Nordhealth As · OSL:NORDH
Nordhealth As — Q1 2026 Earnings Presentation
55 slides from Nordhealth As's earnings presentation, May 12, 2026
Slide 1: Nordhealth
(X] nordhealth
Slide 2: Q1 2026 presentation
Q1 2026 presentation 12 May 2026
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 AI Development 5.0 Financial Results 6.0 Guidance 7.0 Q&A Nordhealth 4
Slide 5: Company Update
01 Company Update Charles MacBain, CEO Nordhealth 5
Slide 6: 2026 Objectives to unlock profitable growth
2026 Objectives to unlock profitable growth 1. Build world leading AIPMS across Therapy & Veterinary 2. Radically reduce time to value from signed to onboarded, especially for enterprise 3. Localise Provet for Germany 4. Complete majority migration of Therapy Aspit Desktop users to Unified Platform
Slide 7: 44% organic and acquisition-led growth CAGR since 2018
44% organic and acquisition-led growth CAGR since 2018 Signed ARR M€ % R 44 CAG Reported in constant currency (using 2025 year end currency rates). Nordhealth 7
Slide 8: 12.3% YoY ARR Growth
12.3% YoY ARR Growth Implemented ARR M€ ● 12.3% YoY ARR growth ● 108.0% Net retention rate primarily driven by Provet expansion within enterprise clients ● Low 3.3% churn rate * Exchange rate difference impact between 2025 and 2024 year end currency rates. Nordhealth 8
Slide 9: 25.0% YoY Cloud ARR Growth
25.0% YoY Cloud ARR Growth Implemented ARR M€ ● 25.0% YoY ARR Cloud growth ● 2.2% churn rate ● Excludes signed but not implemented ARR €1.7M. * Exchange rate difference impact between 2025 and 2024 year end currency rates. Nordhealth 9
Slide 10: Veterinary Update
02 Veterinary Update Charles MacBain, CEO Nordhealth 10
Slide 11: Veterinary business update
Veterinary business update Missions 1. Continued expansion in UK, US and Germany ○ Signed 733 k€ new ARR Q1 ○ First Provet clinic implemented in Germany ○ Focus on German localisation to unlock Vetera 1,500+ clinic migration and new enterprise opportunities ○ New omni channel messaging feature launc
Slide 12: 13.0% YoY Veterinary ARR growth
13.0% YoY Veterinary ARR growth ARR M€ ● ARR grew 13.0% YoY ● Net retention rate 109.5%, primarily driven by enterprise clients rolling out new clinics ● Churn was 2.6% Reported in constant currency (using 2025 year end currency rates). Nordhealth 12
Slide 13: 26.4% YoY Veterinary ARR Cloud growth
26.4% YoY Veterinary ARR Cloud growth Implemented ARR M€ ● ARR Cloud grew by 26.4% YoY ● Cloud Churn at 0.9% ● Excludes signed but not implemented ARR €1.7M. Reported in constant currency (using 2025 year end currency rates). Nordhealth 13
Slide 14: US, UK, Southern Europe propelling growth
US, UK, Southern Europe propelling growth ARR M€ ● 51% of ARR at the end of March 2026 came from outside Nordics vs. 23% at the end of 2022 ● Large opportunity to localise Provet in DACH Reported in constant currency (using year 2025 end currency rates). 2025 allocation policy between geographies
Slide 15: 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 29% in 2022 to 45% in Q1 2026 • 59% of ARR growth since 2022 has come from enterprise clients • Despite focus on enterprise, our customer concentration remains lo
Slide 16: Therapy Update
03 Therapy Update Charles MacBain, CEO Nordhealth 16
Slide 17: Therapy business update
Therapy business update Missions 1. Build leading AI PMS ○ In Q1 we achieved a total of over 89,000 hours of transcription and 175,000 summaries ○ Shipped new AI features: Custom templates, AI treatment series creation ○ Unlocked new specialties: Psychiatry and Speech therapy 2. Aspit migration ○ 81
Slide 18: 11.2% YoY Therapy ARR growth
11.2% YoY Therapy ARR growth ● ARR growth at 11.2% YoY, driven by sales initiatives ● Net retention rate 105.6%, boosted by AI scribe ● Gross churn reduced to 4.4% Reported in constant currency (using 2025 year end currency rates). Nordhealth 18
Slide 19: 21.5% YoY Therapy ARR Cloud growth
21.5% YoY Therapy ARR Cloud growth ARR M€ • ARR Cloud growth at 21.5% YoY • Cloud Churn rate at 5.3% Reported in constant currency (using 2025 year end currency rates). Nordhealth 19
Slide 20: Continued growth in Cloud PMS
Continued growth in Cloud PMS ARR M€ ● Cloud share of ARR increased from 46% in 2022 to 54% in 2025 ● Q1 increase in ARR of Cloud through market penetration in Denmark Nordhealth 20
Slide 21: AI Development
04 AI Development Charles MacBain, CEO Nordhealth 21
Slide 22: AI Strategy
AI Strategy 1. Build the worldʼs leading AIPMS across Therapy & Veterinary 2. Defensibility from new players due to already having and further enhancing: a. Robust security, compliance, and auditability b. Large depth of important integrations c. Unparalleled workflow density 3. Practitioner pricin
Slide 23: The problem.
