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Nordhealth (NORDH) investor relations material

Nordhealth Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary19 Aug, 2025

Executive summary

  • Achieved a 49% CAGR in ARR since 2018, primarily through organic growth, with no M&A in 2023–2025; implemented ARR reached €42.3M in June 2025, up 9.5% year-over-year at constant currency.

  • ARR grew 9.5% year-over-year, with large enterprise rollouts (AmeriVet, Vets for Pets) scheduled for H2 2025 and 2026 to drive future growth.

  • Strong focus on AI feature development and DACH region localization, with increased R&D and customer acquisition investments.

  • Net loss increased to €5.8M from €4.1M year-over-year, reflecting higher investment in product development and client migrations.

  • Major US enterprise wins and successful AI feature launches in both veterinary and therapy segments.

Financial highlights

  • Q2 2025 revenue was €12.9M, up 5.4% year-over-year; recurring revenue grew 13.5% to €11.3M.

  • H1 2025 revenue grew 13.4% to €25.3M; recurring revenue up 17% to €22.3M.

  • Adjusted EBITDA margin for Q2 2025 was 0.5%; adjusted EBITDA minus CapEx was -€1M, a €1M reduction year-over-year.

  • Free cash flow (adjusted) improved to €1.66M from -€1.74M; cash as of June 2025 was €20.5M, with no interest-bearing debt.

  • Total equity at June 2025 was €68.2M.

Outlook and guidance

  • Reiterated full-year recurring revenue growth guidance of 12–17% for 2025 at constant currency, excluding acquisitions.

  • Adjusted EBITDA minus CapEx guidance updated to between -€4M and -€2M for 2025, reflecting increased investment in DACH localization and AI development.

  • Large enterprise rollouts and AI features expected to drive strong revenue growth in H2 2025 and 2026.

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Frequently asked questions

Nordhealth provides cloud-based healthcare software solutions to medical and veterinary professionals. Its platform includes practice management, appointment scheduling, and digital health tools for clinics and hospitals. The company is headquartered in Helsinki, Finland, and its shares are listed on the Euronext Growth Oslo.

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