Nordhealth As · OSL:NORDH
Nordhealth As — Investor Day (August 2026)
90 slides from Nordhealth As's investor day presentation, Aug 18, 2026
Slide 1: Nordhealth
(X] nordhealth
Slide 2: Q2 2026 Capital Markets Day Presentation
Q2 2026 Capital Markets Day Presentation 18 August 2026
Slide 3: Agenda
Agenda 1. Group Vision & Objectives 2. Veterinary Business 3. AI Products & Vision 4. Fireside Panel 5. Therapy Business 6. Financials & Guidance
Slide 4: Today's presenters
Todayʼs presenters Charles MacBain James Stanier Karan Wallia Alexander Cram Group CEO CTO, Veterinary CEO, Therapy Group CFO 4
Slide 5: Group vision & objectives
1. Group vision & objectives Charles MacBain · Chief Executive Officer 5
Slide 6: Admin burden is rising faster than clinics can absorb it
Admin burden is rising faster than clinics can absorb it VETS of 2,271 surveyed PHYSIOTHERAPISTS US clinics 64% 3 in 4 say their administrative workload clinics have hired admin staff has doubled . just to keep up with admin workload. Federation of Veterinarians of Europe, Administrative Burden in t
Slide 7: Give healthcare teams more time to care
Give healthcare teams more time to care. 7
Slide 8: Two verticals. One mission.
Two verticals. One mission. + Veterinary Therapy 4,320 13,320 practices, every day practices, every day We automate the admin for over 17,000 practices, every day. Our products have 75,000 active users. 8
Slide 9: A position of strength
A position of strength Everything an agent needs to do real work, we already hold — and we have rebuilt the team to use it. DATA WORKFLOWS COMPLIANCE The full record, our schema The daily workspace Permissioning built in Every visit, every result, stored by us on a Scheduling, care, billing, invento
Slide 10: We turned that strength into a lead
We turned that strength into a lead Six agents are live in the PMS today — each one takes admin work off the team. LIVE IN THE PRODUCT TODAY 6 agents shipped WHERE THE AGENTS GO NEXT 01 Record and summarise the work Live today — all six agents AI Scribe Vet · Therapy AI Billing 1st to market Vet Wri
Slide 11: Nordhealth at a glance
Nordhealth at a glance €52.1M 20.5% 5.3% Signed ARR CAGR in ARR Adj. EBITDA CAPEX margin June 2026 June 2021 June 2026 Q2 2026 15.7 3.1% 108.0% LTV / CAC Churn rate Net retention rate LTM June 2026 LTM June 2026 LTM June 2026 11
Slide 12: 44% organic and acquisition-led growth CAGR since 2018
44% organic and acquisition-led growth CAGR since 2018 SIGNED ARR CAGR 44% 2018 Q2 2026, in M€ 52.1 GROWTH COMPOSITION 46.4 75% of our growth has 43.5 been organic since 2018. 37.1 29.7 4.1 22.1 7.1 11.4 25.6 9.2 Organic ARR 4.2 15.0 Acquisition-led ARR 3.4 5.0 Reported in constant currency, using
Slide 13: Adj. EBITDA improved from 18% of revenue to profitable
Adj. EBITDA improved from 18% of revenue to profitable M€ TRAJECTORY Adj. EBITDA margin improved from 18% in 3.7 2022 to profitable since 2024. 1.4 0.7 DELIBERATE CHOICE 1.2 Large investment to build 3.3 AI agents for vets & 5.4 therapists — while staying 6.1 Adj. EBITDA positive. 11.8
Slide 14: Product leadership and financial discipline reinforce each other
Product leadership and financial discipline reinforce each other 01 · CUSTOMER MISSION 02 · FINANCIAL MISSION Save practitioners the most time Grow with discipline SYSTEM OF ACTION PROFITABILITY Software that does the work From 2027 Turn the system of record into a system of action. Adj. EBITDA CA
