Nordhealth As · OSL:NORDH
Nordhealth As — Q4 2025 Earnings Presentation
42 slides from Nordhealth As's earnings presentation, Mar 3, 2026
Slide 1: Nordhealth
(X] nordhealth
Slide 2: Q4 2025 presentation
Q4 2025 presentation 3 March 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 AI Strategy 3.0 Veterinary BU Update 4.0 Therapy BU Update 5.0 Financial Update 6.0 Q&A Nordhealth 4
Slide 5: Company Update
01 Company Update Charles MacBain, CEO Nordhealth 5
Slide 6: Surpassed €50M in Annual Revenue
Surpassed €50M in Annual Revenue Reported Revenue M€ % GR 39 CA Nordhealth 6
Slide 7: 46% organic and acquisition-led growth CAGR since 2018
46% organic and acquisition-led growth CAGR since 2018 Signed ARR M€ % R 46 CAG Nordhealth 7
Slide 8: 24.7% YoY ARR Cloud Growth
24.7% YoY ARR Cloud Growth Implemented ARR M€ ● 24.7% YoY ARR Cloud growth ● 18.6% Net upsell primarily driven by Provet expansion within existing enterprise clients ● 2.9% churn rate ● Excludes signed but not implemented ARR €1.7M. Reported in constant currency (using 2024 year end currency rat
Slide 9: How to win in the AI Era
01 How to win in the AI Era Charles MacBain, CEO Nordhealth 9
Slide 10: Why are PMS hard to disrupt by AI?
THE MOAT Why are PMS hard to disrupt by AI? 3 structural moats that protect the practice management system 1 Auditability & Compliance 2 Integration Depth 3 Workflow Density Regulated system of record Hub of a complex ecosystem Interdependent modules + edge cases ● Traceable audit trail for every ac
Slide 11: Competitive landscape
COMPETITIVE POSITIONING Competitive landscape The race is to own the system of action — the distribution platform for AI. COMPETITIVE LANDSCAPE Provet/Nordhealth Legacy PMS ✓ Workflow + integration depth System of Action Platform ✗ Slow iteration on AI and UX Now AI retrofit risk ● Compliance-grade
Slide 12: AI Roadmap
THE PLAN AI Roadmap MONTHS 012 MONTHS 1224 MONTHS 2436 1 Embed Intelligence 2 System of Action 3 Agent Orchestration Own the workflow end-to-end Action Inbox Platform for our agents Native AI Scribe auto-generates SOAP Today: humans navigate screens to find We own the agent orchestration user not
Slide 13: Veterinary Update
02 Veterinary Update Charles MacBain, CEO Nordhealth 13
Slide 14: Veterinary business update
Veterinary business update Increased Velocity ● Amy Barker joined as VP Product to lead AI-first product strategy ● Engineering velocity step-change under James Stanier: ○ Lead time reduced from 29.5 days Jan 2025) to 1 day Dec 2025. ○ 130% more code shipped in H2 vs H1 2025. New Launches ● Sca
Slide 15: 26.6% YoY Veterinary ARR Cloud growth
26.6% YoY Veterinary ARR Cloud growth Implemented ARR M€ ● ARR Cloud grew by 26.6% YoY ● Cloud Net upsell at 20.9% ● Cloud Churn at 1.3% ● Excludes signed but not implemented ARR €1.7M. Reported in constant currency (using year 2024 end currency rates). Nordhealth 15
Slide 16: Veterinary long-term average churn less than 3%
Veterinary long-term average churn less than 3% 2021 2022 2023 2024 2025 Average Implemented ARR growth 18.3% 17.2% 42.9% 29.9% 10.9% 23.8% ● Churn in 2024 and 2025 was negatively impacted by migrations of legacy products New customer ARR 6.2% 12.2% 9.7% 7.1% 3.4% 7.7% ● The upcoming large enterpris
Slide 17: US, UK, Southern Europe propelling growth
US, UK, Southern Europe propelling growth ARR M€ ● 52% of ARR at the end of 2025 came from outside Nordics vs. 6% at the end of 2021 ● 20212025 Growth Markets CAGR was 107% ● Large opportunity to localise Provet in DACH 2025 ARR Growth UK 35.5% US 41.7% Southern Europe 27.8% DACH 1.8% Nordics 0.5
Slide 18: 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 43% in 2025 • 58% of ARR growth since 2022 has come from enterprise clients • Despite focus on enterprise, our customer concentration remains low w
Slide 19: Therapy Update
03 Therapy Update Charles MacBain, CEO Nordhealth 19
Slide 20: Therapy business update
Therapy business update ● Migrated 800 Aspit users to the Unified Platform at the end of December, up from 333 at end of September. ● In Q4, we reached a volume of over 900 customers who became paid users of our AI assistant, for a total of 60,000 hours of transcription and 137,000 summaries in Q4 a
Slide 21: 20.1% YoY therapy ARR Cloud growth
