it. It is also a big responsibility for us to handle these systems and collaborate with the customers, to keep also modernized systems, giving new components over the years to support the value chains. This is what creates the repeatable, profitable organic growth, and that is key to how we see our next steps in our future. Also, when we talk about recurring revenues, it is not only software recurring revenues, it is also the recurring or the repeatable business when it comes to dependencies to our services. For instance, we have to help with training, integrations, and other types of services to help our customers continuously.

Speaker #1: The long customer relationships are there because, since the critical platforms are there for the customers, they are dependent on them. It's also a big responsibility for us to handle these systems and collaborate with the customers.

Speaker #1: To keep also modernizing systems, giving new components over the years to support the value chains. So this is what creates the repeatable, profitable, organic growth.

Speaker #1: And that is key to how we see our next steps in our future. And also, when we talk about recurring revenues, it's not only software recurring revenues; it's also the recurring or the repeatable business when it comes to dependencies on our services. For instance, we have to help with training, integrations, and other types of services to help our customers continuously.

Speaker #1: So, we are focusing on two principal markets: specialized healthcare and emergency. Both of those, and the consequence of that strategy, is how we end up with this highly predictable business that we have.

Sverre Flatby: We are focusing on two principal markets, specialized healthcare and emergency. Both of those, and the consequence of that strategy is how we end up with this highly predictable business that we have. The predictability is not only, Einar, about Q2 and the quarters ahead, but it is also a long-term predictability. Maybe you can then focus on talking about the future and our guidance.

Speaker #1: And the predictability is not only, Einar, about the second quarter and the quarters ahead, but it's also about long-term predictability. So maybe you can then focus on talking about the future and our guidance.

Speaker #2: Future—that's what lies ahead of us. And then we come to M&A, so the really, you know, growth engine in Omda. Here, we try to illustrate 2026, where we're going to end up.

Einar Bonnevie: Future. That is what lies ahead of us. When it comes to M&A, the real growth engine in Omda. Here we try to illustrate the 2026, where we are going to end up organically, the organic growth, and the acquired growth. These are the pro forma numbers. As we said, the Saab SAFE transaction, we see that the continued business is a bit higher than first anticipated. The 2026 bar is to illustrate if we had owned the Saab SAFE business for the whole year. That would take us to roughly around NOK 600 million in sales. Then we will add that, so that will be the new base heading into 2027. Then we assume that we will continue to do acquisitions.

Speaker #2: You know, organically the organic growth and the acquired growth. This is the proforma numbers and as we said, you know, the Saab safe transaction we see that the continued business and continue business is a bit higher than first anticipated.

Speaker #2: So that is to the 2026 bars, to illustrate if we had owned the Saab Safe business for the whole year. That would take us to roughly around NOK 600 million in sales.

Speaker #2: And then we will add that, so that will be the new base heading into 2027. And then we assume that we will continue to do acquisitions. We said when we announced the Saab deal that that was, you know, the first announcement we made on M&A this year, not necessarily the last.

Einar Bonnevie: We said when we announced the Saab deal that that was the first announcement we made on M&A this year, not necessarily the last. I think I can repeat that statement. We will continue to focus on M&A profitable growth and look for opportunities there. At the same time, on the existing business, we continue to guide on 28% to 32% EBITDA margin. Mind you that we say that CapEx is going to go down from 10% of total sales to 5% of total sales. Looking further ahead, this thought on about 2026 and 2027 is also about where we will be in the next five years. We repeat our statement. We continue to see organic growth between 5% and 10% and inorganic growth, i.e. growth through acquisitions between 10% and 20% or base. We continue to see that going forward.

Speaker #2: I think I can repeat that statement. So, we will continue to focus on M&A, profitable growth, and look for opportunities there. At the same time, on the existing business, we continue to guide on 28% to 32% EBITDA margin. But, mind you, we say that CAPEX is going to go down from 10% of total sales to 5% of total sales.

Speaker #2: And looking further ahead, so this is not only about 2026 and 2027; it's also about, you know, where we will be in the next five years.

Speaker #2: We repeat our statement. We continue to see organic growth between 5% and 10%, and inorganic growth—that is, growth through acquisitions—between 10% and 20% of base.

Speaker #2: And we continue to see that going forward. We have a large database of transactions, possible transactions. And again, we create value chains the industrial way.

Einar Bonnevie: We have a large database of possible transactions. Again, we create value chains the industrial way, and we have a lot of opportunities out there, and we are out there hunting for them. No question about that. Okay. But Saab and that deal and acquisition is really transformative for us, Sverre. Maybe you can go into details. Exactly, what does it mean? What is the change?

Speaker #2: And we have lots of opportunities out there, and we are out there hunting for them, so let that—no question about that. Okay. But Saab and that deal and acquisition is really transformative for us, Sverre.

Speaker #2: Maybe you can go into detail—what exactly does it mean? What is the change?

Speaker #1: Yeah, I think that is important. And as I mentioned, the most important incident in our second quarter—first of all, as I mentioned, the public sector in the UK has become a very, very important part of our business.

Sverre Flatby: Yeah, I think that is important, and as I mentioned, the most important incident in our Q2. First of all, as I mentioned, the public sector in the UK becomes a very important part of our business. Also we create a broader platform that we already have from before, which is becoming one of the strongest in Europe when it comes to a complete value chain for the whole emergency ecosystem. We are taking over 75 people that have been working, many of those for many years, creating this very strong platform called SAFE. The SAFE products we get there and the competence is going to make us much stronger. We expect to close this now, soon, in Q4. Until then, Saab is running the business, but we expect the closing to proceed as planned.

Speaker #1: But also, we create a broader platform that we already have from before, which is becoming the complete value chain for the whole emergency ecosystem.

Speaker #1: So we are taking over 75 people. There have been working, many of those, for many, many years, creating this very strong platform called SAFE.

Speaker #1: And the SAFE products, we get there. And the competence is going to make us much, much, much stronger. We expect to close this now soon in the fourth quarter. Until then, Saab is running the business.

Speaker #1: But we expect the closing to proceed as planned. And then, of course, most importantly, for you to think about what's going on in 2026, 2027, and the years to come, the recent proof point of this acquisition is important—the fact that additional contracts with customers have been entered into.