Slide 15: Veterinary business
2. Veterinary business Charles MacBain · Chief Executive Officer 15
Slide 16: Where Provet is today
Where Provet is today The operating system at the centre of veterinary care — and we are in 6% of the clinics in the markets we already serve. WINNING THE RACE TO THE SYSTEM OF ACTION HUGE OPPORTUNITY IN FRONT OF US The complete clinical record of 4,320 clinics, on a DATA CLINICS ON PROVET VETERA
Slide 17: Europe's largest veterinary software, expanding in UK, US and Germany
Europeʼs largest veterinary software, expanding in UK, US and Germany Market Clinics on Provet Share of clinics Key competitors NORDICS 58% of small animal clinics Norway 353 of 456 77% Vettigo Finland 179 of 255 70% Kliniq · Aniware Sweden 327 of 589 56% Vet Manager Denmark 119 of 400 30% VetNet A/
Slide 18: The prize is huge inside the markets we already serve
The prize is huge inside the markets we already serve Small-animal TAM at todayʼs prices in the target markets TOTAL TAM ARR 19 ARR TODAY Veterinary, Q2 2026 €29.7M Every small-animal location in these markets at todayʼs prices with our current offering €570M MARKET ARR TODAY AGAINST TOTAL TAM ARR
Slide 19: Healthy unit economics at growing scale
Healthy unit economics at growing scale 13.6% 109.9% 2.2% Organic ARR growth Net retention rate Gross churn LTM June 2026 LTM June 2026 LTM June 2026 26.7 40% No. 1 LTV / CAC Nordic EBITDA CAPEX margin Veterinary software in Europe LTM June 2026 · what a mature market LTM June 2026 looks like Gro
Slide 20: We've gone from 80% Nordic to over 50% international
Weʼve gone from 80% Nordic to over 50% international 51% of ARR came from outside the Nordics at the end of June 2026 — vs 23% at the end of 2022. 29.7 26.3 5.9 24.2 ARR, M€ 5.2 4.2 UK US 18.5 3.3 Southern DACH 2.5 Europe 3.1 3.0 Other Nordics 13.7 2.9 2.7 13.3 13.2 14.4 10.5 11.9 2022 2023 2024 202
Slide 21: Winning enterprise has been Provet's competitive edge
Winning enterprise has been Provetʼs competitive edge Enterprise share of ARR has grown from 29% in 2022 to 44% in Q2 2026. 58% of ARR growth since 2022 has come from enterprise clients. 29.7 Concentration stays low: top 3 customers are 19% of ARR. 26.3 3.9 Our groups buy clinics — and 24.2 3.2 migr
Slide 22: Growth has brought the veterinary BU to profitability
Growth has brought the veterinary BU to profitability M€ · annual Adjusted EBITDA has been positive since 2023 ; EBITDA CAPEX reached breakeven in 2024. 3.6 2.7 1.0 0.4 2025 · A DELIBERATE CHOICE 0.0 We reinvested rather than banked the margin. 3.1 R&D and infrastructure to build the system of a
Slide 23: Only Provet clears the bar for independents and groups alike
Only Provet clears the bar for independents and groups alike CAPABILITY Yes Partial No PROVET INCUMBENT PMS STARTUP PMS AI SCRIBES EVERY CLINIC Independent All-in-one + clinical depth Native AI Ecosystem + extensive open API Financial stability Agents that act in the workflow, not just draft text Op
Slide 24: Two growth levers: more locations, more revenue per location
Two growth levers: more locations, more revenue per location LEVER 1 · WIN LOCATIONS LEVER 2 · GROW REVENUE PER LOCATION 3,360 of 53,600 €570 → €1,190 Locations on Provet/Vetera in the markets we already serve. Revenue per location per month, at todayʼs prices. SHARE OF LOCATIONS 6% SHARE OF FULL AT
Slide 25: Continue fantastic progress in the UK
