Nordhealth As · OSL:NORDH
Nordhealth As — Q2 2025 Earnings Presentation
53 slides from Nordhealth As's earnings presentation, Aug 19, 2025
Slide 1: Nordhealth
(X] nordhealth
Slide 2: Q2 2025 presentation
Q2 2025 presentation 19 August 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: 49% organic and acquisition-led growth CAGR since 2018
49% organic and acquisition-led growth CAGR since 2018 Signed ARR M€ R 49% CAG Nordhealth 6
Slide 7: 9.5% YoY ARR growth excludes Vets4Pets and AmeriVet post-pilot rollout ARR
9.5% YoY ARR growth excludes Vets4Pets and AmeriVet post-pilot rollout ARR ARR M€ Excludes the Vets4Pets and AmeriVet post-pilot rollout ARR (estimate €4.5M ● 9.5% YoY ARR growth ● 9.2% Net upsell primarily driven by Provet expansion within existing enterprise clients ● 4.2% churn rate ● Followin
Slide 8: LTV / CAC continues to demonstrate strong unit economics
LTV / CAC continues to demonstrate strong unit economics 2021 2022 2023 2024 LTM Q2 2025 Average Implemented ARR growth 17.4% 14.7% 23.0% 20.5% 9.5% 17.0% New customer ARR 6.7% 11.8% 9.4% 7.5% 4.5% 8.0% ● Long-term healthy LTV/CAC ratio - driven especially by low churn rate Net upsell 12.2% 6.3% 18.
Slide 9: Growth has offset most of our additional €2.5M of R&D & CAC investments
Growth has offset most of our additional €2.5M of R&D & CAC investments Adj. EBITDACAPEX M€ Main drivers of result improvement LTM Q2 2025 vs 2024 ● Additional revenue, minus COGS, customer service, and administrative costs €1.5M ● Net spend increase on R&D and CAC €2.5M The additional investm
Slide 10: Veterinary Update
02 Veterinary Update Charles MacBain, CEO Nordhealth 10
Slide 11: Veterinary business update
Veterinary business update ● AmeriVet 200 U.S. locations) approved pilot and full migration. The full migration ARR from this decision is not included in Signed ARR as the approval happened after the end of Q2. ● Second US enterprise customer, PetVet365, implemented 6 of 27 locations ● Launched th
Slide 12: AI Patient History
AI Patient History Get the full story in seconds Start your consult with instant context. AI scans the complete medical history and delivers a clear, clinically relevant summary, so you know exactly whatʼs happened before today. One click, zero scrolling.
Slide 13: AI Scribe
AI Scribe Consultation notes that write themselves Move seamlessly from history into todayʼs exam. You talk, AI Scribe listens and creates SOAP or narrative notes in real time. Youʼre still in control: review, adjust, and finalize before saving.
Slide 14: AI Discharge Instructions
AI Discharge Instructions Wrap up with ready-to-send instructions End the consult with crystal-clear next steps for your client. AI pulls from your notes to create personalized discharge instructions in seconds, fully editable so you can make them just right.
Slide 15: 13.0% YoY Veterinary ARR growth
13.0% YoY Veterinary ARR growth ARR M€ ● ARR grew 13.0% YoY ● Net retention rate 109%, primarily driven by enterprise clients rolling out new clinics ● 3.4% ARR churn was impacted by sunset of Provet Net and Vetserve products. Excluding these, churn would have been 2.9% ● Vets4Pets or AmeriVet pos
Slide 16: Veterinary long-term average churn less than 3%
Veterinary long-term average churn less than 3% 2021 2022 2023 2024 LTM Q2 2025 Average Implemented ARR growth 18.3% 17.2% 42.9% 29.9% 13.0% 24.3% ● Churn in 2025 Q2 LTM was impacted by sunset of Vetserve, Provet Win, and Provet New customer ARR 6.2% 12.2% 9.7% 7.1% 4.0% 7.8% Net products. ● Net ret
Slide 17: 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 Q2 2025 vs 2024 ● Additional revenue, minus COGS, customer service, and administrative costs up €1.3M ● Higher R&D and CAC spend €1.2M) to accelerate
Slide 18: US, UK, Southern Europe propelling growth
US, UK, Southern Europe propelling growth ARR M€ ● 49% of ARR at the end of Q2 2025 came from outside Nordics vs. 6% at the end of 2021 ● 34% of ARR at the end of Q2 2025 came from Growth Markets US, UK, and Southern Europe) ● 20212025 Q2 Growth Markets CAGR was 120% ● In the US, 2025 Q2 PIMS AR