Sverre Flatby: Most importantly for you to think about what's going on in 2026, 2027, and the years to come, the recent proof point of this acquisition, which is important, the fact that additional contracts with customers have been entered into 60 million SEK recently, which changes our view to the ongoing business in 2027, increased much more than we published when we published the acquisition in June. We now think the estimated annual revenue base will be above 100 million, and also the ability to cross-sell between our current business and also to use our people together in one business unit is going to create a lot of things for us that becomes important when it comes to our profitability and growth.

Speaker #1: $60 million SEC recently, which changes our view to the ongoing business in 2027, increased much more than when we published the acquisition in June.

Speaker #1: So we now think the estimated annual revenue base will be above $100 million. And also, the ability to cross-sell between our current business and to leverage our people together in one business unit is going to create a lot of benefits for us that become important when it comes to our profitability and growth.

Speaker #1: So, another thing, in addition to this acquisition, that is important when it comes to our profitability is, of course, the AI situation now, which is a great opportunity for Omda.

Sverre Flatby: So, and another thing, in addition to this acquisition that is important when it comes to our profitability is, of course, the AI situation now, which is a great opportunity for Omda. You have to take care when using AI and use it responsibly. However, there are a lot of things we can do. On top here, you see we deliver these certified software components that are mission-critical, as I have explained thoroughly. That means nothing is going to happen on the customer side. It is not going to change very much when it comes to use of AI, other than added functionality somewhere when the customers want it. The most important thing for us would be the development cycles, the testing, documentation, et cetera. The efficiency, the ability to work much more effectively is there. We see that 12 months ago, a few programmers used AI tools.

Speaker #1: You have to take care when using AI and use it responsibly. However, there are a lot of things we can do. And on top, here you see, we deliver these certified software components that are mission critical, as I have explained thoroughly.

Speaker #1: And that means nothing is going to happen on the customer's side. It's not going to change very much when it comes to use of AI, other than added functionalities somewhere when the customers want it.

Speaker #1: And the most important thing for us would be the development cycles—the testing, documentation, et cetera. The efficiency, the ability to work much more effectively, is there.

Speaker #1: And we see that, you know, twelve months ago, a few programmers used AI tools. Today, everyone does it. And what we're doing now is, of course, creating a platform—a group-wide platform—that secures handling all of these security mechanisms, the economy of using AI, et cetera.

Sverre Flatby: Today, everyone does it. What we are doing now is, of course, creating a group-wide platform that secures handling all of these security mechanisms, the economy of using AI, et cetera. So a very structured approach to AI from our side. What you saw from Q2 is a slightly lower investment in software than we have guided. I think that is a taste of what is going to happen with the use of AI here with our people in Omda, because all of the processes going on, there are a lot of those that AI has a role when it comes to, especially when it comes to testing, documentation, et cetera, which makes it easier and more efficient.

Speaker #1: So, a very structured approach to AI from our side. What you saw from the second quarter is a slightly lower investment in software than we have guided.

Speaker #1: And I think that is a taste of what's going to happen with the use of AI here with our people in Omda. Because all of the processes going on, there are a lot of those that AI has a role in—especially when it comes to things like testing, documentation, et cetera.

Speaker #1: Which makes it easier and more efficient. And then, of course, we have—as Einar mentioned—the ambition here is to use AI also to secure the trend we have publicly guided on: the reduction of CAPEX from 10% to 5%.

Sverre Flatby: Then, of course, we have, as Einar mentioned, the ambition here is to use AI also to secure the trend we have publicly guided on, the reduction of CapEx from 10% to 5%. So that is also part, AI is part of our capital allocation. Einar, talking about capital allocation, maybe you can elaborate a bit on other types of-

Speaker #1: So that is also part—AI is part of our capital allocation. And Einar, speaking of capital allocation, maybe you can elaborate a bit on other types of capital allocation.

Einar Bonnevie: Yeah

Sverre Flatby: capital allocation.

Speaker #2: Yeah. Capital allocation—well, capital allocation is about putting the money where it makes the most out of it, and also to have capital.

Einar Bonnevie: Capital allocation and capital. Capital allocation, it is about putting the money where it makes the most out of it, and also to have capital. Speaking of capital, we have observed in the market that the market for bond financing is attractive and the current Omda 02 Pro is trading favorably. We monitor the market very closely and continue to monitor that market and to evaluate refinancing. Lower interest cost is, of course, attractive to us. That will improve return on investment and improve return on capital employed and return on equity. The investments we will look for continue to be target acquisitions, add-ons to customers, bolt-ons, AI-enabled productivity. All in all, capital allocation in Omda is build or buy. Either we can build something, that means CapEx, or we can buy something.

Speaker #2: And speaking of capital, we have observed in the market that the market for bond financing is attractive. The current Omda CO2 Pro is trading favorably.

Speaker #2: So we will continue to we monitor the market very closely and continue to, you know, monitor that market and to value it refinancing. Lower interest cost is of course is of course, you know, attractive to us.

Speaker #2: That will improve, you know, return on investment and improve return on capital employed and return on equity. The investments we will look for continue to be, you know, target acquisitions, add-ons to customers, bolt-ons, AI-enabled productivity.

Speaker #2: But all in all, capital allocation in Omda is, you know, build or buy. Either we can build something—that means capex—or we can buy something, and very often we do, because when we buy something, it comes with customers, it comes with income.

Einar Bonnevie: Very often we do, because when we buy something, it comes with customers, it comes with income. The whole thing is about discipline. Okay, Sverre.

Speaker #2: But the whole thing is about discipline. Okay, Sverre.

Speaker #3: Yeah, I think what we talk about here is, of course, also looking forward. As you will see, our plans going forward are, of course, focusing on the organic growth that we have. Over the last 10 years, it has been between 5% and 10%.

Sverre Flatby: Yeah, I think what we talk about here is, of course, also looking forward. As you will see that our plan going forward is, of course, focusing on the organic growth that we have. The last 10 years, it has been between 5% and 10%, some slightly above and some slightly below, but on average, that is what is going to happen the next 10 years as well. We have said that 10% to 20% per year when it comes to acquisitions is what we go for. We also have seen, and you have probably seen, and Einar will also explain the gradual increase of EBITDA in the second quarters the last three years, is of course to get to an average of 30% and above over time.

Speaker #3: Some are slightly above and some slightly below, but on average, that is what's going to happen for the next 10 years as well. And we have said that 10%, 10%, 20% per year when it comes to acquisitions is what we go for.

Speaker #3: And we also have seen, and you’ve probably seen—and Einar will also explain—the gradual increase of EBITDA in the second quarters. The last three years is, of course, to get to an average of 30% and above over time.