Continue fantastic progress in the UK Small-animal locations only · 0% to 14% share in three and a half years TOTAL TAM ARR 10 ARR TODAY 693 of 4,900 UK small-animal locations · 14% €5.9M All 4,900 UK small-animal locations, at todayʼs prices €60M SHARE OF UK SMALLANIMAL LOCATIONS WHY WE HAVE A RI
Slide 26: Win Germany
Win Germany Small-animal locations only · a warm Vetera base in a market no incumbent has consolidated TOTAL TAM ARR 33 ARR TODAY 1,171 of 9,500 German small-animal locations · 12% €2.4M All 9,500 German small-animal locations, at todayʼs prices €80M SHARE OF GERMAN SMALLANIMAL LOCATIONS WHY WE HA
Slide 27: Win US Enterprises
Win US Enterprises Small-animal locations only · the largest single prize in the plan TOTAL TAM ARR 200 ARR TODAY 161 of 30,500 US small-animal locations · 0.5% €1.8M All 30,500 US small-animal locations, at todayʼs prices €360M SHARE OF US SMALLANIMAL LOCATIONS WHY WE HAVE A RIGHT TO WIN 0.5% 161
Slide 28: Revenue per location is the second engine
Revenue per location is the second engine REVENUE PER LOCATION, MONTHLY At todayʼs prices · veterinary AT FULL ATTACH €1,190 Agents at labor pricing → + Clinical conversations €120 + AI €120 €620 per location, per month 2.1× todayʼs average + Payments €450 TODAY €570 Payments, AI, other €70 Softwar
Slide 29: A strong business, early in a market we already lead
A strong business, early in a market we already lead Three things to take from the veterinary section. WHAT TO TAKE AWAY OVER TO JAMES The AI opportunity Number one in Europe How fast we take that prize is decided by the 01 €29.7M of ARR and the number one veterinary software in Europe, product. gro
Slide 30: AI products & vision
3. AI products & vision James Stanier · Veterinary CTO 30
Slide 31: Provet has a unique advantage in the race to system of action
Provet has a unique advantage in the race to system of action Yes Partial No AI POINT WHAT IT TAKES PROVET INCUMBENT PMS STARTUP PMS SOLUTIONS ASSETS THAT TAKE YEARS TO BUILD Depth and breadth of PMS to automate Structured data across thousands of clinics Trusted to act inside the clinical record VE
Slide 32: We rebuilt the team first
We rebuilt the team first An AI-native R&D org — not an AI team bolted onto an old one. LEADERSHIP THAT HAS DONE IT BEFORE NEW EXPECTATIONS James & Amy joined in the last 12 months AI-native development, product engineering to transform the team and high performance bar TALENT DENSITY, NOT HEADCOUNT
Slide 33: We rebuilt the foundations that enable agents
We rebuilt the foundations that enable agents The unglamorous work nobody can skip. DATA WAREHOUSE STACK One clinical data model across 3,000+ clinics Modern, cloud native, API first. and 45+ countries. We are always at the forefront of new opportunities for AI and Fast storage and access that enabl
Slide 34: Ask Provet, at work on real practice data
Ask Provet, at work on real practice data From question to analysis in a single conversation. 34
Slide 35: Ask Provet, at work on real practice data
Ask Provet, at work on real practice data From question to analysis in a single conversation. 35
Slide 36: Provet MCP
Provet MCP Integrate directly with ChatGPT, Claude and others 36
Slide 37: Fireside panel
4. Fireside panel Graham Dodds Richard Dening-Smitherman Director of Innovation and Transformation Managing Director CVS Group Vets for Pets 37
Slide 38: Therapy business
5. Therapy business Karan Wallia · Chief Executive Officer, Therapy 38
