ZALARIS ASA
Sector unknown·ZAL · Oslo Børs·Fiscal year to 31/12/2024
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Labour and wages
Raw materials and inputs
DriverNegative impact: weakens
“We are experiencing upward pressure on salaries, and the recruitment of new skilled employees is challenging in some markets. However, most of our long-term contracts within the Managed Services Division have provisions for the annual indexation of salaries, additionally we have established trainee programs, to mitigate this effect.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“A key risk lies in the limited availability of qualified candidates across markets, which increases recruitment costs and may affect service delivery.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“Additionally, employee turnover— especially in highly competitive markets—can result in training and onboarding costs, productivity loss, and temporary revenue reduction.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“Because these workers are outside the direct control of Zalaris, there is a potential risk of poor working conditions or insufficient wages among suppliers or subcontractors, which could harm the company’s reputation or disrupt service continuity.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“There are no operations at significant risk of incidents related to forced labour or child labour, as all Zalaris employees work in corporate, white-collar roles.”
Annual report 2024A · The company itself
InputNegative impact: weakens
“Key areas for proper control include: Motivation and Training of Employees One of Zalaris’ focus areas is to ensure high-quality services to our customers. This is only possible through efficient processes and tools and through highly competent and engaged employees.”
Annual report 2024A · The company itself
InputNegative impact: weakens
“Own Workforce (S1) Zalaris’ growth is closely tied to the availability of skilled professionals, particularly in technology and digital transformation.”
Annual report 2024A · The company itself
InputNegative impact: weakens
“Employee commuting Yes - Based on employee commute survey Data was collected via a companywide survey.”
Annual report 2024A · The company itself
InputNegative impact: weakens
“R (Medium 2-5y) Upstream Negative Potential S-2 Workers in the value chain Finding the right balance in staffing and use of external consultants O (Medium 2-5y) Upstream Positive Potential S-2 Workers in the value chain Turnover/ loss of external consultants due to Zalaris paying insufficient wages, given that they get better working conditions with employers R (Medium 2-5y) Upstream Negative Potential S-2 Workers in the value chain Zalaris employs contractors and vendors to develop and operate their software. As a global company, Zalaris has a positive impact with securing employment I (short 1y) Upstream Positive Actual S-2 Workers in the value chain Zalaris pay workers in the value chain adequate wages, in line with applicable benchmarks, especially in markets that are not so well regulated I (short 1y) Upstream Positive Actual S-2 Workers in the value chain Zalaris provides family-related leave and flexible working arrangements through contracts and terms of employment.”
Annual report 2024A · The company itself
InputNegative impact: weakens
“I (short 1y) Upstream Positive Actual Zalaris acknowledges that outsourced labour presents a risk of reduced oversight compared to direct employees. To mitigate this, Zalaris works closely with suppliers and partners to uphold ethical Labour standards across its value chain.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Thus, Zalaris has implemented a talent management program to ensure a good development of highly qualified personnel in all our departments and functions of the Company. In 2024, the Company introduced Zalaris Academy, a training program designed to ensure that all key employees understand their roles and expectations.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“By focusing on employee well-being, learning and development, and engagement, Zalaris creates a more resilient and future-ready workforce.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“I (Short 1y) Own Operations Positive Actual Policies related to own workforce [S1-1] Zalaris recognizes the importance of its workforce as a cornerstone of its operational and strategic success.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“The company has implemented policies and initiatives to enhance workplace conditions, support professional growth, and promote diversity, equity, and inclusion.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“To mitigate these impacts, Zalaris implements employee support programs, reskilling initiatives, and data protection measures.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“To mitigate these risks, Zalaris implements employee support programs, and regular engagement initiatives to facilitates a fair, inclusive, and responsible work environment.”
