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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, with 10.6% YoY growth in Q3 2025, driven by organic growth, acquisitions, and enterprise client rollouts.
Q3 2025 total reported revenues grew 15.2% YoY to EUR 12.9 million; recurring revenue up 10.8% YoY.
Net upsell contributed 10.7% to ARR growth, with churn rate at 4% and net retention rate around 107%.
Focused investments in R&D, DACH region expansion, AI feature development, and cloud migration.
Financial highlights
Q3 2025 revenue reached EUR 12.9 million, up 15.2% YoY; recurring revenue grew 10.8% to EUR 11.5 million.
Q3 YTD 2025 total revenues up 14% to EUR 33.8 million; recurring revenue share increased to 88.4%.
Adjusted EBITDA minus CapEx for Q3 2025 was negative EUR 0.2 million, mainly due to increased product development spend.
Cash outflow year-to-date was EUR 1.6 million, an improvement of EUR 0.5 million versus 2024; cash balance at September 2025 was EUR 16.5 million.
No interest-bearing debt; equity balance at EUR 65.4 million.
Outlook and guidance
Reiterated full-year 2025 guidance for recurring revenue growth of 12%-17% and Adjusted EBITDA minus CapEx between negative EUR 4 million and negative EUR 2 million.
Q3 year-to-date recurring revenue growth at 16.6%; 2026 guidance to be provided with Q4 2025 results.
AI features expected to materially increase ARPU over time, with potential for AI Scribe to add 50% to AR.
Confident in reaching 20% EBITDA minus CapEx margin target by 2027, driven by AI-enabled operational efficiencies.
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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