Slide 39: The first AI-native OS for therapists in the Nordics
The first AI-native OS for therapists in the Nordics WINNING THE RACE TO THE SYSTEM OF ACTION OPPORTUNITY IN FRONT OF US DATA 13,000 clinics trust us with their clinical records THERAPISTS ON NORDHEALTH WORKFLOWS +27,000 therapists run booking, journals, invoicing, payments and reporting through us
Slide 40: Meet your AI Co-Pilot
X) nordhealth Meet your Al Co-Pilot @ MDRCompliant Q 3) NE MUS “WiRezosue1se Terveystalo Encounter R Corman AINEN
Slide 41: Meaningful growth remains in the markets we already serve
Meaningful growth remains in the markets we already serve ARR TODAY TOTAL ADDRESSABLE MARKET €17.7M €64M Norway Finland Denmark Margin expansion Blueprint Growth 63% of therapists 60% of therapists 38% of therapists ARR today €8.9M ARR today €5.1M ARR today €3.7M Remaining therapists c.5,000 Remaini
Slide 42: Scalable unit economics
Scalable unit economics 10.8% 104.7% 4.5% Organic ARR growth Net retention rate Gross churn LTM June 2026 LTM June 2026 LTM June 2026 14.8 45% No. 1 LTV / CAC Finland EBITDA CAPEX margin Therapy software in the Nordics LTM June 2026 At maturity Growing in every market we have entered 42
Slide 43: We have continued to gain market share in Nordics
We have continued to gain market share in Nordics ARR, M€ 17.7 17.1 16.2 CUSTOMER 14.9 CONCENTRATION Top 10 customer revenue < 5% 13.0 share REVENUE SPLIT Norway 50% Finland 29% Denmark 21% 2022 2023 2024 2025 Q2 2026 43
Slide 44: We invested to accelerate our Norway migration and shift to system of action
We invested to accelerate our Norway migration and shift to system of action HISTORIC ADJ. EBITDA AND EBITDA CAPEX, M€ WHY MARGINS ARE TEMPORARILY LOWER 5.4 A temporary dip we expect to 5.2 reverse as that spend normalises — the underlying 3.7 business is profitable. 3.5 3.2 Todayʼs margin reflect
Slide 45: Our stabilised EBITDA-CAPEX margin is 45% in Finland
Our stabilised EBITDA CAPEX margin is 45% in Finland FINLAND, LTM JUNE 2026 · M€ MARGIN AT MATURITY 4.7 45% Adj. EBITDA CAPEX on recurring revenue. 2.1 Finland is the template Norway reaches similar margins post migration. LTM recurring revenue Adj. EBITDA CAPEX Adj. EBITDA CAPEX value exclu
Slide 46: Mission 1: Norway migration unlocks Finland-level profitability
Mission 1 Norway migration unlocks Finland-level profitability What Norway could look like at Finland-level economics NORWAY ADJ. EBITDA CAPEX, M€ (illustrative) HOW WE GET THERE 4.2 → Investment normalisation 45% margin → Retire legacy licence costs → Operational synergies on one platform MIGRAT
Slide 47: Mission 2: We can double our ARPU by upselling AI
Mission 2 We can double our ARPU by upselling AI ARPU PER CUSTOMER, MONTHLY AI NOTES CREATED 600,000 Written by AI inside the therapy record €100 €50 AI USERS €50 1,400 Active paying users Today With AI attached PMS ARPU AI add-on 47
Slide 48: Opportunity beyond the Nordics
Opportunity beyond the Nordics We lead one of the worldʼs most advanced therapy software markets — and hold less than 1% of the global physio and psychology opportunity. NORWAY, FINLAND, DENMARK GLOBAL Physiotherapy + psychology Physiotherapy + psychology software 28% held today €5B Total market €17
Slide 49: A durable high-quality business — #1 in the Nordics
A durable high-quality business — #1 in the Nordics KEY TAKEAWAYS #1 in the Nordics 01 €17.7M of ARR and the #1 therapy software in the Nordics with the first AI-native OS for therapists in the region. Great stabilized EBITDA CAPEX margins 02 Finland demonstrates 45% EBITDA less capex margins. Gr