Speaker #3: So what we do now is, of course, focus on the activities when it comes to reducing the CAPEX—the capital allocation—when it comes to our own software.

Sverre Flatby: What we do now is, of course, focus on the activities when it comes to reducing the CapEx, the capital allocation when it comes to our own software, and not to stop innovation. Quite the opposite. We see that we will innovate faster and better with the new tools and the responsible use of the new platforms. Then, of course, our portfolio, it is very important for all of you that if you model our future in the next 5 to 10 years, that the focus we have on emergency and specialized healthcare, that is what creates this predictability and the ability to plan properly over years. Of course, we will continue with a decentralized model as we have, where every business unit leader is following the cash flow and the cash EBITDA on every business unit, every day.

Speaker #3: And not to stop innovation—quite the opposite. We see that we will innovate faster and better with the new tools, and with responsible use of the new platforms.

Speaker #3: And then, of course, our portfolio is very important for all of you—that we use it to model our future in the next five to ten years.

Speaker #3: The focus we have on emergency and specialized healthcare is what creates this predictability and the ability to plan properly over years. And of course, we will continue with a decentralized model as we have, where every business unit leader is following the cash flow and the cash EBITDA on every business unit every day. That also enables us to increase the cash flow from operations.

Sverre Flatby: It makes us also be able to increase the cash flow from operations. Einar, you could explain what has happened when you look at the quarters the last years and where are we heading?

Speaker #3: So, Einar, could you explain what has happened when you look at the quarters over the last years, and where are we heading?

Speaker #1: Yeah, where are we, where are we heading? Very good point. I mean, a quarter—again, you know, you should keep in mind that Omda is not really a quarterly business.

Einar Bonnevie: Yeah, where are we heading? A very good point. A quarter, again, you should keep in mind that Omda is not really a quarterly business. You have to look at the longer trend. We are in it for the long term. I think, just selecting the three quarters, Q2 2024, Q2 2025, and Q2 2026, we see it's a visible trend. It's no question where we're heading. We see from on the left bar is the EBITDA and the right bar in the groups, the cash EBITDA. We see from 10% EBITDA margin in 2024, second quarter, to 19% in 2025 to 25% this year. The trend is very clear. Then cash EBITDA, meaning CapEx, we had zero cash EBITDA in 2024, 9% in 2025, and 18% in 2026. The trend is very clear, and we think this will continue.

Einar Bonnevie: Yeah, where are we heading? A very good point. A quarter, again, you should keep in mind that Omda is not really a quarterly business. You have to look at the longer trend. We are in it for the long term. I think, just selecting the three quarters, Q2 2024, Q2 2025, and Q2 2026, we see it's a visible trend. It's no question where we're heading. We see from on the left bar is the EBITDA and the right bar in the groups, the cash EBITDA. We see from 10% EBITDA margin in 2024, Q2, to 19% in 2025 to 25% this year. The trend is very clear. Then cash EBITDA, meaning CapEx, we had zero cash EBITDA in 2024, 9% in 2025, and 18% in 2026. The trend is very clear, and we think this will continue.

Speaker #1: And you have to look at, you know, the longer trend. We are in it for the long term. But I think, you know, just, you know, selecting, you know, the three quarters Q2, 24, Q2, 25, and Q2, 26, we see a very, you know, it's a visible trend.

Speaker #1: It's no question where we're heading. What we see on the left bar is the EBITDA, and the right bar in the groups is the cash EBITDA.

Speaker #1: And we see, you know, from a 10% EBITDA margin in Q2 2024, to 19% in 2025, to 25% this year, the trend is very clear.

Speaker #1: And then, you know, cash EBITDA minus CAPEX—we had zero cash EBITDA in '24, 9% in '25, and 18% in 2026. So the trend is very clear.

Speaker #1: And we think this will continue, but again, we said our guidance is 28% to 32%. And we said that CAPEX should go down from 10% to 5% over the years.

Einar Bonnevie: Again, we said our guidance is 28% to 32%, and we said that CapEx should go down from 10% to 5% over the years. This is the direction we're heading in, and we're making good progress. To sum it up, what does Q add to the Omda story? Very predictable and profitable organic development. Transformational Saab business. The acquisition was signed. That really redefines us once again from a Norwegian company to a Nordic company, from a Nordic company to an international company, European company. We think UK is still in Europe. Very clear portfolio centered on two principal markets, specialized healthcare and emergency. We continue to explore the possibilities of AI, and that is also a prime driver to bring down CapEx and increase productivity and launch new initiatives to the market. The 2026 guidance, that is repeated once again.

Speaker #1: So this is the direction we're heading in, and we're making good progress. So, to sum it up, what does Q2 add to the Omda story?

Speaker #1: Very predictable and profitable organic development. The transformational Saab business—the acquisition was signed. That really, you know, redefined us once again: from a Norwegian company to a Nordic company, and from a Nordic company to an international, European company.

Speaker #1: We think the UK is still in Europe. We have a very clear portfolio, centered on two principal markets: specialized healthcare and emergency. We continue to explore the possibilities of AI, and that is also a prime driver to bring down CAPEX, increase productivity, and launch new initiatives to the market.

Speaker #1: And the 2026 guidance, that is repeated once again. But bear in mind, we have had some headwinds from currency, so we now guide that it is still between 5% and 5.75%.

Einar Bonnevie: Bear in mind, we have had some headwinds from currency. We see that we now guide that it's still between NOK 500 million and NOK 525 million, but probably at the lower end of that, as we have some headwinds from FX. That's the only thing. FX, just like to mention that it has an impact on the top line, but to a large extent, we also have a natural hedge since a lot of the cost is still in the same currencies. It's not a perfect hedge, but it's a good hedge. On the margin itself in percent, it gives very little impact. Okay. What lies ahead of us? On operations, in one word, actually two, kaizen. It means continuous improvement.

Speaker #1: But probably at the lower end of that, as we have some headwinds from FX. But that's the only thing. FX – I would just like to mention that it has an impact on the top line, but to a large extent, we also have a natural hedge since a lot of the cost is still in the same currencies.

Speaker #1: It's not a perfect hedge, but it's a good hedge. But on the margin itself, in percent, it yields very little. It gives very little impact.

Speaker #1: Okay, so what lies ahead of us? On operations, in one word—actually, two: Kaizen. It means continuous improvement. We will continue to focus on organic growth and opportunities there.

