Zalaris reports record Q3 revenue, highest EBIT; secures new credit facility

Zalaris ASA reported record-high revenue of NOK 374.7 million in Q3 2025, an increase of 10.3% year-over-year from NOK 339.7 million in Q3 2024. Adjusted EBIT surged by 27% to NOK 47.0 million, achieving a 12.6% margin, the highest Q3 EBIT to date. This growth was attributed to new contracts and expanded agreements, particularly in Germany, providing HR and payroll services for over 8,000 employees. Managed services, accounting for 77% of total revenue, grew by 14% year-over-year, with a net revenue retention of 103% in constant currency.

The company secured a €40 million Revolving Credit Facility from Nordea to refinance its existing bond loan, which is expected to reduce annual interest expenses by NOK 16 – 18 million. This refinancing also enhances financial flexibility. Furthermore, Zalaris reaffirmed its strategic partnership with SAP, securing long-term support for its PeopleHub core solutions until at least 2040.

Zalaris delivered its NOK 1.5 billion annualized revenue target one year early and now aims for NOK 2 billion in annualized revenue with an EBIT margin of 13-15% by Q4 2028. This strategy includes expanding consulting and managed services, winning large deals, and enhancing automation, AI, and X-shore initiatives.