Annual report 2024A · The company itself
Cybersecurity (products and services)
Technology
DriverNegative impact: weakens
“Risk related to cyber security Businesses around the world are still experiencing an increase in cyberattacks, and the introduction of AI has made these attacks more sophisticated. The Group is increasingly exposed to cyber security related risks through the nature of the services provided, which heavily involves storage of both personnel identifiable and sensitive data, as well as the handling of large amounts of payments to customers' employees. The Group provide monthly payroll services for more than 350,000 external employees.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“In addition, Zalaris handles sensitive employment and wage data on behalf of clients, making data privacy and cybersecurity a critical area of exposure.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“A breach could result in regulatory fines, decreased revenue, and loss of customer trust.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“Similarly, users with limited digital literacy may require enhanced accessibility features for seamless interaction with our Topic ID Topic IRO description Impact (I) Risk (R) or Opportunity (O) Time frame Own operations/ value chain Positive or negative Actual or potential S-4 Consumers and endusers A cyberattack could lead to data breaches, damaging Zalaris' reputation, client trust, and revenue. Past incidents have been minimal, but the potential for future breaches remains a risk.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“O (Long >5y) Value Chain Positive Potential (P) S-4 Consumers and endusers Zalaris stores data and sensitive information about HR services such as wages. I (Short <1y) Downstream Negative Actual(A) S-4 Consumers and endusers Zalaris provides wage and HR services, but there is a potential risk of data package in the event of a data / cyber-attack, which could result in the compromise of sensitive information for both customers and employees.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“R (Medium 2-5y) Own Operations Negative Potential (P) G-1 Business conduct Data privacy breaches can result in fines, reputational damage, and long-term revenue loss due to declining client trust.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“As a result of these potential cyber security threats, Zalaris has established numerous countermeasures both of a technical and organisational nature. The Group has a dedicated Cyber Security Operations Centre (CSOC) with continuous monitoring of all systems and user activities. The goal is to prevent threats from converging into actual attacks or exploiting Zalaris’ systems and the customer data contained within them.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“These risks are embedded into the business model through the implementation of rigorous compliance systems, regular employee training, transparent governance structures, and state-of-the-art cybersecurity protocols.”
Annual report 2024A · The company itself
Chains in: Cyber attacks and IT security risk strengthens
Chains out: this strengthens Digitalisation
ESG and sustainability reporting
Regulation
DriverNegative impact: weakens
“Risks related to handling sensitive information, including a potential GDPR breach The Group is handling personnel data for more than 350,000 external employees that may be linked to individual persons, and is required to handle such personnel data in compliance with GDPR. The Group is liable to its customers and regulatory authorities for damages caused by unauthorised disclosure of personal data as well as sensitive and confidential information, and any unauthorised disclosure of any such information may result in significant fines.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“R (Long >5y) Value Chain Negative Potential (P) S-4 Consumers and endusers New ESG reporting regulations create opportunities for Zalaris to enhance its software, helping clients comply while expanding revenue streams. O (Long >5y) Value Chain Positive Potential (P) S-4 Consumers and endusers Zalaris can use employment and wage data to help clients improve diversity and decision-making, creating new business opportunities.”
Annual report 2024A · The company itself
Market
“Furthermore, by leveraging its data capabilities to support client DEI (diversity, equity, inclusion) goals, Zalaris can offer added value to customers, reinforcing brand differentiation and unlocking new market opportunities.”
Annual report 2024A · The company itself
Market
“By upgrading its software solutions to help clients generate ESG-related data, Zalaris can broaden its platform’s relevance and revenue potential.”
Annual report 2024A · The company itself
Market
“The company also supports clients in mapping pay equity and diversity data, helping them make more informed, inclusive decisions— thereby reinforcing Zalaris’ value proposition in responsible business.”
Annual report 2024A · The company itself
Asia and emerging markets
Geography
StrategyPositive impact: strengthens
“Key targets for 2025 include further automation of our delivery processes and improved use of our nearand offshore delivery centres in Latvia, Poland and India. Industry and market research reports indicate sustained growth in Zalaris’ key markets for multi-country payroll and HR outsourcing.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Whilst the Company previously established its own subsidiaries in new countries, an important revised expansion strategy has been implemented using in-country partners, deploying Zalaris’ PeopleHub solution. This secures low risk profitable global geographic expansion, even for low and moderately sized employee volumes.”
Annual report 2024A · The company itself
Geography
“Zalaris operates throughout Europe and the Asia Pacific, providing solutions and services to clients in over 100 countries worldwide through a unique international delivery model whilst maintaining locally based support for clients with local requirements.”