Slide 50: Financials & Guidance
6. Financials & Guidance Alexander Cram · Chief Financial Officer 50
Slide 51: Business Unit Q2 2026 Updates
Business Unit Q22026 Updates 51
Slide 52: Veterinary Q2 2026 update
Veterinary Q2 2026 update NEW ARR SIGNED €564k 3 3 ENTERPRISE GROUPS AGENTS LIVE IN Q2 In Q2, excluding the enterprise 100+ sites each, signed in H1 2026 Ask Provet, Clinical AI, Provet MCP groups 01 Expansion in growth markets 02 Build the leading AI PMS 03 Reduce time to value Three 100+ site ente
Slide 53: 13.6% YoY Veterinary ARR growth
13.6% YoY Veterinary ARR growth ARR M€ ● ARR grew 13.6% YoY ● Net retention rate 109.9%, primarily driven by enterprise clients rolling out new clinics ● Churn was 2.2% ● Increase in ‘Provet signed not implementedʼ in Q2 largely driven by Vets for Pets. Reported in constant currency (using 2025 ye
Slide 54: Veterinary adjusted EBITDA-CAPEX development in H1
Veterinary adjusted EBITDA CAPEX development in H1 Adj. EBITDACAPEX change H1/26 vs H1/25 from: • Gross Profit €0.2M • Sales and Marketing €0.3M • Product development €0.7M • Business G&A 0.4M • Onboarding 0.6M Increased investments during 2025, notably in R&D, have led to reduced
Slide 55: Therapy Q2 2026 update
Therapy Q2 2026 update H1 2026 ARR SIGNED USERS MIGRATED MIGRATION DATES BOOKED Aspit migration, at end of Q2 1,000 Users booked for migration in H2 2026 at the end of Q2 700 New business and AI upsell · 24% vs H1 2025 €1.2M 01 Build the leading AI PMS 02 Aspit migration 03 Growth AI Patient Overvi
Slide 56: 10.8% YoY Therapy ARR growth
10.8% YoY Therapy ARR growth • ARR growth at 10.8% YoY, driven by sales initiatives • Net retention rate 104.7%, boosted by AI scribe • Gross churn of 4.5% Reported in constant currency (using 2025 year end currency rates). 56
Slide 57: Therapy adjusted EBITDA-CAPEX development in H1
Therapy adjusted EBITDA CAPEX development in H1 Adj. EBITDACAPEX change H1/26 vs H1/25 from: • Gross Profit €0.9M • Sales and Marketing €0.2M • Product development €0.2M Increased investments during 2024 and 2025 for migration, reduced profitability in H1 2025 vs 2024. Since then, revenu
Slide 58: Group Q2 2026 Financial Updates
Group Q22026 Financial Updates 58
Slide 59: 12.5% YoY ARR Growth
12.5% YoY ARR Growth Implemented ARR M€ ● 12.5% YoY ARR growth ● 108.0% Net retention rate primarily driven by Provet expansion within enterprise clients ● Low 3.1% churn rate ● Increase in ‘Provet signed not implementedʼ in Q2 largely driven by Vets for Pets. Reported in constant currency (using
Slide 60: 14.6% growth in total quarterly reported recurring revenues YoY
14.6% growth in total quarterly reported recurring revenues YoY €ʼM • Total reported revenues grew by 10.2% YoY to €14.2M in Q2/26 €12.9M in Q2/25 • Reported recurring revenues grew by 14.6% YoY to €13.0M in Q2/26 €11.3M in Q2/25 • Share of recurring revenue in Q2/26 was 91.2% 87.7% in Q2/25
Slide 61: 13.0% growth in total H1 reported recurring revenues YoY
13.0% growth in total H1 reported recurring revenues YoY €ʼM • Total reported revenues grew by 9.1% YoY to €27.6M in H1/26 €25.3M in H1/25 • Reported recurring revenues grew by 13.0% YoY to €25.2M in H1/26 €22.3M in H1/25 • Share of recurring revenue in H1/26 was 91.3% 88.1% in H1/25 61
Slide 62: Quarterly adj. EBITDA-CAPEX
