Nordhealth (NORDH) Q3 2026 earnings summary

Executive summary

• Q3 revenue was €15.2m, up 17.5% YoY; recurring revenue rose 17.0% to €13.5m, accelerating from 14.6% growth in Q2.

• Signed ARR reached €53.1m; implemented ARR grew 13.5% YoY, with €3.2m signed but awaiting implementation.

• Veterinary and therapy growth continued; FY2026 guidance is expected toward the top end, with profitability improving.

Financial highlights

• Q3 recurring revenue was €13.5m versus €11.5m in Q3 2025; other revenue was €1.7m. Recurring revenue represented 88.6% of total revenue versus 89.0%.

• YTD revenue rose 11.9% YoY to €42.8m; recurring revenue was €38.7m, up 14.3%, and represented 90.3% of revenue versus 88.4%.

• Q3 adjusted EBITDA was €2.5m versus €0.9m; adjusted EBITDA-CapEx was positive €1.3m versus negative €0.2m.

• YTD adjusted EBITDA was €2.7m versus €1.4m; adjusted EBITDA-CapEx was negative €0.9m versus negative €2.0m. YTD net loss was €11.0m versus €7.9m.

• YTD adjusted cash flow was negative €0.7m, improving €0.9m YoY; €0.2m of working-capital timing explained the difference from the EBITDA-CapEx improvement.

Outlook and guidance

• FY2026 recurring revenue guidance is €50m–€53m, excluding acquisitions; management expects performance toward the top end, with the Q3 run-rate implying €52.2m.

• FY2026 adjusted EBITDA-CapEx guidance is negative €4m to negative €1m, excluding acquisitions; management expects the top end or a slight outperformance.

• Most Aspit users are targeted to migrate by year-end, with migration continuing into next year depending on customer readiness and feedback.

• Q4 results and FY2027 guidance are scheduled for March 2, 2027; gross margin is expected to improve, with no target level given.