Einar Bonnevie: We will continue to focus on organic growth and opportunities there, and we will continue to look for areas on the cost side to see where we can improve the costs to improve the margin. The real growth comes through focused M&A. We source our own deals, we establish and maintain relations over many, many years, and we strike when our conditions are met, and we can agree a sensible deal for all parties. So whether you are an investor looking for a healthy investment or you are an entrepreneur looking for a better home for your company, welcome to Omda. We are more than SaaS and software. We deliver critical infrastructure to society. Okay. That was it. Let's move on to Q&A and see what we have. We have some questions already.

Speaker #1: And we will continue to look for areas on the cost side to see where we can improve costs to improve the margin. But the real growth, the real growth comes through focused M&A.

Speaker #1: We source our own deals. We establish and maintain relations over many, many years. And we strike when our conditions are met and we can agree on a sensible deal for all parties.

Speaker #1: So, whether you are an investor looking for a healthy investment, or you are an entrepreneur looking for a better home for your company, welcome to Omda.

Speaker #1: We are more than SaaS and software. We deliver critical infrastructure to society. Okay, that was it. Let's move on to Q&A and see what we have.

Speaker #1: And we have some questions already. While we address them, please continue to type in your questions and we will attend to them. The first question here, in Norwegian, is from KMD.

Einar Bonnevie: While we address them, please continue to type in your questions, and we will attend to them. So, the first question here is in Norwegian, is from KMD. I will translate it to English. Congratulations on good numbers. Thank you. When do you expect that capitalized development will be down as 5%? We have said that we have been 10% last year, and we said that gradually over a five-year period, we said we will shave it down 1 percentage point per year. So this year, we guide on 9%, next year it will be 8%, et cetera. So in Q2, you see we are actually a little below that. So, we are not saying that 7% will be for this year, but it is a sure sign of things to come. This is one for you, Sverre. It is about public tenders.

Speaker #1: I'll translate it to English. Congratulations on the good numbers. Thank you. When do you expect that capitalized development will be down to 5%? We have said that we were at 10% last year, and we said it would be gradual over a five-year period.

Speaker #1: We said we will, you know, shave it down one percentage point per year. So this year we guide on 9%. Next year should be 8%, et cetera.

Speaker #1: So in the second quarter, you see we're actually a little below that. So we're not saying that 7% will be, you know, for this year, but it's a sure sign of things to come.

Speaker #1: And this is one for you, Sverre. It's about public tenders. And the question is: Can you please comment on Omda's success ratio on public tenders?

Einar Bonnevie: The question is, can you please comment on Omda's success ratio on public tenders? I saw, for example, Frequentis winning the NKS 110 over Omda, but there were also some wins in Sweden, for example, with Dermicus.

Speaker #1: I saw, for example, Frequentis winning the NKS 1110 over Omda, but there were also some wins in Sweden, for example, with Dermicus.

Speaker #2: Well, I will say that, first of all, when it comes to tenders, our primary approach to growth in the market is to acquire systems that are there as part of an infrastructure over many, many years.

Sverre Flatby: Well, I will say that first of all, that when it comes to tenders, our primary approach to growth in the market is to acquire systems that are there as part of an infrastructure over many, many years. The organic growth from Omda in our budget for instance, 2026 and 2027, is based on additional sale to current customers. So that is the main strategy. That means that tenders, yes, we are also participating sometimes in tenders, but we do not measure primarily our business based on tenders. The reason for that is the fact that the type of a business we are in, most of our software platforms and systems are there for many, many years and decades. That means the tendering is a few. There are examples. A couple of years ago, we won this national tender of blood management in Denmark.

Speaker #2: And then the organic growth from Omda in our budget for, for instance, 2026 and 2027, is based on additional sales to current customers. So that is the main strategy.

Speaker #2: That means that tenders—yes, we are also participating sometimes in tenders—but we don't primarily measure our business based on tenders. The reason for that is the fact that, in the type of business we are in, most of our software platforms and systems are there for many, many years and decades.

Speaker #2: That means the tendering is a few. There are examples—a couple of years ago, we won this national tender for blood management in Denmark.

Speaker #2: We have winning additional contracts during the year, for instance, also in Stockholm on blood management. So there are examples, but there are sometimes years between them.

Sverre Flatby: We have winning additional contracts during the year, for instance, also in Stockholm, on blood management. There are examples, but there are sometimes years between them. I think the main answer to that question is that our main focus on the business is not winning tender, and we do not measure tenders as such. We participate normally in tenders when it is very relevant to some of our customers, and they want us to participate. That is going to continue to be our main strategy.

Speaker #2: So, I think the main answer to that question is that our main focus in the business is not winning tenders, and we don't measure tenders as such.

Speaker #2: We participate normally in tenders when it's very relevant to some of our customers and they want us to participate. So that is going to continue to be our main strategy.

Speaker #1: Thank you, Sverre. We have six more questions pending, but please type in more questions if you have any. One from Javier here—and that's a simple one.

Einar Bonnevie: Thank you, Sverre. We have six more questions pending, but just type in more questions if you have any. One from Javier here, and that is a simple one. Is it Omda spelled lame or with capital letters? It is the first one, it is Omda. It is not an abbreviation of any kind. It is Omda, capital O and small M-D-A. A question from Hjalmar on LIMS and blood management coming up and the margin and development there. Because obviously if you look at the breakdown per business area, you see that there is a huge difference there in the businesses. Some have strong organic growth, some have less, more modest organic growth. Some have used a lot of CapEx, some do not have any CapEx at all. This really is an observation on LIMS.

Speaker #1: Is it Omda, with the name spelled out, or with capital letters? It’s the first one—it’s Omda. It’s not an abbreviation of any kind.

Speaker #1: So it's Omda. Capital O and small m d a. And so a question from Hjalmar on limbs and blood management coming up. And the margin and development there because obviously if you look at, if you look at the breakdown per business area, you see that there's a huge difference there in the businesses.

Speaker #1: Some have, you know, stronger organic growth. Some have less, you know, more modest organic growth. Some have, you know, used a lot of CapEx. Some don't have any CapEx at all.

Speaker #1: So this is an observation on Limbs. And the question is, Limbs has run with a very thin EBITDA minus CapEx margin—so EBITDA for a long time.

Einar Bonnevie: The question is, LIMS has run with a very thin EBITDA minus CapEx margin, so EBITDAC, for a long time, with CapEx near 20% of segment revenue.