01 NOTES The problem. The practitioner finishes her last consult at 6pm. She has 40 minutes of notes to write before she can go home. Every day.
Slide 24: AI Scribe
Al Scribe (XJ terapeutbooking Q Seare P Message F invoices 4% AlAssistant Ly, Statistics © Treatments physioina Clients > Georgios Chavales Journal Messages Client Overview Last 5 Journals 01-04-2026 - test 1 Select all Journals. > follow up April 8 > follow up B Delete 2 Marge clk View Full Overvie
Slide 25: AI Scribe + AI Actions
AI Scribe + AI Actions Use AI Scribe to auto-capture actions, items, and treatments shared during the consultation.
Slide 26: AI Discharge Instructions
AI Discharge Instructions Wrap up each visit faster with ready-to-send discharge instructions generated from the patient’s history.
Slide 27: The problem.
02 VISIBILITY The problem. You want to know about health plan subscriptions in one of your clinics. Your ops manager exports revenue data, pastes it into excel, creates a report, and shares with you three days later… but you have follow up questions that canʼt be answered by the report.
Slide 28: AI Patient History Summary
AI Patient History Summary In a single click, analyze a patient's complete medical history (including the information buried in attached PDFs).
Slide 29: Agentic PMS
Agentic PMS New conversation ~ s Good morning How can | help you today? = What's my current financial position? Ask me anything, 5
Slide 30: Total AI Paying Users
Total AI Paying Users Nordhealth 30
Slide 31: Financial Results
05 Financial Results Alexander Cram, CFO Nordhealth 31
Slide 32: 11.4% growth in total quarterly reported recurring revenues YoY
11.4% growth in total quarterly reported recurring revenues YoY €ʼM • Total reported revenues grew by 7.9% YoY to €13.5M in Q1/26 €12.5M in Q1/25 • Reported recurring revenues grew by 11.4% YoY to €12.3M in Q1/26 €11.1M in Q1/25 • Share of recurring revenue in Q1/26 was 91.4% 88.6% in Q1/25
Slide 33: Path to Profitability
Path to Profitability Quarterly Headcount In 2025 increased headcount investments were made to accelerate growth. As a result Q12026 Adj. EBITDA CAPEX is lower than Q12025. In 2026 increases in costs will be lower than increases in revenues, which will improve Adj. EBITDA CAPEX during the year
Slide 34: Quarterly adj. EBITDA - CAPEX
Quarterly adj. EBITDA CAPEX Adj. EBITDACAPEX change Q1/26 vs Q1/25 from: • Gross Profit €0.5M • General & Administrative €0.2M • Professional Services €0.4M • Product development €0.4M Key drivers of changes in EBITDA CAPEX are reduced professional services revenue, and increased ex
Slide 35: Positive Quarterly adjusted cash flow in Q1 2026
Positive Quarterly adjusted cash flow in Q1 2026 Favourable working capital from annual Q1 upfront payments in Vetera. Adjusted cash flow reduced by €1.3M, from EUR 2.8M in Q1 2025 to EUR 1.5M in Q1 2026 mainly due to: ● Adjusted net result €0.6M ● Q125 one-off large client invoice backlog colle
Slide 36: Strong cash position and no debt
Strong cash position and no debt Balance sheet 31 March 2026 €ʼM Assets • Cash, cash equivalents and money market funds amounted to EUR 15.0M at the end of Q1/26 vs EUR 22.2M at the end of Q1/25 • Intangible assets primarily consist of capitalised R&D expenses. Liabilities and equity • No interest
Slide 37: Guidance
06 Guidance Alexander Cram, CFO Nordhealth 37
Slide 38: Guidance update
Guidance update No changes to 2026 Guidance ● On track for Recurring Revenue ○ Reiterating full year total reported recurring revenue of between €50M and €53M excluding acquisitions. ○ Q1 2026 actual: €12.3M €49.2M annualised) ○ Full year 2025 actual: €45.6M. ● On track for Adjusted EBITDA CAPEX
Slide 39: Annual Report 2025
Annual Report 2025 Published on 10 April 2026. Audited by KPMG. Available to download on company website.
