Nordhealth (NORDH) Q4 2025 earnings summary

Executive summary

• Annual revenue surpassed EUR 50 million in 2025, marking a 39% CAGR since 2018 and a 10x increase in revenue.

• Signed ARR reached EUR 47 million, with a 46% CAGR since 2018, driven by both organic expansion and acquisitions.

• Cloud product ARR grew 25% year-over-year to EUR 32 million, with veterinary and therapy segments both delivering double-digit ARR cloud growth.

• Focused on AI strategy, embedding intelligence into workflows and launching AI-powered features such as AI Scribe and AI Discharge Notes.

• No M&A activity in 2025; focus on organic growth and cloud migration.

Financial highlights

• Full-year 2025 revenue reached EUR 50.8 million, up 11.3% from 2024; recurring revenue grew 13.6% to EUR 45.6 million, representing 89.8% of total revenue.

• Q4 2025 revenue was EUR 12.6 million, up 3.9% year-over-year; recurring revenue share rose to 93.9%.

• Adjusted EBITDA for 2025 was positive at EUR 1.4 million, down EUR 2.3 million year-over-year due to increased R&D; adjusted EBITDA minus CapEx for the year was EUR -3.3 million.

• Adjusted cash outflow was EUR 2.9 million; net loss for FY 2025 was EUR 12.7 million.

• Cash at year-end was EUR 14.7 million; no interest-bearing debt.

Outlook and guidance

• 2025 recurring revenue growth of 15.2% for core business units, within guidance.

• 2026 guidance: recurring revenue of EUR 50–53 million and Adjusted EBITDA minus CapEx between EUR -4 million and EUR -1 million.

• Continued investment in AI and product development to drive growth and retention.