Nordhealth As · OSL:NORDH
Nordhealth As — Q3 2025 Earnings Presentation
45 slides from Nordhealth As's earnings presentation, Nov 11, 2025
Slide 1: Nordhealth
(X] nordhealth
Slide 2: Q3 2025 presentation
Q3 2025 presentation 11 November 2025
Slide 3: Today's presenters
Todayʼs presenters Charles MacBain Alexander Cram CEO CFO Nordhealth 3
Slide 4: Agenda
Agenda 1.0 Company Update 2.0 Veterinary BU Update 3.0 Therapy BU Update 4.0 Financial Update 5.0 Q&A Nordhealth 4
Slide 5: Company Update
01 Company Update Charles MacBain, CEO Nordhealth 5
Slide 6: 47% organic and acquisition-led growth CAGR since 2018
47% organic and acquisition-led growth CAGR since 2018 Signed ARR M€ R 47% CAG Nordhealth 6
Slide 7: 10.6% YoY ARR growth excludes Vets4Pets and AmeriVet post-pilot rollout ARR
10.6% YoY ARR growth excludes Vets4Pets and AmeriVet post-pilot rollout ARR ARR M€ Excludes the Vets4Pets and AmeriVet ARR (estimate €4.5M ● 10.6% YoY ARR growth ● 10.7% Net upsell primarily driven by Provet expansion within existing enterprise clients ● 4.0% churn rate ● Following the rollout of
Slide 8: LTV / CAC continues to demonstrate strong unit economics
LTV / CAC continues to demonstrate strong unit economics 2021 2022 2023 2024 LTM Q3 2025 Average Implemented ARR growth 17.4% 14.7% 23.0% 20.5% 10.6% 17.2% New customer ARR 6.7% 11.8% 9.4% 7.5% 3.9% 7.9% ● Long-term healthy LTV/CAC ratio - driven especially by low churn rate Net upsell 12.2% 6.3% 18
Slide 9: Re-accelerating investments to take advantage of growth opportunities
Re-accelerating investments to take advantage of growth opportunities Adj. EBITDACAPEX M€ Main drivers of result improvement LTM Q3 2025 vs 2024 ● Additional revenue, minus COGS, customer service, and administrative costs €1.7M ● Net spend increase on R&D and CAC €3.1M The additional investmen
Slide 10: Veterinary Update
02 Veterinary Update Charles MacBain, CEO Nordhealth 10
Slide 11: Veterinary business update
Veterinary business update ● Signed €0.5M in new customer Annual Recurring Revenue ARR. ● Implementation of all of Pet Vet 365ʼs 35 clinics was completed in Q32025. ● Clinical AI add-on launched in August. Already 122 paying vets signed up at end of Q3 2025. ● Priorities remain: ○ Winning enterpr
Slide 12: 13.3% YoY Veterinary ARR growth
13.3% YoY Veterinary ARR growth ARR M€ ● ARR grew 13.3% YoY ● Net retention rate 109.9%, primarily driven by enterprise clients rolling out new clinics ● YoY churn was 3.0% ● Vets4Pets and AmeriVet post-pilot rollout ARR not included (estimated €4.5M Reported in constant currency (using year 2024
Slide 13: Veterinary long-term average churn less than 3%
Veterinary long-term average churn less than 3% 2021 2022 2023 2024 LTM Q3 2025 Average Implemented ARR growth 18.3% 17.2% 42.9% 29.9% 13.3% 24.3% ● Churn in 2024 and 2025 Q3 LTM was negatively impacted by migrations of New customer ARR 6.2% 12.2% 9.7% 7.1% 3.4% 7.7% legacy products ● The upcoming l
Slide 14: Growth in revenues has improved Veterinary LTM adj. BU EBITDA - CAPEX
Growth in revenues has improved Veterinary LTM adj. BU EBITDA CAPEX Veterinary adj. BU EBITDA CAPEX M€ Main drivers of result improvement LTM Q3 2025 vs 2024 ● Additional revenue, minus COGS, customer service, and administrative costs up €1.5M ● Higher R&D and CAC spend €1.3M) to accelerate
Slide 15: US, UK, Southern Europe propelling growth
US, UK, Southern Europe propelling growth ARR M€ ● 52% of ARR at the end of Q3 2025 came from outside Nordics vs. 6% at the end of 2021 ● 37% of ARR at the end of Q3 2025 came from Growth Markets US, UK, and Southern Europe) ● 20212025 Q3 Growth Markets CAGR was 117% Nordhealth 15
Slide 16: Provet's enterprise solution is well positioned to capture enterprise opportunity
Provetʼs enterprise solution is well positioned to capture enterprise opportunity ARR M€ • Enterprise share of total ARR has grown from 21% in 2021 to 44% in 2025 Q3 • 59% of ARR growth since 2022 has come from enterprise clients • Despite focus on enterprise, our customer concentration remains lo
Slide 17: Veterinary Migration to Provet Progressing
Veterinary Migration to Provet Progressing ARR M€ ● Cloud share of ARR increased from 40% in 2021 to 84% in 2025 Q3 ● Vetserve and Provet Win were sunset in 2024 and Provet Net in Q2 2025 ● We are working on migrating Sanimalis Norway, VetVision Denmark), and investing in Provet localisation to
