Q4/2025 report

Q4 2025 presentation

3 March 2026

Todayʼs presenters

Charles MacBain

CEO

Alexander Cram

CFO

Nordhealth 3

Agenda

1. Company Update
2. AI Strategy
3. Veterinary BU Update
4. Therapy BU Update
5. Financial Update
6. QGA

Nordhealth 4

01

Company Update

Charles MacBain, CEO

Nordhealth 5

Surpassed €50M in Annual Revenue

CAGR: 39%

Rsporťsd Rsvsnus (M€)

46% organic and acquisition-led growth CAGR since 2018

CAGR: 46%

Signsd 6RR (M€)

24.7% YoY ARR Cloud Growth

Implsmsnťsd 6RR (M€)

Reported in constant currency (using 2024 year end currency rates).

• 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 (C1.7M).

  
  
  
  
  

  01

  How to win in the AI Era

  Charles MacBain, CEO

  Nordhealth 9

  THE MOAT

  Why are PMS hard to disrupt by AI?

  3 structural moats that protect the practice management system

  1

  Auditability & Compliance

  Regulated system of record

  • Traceable audit trail for every action (who/what/when/why)

  • Role-based permissions, approvals, and segregation of duties

  • Controlled substances + prescription rules embedded in workflow

  • Audit reporting built in for audit defense

  2

  Integration Depth

  Hub of a complex ecosystem

  • Deep integrations: labs, insurers, registries, government systems

  • Commercial + technical maintenance across hundreds of partners

  • Connected devices: analysers, imaging, dispensing, scanners, scales

  • Bi-directional, workflow-embedded data flows (not "exports")

  • Versioning, uptime, and support expectations that clinics depend on

  3

  Workflow Density

  Interdependent modules + edge cases

  • One visit triggers dozens of linked workflows across modules

  • Clinical ↔ inventory ↔ billing are tightly coupled and cascading

  • Exceptions, corrections, and reconciliation are constant realities

  • Enterprise needs: multi-site controls, reporting, and permissions

  • Localisation beyond language: tax, pricing, formularies, norms

  
  
  
  
  

  AI is the new workflow layer of the system of record, not a replacement for it.

  
  
  

  COMPETITIVE POSITIONING

  Competitive landscape

  The race is to own the system of action - the distribution platform for AI.

  Provet/Nordhealth

  System of Action Platform

  Now

  • Compliance-grade auditability across clinical + financial events

  • Hundreds of integrations and connected devices

  • Full workflow depth, proven at enterprise scale

    Building now (12 months)

  • AI actions that execute (orders, charges, comms) with approvals + audit logs

  • Extensible AI layer with governance, telemetry, and model routing

  • Modern, frictionless AI-first UX across the core journey (reception → consult → checkout)

  Moats + execution velocity win this market.

  
  
  

  COMPETITIVE LANDSCAPE

  Legacy PMS

  • Workflow + integration depth

  ✗ Slow iteration on AI and UX

  AI retrofit risk

  
  
  
  
  

  Startup PMS

  • Modern UX + faster iteration

    ✗ Missing compliance, integrations, and workflow depth

    Depth takes years to build, even with AI

    AI Scribes

    • Fast ROI + easy adoption

    ✗ No workflow ownership → must plug into the PMS

    Feature, not platform

    
    
    
    
    

    We need to be the platform AI runs on.

    
    
    

    THE PLAN

    AI Roadmap

    MONTHS 1224

3

Agent Orchestration

Platform for our agents

We own the agent orchestration user experience where our own and

third-party AI agents (imaging, diagnostics, lab interpretation) - where all AI outputs converge into a unified clinical record.

Action Inbox

Today: humans navigate screens to find information.

Tomorrow: Centralised Action Inbox surfaces the right information and suggests the next action, humans confirms or overrides.

"The AI operating system"

02

Veterinary Update

Charles MacBain, CEO

Nordhealth 13

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

• Scaled to 13,500 veterinarians on Provet.

• Launched Provet Intelligence (Q4): AI Scribe, AI Discharge Notes, AI Patient Histories - embedding AI directly into clinical workflow.

• Launched new Booking Portal (Q4). 546 clinics live. 7,188 bookings by December. 4,559 verified pet owner accounts

  Go-To-Market Updates

• Unified brand under "Provetˮ to strengthen global positioning.

• Simplified per-vet pricing and packaging to improve clarity and sales velocity.

Nordhealth 14

26.6% YoY Veterinary ARR Cloud growth

Implsmsnťsd 6RR (M€)

Reported in constant currency (using year 2024 end currency rates).

• ARR Cloud grew by 26.6% YoY

• Cloud Net upsell at 20.9%

• Cloud Churn at 1.3%

• Excludes signed but not implemented ARR (C1.7M).

  
  
  

  Veterinary long-term average churn less than 3%

  Years 2022-2023 restated to exclude Other business and signed but not implemented ARR. Year 2021 is management best estimate.

• Churn in 2024 and 2025 was negatively impacted by migrations of legacy products

  	2021	2022	2023	2024	2025	6vsrags
  Implsmsnťsd 6RR growťh	18.3%	17.2%	42.9%	29.9%	10.9%	23.8%
  Nsw cusťomsr 6RR	6.2%	12.2%	9.7%	7.1%	3.4%	7.7%
  Nsť upssll	13.3%	7.1%	34.8%	27.6%	10.2%	18.6%
  Churn raťs	-1.2%	-2.1%	-1.6%	-4.8%	-2.7%	-2.5%
  Nsť rsťsnťion raťs	112.1%	105.0%	133.2%	122.7%	107.5%	116.1%
  LTV / C6C	N/A	14.7	38.0	22.5	17.9	23.3

• The upcoming large enterprise rollouts and revenue from new AI features should support net retention rate in the future.

