Nordhealth (NORDH) Q2 & CMD 2026 earnings summary

Executive summary

• Achieved 12.5% YoY ARR growth to €52.1M, with 108% net retention and 3.1% churn rate as of Q2 2026.

• Veterinary and therapy businesses delivered double-digit ARR growth, driven by enterprise expansion and AI product adoption.

• Strong market positions: #2 global and #1 European vet PMS, #1 therapy PMS in Nordics, with over 17,000 practices and 75,000 daily users.

• Significant investments in AI-native product development, team restructuring, and platform modernization to drive efficiency and innovation.

• Group remains debt-free with €12.5M in cash and no interest-bearing liabilities.

Financial highlights

• Q2 2026 recurring revenue grew 14.6% YoY to €13.0M; total revenue up 10.2% YoY to €14.2M.

• H1 2026 recurring revenue €25.2M (+13% YoY), total revenue €27.6M (+9.1% YoY), recurring revenue 91% of total.

• Veterinary ARR up 13.6% YoY to €29.7M; therapy ARR up 10.8% YoY to €17.7M.

• Adjusted EBITDA margin at 2.5% in Q2 2026; adjusted EBITDA minus CapEx margin at -5.3%.

• Cash and money market funds totaled €12.5M at period end, with no interest-bearing debt.

Outlook and guidance

• 2026 guidance: recurring revenue €50–53M, adjusted EBITDA minus CapEx between -€4M and -€1M.

• 2027–2029: group recurring revenue CAGR 15% (±2%), veterinary 20% (±3%), therapy 10% (±2%).

• Targeting adjusted EBITDA minus CapEx and cash flow positivity from 2027 onward.

• No external financing planned for organic growth; M&A only if attractive opportunities arise.