Slide 18: Therapy Update
03 Therapy Update Charles MacBain, CEO Nordhealth 18
Slide 19: Therapy business update
Therapy business update ● Migrated 333 Aspit users to the Unified Platform at the end of September. ● 1000+ users (less than 5% of practitioners) have activated the AI Assistant, delivering 60,000 AI-generated summaries and over 27,000 hours transcribed in Q3. Our conversion rate from Free Trials h
Slide 20: 6.4% YoY therapy ARR growth
6.4% YoY therapy ARR growth ARR M€ 6.4% 1.1 0.9 0.7 15.4 • ARR growth at 6.4% YoY due to focus on migration and existing market saturation • Net retention rate was 101.7% • Churn rate was 5.6% Reported in constant currency (using year 2024 end currency rates). Nordhealth 20
Slide 21: Therapy long-term average churn at 5.1%
Therapy long-term average churn at 5.1% 2021 2022 2023 2024 LTM Q3 2025 Average ● New customer ARR decreased as a result of a strategic shift toward Implemented ARR growth 15.7% 13.9% 4.2% 9.2% 6.4% 9.9% acquiring allied health professionals only. New customer ARR 7.7% 11.3% 9.2% 8.1% 4.7% 8.2% ● Ne
Slide 22: Additional investments in R&D reducing short term profitability
Additional investments in R&D reducing short term profitability Therapy adj. BU EBITDA CAPEX M€ Main drivers of result LTM Q3 2025 vs 2024 ● Additional revenue, minus cost of sales and administrative costs up €0.7M ● Higher R&D and CAC spend €1.9M) to accelerate growth initiatives ● Increa
Slide 23: Therapy Migration is progressing in Norway
Therapy Migration is progressing in Norway ARR M€ ● Cloud share of ARR increased from 34% in 2021 to 51% in 2025 Q3. ● Churn for non-cloud was 4.6% in LTM 2025 Q3. ● Full focus on Aspit migration in 2025. Nordhealth 23
Slide 24: Financial Update
04 Financial Update Alexander Cram, CFO Nordhealth 24
Slide 25: 15.2% growth in total quarterly reported revenues YoY
15.2% growth in total quarterly reported revenues YoY €ʼM • Total reported revenues grew by 15.2% YoY to €12.9M in Q3/25 €11.2M in Q3/24 • Reported recurring revenues grew by 10.8% YoY to €11.5M in Q3/25 €10.4M in Q3/24 • Share of recurring revenue in Q3/25 was 89.0% 92.6% in Q3/24 • Growth
Slide 26: 14.0% growth in total Q3 YTD reported revenues YoY
14.0% growth in total Q3 YTD reported revenues YoY €ʼM • Total reported revenues grew by 14.0% YoY to €38.3M in Q3 YTD 2025 €33.6M in Q3 YTD 2024 • Reported recurring revenues grew by 14.8% YoY to €33.8M in Q3 YTD 2025 €29.5M in Q3 YTD 2024 • Share of recurring revenue in Q3 YTD 2025 was 88.4%
Slide 27: Quarterly adj. EBITDA - CAPEX reduced by €0.3M
Quarterly adj. EBITDA CAPEX reduced by €0.3M Main drivers of result change Q3/25 vs Q3/24 • Recurring revenue €1.1M • COGS & customer service €0.9M • Product development €0.8M • Professional services €0.3M • Sales & Marketing €0.2M Key driver is increased expenditure in product dev
Slide 28: Q3 YTD adj. EBITDA - CAPEX reduced by €1.3M
Q3 YTD adj. EBITDA CAPEX reduced by €1.3M Main drivers of result change Q3 YTD 2025 vs Q3 YTD 2024 • Recurring revenue €4.3M • COGS & customer service €2.4M • Product development €2.6M • Professional services €0.2M • Sales & Marketing €0.3M • General & Administrative €0.1M The k
Slide 29: Q3 YTD adjusted cash flow improved YoY
Q3 YTD adjusted cash flow improved YoY €ʼM • Adjusted cash flow improved by €0.5M, from €2.1M in Q3 YTD 2024 to €1.6M in Q3 YTD 2025 mainly due to: • €0.7M favourable movements in net trade debtors. • €1.3M adverse movement in Adj. EBITDA CAPEX • €1.1M favourable sum of other changes in profit
Slide 30: Strong cash position and no debt
Strong cash position and no debt Balance sheet 30 September 2025 €ʼM Assets • Cash, cash equivalents and money market funds amounted to €16.5M at the end of Q3/25 vs EUR 20.0M at the end of Q3/24 • Intangible assets primarily consist of capitalised R&D expenses. Liabilities and equity • No interes
Slide 31: 2025 Guidance update
2025 Guidance update Guidance: ● Revenue guidance for 2025 remains unchanged at 1217% organic growth in veterinary and therapy recurring revenue Dec. 31st 2024 constant currency) excluding acquisitions. ○ Q3 YTD 2025 actual: 16.6%. ● Adjusted EBITDA CAPEX guidance for 2025 remains unchanged at ‘
Slide 32: Financial calendar
Financial calendar Q4 2025 results presentation on 3 March 2026. Full year 2026 financial calendar will be published on the company website before the 31 December 2025.
