Nightingale Health Oyj

Earnings Release • Sep 18, 2025

Nightingale Health Plc Financial Statements Release 1 July 2024 - 30 June 2025

Nightingale Health Plc Financial Statements Release 1 July 2024 - 30 June 2025

Nightingale Health Plc | Stock Exchange Release | September 18, 2025 at 09:00:00 EEST

Nightingale Health Group’s Financial Statements Release 1 July 2024 – 30 June 2025 (unaudited)

Breakthrough: Nightingale Health’s technology to be introduced into public healthcare for the first time

This release is a summary of Nightingale Health Group’s Financial Statements Release from financial year 1 July 2024 – 30 June 2025. The full Financial Statements Release is attached to this release.

Numbers presented in brackets refer to corresponding year-on-year period unless otherwise stated.

January–June 2025 (H2) key financials (IFRS)

• Revenue was EUR 2.39 (2.64) million
• EBITDA was EUR -6.40 (-5.10) million
• Operating loss was EUR -10.29 (-9.29) million
• Net loss for the period was EUR -10.26 (-8.93) million
• Unadjusted earnings per share (EPS) was EUR -0.17 (-0.15)
• Net cash on 30 Jun 2025 was EUR 47.64 (31 Dec 2024: EUR 58.01) million

July 2024–June 2025 key financials (IFRS)

• Revenue was EUR 4.69 (4.36) million
• EBITDA was EUR -11.12 (-10.43) million
• Operating loss was EUR -19.42 (-18.59) million
• Net loss for the period was EUR -18.46 (-17.46) million
• Unadjusted earnings per share (EPS) was EUR -0.31 (-0.29)
• Net cash on 30 Jun 2025 was EUR 47.64 (30 Jun 2024: 63.40) million