Speaker #1: With CapEx near 20% of segment revenue, can you give some color on this? Why is that? Growth is obviously strong, so I assume it's still in an investment phase.

Einar Bonnevie: Can you give some color on this? Why is that? Growth is obviously strong, so I assume it is still in an investment phase. What is a normal EBITDA minus CapEx?

Speaker #1: And what is a normal EBITDA minus CapEx?

Speaker #2: That's a very good question, and also it contains not only a question, but it's a conclusion. When it comes to the investment phase, the business—the first customers came in the mid-60s of this business, and it has a, you know, many decades history, and it's going to have many decades ahead when it comes to collaboration.

Sverre Flatby: That is a very good question. It also contains not only a question, but it is a conclusion when it comes to investment phase. The first customers came in the mid-1960s of this business, and it has many decades history, and it is going to have many decades ahead when it comes to collaboration as a leading software platform for critical load management in the Nordics and also with customers outside. Yes, when it comes to the short term, and short term, in this case, I mentioned the national contract with Denmark, for instance, although they also have had system in production for more than a decade. They are creating a national platform rather than a regional platform. That process itself is a multi-year, around five-year process.

Speaker #2: As a leading software platform for critical blood management in the Nordics—and also with customers outside. And yes, when it comes to the short term, and short term in this case, I mentioned the national contract with Denmark, for instance, although they have also had the system in production for more than a decade.

Speaker #2: They are creating a national platform rather than a regional platform. And that process itself is a multi-year, even around a five-year process. And in that period of five years, of course, the business will have to also invest in software and do things differently when it comes to handling the ordinary customers.

Sverre Flatby: In that period of five years, of course, the business will have to also invest in software and to do things differently when it comes to handle the ordinary customers. The simple answer is that yes, it is still as planned in an investment phase and the ordinary business should, of course, as we have said, as an ordinary KPI, should perform 30% EBITDA at least, and 20% cash EBITDA at least. I think this business, based on history and the leadership in the Nordics, will also have a potential to grow much further beyond that in the years to come.

Speaker #2: So the simple answer is that yes, it is still, as planned, in an investment phase. And the ordinary business should, of course, as we have said, as an ordinary KPI, perform at least 30% EBITDA and at least 20% cash EBITDA.

Speaker #2: And I think this business, based on history and the leadership in the Nordics, will also have the potential to grow much further beyond that in the years to come.

Speaker #1: Thank you, Sverre. There are a couple of questions on finance; I'll take those myself. One is related to cash, and the question reads: Good morning.

Einar Bonnevie: Thank you, Sverre. There are a couple of questions on finance. I will take those myself. One is related to cash, and the question reads, "Good morning." Good morning to you, too. "How do you expect that cash position develop by end of the year, and do you expect a need to tap into external financing sources?" First, as always, you can see from the net working capital profile that we have in our report, you see that we are always very cash-rich at the end of the year, and thinner on cash during Q3, beginning of Q4. That profile, you should probably see it will be maintained. That said, you will see that cash operations and cash conversion is high. As we see that cash EBITDA from 2024 to 2026, from zero to nine to 18, so we are improving in our cash position.

Speaker #1: Good morning to you too. How do you expect that cash position to develop by the end of the year? And do you expect a need to tap into external financing sources?

Speaker #1: First, as always, you can see from the net working capital profile that we have in our report, you see that we are always, you know, very cash-rich at the end of the year.

Speaker #1: And it's thinner on cash, you know, during the third quarter and beginning of the fourth quarter. So that profile, you should probably see, will be maintained.

Speaker #1: That said, you see that you will see that cash operations and cash conversion is high. So we see, as we see that, you know, so cash EBITDA from 24 to 26 from zero to nine to 18.

Speaker #1: So, we are improving in our cash position. That means that for operational purposes, we do not need to tap into external financing sources. But external financing sources—when it comes to M&A, so any, you know, any acquisitions—that, you know, may give reason to tap into external financing sources.

Einar Bonnevie: That means that for operation purposes, we do not need to tap into external financing sources. But external financing sources when it comes to M&A, so any acquisitions that may give reason to tap into external financing sources, of course, depending on size. If you look some years ahead, we will see that we, to a large and large extent, should be able to finance also the small bolt-ons ourselves. I will just continue with a question related to that, namely net debt. "Hi, what ratio net debt EBITDA are you expecting for 2026 and 2027?" We show the graph during Q1 and also in relation to Saab. We see that net-to-EBITDA, again, we target around three. Maybe it will be a little more for a short period, maybe a little less. But we definitely do not want to be five to six.

Speaker #1: Of course, depending on size. But if you look, you know, some years ahead, we'll see that we, to a larger and larger extent, should be able to finance also small bolt-ons ourselves.

Speaker #1: And I'll just continue, you know, with a question related to that—namely, net debt. Hi, what ratio of net debt to EBITDA are you expecting for '26 and '27?

Speaker #1: We have shown a graph during the first quarter and also in relation to Saab. We see that net debt to EBITDA is again with targets around three.

Speaker #1: Some maybe can be a little more for a short period, maybe a little less. But we definitely don't want to be five to six.

Speaker #1: And so we are, you know, we are approaching investment grade, probably in what we call the crossover segment right now. And now, a question—or actually two questions—Sverre, on professional services.

Einar Bonnevie: We are approaching investment grade, probably in what we call the crossover segment right now. Now a question, or actually two questions, Sverre, on professional services, and it is about the predictability of professional services, how much they comprise of total income, et cetera. It is from Hjalmar. Two questions here. The first one first. "Professional services has grown fast in 2025 and 2026, well above recurring revenue. How recurring and sustainable is this into 2027 and going forward? Is it milestone driven with tough competition ahead, or is this really recurring, and why can it outgrow recurring so much?" So explain the beast.

Speaker #1: And it's about, you know, the predictability of professional services, how much they comprise of total income, et cetera. And it's from Hjalmar—two questions here.

Speaker #1: First one first. Professional services has grown fast in '25 and '26, well above recurring revenue. How recurring and sustainable is this into 2027 and going forward?

Speaker #1: Is it milestone-driven with tough competition ahead, or is this really recurring? And why can it outgrow recurring so much? So, explain the beast.

Speaker #2: Yeah, it's a good question, and I think it's an important question when it comes to understanding the repeatable part of the business. Because when we say professional services, we don't sell professional services or participate in tenders, for instance, to try to sell our services.