  
  
  

  US, UK, Southern Europe propelling growth

  6RR (M€)

  
  
  

  • 52% of ARR at the end of 2025 came from outside Nordics vs. 6% at the end of 2021

  • 2021-2025 Growth Markets CAGR was 107%

  • Large opportunity to localise Provet in DACH

Provetʼs enterprise solution is well positioned to capture enterprise opportunity

6RR (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 with our top 3 customers composing 22% of ARR

03

Therapy Update

Charles MacBain, CEO

Nordhealth 19

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 alone.

• Signed C582k in Q4 ARR (New Business and AI Upsell)

• Priorities remain:

  • Aspit user migration to our Unified Platform.

  • AI product development and sign-up of practitioners to AI products.

Nordhealth 20

20.1% YoY therapy ARR Cloud growth

6RR (M€)

Reported in constant currency (using year 2024 end currency rates).

• ARR Cloud growth at 20.1% YoY.

• Cloud Net Upsell at 13.0%

• Cloud Churn rate at 7.0%

Therapy long-term average churn at 5.1%

Years 2022-2023 restated to exclude Other business and signed but not implemented ARR. Year 2021 is management best estimate.

• New customer ARR decreased as a result of a strategic shift toward acquiring allied health professionals only.

  	2021	2022	2023	2024	2025	6vsrags
  Implsmsnťsd 6RR growťh	15.7%	13.9%	4.2%	9.2%	5.6%	9.7%
  Nsw cusťomsr 6RR	7.7%	11.3%	9.2%	8.1%	5.0%	8.3%
  Nsť upssll	9.7%	7.2%	3.2%	6.6%	6.5%	6.6%
  Churn raťs	-1.7%	-4.6%	-8.1%	-5.4%	-5.9%	-5.1%
  Nsť rsťsnťion raťs	108.0%	102.6%	95.1%	101.1%	100.6%	101.5%
  LTV / C6C	N/A	14.2	8.3	14.8	7.2	11.1

• Net Upsell in 2025 aided by the launch of our AI product.

• Average net retention rate impacted from 2022 by EasyPractice acquisition - self-service model and focus on 1-2 therapist clinics.

  
  
  

  Therapy Migration is progressing in Norway

  6RR (M€)

  
  
  

  • Cloud share of ARR increased from 34% in 2021 to 52% in 2025.

  • Full focus on Aspit migration in 2025 and 2026.

04

Financial Update

Alexander Cram, CFO

Nordhealth 24

10.2% growth in total quarterly reported recurring revenues YoY (€ʼM)

• Total reported revenues grew by 3.9% YoY to C12.6M in Q4/25 (C12.1M in Q4/24)

• Reported recurring revenues grew by 10.2% YoY to C11.8M in Q4/25 (C10.7M in Q4/24)

• Share of recurring revenue in Q4/25 was 93.9% (88.5% in Q4/24)

• Reduction in Q4/25 'Other revenueʼ is due to implementation revenue. Partly lower enterprise paid implementation. Weʼve also been trialling reduced implementation fees for SME in growth markets.

  
  
  

  13.6% growth in total annual reported recurring revenues YoY (€ʼM)

  
  
  

• Total reported revenues grew by 11.3% YoY to C50.8M in FY 2025 (C45.7M in FY 2024)

• Reported recurring revenues grew by 13.6% YoY to C45.6M in FY 2025 (C40.2M in FY 2024)

• Share of recurring revenue in FY 2025 was 89.8% (88.0% in FY 2024)

• Vet + Therapy recurring revenue growth was 15.2%.

Quarterly adj. EBITDA - CAPEX reduced by €0.8M

Main drivers of Adj. EBITDA-CAPEX change Q4/25 vs Q4/24:

• Gross Profit (+C0.1M)

• Product development (-C0.6M)

• Professional services (-C1.2M)

• Sales s Marketing (-C0.4M)

• General s Administrative (+C1.3M)

  Key drivers are reduced professional services revenue, and increased expenditure in product development for: New features, platform scalability, enterprise clients custom work (charged to clients), AI features, and DACH localisation. Partially offset by reduced GsA expenditure.

  
  
  

  Accelerated RGD investments reduce Annual adj. EBITDA - CAPEX by €2.1M

  
  
  

  Main drivers of Adj. EBITDA-CAPEX change FY 2025 vs FY 2024:

  • Gross profit (C2.0M)

  • Product development (-C3.2M)

  • Professional services (-C1.5M)

  • Sales s Marketing (-C0.6M)

  • General s Administrative (+C1.1M)

The key driver is increased expenditure in product development for: New features, platform scalability, enterprise clients custom work (charged to clients), AI features, and DACH localisation.

Adj. EBITDA remains positive in 2025 at C1.4M (C2.3M lower than 2024)

Annual adjusted cash flow decreased by €0.3M YoY

• Adjusted cash flow decreased by C0.3M, from -C2.6M in 2024 to -C2.9M in 2025 mainly due to adverse movements in adjusted operating cash flow

  • Adjusted net result (-C1.8M)

  • Improved Accounts Receivable (+C1.6M)

  • Other working capital changes (-C0.2M)

    
    
    

    Strong cash position and no debt

    Balance sheet 31 December 2025 (CʼM)

    
    
    

    Assets

    • Cash, cash equivalents and money market funds amounted to C14.7M at the end of FY 25 vs EUR 19.6M at the end of FY 24

    • Intangible assets primarily consist of capitalised RsD expenses.

      Liabilities and equity

    • No interest bearing debt

Cash and cash equivalents Other assets

Intangible assets Goodwill

Liabilities Equity