Significant events during the financial period 1 July 2024 – 30 June 2025

• In June 2025, South Savo Wellbeing Services County and Nightingale Health agreed to pilot Nightingale Health’s blood analysis technology as part of the wellbeing services county’s primary healthcare. As a result of this collaboration, Nightingale Health’s disease risk detection test will be made available to over 100,000 people. This is the first initiative in the world where a public healthcare system is applying innovative ‘omics technology to implement preventative primary healthcare. The initiative began in August 2025 with a pre-implementation project, and the aim is to start offering Nightingale Health’s test in early 2026 as part of the wellbeing services county’s services.
• Nightingale Health and Enigma Genomics entered into a collaboration to provide Nightingale Remote Health Check to Enigma’s customers in the Kingdom of Saudi Arabia and the MENA region. The letter of intent contains four phases for the collaboration: pilot, service launch, expansion of sales and full-scale commercial adoption. The companies started preparations for the pilot during the financial period, and the aim is to transition phase by phase to a continued commercial service model making the Nightingale Remote Health Check widely available for Enigma’s customers.
• Nightingale Health and Boston Heart Diagnostics Corporation successfully completed the pilot announced in June 2024 and signed an agreement to start providing Nightingale’s blood test-based Health Check to Boston Heart’s customers. The parties have agreed on a commercial service model that makes Nightingale Health’s blood test-based Health Check widely available for Boston Heart’s customers.
• Nightingale Health announced a partnership with Phenome Health, a U.S.-based non-profit research organization. The collaboration includes research studies, population health programs, and healthcare initiatives.
• Nightingale Health received the necessary approvals for healthcare use from Singapore’s Health Sciences Authority (HSA), the national body that regulates medical devices, therapeutics, and other healthcare products. In addition, Nightingale Health’s Singaporean subsidiary was granted ISO 13485:2016 certification. ISO 13485 is a requirement for medical device distribution in Singapore, and together with Health Sciences Authority approvals, this certification made Nightingale Health ready to launch its blood testing service in Singapore.
• The opening ceremony of Nightingale Health’s laboratory in Singapore was held in December 2024. The opening of the Singapore laboratory marked an important milestone in Nightingale Health’s global expansion. Located in the hub of Southeast Asia, the laboratory serves healthcare and medical research customers in the region. The analysis of blood samples from both healthcare and research customers commenced in the second half of the financial year.
• In the United States, Nightingale Health announced in June 2025 the official opening of its U.S. laboratory at the Alexandria Center® for Life Science in Long Island City, New York. The laboratory serves medical research customers across the United States. Preparations to expand services to the healthcare sector are progressing as planned.
• Nightingale Health announced performance metrics of its disease risk assessments. Nightingale Health has compared area under the curve (AUC) values between Nightingale Health’s disease risk assessments and clinical risk assessments and other tools currently routinely used in healthcare. In the AUC comparison the performance of Nightingale Health’s disease risk assessments is equal to or better than all the current routinely used clinical tools. However, Nightingale Health’s test differs significantly from other tests, as it requires only a single blood sample along with age and sex as background information. The test can reliably identify the risk of multiple chronic diseases at once and therefore does not place a burden on healthcare system resources.
• Nightingale Health’s peer-reviewed study was published in Nature Communications, showcasing the accuracy and performance of Nightingale Health’s blood biomarker-based risk prediction models. The world’s largest population study in the field includes data from more than 700,000 participants in three national biobanks from Finland, Estonia and the United Kingdom. The population study findings show that Nightingale Health’s risk prediction models have better risk detection capabilities for chronic diseases than polygenic risk scores and they add value beyond existing clinical risk assessment tools.
• Nightingale Health introduced two new disease risk assessments available in the Health Check product line: fatty liver disease (MASLD) and stroke. MASLD is the most common early form of chronic liver disease, and it may exist without causing any symptoms. The incidence of MASLD is increasing rapidly and it is becoming the next major source of population wide disease burden. If untreated, MASLD can lead to more severe liver diseases, such as liver fibrosis, cirrhosis or even liver cancer.
• Nightingale Health announced the development of an innovative LLM based tool to make its results report more interactive. The tool combines the results of Nightingale Health’s blood test with publicly available information about which lifestyle interventions most effectively reduce the risk of each disease. The tool helps each person to understand their disease risks more comprehensively without the need of specialized medical training. The tool can explain, for example, how lifestyle choices such as sleep and exercise impact the risk of diseases, such as cardiovascular disease risk or type 2 diabetes risk, and how lifestyle is also reflected in blood values such as lipids, sugar metabolism, or low-grade inflammation. In addition, it connects life-style guidance to each person's individual situation. The tool will be offered to Nightingale Health's B2B customers across different sectors in healthcare industry.
• Nightingale Health attained UKCA (UK Conformity Assessed) marking under the UK Medical Devices Regulations. The UKCA marking shows compliance with the UK requirements for medical devices and is an important step in bringing Nightingale Health’s blood analysis technology to healthcare use in the UK.
• Nightingale Health strengthened its regional commercial activities by appointing Minja Salmio, previously Chief Legal Officer and a member of management team, as Chief Commercial Officer for the EMEA region and Satu Saksman, co-founder, previously Chief Operating Officer and member of management team as Chief Commercial Officer for the APAC region. Janna Ranta was appointed as the new Chief Operating Officer and a member of management team.
• In March 2025, Nightingale Health transferred from Nasdaq First North Growth Market Finland to the Main Market of Nasdaq Helsinki Ltd. In addition, trading in Nightingale Health’s B Shares and ADRs commenced also on the OTCQX International market, managed by the OTC Markets Group Inc. in the United States. The aim of the transfer to the Main Market in Finland and entry to the OTCQX market in the United States is to improve the liquidity of the Shares and to achieve a broader international shareholder base.

Key figures

EUR thousand	Group 1–6/25	Group 1–6/24	Group 7/24–6/25	Group 7/23–6/24
Revenue	2,386	2,643	4,693	4,358
EBITDA	-6,399	-5,098	-11,123	-10,434
Operating loss	-10,286	-9,285	-19,417	-18,592
Net loss for the financial period	-10,259	-8,934	-18,461	-17,463
Equity ratio	90%	92%	90%	92%
Net debt to equity ratio	-72%	-76%	-72%	-76%
Balance sheet total	74,513	90,840	74,513	90,840
Number of employees on average	98	83	95	84
Employee benefits*	-4,606	-4,545	-8,596	-8,783
Net cash at the end of the period	47,640	63,401	47,640	63,401
Earnings per share (EPS), undiluted and diluted**, EUR	-0.17	-0.15	-0.31	-0,29

* Employee benefits include expenses in accordance with the IFRS 2 Share based payments standard, which totaled EUR 1.69 (2.93) million in the financial year.