Sverre Flatby: Yeah. It is a good question, and I think it is an important question when it comes to understanding the repeatable part of the business. When we say professional services, we do not sell professional services, participate in tenders, for instance, to try to sell our services. That is not what we do. However, as part of these predictable, mission-critical platform, multi-number platform products we have, the customers are, of course, dependent on certain services at the same time. What you have seen when it comes to the growth there will continue when it comes to ordinary 5% to 10% growth as it has been earlier. I think the difference between the last couple of years and the years before was we were in a certain changeover. We decentralized, et cetera. So it is difficult to compare.

Speaker #2: That is not what we do. However, as part of these predictable, mission-critical, multi-number platform products, our customers are, of course, dependent on certain services at the same time.

Speaker #2: So what you have seen when it comes to the growth, there will continue to be ordinary 5 to 10% growth, as it has been earlier.

Speaker #2: I think the difference between the last couple of years and the years before was we were in a certain changeover. We decentralized, et cetera. So we had some—so it's difficult to compare.

Speaker #2: However, I think '25, '26 is also going to be repeated when it comes to '27, '28, that the part of our professional services will continue to be strong.

Sverre Flatby: However, I think 2025, 2026 is also going to be repeated when it comes to 2027, 2028, that the part of our professional services will continue to be strong. I also would like to say that roughly 90% of that professional services is a type of repeatable business because it is the same customers that we had years ago that acquires new services. The lumpy part of professional services is a couple of things. It is, of course, on the top there, would be when we focus, for instance, in the Q1 and Q2, focused much on AI, putting our internal experts that normally are requested by customers to focus on participating inside Omda to speed up the development of our AI platforms, for instance.

Speaker #2: And I also would like to say that, you know, roughly 90% of that professional services is a type of repeatable business, because these are the same customers that we had years ago that acquire new services.

Speaker #2: The lumpy part of professional services is a couple of things. It is, of course, on the top there would be when we focus, for instance, in the first and second quarter, focused much on AI, putting our internal experts that normally are requested by customers to focus on participating inside Omda to speed up the development of our AI platforms, for instance.

Speaker #2: So there's stuff like that happening. But the other part—90% of it—I think you should look at as a stable 5% to 10% growth business also the next years.

Sverre Flatby: There is stuff like that happening, but the other part, 90% of it, I think you should look at it as a stable 5% to 10% growth business also the next years.

Speaker #1: Okay, thank you, Sverre. And there's a follow-up question also from Hjalmar. Q1 professional services actually were weak, yet your full-year guidance implies professional services has to grow a lot through the rest of 2026.

Einar Bonnevie: Okay, thank you, Sverre. There is a follow-up question also from Hjalmar. Q1 professional services actually were weak, yet your full year guidance implies professional services has to grow a lot through the rest of 2026. How can we explain and bridge that gap?

Speaker #1: So, how can we explain and bridge that gap?

Speaker #2: Yes, it's correct that, as I mentioned, in the first quarter we had many of our central senior people working, obviously, on the AI setup because AI came fast.

Sverre Flatby: Yes, it is correct that, as I mentioned, the first quarter, we had very much of our central senior people working, obviously, on the AI setup, because AI came fast. I would say we have been working with AI for many years, but the ability to use the tools to actually create something great for our developers, the new tools that came up just six, seven months ago has changed that. So the first quarter was clearly a deliberate approach internally. We have still some of it. Yes, we think that professional services will continue to, in the H2 also, will be strong, and that our current guidance of 500 to 525 and of course, as Einar mentioned, there are some effects here, but we stick to that guiding, including professional services.

Sverre Flatby: Yes, it is correct that, as I mentioned, the Q1, we had very much of our central senior people working, obviously, on the AI setup, because AI came fast. I would say we have been working with AI for many years, but the ability to use the tools to actually create something great for our developers, the new tools that came up just six, seven months ago has changed that. So the Q1 was clearly a deliberate approach internally. We have still some of it. Yes, we think that professional services will continue to, in the H2 also, will be strong, and that our current guidance of 500 to 525 and of course, as Einar mentioned, there are some effects here, but we stick to that guiding, including professional services.

Speaker #2: I would say we have been working with AI for many years, but the ability to use the tools to actually create something great for our developers—that the new tools that came up just six, seven months ago has changed that.

Speaker #2: So, we used sort of the first quarter as clearly a deliberate approach internally. And we still have some of it, but yes, we think that professional services will continue to be strong in the second half also, and that our current guidance of 500 to 525, and of course as Einar mentioned, there are some FX here, but we stick to that guidance, including professional services.

Speaker #1: Okay, thank you. There was a follow-up question on LIMS and the project, also from Hjalmar. The question is: Once a Danish project is complete, does it lift recurring revenue?

Einar Bonnevie: Okay, thank you. There was a follow-up question on LIMS and the project also from Hjalmar. The question is, once a Danish project is complete, does it lift recurring revenue? Given a large share of current LIMS revenue looks project-based, that means high professional services, shouldn't that revenue decline as those projects finish? So, what happens after we conquer Denmark?

Speaker #1: And given a large share of current LIMS revenue looks project-based, that means higher professional services. Shouldn't that revenue decline as those projects finish?

Speaker #1: So what happens after we conquer Denmark?

Speaker #2: Well, there’s always a difference in the quality of income, if you call it that—the percentage of professional services versus recurring revenue. And yes, it’s not only about Denmark.

Sverre Flatby: Well, there is always a difference in the quality of income, if you call it that, the percentage of professional services versus recurring revenue. Yes, it is not about only Denmark. Please remember that the 50-year history of LIMS and the platform between user groups and all these regions in the Nordics, they have been working together, and all of the nitty-gritty details of thousands of fields handling critical information and procedures. Of course, that will increase the recurring revenue when all of the customers have entered into our new platform and new versions. Yes, the percentage of recurring revenue will increase compared to professional services in that business over the years. Then again, we have time to plan since this is a long-term business, so we do not have to worry from quarter to quarter.

Speaker #2: Please remember that the 50-year history of LIMS and the platform between user groups and all these regions in the Nordics—they have been working together, handling all the nitty-gritty details of thousands of fields, managing critical information and procedures.

Speaker #2: Of course, that will increase the recurring revenue when all of the customers have entered into our new platform and new versions. So, yes, the percentage of recurring revenue will increase compared to professional services in that business over the years.