Annual report 2024A · The company itself
Geography
“Countries where Zalaris have offices Countries where Zalaris are represented via their clients Global delivery capabilities Locations From our 28 offices located in 17 countries we are able to provide our services to more than 150 countries all over the world. Countries we are based in: Norway Sweden Denmark Finland Spain France Ireland UK Germany Countries where Zalaris are located Locations of offices Latvia Poland Hungary Czechia India Singapore Philippines Australia Local Presence, One Global Platform Equipped with state-of-the-art automation, innovation and security, Zalaris PeopleHub is a complete HR platform to simplify HR administration for everyone.”
Annual report 2024A · The company itself
Geography
“In 2024, APAC generated revenue of NOK 48.2 million, an increase of 135% compared to NOK 20.5 million the previous year. The operating profit was negative NOK 0.2 million, a significant improvement from negative NOK 7.4 million in 2023.”
Annual report 2024A · The company itself
Geography
“Sales Activities All Zalaris offices/locations with major hubs being UKI, Germany, Poland, Northern Europe, APAC (AU, SG, PH).”
Annual report 2024A · The company itself
Geography
“Characteristics of the company’s employees [S1-6] During 2024, Zalaris had an average 1134 employees across 13 countries, representing over 30 nationalities.”
Annual report 2024A · The company itself
Geography
“Geographic information The Company is delivering services to its subsidiaries in different countries in the Nordic, Baltic and Poland, Germany, UK, Ireland and Asia, and information regarding revenue based on geography is provided below.”
Annual report 2024A · The company itself
Europe
Geography
StrategyPositive impact: strengthens
“As a European company rooted in European values, with solutions developed and hosted in Europe, we believe this foundation positions us strongly for both the near and medium-term future—and lays the groundwork for the next 25 years of value creation and success.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Whilst the Company previously established its own subsidiaries in new countries, an important revised expansion strategy has been implemented using in-country partners, deploying Zalaris’ PeopleHub solution. This secures low risk profitable global geographic expansion, even for low and moderately sized employee volumes.”
Annual report 2024A · The company itself
Geography
“Zalaris operates throughout Europe and the Asia Pacific, providing solutions and services to clients in over 100 countries worldwide through a unique international delivery model whilst maintaining locally based support for clients with local requirements.”
Annual report 2024A · The company itself
Geography
“Countries where Zalaris have offices Countries where Zalaris are represented via their clients Global delivery capabilities Locations From our 28 offices located in 17 countries we are able to provide our services to more than 150 countries all over the world. Countries we are based in: Norway Sweden Denmark Finland Spain France Ireland UK Germany Countries where Zalaris are located Locations of offices Latvia Poland Hungary Czechia India Singapore Philippines Australia Local Presence, One Global Platform Equipped with state-of-the-art automation, innovation and security, Zalaris PeopleHub is a complete HR platform to simplify HR administration for everyone.”
Annual report 2024A · The company itself
Geography
“Sales Activities All Zalaris offices/locations with major hubs being UKI, Germany, Poland, Northern Europe, APAC (AU, SG, PH).”
Annual report 2024A · The company itself
Geography
“Characteristics of the company’s employees [S1-6] During 2024, Zalaris had an average 1134 employees across 13 countries, representing over 30 nationalities.”
Annual report 2024A · The company itself
Geography
“Geographic information The Company is delivering services to its subsidiaries in different countries in the Nordic, Baltic and Poland, Germany, UK, Ireland and Asia, and information regarding revenue based on geography is provided below.”
Annual report 2024A · The company itself
IT operations and cloud
Raw materials and inputs
DriverNegative impact: weakens
“Third-party IT system disruptions may adversely affect the business Third-party suppliers, including SAP, are key to the Group’s business operations; quality issues or supply disruptions may negatively affect the Group and in turn may have an adverse effect on the Group's ability to attract and retain customers and in turn adversely affect the Group's business and profitability.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Outlook Zalaris maintains a strong outlook for future revenue growth, driven by recently secured long-term BPaaS (Business Process as a Service)/SaaS (Software as a Service) contracts within the Managed Services division, along with expansions of existing agreements. Most of these contracts will be fully operational during 2025.”
Annual report 2024A · The company itself
Market
“Zalaris’ two distinct lines of business are both 100% focussed on HR & payroll technology and services. • The first being Zalaris’ outsourcing business; offering clients a comprehensive HR & payroll technology stack, known as PeopleHub, as a Software-as-a-Service (SaaS) platform.”