** The company’s potential dilutive instruments consist of stock options. As the company’s business has been unprofitable, stock options would have an anti-dilutive effect and therefore they are not taken into account in calculating the dilutive loss per share. Thus, there is no difference between the undiluted and diluted earnings per share.

From the CEO

Nightingale Health’s mission is to make healthcare better – for everyone. Better healthcare for everyone means lower costs, reduced burdens for healthcare professionals, and greater opportunities for everyone to lead a long and healthy life.

The current model of healthcare has led to multiple challenges. Costs are getting out of hand, people are living longer – but are sicker than ever – and only the wealthy have better chances of living a healthy life. Moreover, the burden on healthcare professionals is constantly increasing. If we continue down this path, costs, suffering, and inequality will grow beyond control.

Our current healthcare system has largely been built around the treatment of disease. Clinician training focuses on diagnosing and treating diseases, as these have always been at the core of clinical work. Healthcare funding is directed toward areas with high levels of illness, because the more illness there is, the greater the need for care and resources. With the number of sick people steadily increasing, we have been drawn into an ever-deepening cycle of challenges. It is clear that by directing our resources solely to the treatment of disease, we will not solve the challenges of healthcare, thereby failing to reduce the number of sick people.

Currently, the vast majority of healthcare resources is spent on treating chronic diseases. Because they are permanent by nature, treating those already affected may take decades and won’t reduce the number of sick people. That’s why preventing chronic diseases is key to solving the healthcare crisis.

At the core of chronic disease prevention is the ability to identify disease risks in healthy populations. When people at risk of getting sick can be identified early, healthcare services, risk-reducing interventions, and their funding can be directed to those who need it most, enabling effective disease prevention.

The measures and tools to reduce risks are well known, yet this is of no use if we cannot first identify those at risk of getting sick. Unfortunately, the risk assessment tools currently used in healthcare are expensive, difficult to use and too resource-intensive to be applied at the population level. Change is urgently needed.

Nightingale Health’s proprietary test detects the risks of major chronic diseases from a single blood sample, at low cost and all at once. Because the test only requires a single blood sample, assessing disease risks at the population level does not place an additional burden on healthcare’s already limited resources. With this blood test, many of the tests and risk assessments currently used in healthcare can be replaced, and risk detection can begin to be carried out systematically for everyone. The only viable way to build a better healthcare system is to detect disease risks at the population level and direct risk-reducing measures to those at the greatest risk. This approach makes it possible to reduce the number of people who become ill and opens the path toward better healthcare for all.

The launch of a preventative healthcare initiative in Finland, announced at the end of the financial year, marks a significant step toward large-scale national risk detection in primary care and the building of a better healthcare system. In collaboration with South Savo Wellbeing Services County, the Nightingale Health risk detection test will become available to more than 100,000 people. To our knowledge, this is the world’s first public healthcare initiative to use innovative 'omics technology for large-scale preventative primary care. Through this initiative, we will demonstrate how the most pressing problem in healthcare can be addressed by effectively preventing chronic diseases.

In Singapore, the adoption of our technology in healthcare has also progressed well. During the financial year we completed all the regulatory approvals and quality certifications required for offering our services. Singapore’s regulatory environment is one of the strictest in the world, and I am very proud that we have once again demonstrated our ability to successfully obtain the necessary approvals in highly regulated markets. With the opening of our Singapore laboratory, we have begun blood sample analysis for both healthcare and research customers. The Singapore laboratory is an important milestone in our strategy to expand our international operations, opening several new commercial opportunities, particularly in Southeast Asia.

In the United States, the economic and political uncertainty during the financial year created external challenges for sales and revenue growth. Despite these challenges, our U.S. laboratory opened and began serving medical research customers as planned by the end of the financial year. Our next step is to continue the long-term work of commercializing our technology for both research customers and healthcare providers in the United States.

During the past financial year we have continued to steadily expand the commercial use of our blood analysis technology globally. I firmly believe that the broad adoption of our technology will facilitate an effective global preventative healthcare system – one that will allow us to break free from today’s cycle of challenges. By preventing common chronic diseases, we are not only building better healthcare but also healthier societies.