Slide 19: 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 41% in 2025 Q2 • 55% of ARR growth since 2022 has come from enterprise clients • Despite focus on enterprise, our customer concentration remains lo
Slide 20: Veterinary Migration to Provet Progressing
Veterinary Migration to Provet Progressing ARR M€ ● Cloud share of ARR increased from 40% in 2021 to 83% in 2025 Q2 ● 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 21: Therapy Update
03 Therapy Update Charles MacBain, CEO Nordhealth 21
Slide 22: Therapy business update
Therapy business update ● Migrated 193 Aspit users to the Unified Platform at the end of June. Roll-out continues at a measured pace so we can act on early feedback and protect retention. Migration volumes to increase in H2 2025. ● 500+ users (less than 5% of practitioners) have activated the AI Ass
Slide 23: 4.3% YoY therapy ARR growth
4.3% YoY therapy ARR growth ARR M€ • ARR growth at 4.3% YoY due to focus on migration and existing market saturation • Net retention rate was 98.9% • Churn rate was 5.4% Reported in constant currency (using year 2024 end currency rates). Nordhealth 23
Slide 24: Therapy long-term average churn at 5%
Therapy long-term average churn at 5% 2021 2022 2023 2024 LTM Q2 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% 4.3% 9.5% acquiring allied health professionals only. New customer ARR 7.7% 11.3% 9.2% 8.1% 5.4% 8.3% ● Aver
Slide 25: Investments in product development decreased Therapy adj. BU EBITDA-CAPEX
Investments in product development decreased Therapy adj. BU EBITDACAPEX Therapy adj. BU EBITDA CAPEX M€ Main drivers of result LTM Q2 2025 vs 2024 ● Additional revenue, minus cost of sales and administrative costs up €0.4M ● Higher R&D and CAC spend €1.4M) to accelerate growth initiative
Slide 26: Therapy ARR development by market
Therapy ARR development by market ARR M€ • Aspit was acquired in 2021 and EasyPractice in 2022. • Growth has been slow as we have focused our R&D efforts on Aspit migration, which will unlock €2.8M savings. • Once migration is completed (timing TBC, we will resume work on add-on and new country
Slide 27: 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 Q2. ● Churn for non-cloud was 3.5% in LTM 2025 Q2. ● Full focus on Aspit migration in 2025. Nordhealth 27
Slide 28: Financial Update
04 Financial Update Alexander Cram, CFO Nordhealth 28
Slide 29: Interim Report H1 2025
Interim Report H1 2025 Published on 19 August 2025. Available to download on company website.
Slide 30: 13.5% growth in total quarterly reported recurring revenues YoY
13.5% growth in total quarterly reported recurring revenues YoY €ʼM • Total reported revenues grew by 5.4% YoY to €12.9M in Q2/25 €12.2M in Q2/24 • Reported recurring revenues grew by 13.5% YoY to €11.3M in Q2/25 €9.9M in Q2/24 • Share of recurring revenue in Q2/25 was 87.7% 81.5% in Q2/24 •
Slide 31: 17.0% growth in total H1 reported recurring revenues YoY
17.0% growth in total H1 reported recurring revenues YoY €ʼM • Total reported revenues grew by 13.4% YoY to €25.3M in H1/25 €22.4M in H1/24 • Reported recurring revenues grew by 17.0% YoY to €22.3M in H1/25 €19.1M in H1/24 • Share of recurring revenue in H1/25 was 88.1% 85.5% in H1/24 • ‘Vet
Slide 32: Quarterly adj. EBITDA-CAPEX reduced by €1.0M
Quarterly adj. EBITDA CAPEX reduced by €1.0M Main drivers of result change Q2/25 vs Q2/24 • Revenue €0.7M • COGS & customer service €0.6M • Product development €1.0M • Professional services €0.1M • Sales & Marketing €0.1M • General & Administrative €0.2M Key driver is increased
Slide 33: H1 adj. EBITDA-CAPEX reduced by €1.0M
H1 adj. EBITDA CAPEX reduced by €1.0M Main drivers of result change H1/25 vs H1/24 • Revenue €3.0M • COGS & customer service €1.6M • Product development €2.0M • Sales & Marketing €0.2M • General & Administrative €0.1M As per Q2, the key driver is increased expenditure in product de
Slide 34: Quarterly adjusted cash flow improved YoY
Quarterly adjusted cash flow improved YoY €ʼM • Adjusted cash flow improved by €1.3M, from €2.5M in Q2/24 to €1.2M in Q2/25 due to: • Change in deferred revenue, €0.9K favourable. A larger share of Q2 2024 revenue was not billed within the quarter, as it was implementation revenue, which is typ