Slide 33: Q&A
05 Q&A Nordhealth 33
Slide 34: Appendix
(X) nordhealth Appendix ay
Slide 35: Key definitions - 1/2
Key definitions - 1/2 Recurring revenue includes revenues from software subscriptions as well as revenues from of volume-based transactions (e.g., SMS messages) as well as rebates from third parties (e.g. payment solution providers). ARR is recurring revenue annualised by multiplying the quarter’s l
Slide 36: Key definitions - 2/2
Key definitions - 2/2 Adjusted cash flow is the sum of cash flow from operations and cash paid for capitalised expenses, adjusted for one-time expenses not likely to incur in the near future. Margins are used to compare relative profit between periods. EBITDA margin and EBITDA - CAPEX margin are cal
Slide 37: Profit & Loss statement
Profit & Loss statement Consolidated Income Statement Unaudited Unaudited Unaudited Unaudited Audited EUR in thousands Q3 2025 Q3 2024 YTD Q3 2025 YTD Q3 2024 FY 2024 Recurring revenue 11 505 10 384 33 843 29 484 40 196 Other revenue 1 422 835 4 427 4 087 5 479 Total revenue 12 927 11 219 38 270 33
Slide 38: Balance Sheet
Balance Sheet Consolidated Balance Sheet Unaudited Unaudited Audited EUR in thousands 30Sep-25 30Sep-24 31Dec-24 Intangible assets 13 238 13 144 13 267 Deferred tax assets 101 503 84 Other capitalized long-term expenses 216 44 35 Goodwill 36 573 43 017 41 381 Machinery and Equipment 277 329 297 O
Slide 39: Cashflow
Cashflow Consolidated Cash Flow Statement Unaudited Unaudited Unaudited Unaudited Audited EUR in thousands Q3 2025 Q3 2024 YTD Q3 2025 YTD Q3 2024 FY 2024 Cash flow from operations Profit before income taxes 2 164 693 7 840 4 644 6 637 Taxes paid in the period 7 112 54 251 124 Othe
Slide 40: Business Segments
Business Segments 🐶Veterinary Therapy Other Business Cloud Non-Cloud Cloud Non-Cloud Cloud Non-Cloud Products Provet Vetera DACH EasyPractice Physica Navisec IT Operations Provet Pay Sanimalis Norway Diarium Psykbase Vetvision Denmark) Booking Portal Share of ARR 50% 10% 19% 18% 2% 1%…
Slide 41: Strong organic growth accelerated by acquisition and migration strategy
Strong organic growth accelerated by acquisition and migration strategy 9 acquisitions completed since 2005 Migrated Migrated Migrated In Progress Migrated 2005 2009 2019 2019 2019 Acquired Praktiikka Vetserve In Progress In Progress In Progress Flagship 2021 2021 2022 …
Slide 42: Nordhealth - QoQ ARR growth
Nordhealth - QoQ ARR growth ARR M€ • QoQ ARR growth was 3.2% • 2025 Q3 Annualised churn rate was 2.6% Reported in constant currency (using year 2024 end currency rates). Nordhealth 42
Slide 43: Veterinary - QoQ ARR growth
Veterinary - QoQ ARR growth ARR M€ • QoQ ARR growth was 4.0% • 2025 Q3 Annualised churn rate was 1.4% Reported in constant currency (using year 2024 end currency rates). Nordhealth 43
Slide 44: Therapy - QoQ ARR growth
Therapy - QoQ ARR growth ARR M€ • QoQ ARR growth was 2.0% • 2025 Q3 Annualised churn was 4.6% Reported in constant currency (using year 2024 end currency rates). Nordhealth 44
Slide 45: Headcount development
Headcount development Nordhealth 45