Quarterly adj. EBITDA CAPEX Adj. EBITDACAPEX change Q2/26 vs Q2/25 from: • Gross Profit €0.5M • General & Administrative €0.3M • Professional Services €0.3M • Product development €0.2M Overall growth in revenue and gross profit has increased by more than costs increases in the last ye
Slide 63: H1 adj. EBITDA-CAPEX
H1 adj. EBITDA CAPEX Adj. EBITDACAPEX change H1/26 vs H1/25 from: • Gross Profit €1.0M • Professional Services €0.6M • Product development €0.7M Reduction in H1/26 profitability vs H1/25 profitability all driven by Q1 YoY variances. In Q2 the trend has moved favourably. 63
Slide 64: Quarterly adjusted free cash flow in Q2 2026
Quarterly adjusted free cash flow in Q2 2026 Adjusted cash flow reduced by €0.9M, from EUR 1.2M in Q2 2025 to EUR 2.1M in Q2 2026 mainly due to: ● Adjusted net result €0.2M ● Other working capital variances €1.1M) 64
Slide 65: H1 adjusted free cash flow in Q2 2026
H1 adjusted free cash flow in Q2 2026 Adjusted cash flow reduced by €2.3M, from EUR 1.7M in H1 2025 to EUR 0.6M in H1 2026 mainly due to: • Adjusted net result €0.4M • Q125 one-off large client invoice backlog collection €1.1M • Other working capital variances €0.8M 65
Slide 66: Strong cash position and no debt
Strong cash position and no debt Balance sheet 30 June 2026 €ʼM Assets • Cash, cash equivalents and money market funds amounted to EUR 12.5M at the end of Q2/26 vs EUR 20.5M at the end of Q2/25 • Intangible assets primarily consist of capitalised R&D expenses. Liabilities and equity • No interest
Slide 67: 2026 Guidance
iN] nordhealth 2026 Guidance
Slide 68: 2026 guidance update
2026 guidance update No changes to 2026 guidance. RECURRING REVENUE On track ADJUSTED EBITDA CAPEX On track €5053M €4 to €1M Full-year 2026 total reported recurring revenue, excluding Full-year 2026 adjusted EBITDA CAPEX, excluding acquisitions acquisitions H1 2026 actual €50.5M annualised €2
Slide 69: 3-Year Guidance to 2029
iN] nordhealth 3-Year Guidance to 2029
Slide 70: Accelerating CAGR through 2027-2029
Accelerating CAGR through 20272029 Group recurring revenue compounds at 15% 2% a year. Excluding M&A. YEARONYEAR RECURRING REVENUE GROWTH, % Group Veterinary Therapy 20272029 GROUP CAGR 35.4% GUIDANCE 15% ± 2% Veterinary 20% Therapy 10% ± 3% ± 2% 24.9% 21.5% 21.5% WHAT DRIVES VETERINARY 16.1
Slide 71: Path to Adj. EBITDA-CAPEX profitable in 2027
Path to Adj. EBITDA CAPEX profitable in 2027 Taking advantage of the operating leverage already built into Nordhealth. GROWTH CAC IMPROVEMENTS FIXED COSTS YoY recurring revenue increases S&M scaling based on return Minimal headcount growth 2026 1016% Spend follows payback H1 2026 4% reduction S
Slide 72: Key long-term investments during 2027-2029
Key long-term investments during 20272029 Two investments, one in each business, that set up growth beyond 2029. VETERINARY THERAPY Increase US presence Post-migration growth initiatives 01 Local leadership and team 01 Expanding to new markets 02 Increased go-to-market investment 02 New product dev
Slide 73: 3-year guidance to 2029
3-year guidance to 2029 GROUP RECURRING REVENUE FROM 2027 ONWARDS 15% CAGR from 2027 to 2029. ± 2% Adjusted EBITDA CAPEX positive Cash flow positive, excluding M&A No external financing will be sought to fund organic growth. Veterinary 20% ± 3% Therapy 10% ± 2% Supersedes the 2023 CMD guidance bas
Slide 74: Concluding thoughts
