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Nordhealth (NORDH) investor relations material
Nordhealth Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary11 Nov, 2025
Executive summary
Achieved a 47% CAGR in signed ARR since 2018, reaching €46.5M at Q3 2025, with growth driven by both organic ARR and acquisitions.
Q3 2025 total reported revenues grew 15.2% year-over-year to €12.9M; recurring revenue up 10.8% YoY.
Focused on enterprise client rollouts, AI feature development, and cloud migration in both business units.
Year-over-year ARR growth was 10.6% for the last twelve months, with net upsell at 10.7% and churn at 4% per annum.
Net retention rate stands at 107%, and LTV to CAC ratio is 16.4.
Financial highlights
Q3 2025 revenue was €12.9M, up 15.2% year-over-year; recurring revenue grew 10.8% to £11.5M.
Q3 YTD 2025 total revenues up 14% to €38.3M; recurring revenue share increased to 88.4%.
Adjusted EBITDA minus CapEx in Q3 2025 was negative £200K, a £300K improvement year-over-year.
Year-to-date adjusted EBITDA minus CapEx was negative £2M, down from negative £700K in 2024, mainly due to increased product development spend.
Cash at September 2025 was €16.5M, with no interest-bearing debt and a healthy equity balance of £65.4M.
Outlook and guidance
Reiterated full-year 2025 guidance for Vet and Therapy recurring revenue growth of 12–17% (constant currency, excluding acquisitions); Q3 YTD actual is 16.6%.
Full-year adjusted EBITDA minus CapEx guidance remains between negative £4M and negative £2M.
2026 guidance to be presented with Q4 2025 results.
Timeline for Vets4Pets/AmeriVet ARR contribution
AI features: expected revenue contribution 2026
DACH localization: Vetera migration timeline
How will AI pricing trends affect ARPU growth?
Vetera migration timeline and key challenges?
Financial impact of Therapy migration focus?
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Next Nordhealth earnings date
Q4 20254 Mar, 2026
Next Nordhealth earnings date
Q4 20254 Mar, 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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