Annual report 2024A · The company itself
Market
“With this platform, we consolidate HR, payroll, time and expenses reporting, and talent management – all in one place. It is a global HCM platform that unifies all employee data and eases all HR processes.”
Annual report 2024A · The company itself
Market
“HR & Payroll Outsourcing • Zalaris becomes your HR & payroll department, handling some or all of your business’ HR & payroll administration throughout the entire hire-to-retire process. • With Zalaris’ award-winning HR & payroll services, you can reduce back-office headcount, benefit from significant cost savings, and focus on your core business strategies with the assurance that your HR & payroll administration is in safe hands.”
Annual report 2024A · The company itself
Market
“Description of Outputs and Outcomes The outputs of Zalaris’ operations include tailored HR and payroll solutions, digital transformation services and workforce management tools that streamline administrative processes for its customers.”
Annual report 2024A · The company itself
Market
“The Company is the business owner of Zalaris' multi-country network, as well as payroll and HR solutions, implemented through its integrated PeopleHub platform. Zalaris ASA is responsible for the development of the Group's technology platform and payroll solution, PeopleHub, and providing this to customers throughout the Zalaris group companies.”
Annual report 2024A · The company itself
Industrial manufacturing
End markets
Market
“Koivurinta Board Member Erik Langaker Board Member Zalaris’ 1 mission is to simplify HR and payroll administration, and empower businesses with useful information so that they can invest more in people. Zalaris ranks among Europe’s top providers of human capital management (HCM) and payroll solutions – addressing the entire employee lifecycle, from recruiting and onboarding to compensation, time and attendance, travel expenses and performance management.”
Annual report 2024A · The company itself
Market
“Another notable contract won in 2024 was with a large German IT company, involving comprehensive payroll and HR services for approximately 4,400 employees across nine countries.”
Annual report 2024A · The company itself
Market
“This is exemplified by multi-country contracts with clients such as Yunex Traffic and Innomotics. Additionally, growth will be driven by expanding services for existing customers, including broader geographic coverage, as demonstrated by partnerships with Siemens, Tryg, and Circle K, along with our agreement with a major global retailer.”
Annual report 2024A · The company itself
Market
“Our customer and end-user base consists primarily of corporate clients and their employees who depend on Zalaris for accurate payroll processing, compliance management, and workforce-related solutions. These groups include corporate employees who rely on payroll and HR systems and HR professionals managing workforce-related functions.”
Annual report 2024A · The company itself
Public sector
End markets
Market
“Description of Outputs and Outcomes The outputs of Zalaris’ operations include tailored HR and payroll solutions, digital transformation services and workforce management tools that streamline administrative processes for its customers.”
Annual report 2024A · The company itself
Market
“The Zalaris Consulting division sold more than NOK 616 million (EUR 53m) of Total Contract Value (TCV)* in 2024. This included a significant subcontract with one of Germany’s largest system integrators to implement an HCM solution for the State of Berlin, valued at approximately NOK 170 million over four years.”
Annual report 2024A · The company itself
Market
“This positions Zalaris as a leading provider of SAP-based services to the public sector in Germany. We also signed agreements to implement SAP SuccessFactors for City of Osnabrück's 3200 employees and provide long-term AMS services to the Max-Planck Institute, both in Germany.”
Annual report 2024A · The company itself
Market
“Our customer and end-user base consists primarily of corporate clients and their employees who depend on Zalaris for accurate payroll processing, compliance management, and workforce-related solutions. These groups include corporate employees who rely on payroll and HR systems and HR professionals managing workforce-related functions.”
Annual report 2024A · The company itself
EU climate and energy policy
Regulation
DriverNegative impact: weakens
“Our climate strategy includes reducing emissions, supporting renewable energy and striving for transparency in reporting our environmental performance in accordance with the EU Taxonomy and other sustainability frameworks.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Climate change Strategy Transition plan for climate change mitigation [E1-1] Currently Zalaris do not have any climate policy, but we have registering for the Science Based Targets (SBT) initiative by January 2025, marking a crucial step in our commitment to reducing greenhouse gas emissions in line with the Paris Agreement.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“By setting and pursuing these targets, we aim to align our climate action strategies with global efforts to limit temperature rise, demonstrating our dedication to a sustainable, low-carbon in the upcoming years.”