Concluding thoughts Weʼre building the most AI-native PMS in the vet & therapy markets, and have the best team to deliver it. WHAT TO TAKE AWAY Practice management software is amazing infrastructure to own in the age of AI 01 The record, the workflows and the permissions an agent needs are already o
Slide 75: Nordhealth
(X) nordhealth
Slide 76: Appendix
(X) nordhealth Appendix 76
Slide 77: 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 78: 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 79: Profit & Loss statement
Profit & Loss statement Consolidated Income Statement Unaudited Unaudited Unaudited Unaudited Audited EUR in thousands Q2 2026 Q2 2025 H1 2026 H1 2025 FY 2025 Recurring revenue 12 927 11 281 25 239 22 338 45 647 Other revenue 1 249 1 581 2 406 3 004 5 194 Total revenue 14 177 12 862 27 645 25 342 50
Slide 80: Balance Sheet
Balance Sheet Consolidated Balance Sheet Unaudited Unaudited Audited EUR in thousands 30Jun-26 30Jun-25 31Dec-25 Intangible assets 13 039 13 316 13 226 Deferred tax assets 94 100 90 Other capitalized long-term expenses 175 234 198 Goodwill 32 683 38 166 35 004 Machinery and Equipment 220 294 272
Slide 81: Cashflow
Cashflow Consolidated Cash Flow Statement Unaudited Unaudited Unaudited Unaudited Audited EUR in thousands Q2 2026 Q2 2025 H1 2026 H1 2025 FY 2025 Cash flow from operations Profit before income taxes 3 601 3 001 8 727 5 677 12 292 Taxes paid in the period 16 190 33 61 40 Other non-cash i
Slide 82: Business Segments
Business Segments 🐶Veterinary Therapy Other Business Cloud Non-Cloud Cloud Non-Cloud Cloud Products Provet Vetera DACH EasyPractice Physica Navisec Vetvision Denmark) Diarium Psykbase Booking Portal Share of ARR 55% 6% 21% 16% 2% 82
Slide 83: 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 Migrated Migrated 2005 2009 2019 2019 2019 Acquired Praktiikka Vetserve In Progress In Progress In Progress Flagship 2021 2021 2022 2022…
Slide 84: Group - QoQ ARR growth
Group - QoQ ARR growth ARR M€ Reported in constant currency (using year 2025 end currency rates). 84
Slide 85: Veterinary - QoQ ARR growth
Veterinary - QoQ ARR growth ARR M€ Reported in constant currency (using 2025 year end currency rates). 85
Slide 86: Therapy - QoQ ARR growth
Therapy - QoQ ARR growth ARR M€ Reported in constant currency (using 2025 year end currency rates). 86
Slide 87: Group LTV / CAC continues to demonstrate strong unit economics
Group LTV / CAC continues to demonstrate strong unit economics 2022 2023 2024 2025 LTM Average Q2 2026 Implemented ARR 14.7% 23.0% 20.5% 8.7% 12.5% 15.9% growth New customer ARR 11.8% 9.4% 7.5% 4.0% 4.6% 7.5% Net upsell 6.3% 18.5% 18.1% 8.7% 11.0% 12.5% Churn rate -3.4% -4.9% -5.1% -4.0% -3.1% -4.1%
Slide 88: Veterinary long-term average churn less than 3%
Veterinary long-term average churn less than 3% 2022 2023 2024 2025 LTM Q2 Average 2026 Implemented ARR 17.2% 42.9% 29.9% 10.9% 13.6% 22.9% growth New customer ARR 12.2% 9.7% 7.1% 3.4% 3.7% 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% -2.2% -2.7% Net retentio
Slide 89: Therapy long-term average churn at 5.7%
Therapy long-term average churn at 5.7% 2022 2023 2024 2025 LTM Q2 2026 Average Implemented ARR 13.9% 4.2% 9.2% 5.6% 10.8% 8.7% growth New customer ARR 11.3% 9.2% 8.1% 5.0% 6.1% 7.9% Net upsell 7.2% 3.2% 6.6% 6.5% 9.3% 6.5% Churn rate -4.6% -8.1% -5.4% -5.9% -4.5% -5.7% Net retention rate 102.6% 95.
Slide 90: Quarterly Headcount
Quarterly Headcount Q12023 Q22023 Q32023 Q42023 Q12024 Q22024 Q32024 Q42024 Q12025 Q22025 Q32025 Q42025 Q12026 Q22026 90