Slide 35: H1 adjusted cash flow improved YoY
H1 adjusted cash flow improved YoY €ʼM • Adjusted cash flow improved by €3.4M, from €1.7M in H1/24 to €1.7M in H1/25 mainly due to: • Q2 variances highlighted on the previous slide • Movements in trade debtors in Q1/25 €1.9M favourable vs Q1/25. Largest individual item is that in Q1/25 we receiv
Slide 36: Strong cash position and no debt
Strong cash position and no debt Balance sheet 30 June 2025 €ʼM Assets • Cash, cash equivalents and money market funds amounted to €20.5M at the end of Q2/25 vs. EUR 20.4M at the end of Q2/24 • Intangible assets primarily consist of capitalised R&D expenses. In Q2/25 the domain provet.com was acqu
Slide 37: Completed: Share Buy Back
Completed: Share Buy Back On 7 July 2025, the Company settled a transaction to purchase 300,000 shares at a price of NOK 36. Following settlement of the Offering, the Company owns 1,377,793 shares in the Company. A key use of these treasury shares is Nordhealthʼs ‘Performance Share Planʼ PSP. The
Slide 38: 2025 Guidance update
2025 Guidance update Guidance: ● Revenue guidance for 2025 remains unchanged: 1217% organic growth in veterinary and therapy recurring revenue Dec. 31st 2024 constant currency) excluding acquisitions. ● Adjusted EBITDA CAPEX guidance for 2025 is being updated to ‘between €4M and €2M excluding
Slide 39: Financial calendar
Financial calendar Q3 2025 results presentation on 11 November 2025. Full year financial calendar can be found on company website.
Slide 40: Q&A
05 Q&A Nordhealth 40
Slide 41: Appendix
(X) nordhealth Appendix ay
Slide 42: 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 43: 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 44: Profit & Loss statement
Profit & Loss statement Consolidated Income Statement Unaudited Unaudited Unaudited Unaudited Audited EUR in thousands Q2 2025 Q2 2024 H1 2025 H1 2024 FY 2024 Recurring revenue 11 281 9 941 22 338 19 100 40 196 Other revenue 1 581 2 264 3 004 3 252 5 479 Total revenue 12 862 12 205 25 342 22 352 45
Slide 45: Balance Sheet
Balance Sheet Consolidated Balance Sheet Unaudited Unaudited Audited EUR in thousands 30Jun-25 30Jun-24 31Dec-24 Intangible assets 13 316 12 995 13 267 Deferred tax assets 100 519 84 Other capitalized long-term expenses 234 77 35 Goodwill 38 166 45 391 41 381 Machinery and Equipment 294 388 297 O
Slide 46: Cashflow
Cashflow Consolidated Cash Flow Statement Unaudited Unaudited Unaudited Unaudited Audited EUR in thousands Q2 2025 Q2 2024 H1 2025 H1 2024 FY 2024 Cash flow from operations Profit before income taxes 3 001 1 603 5 677 3 951 6 637 Taxes paid in the period 190 112 61 139 124 Other non-
Slide 47: 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% 18% 18% 2% 1%…
Slide 48: Strong organic growth accelerated by acquisition and migration strategy
Strong organic growth accelerated by acquisition and migration strategy 9 acquisitions completed since 2005, 4 in last 5 years Migrated Migrated Migrated In Progress Migrated 2005 2009 2019 2019 2019 Acquired Praktiikka Vetserve In Progress In Progress In Progress Flagship 2021 …
Slide 49: Nordhealth - QoQ ARR growth
Nordhealth - QoQ ARR growth ARR M€ • QoQ ARR growth was 1.8% • 2025 Q2 Annualised churn rate was 5.1% Reported in constant currency (using year 2024 end currency rates). Nordhealth 49
Slide 50: Veterinary - QoQ ARR growth
Veterinary - QoQ ARR growth ARR M€ • QoQ ARR growth was 3.2% Reported in constant currency (using year 2024 end currency rates). Nordhealth 50
Slide 51: Therapy - QoQ ARR growth
Therapy - QoQ ARR growth ARR M€ • QoQ ARR growth was 0.1% • 2025 Q2 Annualised churn was 5.0% Reported in constant currency (using year 2024 end currency rates). Nordhealth 51
Slide 52: Headcount development
Headcount development Nordhealth 52
Slide 53: Expanded product offering to solve additional customer pain points
Expanded product offering to solve additional customer pain points Practice Management Appointment Calendar & Electronic Health Inventory management Invoicing Software Online Booking Records Payments Terminal Payments Online payments Recurring payments Pay by email or SMS link Telemedicine Imaging A