Annual report 2024A · The company itself
Chains out: this strengthens Circular economy and recycling, strengthens Energy efficiency
SMEs
End markets
Market
“Description of Outputs and Outcomes The outputs of Zalaris’ operations include tailored HR and payroll solutions, digital transformation services and workforce management tools that streamline administrative processes for its customers.”
Annual report 2024A · The company itself
Market
“Expectation of reliable, innovative and customized HR and payroll solutions that meet their evolving business needs. • Suppliers and Partners: Interest in transparent communication, fair contracting practices and collaborative growth opportunities. • Regulatory Bodies: Emphasis on strict adherence to legal standards, data protection and proactive compliance measures. • Local Communities: Focus on sustainable operations, environmental responsibility and contributions to local development.”
Annual report 2024A · The company itself
Market
“Zalaris' consumer and end-user base primarily consists of corporate clients and their employees, who depend on its HR and payroll solutions for accurate payroll processing, compliance management, and workforce-related functions. These consumers and end users fall under category 10(a)(i) as they rely on Zalaris' services for essential workforce operations.”
Annual report 2024A · The company itself
Artificial intelligence
Technology
StrategyPositive impact: strengthens
“We maintain our guidance of average annual churn of 1.5%- 3% over a cycle, and an average annual growth target of 10%. Large scale benefits from revenue growth combined with continued cost optimisation from X-shoring, automation and the use of AI will be the key drivers for continued improved profitability going forward.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Investments in employee training, digital transformation, and workplace innovation are key focus areas.”
Annual report 2024A · The company itself
Chains out: this strengthens Data centres, strengthens Semiconductors and electronic components, strengthens Semiconductor industry
Automation and robotics
Technology
StrategyPositive impact: strengthens
“A German improvement program was launched, targeting an EBIT improvement of NOK 40 million over 12 to 18 months. Benefits of this program began to show in the second half of 2024, significantly increasing the EBIT margin in Germany and contributing to the higher adjusted EBIT for the Group.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“We maintain our guidance of average annual churn of 1.5%- 3% over a cycle, and an average annual growth target of 10%. Large scale benefits from revenue growth combined with continued cost optimisation from X-shoring, automation and the use of AI will be the key drivers for continued improved profitability going forward.”
Annual report 2024A · The company itself
Energy efficiency
Technology
StrategyPositive impact: strengthens
“These IROs are integrated into Zalaris’ business model through the adoption of energy efficiency measures, use of renewable electricity, and resilience strategies to minimise service disruptions.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Given that Zalaris operates outside high climate impact sectors, further breakdown of fossil-based energy consumption is deemed unnecessary.”
Annual report 2024A · The company itself
Chains in: Carbon tax and ETS prices strengthens, EU climate and energy policy strengthens
Retail
End markets
Market
“The contracts signed in Managed Services during the year are for customers from varioues industries and regions. We secured a new and expanded agreement with a major German retailer for the delivery of PeopleHub HR powered by SAP SuccessFactors and PeopleHub Payroll, which will support approximately 12,000 employees.”
Annual report 2024A · The company itself
Market
“This is exemplified by multi-country contracts with clients such as Yunex Traffic and Innomotics. Additionally, growth will be driven by expanding services for existing customers, including broader geographic coverage, as demonstrated by partnerships with Siemens, Tryg, and Circle K, along with our agreement with a major global retailer.”
Annual report 2024A · The company itself
Chains in: Consumer spending strengthens
Automotive
End markets
Market
“Koivurinta Board Member Erik Langaker Board Member Zalaris’ 1 mission is to simplify HR and payroll administration, and empower businesses with useful information so that they can invest more in people. Zalaris ranks among Europe’s top providers of human capital management (HCM) and payroll solutions – addressing the entire employee lifecycle, from recruiting and onboarding to compensation, time and attendance, travel expenses and performance management.”
Annual report 2024A · The company itself
Carbon tax and ETS prices
Regulation
Market
“A key financial opportunity lies in the expansion of Zalaris’ CO₂ tracking application, which allows clients to monitor and reduce emissions— creating a dual benefit of supporting client decarbonisation and generating new revenue streams.”
Annual report 2024A · The company itself
Chains out: this weakens Shipping and logistics, strengthens Energy efficiency, weakens Cement and building materials
Digitalisation
Technology
Market
“With this platform, we consolidate HR, payroll, time and expenses reporting, and talent management – all in one place. It is a global HCM platform that unifies all employee data and eases all HR processes.”