Speaker #2: But then again, we have time to plan since this is a long-term business. So we don't have to worry from quarter to quarter. This is a crystal-clear plan with a 50-year history back in time.

Sverre Flatby: This is a crystal clear plan with a 50 years history back in time. I am sorry to say I am not going to be alive in 50 years, but I am sure LIMS is going to be there.

Speaker #2: And I'm sorry to say, I'm not going to be alive in 50 years, but I'm sure LIMS is going to be there.

Speaker #1: And speaking of 'be there,' where are we on LIMS? Is it only Denmark, or?

Einar Bonnevie: Speaking of be there, where are we on LIMS? Is it only Denmark?

Speaker #2: No, I said LIMS is probably, you know, it's a Nordic-leading business, and you'll see that it's 100% of the market in Sweden, and of course, being national in Denmark, it's 100% there.

Sverre Flatby: No, I said LIMS is probably a Nordic-leading business. You will see that 100% of the market in Sweden, and of course, being national in Denmark, it is 100% there. It is more than half of Norway and the critical institutions in Norway, even Iceland. We have abilities to export it. Based on the current business, again, about the questions of tenders, we are not depending on tenders additional to create the model we have published here for the next years when it comes to 5% to 10% organic growth and 30% plus on the EBITDA side. With a strong position here in the Nordics, it is fair to say that if you specifically talk about LIMS, it is a typical, highly specialized healthcare type of platform that is mission-critical. Even if it stops, it will hit a lot of other businesses inside hospitals, like surgery, et cetera.

Speaker #2: It's more than half of Norway and the critical institutions in Norway, even Iceland, and we have abilities to export it. But based on the current business—again, about the questions of tenders—we are not depending on tenders in addition to create the model we have published here for the next years when it comes to 5% to 10% organic growth and 30% plus on the EBITDA side.

Speaker #2: So with a strong position here in the Nordics, it's fair to say that if you specifically talk about LIMS, it's a typically highly specialized healthcare type of platform that is mission critical, and even if it stops, it will hit a lot of other businesses inside hospitals like surgery, et cetera.

Speaker #2: So it has to work. It's critical, and it's profitable on our side.

Sverre Flatby: It has to work, it is critical, and it is profitable on our side.

Speaker #1: Thank you for that, Sverre. There is a question here about the acquisition of Saab Public Safety. The question is: Can you please explain how the new Saab acquisition can be used in the existing operations and with existing clients?

Einar Bonnevie: Thank you for that, Sverre. There is a question here about the acquisition of Saab Public Safety. The question is, can you please explain how the new Saab acquisition can be used in the existing operations and existing clients, i.e., cross-selling, I mean synergies. Has cross-selling been the case in earlier acquisitions? How does this work, and why is it possible? Why can we do any cross-sale? How does this work within Omda?

Speaker #1: Cross-selling, I mean synergies—has cross-selling been the case in earlier acquisitions? So how does this work, and why is it possible? Why can we do any cross-sell?

Speaker #1: How did this work within Omda?

Sverre Flatby: Yes, when you talk about cross-selling, it is important to understand, if you look at specialized healthcare, where we have different types of medical disciplines, the cross-selling between them is not the case. However, within emergency, when you look at the whole value chain and the ecosystems of components, you will see that the steps I mentioned about planning analytics, for instance, to give you a specific example, when we have all our customers, even in the UK, we have many customers using these planning tools to secure that the emergency business works well for the society. When we get the new regions through the Saab acquisitions, and I have met many of them, and they have the same need.

Speaker #2: Yes, cross-selling. When you talk about cross-selling, it's important to understand, if you look at specialized healthcare where we had different types of disciplines—medical disciplines.

Speaker #2: The cross-selling between them is not the case. However, within Emergency, when you look at the whole value chain and the ecosystem of components, you will see that the steps I mentioned about planning analytics, for instance— to give you a specific example, we have all our customers, even in the UK— we have many customers using these planning tools to ensure that the emergency business works well for society.

Speaker #2: When we get the new regions through the Saab acquisitions—and I've met many of them and they have the same need—so that means the cross-selling between our current components that do something extra for the customers that have Saab Safe platform in production, that is a typical thing that is a cross-selling, because it's inside the same value chain, and it will help people make a better total business on the customer side.

Sverre Flatby: So that means the cross-selling between our current components that does something extra for the customers that has a Saab SAFE platform in production, that is a typical thing that is a cross-selling because it is inside the same value chain, and it will help people make a better total business on the customer side and use their resources much better. So that is a typical value for the customer and a value to us. But to sell the larger stack, like the Saab SAFE or the big CoordCom system that we have in other countries in Europe, to sell those adds together, that is not what we aim to do. We make sure that these complementary stacks are doing the right thing for society, and then we integrate them. So cross-selling, there are some important, and there are some that is not usually what we aim for.

Speaker #2: And use their resources much better. So, that is a typical value for the customer and the value to us. But to sell the larger stack, like the Saab Safe or the big Qualcomm system that we have in other countries in Europe—to sell those as together, that is not what we aim to do.

Speaker #2: We will make sure that these complementary stacks are doing the right thing for society, and then we integrate them. So, cross-selling—there are some that are important, and there are some that are not. Usually, that is not what we aim for.

Speaker #1: Okay. Thank you, Sverre. We have two more questions pending, but we still have time for a couple more. So if you have anything on your mind, please type it in the question box and we will attempt to address it.

Einar Bonnevie: Okay. Thank you, Sverre. We have two more questions pending, but we still have time for a couple more. So if there is anything on your mind, please type it in the question, and we will attend to it. First one, or second last, I think myself, and it relates to the FX. Congrats on the strong Q2. Thank you. How large was the FX impact on the 9% organic growth? Well, what we said that you can see that the organic growth in constant currency is 9% and the reported growth is 5%, so that leaves approximately 4%, from headwinds from FX. In numbers, the number, it would have been NOK 5 million more on revenue if it had been a constant currency unchanged from the second quarter in 2025. On the cost side, the impact was approximately NOK 3.5 million.

Einar Bonnevie: Okay. Thank you, Sverre. We have two more questions pending, but we still have time for a couple more. So if there is anything on your mind, please type it in the question, and we will attend to it. First one, or second last, I think myself, and it relates to the FX. Congrats on the strong Q2. Thank you. How large was the FX impact on the 9% organic growth? Well, what we said that you can see that the organic growth in constant currency is 9% and the reported growth is 5%, so that leaves approximately 4%, from headwinds from FX. In numbers, the number, it would have been NOK 5 million more on revenue if it had been a constant currency unchanged from the Q2 in 2025. On the cost side, the impact was approximately NOK 3.5 million.

