CSAM Health Group AS

Reported revenue in Q4 2025 was NOK 135 million, up 17% versus Q4 2024. Reported EBITDA was NOK 31 million, with a reported EBITDA margin of 23%. For full-year 2025, revenue was NOK 496 million, up 16% versus 2024, and reported EBITDA was NOK 117 million, implying a 24% margin. Management also said hardware sales doubled versus 2024, yet gross margin still improved, and COGS came down from around 7% to 7.5% of sales in 2024 to 6.5% in 2025. For 2026, Omda guided to revenue of NOK 500 million to NOK 525 million, EBITDA margin of 28% to 32%, and CapEx at 9% of revenue, with organic growth of 5% to 10% and inorganic growth of 10% to 20% as targets rather than guidance.

Sverre Flatby emphasized that 2025 was a structural step-up for Omda and that the operating baseline entering 2026 is very strong. He spent much of the call framing AI as an efficiency lever rather than a business risk, saying it is now part of the operating model and should reduce software investment intensity over time while improving cash from operations. He also highlighted Omda’s regulated, mission-critical healthcare and emergency software environment as a source of durability, with long implementation cycles and high switching costs.

Einar Bonnevie focused on the quarter’s operating leverage and predictability. He pointed to NOK 117 million of EBITDA for 2025, CapEx of NOK 47 million, and said cash EBITDA is the internal focus because CapEx is centrally managed. He also noted net working capital ended 2025 at minus 26%, versus minus 31% in 2024, and discussed leverage moving into “very low leverage territory.” On financing, he said the current NOK bond issued in December 2023 is trading around 8% and that refinancing could potentially lower interest costs; he also mentioned the company is considering improved debt terms and other capital allocation options, including share buybacks.

Analysts focused on M&A, AI risk, bond refinancing, and capital allocation. Management said the M&A engine has been active all along, with dialogue ongoing with 5 to 10 companies, but that the most likely path is a handful of smaller bolt-ons rather than one large deal. On AI, management said the most protected areas are emergency and blood management, while analytics could face more competition, but also may benefit from AI-enabled add-ons. They also said the current bond structure allows continued share repurchases but not cancellation of repurchased shares, and that refinancing in a lower-rate market could be attractive.