Annual report 2024A · The company itself
Chains in: Cybersecurity (products and services) strengthens, Public investment and infrastructure strengthens
Chains out: this strengthens IT consulting and public-sector IT
Hospitality and leisure
End markets
Market
“This is exemplified by multi-country contracts with clients such as Yunex Traffic and Innomotics. Additionally, growth will be driven by expanding services for existing customers, including broader geographic coverage, as demonstrated by partnerships with Siemens, Tryg, and Circle K, along with our agreement with a major global retailer.”
Annual report 2024A · The company itself
Chains in: Consumer spending strengthens
Renewables auctions and subsidies
Regulation
StrategyPositive impact: strengthens
“These IROs are integrated into Zalaris’ business model through the adoption of energy efficiency measures, use of renewable electricity, and resilience strategies to minimise service disruptions.”
Annual report 2024A · The company itself
Chains in: Wind power strengthens
Utilities
End markets
Market
“Additionally, we entered into an agreement with a Norwegian energy company to provide payroll, travel and expense solutions and services for their approximately 1,000 employees in Norway.”
Annual report 2024A · The company itself
Data centres
Technology
DriverNegative impact: weakens
“Dependence on external data centres introduces vulnerability to potential power outages, which could disrupt payroll services and damage client trust.”
Annual report 2024A · The company itself
InputNegative impact: weakens
“As a digital service provider, the company’s environmental footprint is largely tied to the operation of data centres and office facilities.”
Annual report 2024A · The company itself
InputNegative impact: weakens
“Purchased Goods & Services – Emissions from data center services are estimated based on invoices and energy usage data from third-party providers.”
Annual report 2024A · The company itself
Chains in: Artificial intelligence strengthens
Chains out: this strengthens Electricity, strengthens Copper
Semiconductors and electronic components
Raw materials and inputs
InputNegative impact: weakens
“are based on a platform provided by SAP, the global developer and provider of enterprise resource planning systems to corporates. A potential future deterioration in the relationship with SAP, and/ or the inability or difficulties of implementing third party solutions, may significantly impede the Group's ability to provide its services.”
Annual report 2024A · The company itself
Chains in: Artificial intelligence strengthens
Business cycle and GDP growth
Macro
DriverNegative impact: weakens
“Price pressure may impact contract wins and renewals Contracts are awarded and renewed on a competitive bid basis, and price competition is often a key factor in determining which supplier bid is successful. The entrance of lower cost providers may influence the Group's market and lead to further competition that might adversely affect profitability.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“Historically, there has been a growing market interest in outsourcing during periods when companies prioritise operational efficiencies and cost optimisation. The underlying fundamentals remain strong, and Zalaris continues to maintain a robust pipeline of potential new sales across all regions.”
Annual report 2024A · The company itself
Chains out: this strengthens Global trade volumes, strengthens Construction
Climate change and extreme weather
Macro
DriverNegative impact: weakens
“Climate risk The Group has assessed whether climate change or efforts to reduce carbon emissions will negatively impact Zalaris' business as a provider of HCM services. The Group does not consider this risk to be material, due to the nature of these services.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“We actively assess our operations and value chain to align with global climate goals and contribute to a low-carbon economy.”
Annual report 2024A · The company itself
Chains out: this weakens Agriculture and food production
Electricity
Raw materials and inputs
InputNegative impact: weakens
“Additionally, rising energy costs in office facilities may elevate operational expenditures.”
Annual report 2024A · The company itself
InputNegative impact: weakens
“Energy consumption and mix [E1-5] Zalaris’ energy consumption and mix are presented in the tables below, offering a transparent view of the energy sources used in our operations.”
Annual report 2024A · The company itself
Chains in: Data centres strengthens, Electrification strengthens
Chains out: this strengthens Power grid expansion
Geopolitical uncertainty
Macro
DriverNegative impact: weakens
“We recognize that we are entering a period of global uncertainty, with the potential onset of a trade war that could affect the economies of some of our customers. Nevertheless, Zalaris is well-positioned to navigate such challenges. Our business model—built on long-term agreements and delivering mission-critical services such as payroll and HR—provides essential value to our clients.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“R (Medium 2-5y) Own Operations Negative Potential (P) G-1 Business conduct Zalaris has policy documents in place and provides training on corruption and bribery as part of employee onboarding, with annual updates to prevent their occurence in countries where Zalaris operates.”