Speaker #1: First one, or second last, I'll take myself. And it relates to the FX. Congrats on the strong Q2. Thank you. How large was the FX impact on the 9% organic growth?

Speaker #1: Well, what we said is that, you know, you can see that the organic growth in constant currency is 9%, and the reported growth is 5%.

Speaker #1: So that leaves approximately 4%, you know, from headwinds from FX. In numbers, the number—it would have been €5 million more on revenue if it had been at constant currency, unchanged from the second quarter in 2025.

Speaker #1: On the cost side, the impact was approximately $3.5 million. So, EBITDA would have been approximately $1.5 million higher in constant currency.

Einar Bonnevie: EBITDA would have been approximately NOK 1.5 million higher in constant currency. The margin, more or less unchanged. If no more questions comes up during this one, this will be the last question. But again, whilst Sverre is answering this, you may type in another one, and we will attend to it. Last question from Siven Helghim. You mentioned that AI tools are making your development team significantly more efficient. Does this mean, Sverre, that AI is reducing the need for further FTE growth? We saw that FTE was actually at 249, so it shrunk this quarter. Could revenue scale toward a 28% to 32% margin target in 2027 without a corresponding increase in FTEs?

Speaker #1: The margin is more or less unchanged. Okay. If no more questions come up during this one, this will be the last question. But again, while Sverre is answering this, you may type in another one and we'll attempt to answer it.

Speaker #1: The last question from Sivert Helgheim: You mentioned that AI tools are making your development team significantly more efficient. Does this mean, Sverre, that AI is reducing the need for further FTE growth?

Speaker #1: And we saw that FTE was actually at 249, so less, so it shrunk this quarter. Could revenue scale toward its 28 to 32% margin target in '27 without a corresponding increase in FTEs?

Sverre Flatby: Yes to the last question. But of course, big differences between these business units we have. It is not a simple answer to everything there. Primarily when it comes to our plans going forward, as you see, when we now increase income based on the acquisitions we made and we add the number of FTEs we have and the guidance we have, the 28% to 32% for next year, we stick to that without having to increase the number and without having to do very much with the number of FTEs we have. I think it is fair to say that AI is the main mechanism to secure that we can be efficient, and be more efficient than we were a year ago. I also see that many of the administrative additional work we have done, for instance, with testing and documentation, can be much more efficient.

Speaker #2: Yes, to the last question. But of course, there are big differences between these business units we have. So it's not a simple answer to everything there.

Speaker #2: But primarily, when it comes to our plan going forward, as you see, when we now increase income based on the acquisitions we made and add the number of FTEs we have and the guidance we have—the 28 to 32% for next year—we stick to that without having to increase the number, and without having to do very much with the number of FTEs we have.

Speaker #2: So I think it's fair to say that AI is the main mechanism to ensure that we can be efficient and be more efficient than we were a year ago.

Speaker #2: And I also see that much of the additional administrative work we've done—for instance, with testing and documentation—can be much more efficient. So, I would say all in all, the number of FTEs is there and is part of the guidance when it comes to our top line and our EBITDA guidance of 28 to 32 percent for '27 as well.

Sverre Flatby: I would say all in all, the number of FTEs is there and is part of the guidance when it comes to our top line and our EBITDA guidance of 28% to 32% for 2027 as well.

Speaker #1: Thank you. Thank you, Sverre. And here's a last question from Hjalmar. The question is: Combining personnel cost and capitalized development, cost per employee grew about 7% in Q1 and 8% in Q2.

Einar Bonnevie: Thank you, Sverre. Here is a last question from Hjalmar. The question is, combining personnel cost and capitalized development, cost per employee grew about 7% in Q1 and 8% in Q2. Why is it rising that fast? With the stronger NOK and the underlying local currency increase or even higher, how should we think about that going forward? Two things I think we should say about that. One is let us remember that the cost that we record and present per quarter is really the total cost for a quarter, all inclusive, and the number of personnel is the number at the end of the quarter. So that may not be representative of the actual number of FTEs being present in that quarter. So that creates some statistical noise.

Speaker #1: Why is it rising that fast? And with the stronger knock in the underlying local currency increase, or even higher, how should we think about that going forward?

Speaker #1: Two things I think we should say about that. One is, remember that the cost we record and present for a quarter is really the total cost for the quarter, all-inclusive.

Speaker #1: And the number of personnel is the number at the end of the quarter, so it may not be representative of the actual number of FTEs being present in that quarter.

Speaker #1: So that creates some statistical noise. And the second is that if you go back a number of years, we had Filipino employees and they were, of course, lower cost per employee.

Einar Bonnevie: The second is that if you go back a number of years, we had the Filipino employees, and they were, of course, lower cost per employee. I think what we should focus on is more important to see that southern personnel comprises a lower part of total cost as we have planned. Our target is COGS 5%, southern personnel 50%, and other costs 15% or below. We are approaching that target. That is really the metric we focus on. I will leave it for any more questions just because there is a lag there from when you type in your question until it actually appears on my screen. I give it a couple of seconds, and I will refresh my screen. Time to take it home. There seems to be no more questions. We hope you have enjoyed this presentation.

Speaker #1: But I think what we should focus on is that it's more important to see that salary and personnel comprise a lower part of the total cost, as we had planned.

Speaker #1: So our target is COGS at 5%, salary and personnel at 50%, and other costs at 15% or below. And we are approaching that target. So that is really the metric we focus on.

Speaker #1: Okay, I'll leave it open for any more questions, as there is a lag from when you type in your question until it actually appears on my screen.

Speaker #1: So, I'll give it a couple of seconds, and I'll refresh my screen. Okay. Okay. Time to take it home. There seem to be no more questions.

Speaker #1: We hope you have enjoyed this presentation. Please tune in again on the 18th of November, when we will present the results for the third quarter of 2026.

Einar Bonnevie: Please tune in again on 18 November 2026 when we will present the results for the third quarter of 2026. Until then, take care. May God bless Dolly Parton, and stay safe.

Einar Bonnevie: Please tune in again on 18 November 2026 when we will present the results for the Q3 of 2026. Until then, take care. May God bless Dolly Parton, and stay safe.