Slide 40: Financial calendar
Financial calendar Q2 2026 presentation and H1 2026 Interim report will be presented as part of a Capital Markets Day we will be hosting on 18 August 2026. Full year 2026 financial calendar available on the company website
Slide 41: Q&A
07 Q&A Nordhealth 41
Slide 42: Appendix
(X) nordhealth Appendix ay
Slide 43: 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 44: 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 45: Profit & Loss statement
Profit & Loss statement Consolidated Income Statement Unaudited Unaudited Audited EUR in thousands Q1 2026 Q1 2025 FY 2025 Recurring revenue 12 312 11 057 45 647 Other revenue 1 157 1 424 5 194 Total revenue 13 469 12 480 50 841 Other operating income 9 2 244 Total operating income 13 478 12 483 51
Slide 46: Balance Sheet
Balance Sheet Consolidated Balance Sheet Unaudited Unaudited Audited EUR in thousands 31Mar-26 31Mar-25 31Dec-25 Intangible assets 13 257 13 425 13 226 Deferred tax assets 94 87 90 Other capitalized long-term expenses 186 29 198 Goodwill 34 481 40 579 35 004 Machinery and Equipment 257 297 272 Ot
Slide 47: Cashflow
Cashflow Consolidated Cash Flow Statement Unaudited Unaudited Audited EUR in thousands Q1 2026 Q1 2025 FY 2025 Cash flow from operations Profit before income taxes 5 126 2 675 12 292 Taxes paid in the period 49 129 40 Other non-cash items 2 350 758 2 080 Depreciation and amortization 2 971
Slide 48: 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 53% 8% 20% 17% 2% 0%…
Slide 49: 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 50: Group - QoQ ARR growth
Group - QoQ ARR growth ARR M€ Reported in constant currency (using year 2025 end currency rates). Nordhealth 50
Slide 51: Veterinary - QoQ ARR growth
Veterinary - QoQ ARR growth ARR M€ Reported in constant currency (using 2025 year end currency rates). Nordhealth 51
Slide 52: Therapy - QoQ ARR growth
Therapy - QoQ ARR growth ARR M€ Reported in constant currency (using 2025 year end currency rates). Nordhealth 52
Slide 53: Group LTV / CAC continues to demonstrate strong unit economics
Group LTV / CAC continues to demonstrate strong unit economics 2022 2023 2024 2025 LTM Average Q1 2026 Implemented ARR 14.7% 23.0% 20.5% 8.7% 12.3% 15.8% growth New customer ARR 11.8% 9.4% 7.5% 4.0% 4.3% 7.4% Net upsell 6.3% 18.5% 18.1% 8.7% 11.3% 12.6% Churn rate -3.4% -4.9% -5.1% -4.0% -3.3% -4.1%
Slide 54: Veterinary long-term average churn less than 3%
Veterinary long-term average churn less than 3% 2022 2023 2024 2025 LTM Q1 2026 Average Implemented ARR 17.2% 42.9% 29.9% 10.9% 13.0% 22.8% growth New customer ARR 12.2% 9.7% 7.1% 3.4% 3.5% 7.2% Net upsell 7.1% 34.8% 27.6% 10.2% 12.1% 18.4% Churn rate -2.1% -1.6% -4.8% -2.7% -2.6% -2.8% Net retentio
Slide 55: Therapy long-term average churn at 5.7%
Therapy long-term average churn at 5.7% 2022 2023 2024 2025 LTM Q1 2026 Average Implemented ARR 13.9% 4.2% 9.2% 5.6% 11.2% 8.8% growth New customer ARR 11.3% 9.2% 8.1% 5.0% 5.6% 7.8% Net upsell 7.2% 3.2% 6.6% 6.5% 10.0% 6.7% Churn rate -4.6% -8.1% -5.4% -5.9% -4.4% -5.7% Net retention rate 102.6% 95