Annual report 2024A · The company itself
Chains out: this strengthens Defence budgets, strengthens Energy security, strengthens Tariffs and trade policy, weakens Global trade volumes, strengthens Sea freight and freight rates, weakens Reconstruction of Ukraine
Labour regulation
Regulation
DriverNegative impact: weakens
“Zalaris aligns its policies with internationally recognized human rights and Labour standards, specifically the ILO Core Conventions and the United Nations Declaration on Human Rights.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“Zalaris maintains a comprehensive workplace accident prevention policy and management system to safeguard employee health and safety.”
Annual report 2024A · The company itself
Subcontractors and haulage capacity
Raw materials and inputs
DriverNegative impact: weakens
“Additionally, reliance on external service providers may pose risks related to fair labour practices and ethical employment conditions within the supply chain.”
Annual report 2024A · The company itself
InputNegative impact: weakens
“Workers in the Value Chain (S2) Zalaris relies on external consultants and partners to support the delivery of its services, which introduces risks related to working conditions, compensation standards, and turnover.”
Annual report 2024A · The company itself
Currency exposure
Macro
DriverNegative impact: weakens
“Operational highlights Zalaris recorded revenue of NOK 1,346.3 million in 2024, compared to NOK 1,134.0 million in 2023, an increase of 18.7%. Measured in constant currency the increase was 16.1%*. The increase was primarily a result of revenue from new customers within its Managed Services division that went live during 2024, and upsell to existing customers, including increased volumes of change orders and additional services.”
Annual report 2024A · The company itself
Inflation
Macro
DriverNegative impact: weakens
“We are experiencing upward pressure on salaries, and the recruitment of new skilled employees is challenging in some markets. However, most of our long-term contracts within the Managed Services Division have provisions for the annual indexation of salaries, additionally we have established trainee programs, to mitigate this effect.”
Annual report 2024A · The company itself
Chains out: this weakens Consumer spending, strengthens Interest rates
Tariffs and trade policy
Macro
DriverNegative impact: weakens
“We recognize that we are entering a period of global uncertainty, with the potential onset of a trade war that could affect the economies of some of our customers. Nevertheless, Zalaris is well-positioned to navigate such challenges. Our business model—built on long-term agreements and delivering mission-critical services such as payroll and HR—provides essential value to our clients.”
Annual report 2024A · The company itself
Chains in: Geopolitical uncertainty strengthens
Chains out: this weakens Global trade volumes
Nordics
Geography
Geography
“Characteristics of the company’s employees [S1-6] During 2024, Zalaris had an average 1134 employees across 13 countries, representing over 30 nationalities.”
Annual report 2024A · The company itself
Geography
“Geographic information The Company is delivering services to its subsidiaries in different countries in the Nordic, Baltic and Poland, Germany, UK, Ireland and Asia, and information regarding revenue based on geography is provided below.”
Annual report 2024A · The company itself
Consumer spending
Macro
DriverPositive impact: strengthens
“O (Long >5y) Value Chain Positive Potential (P) S-4 Consumers and endusers Zalaris can use employment and wage data to help clients improve diversity and decision-making, creating new business opportunities.”
Annual report 2024A · The company itself
Chains in: Inflation weakens
Chains out: this strengthens Retail, strengthens Hospitality and leisure, strengthens Premium consumers, strengthens Grocery retail and private label
Denmark
Geography
Geography
“Characteristics of the company’s employees [S1-6] During 2024, Zalaris had an average 1134 employees across 13 countries, representing over 30 nationalities.”
Annual report 2024A · The company itself
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 1.35 bn NOK |
| Revenue growth vs. the year before, same method | 18.7 % |
| EBITDA reported by the company | N/A |
| Net debt debt incl. leasing minus cash | N/A |
| Diluted EPS per share | 1.4 NOK |
Source: annual report (ESEF) A. See the report
Criteria
| Profit | ✓ |
| Growing | ✓ |
| Healthy balance sheet | N/A |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.
Figures are in the report's currency (NOK), not converted to DKK. Quotes are shown as the company's own words in the report's original language.