20.1% YoY therapy ARR Cloud growth ARR M€ • ARR Cloud growth at 20.1% YoY. • Cloud Net Upsell at 13.0% • Cloud Churn rate at 7.0% Reported in constant currency (using year 2024 end currency rates). Nordhealth 21
Slide 22: Therapy long-term average churn at 5.1%
Therapy long-term average churn at 5.1% 2021 2022 2023 2024 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% 5.6% 9.7% acquiring allied health professionals only. New customer ARR 7.7% 11.3% 9.2% 8.1% 5.0% 8.3% ● Net Upsel
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 52% in 2025. ● Full focus on Aspit migration in 2025 and 2026. Nordhealth 23
Slide 24: Financial Update
04 Financial Update Alexander Cram, CFO Nordhealth 24
Slide 25: 10.2% growth in total quarterly reported recurring revenues YoY
10.2% growth in total quarterly reported recurring revenues YoY €ʼM • Total reported revenues grew by 3.9% YoY to €12.6M in Q4/25 €12.1M in Q4/24 • Reported recurring revenues grew by 10.2% YoY to €11.8M in Q4/25 €10.7M in Q4/24 • Share of recurring revenue in Q4/25 was 93.9% 88.5% in Q4/24
Slide 26: 13.6% growth in total annual reported recurring revenues YoY
13.6% growth in total annual reported recurring revenues YoY €ʼM • Total reported revenues grew by 11.3% YoY to €50.8M in FY 2025 €45.7M in FY 2024 • Reported recurring revenues grew by 13.6% YoY to €45.6M in FY 2025 €40.2M in FY 2024 • Share of recurring revenue in FY 2025 was 89.8% 88.0% in
Slide 27: Quarterly adj. EBITDA - CAPEX reduced by €0.8M
Quarterly adj. EBITDA CAPEX reduced by €0.8M Main drivers of Adj. EBITDACAPEX change Q4/25 vs Q4/24 • Gross Profit €0.1M • Product development €0.6M • Professional services €1.2M • Sales & Marketing €0.4M • General & Administrative €1.3M Key drivers are reduced professional servic
Slide 28: Accelerated R&D investments reduce Annual adj. EBITDA - CAPEX by €2.1M
Accelerated R&D investments reduce Annual adj. EBITDA CAPEX by €2.1M Main drivers of Adj. EBITDACAPEX change FY 2025 vs FY 2024 • Gross profit €2.0M • Product development €3.2M • Professional services €1.5M • Sales & Marketing €0.6M • General & Administrative €1.1M The key driver i
Slide 29: Annual adjusted cash flow decreased by €0.3M YoY
Annual adjusted cash flow decreased by €0.3M YoY • Adjusted cash flow decreased by €0.3M, from €2.6M in 2024 to €2.9M in 2025 mainly due to adverse movements in adjusted operating cash flow • Adjusted net result €1.8M • Improved Accounts Receivable €1.6M • Other working capital changes €0.
Slide 30: Strong cash position and no debt
Strong cash position and no debt Balance sheet 31 December 2025 €ʼM Assets • Cash, cash equivalents and money market funds amounted to €14.7M at the end of FY 25 vs EUR 19.6M at the end of FY 24 • Intangible assets primarily consist of capitalised R&D expenses. Liabilities and equity • No interest
Slide 31: Guidance update
Guidance update 2025 Guidance: ● Revenue: 1217% growth in veterinary & therapy recurring revenue 31 Dec. 2024 constant currency) exc. acquisitions. ○ Full year 2025 actual: 15.2%. ● Adjusted EBITDA CAPEX Between €4M and €2M excluding acquisitions. ○ Full year 2025 actual: €3.3M. 2026 Guidanc
Slide 32: Financial calendar
Financial calendar Audited Financial Statements for 2025 published on 10 April 2026. Q1 2026 results presentation on 12 May 2026. Full year 2026 financial calendar available on the company website
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 Audited EUR in thousands Q4 2025 Q4 2024 FY 2025 FY 2024 Recurring revenue 11 804 10 712 45 647 40 196 Other revenue 767 1 393 5 194 5 479 Total revenue 12 571 12 104 50 841 45 675 Other operating income 189 35 244 1
Slide 38: Balance Sheet
Balance Sheet Consolidated Balance Sheet Unaudited Audited EUR in thousands 31Dec-25 31Dec-24 Intangible assets 13 226 13 267 Deferred tax assets 90 84 Other capitalized long-term expenses 198 35 Goodwill 35 004 41 381 Machinery and Equipment 272 297 Other shares and similar rights of ownership 64
Slide 39: Cashflow
Cashflow Consolidated Cash Flow Statement Unaudited Unaudited Unaudited Audited EUR in thousands Q4 2025 Q4 2024 FY 2025 FY 2024 Cash flow from operations Profit before income taxes 4 452 1 994 12 292 6 637 Taxes paid in the period 14 127 40 124 Other non-cash items 1 472 95 2 080 1 1
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: Headcount development
Headcount development Nordhealth 42