Teemu Suna

CEO and Co-founder, Nightingale Health Plc

Business targets for the financial year 2024–2025

Nightingale Health’s business targets for the financial year 2024–2025 were:

• Win new large international deals

Nightingale Health aims to win new international flagship deals and convert pilots to commercial contracts to accelerate the adoption of Nightingale Health’s technology in large-scale healthcare use

• KPI: Win a large-scale international healthcare project

Nightingale Health continued to increase its commercial investments to grow its business and initiated several significant negotiations with new customers. The agreement signed with the public sector regarding the adoption of Nightingale Health’s technology was an important contract for accelerating the company’s commercial growth.

• Increase revenue

Nightingale Health aims to continue increasing its revenue, despite the fact that new deals typically take more than 12 months to ramp-up and convert into revenue

• KPI: Increase revenue compared to previous financial year

Nightingale Health’s revenue grew by 7.7% during the financial year compared to the previous financial year. The global economic uncertainty, particularly in the U.S. market, created external challenges that impacted Nightingale Health’s revenue performance in the financial year. Despite these challenges, Nightingale Health succeeded in increasing sales and revenue.

• Improve efficiency

Nightingale Health will continue investing in growth while preserving the strong cash position and solid runway

• KPI: Improve adjusted EBITDA* level compared to previous financial year

Nightingale Health’s adjusted EBITDA decreased by approximately 14.6% during the financial year compared to the previous financial year, due to investments in expanding international operations.

*Adjusted EBITDA = EBITDA – share-based payments – extraordinary items – items affecting comparability

Business target for the financial year 2025–2026

Nightingale Health’s business target for the financial year 2025–2026 is:

• Increase revenue by at least 50% compared to the previous financial year

Mid-term and long-term business targets

Nightingale Health’s mid-term and long-term business targets remain the same.

Mid-term business targets are:

• To conclude an agreement to analyze two million samples annually in Europe
• To conclude an agreement to analyze ten million samples annually in the United States or in Asia
• To extend laboratory capacity in respective geographical areas to meet the analysis capacity required by the aforementioned agreements
• To achieve positive EBITDA

Long-term business targets are:

• To analyze 100 million blood samples from partnerships with the healthcare sector, health initiatives, and white label partners
• To generate EUR 500 million in annual revenue from partnerships with the healthcare sector, health initiatives, and white label partners

The Board of Directors' proposal on the management of the result of the financial period

The parent company's distributable non-restricted equity on 30 June 2025 was EUR 58,045,206. The parent company's net loss for the financial period totaled EUR -16,179,833.

In the coming years, Nightingale Health will focus on funding its growth and developing its business. The company is committed to a very strict dividend policy that is connected to Nightingale Health's result and financial standing. The company does not expect to distribute a dividend in the short or medium term.

The Board of Directors proposes to the Annual General Meeting that no dividend be distributed for the financial year 1 July 2024–30 June 2025 and that the loss of the financial year is recorded in retained earnings.

Live webcast for investors and media

Nightingale Health will arrange a live webcast for investors and media in English on 18 September 2025 at 2 p.m. EEST. The webcast can be followed online at:

https://nightingalehealth.videosync.fi/2024-2025-results

Presentation will be held by CEO Teemu Suna and CFO Tuukka Paavola. A recording of the event will be available later the same day at https://ir.nightingalehealth.com/.

Helsinki, 17 September 2025

Nightingale Health Plc

Board of Directors

For further information, please contact

Teemu Suna, CEO

ir@nightingalehealth.com

About Nightingale Health

Nightingale Health has developed the world's most advanced health check. Our solution provides risk detection for multiple chronic diseases from a single blood sample. Nightingale Health Check can be scaled to entire populations and it can replace many of the current routine disease risk assessments and health screening programs for chronic diseases. Detecting disease risks comprehensively and efficiently allows effective targeting and tracking of health interventions, and better prevention of chronic diseases. Nightingale Health's mission is to build sustainable healthcare and reduce health inequalities. With every sample we help to create a healthier world.

Nightingale Health operates globally with a parent company in Finland and subsidiaries in countries such as Japan, the United States, Singapore, and the United Kingdom. Nightingale Health has customers in more than 34 countries in the healthcare and medical research sectors. The Company's technology is being used in many of the world's leading health initiatives, such as the UK Biobank, and over 600 peer-reviewed publications validate the technology. The company's Series B shares are listed on the Main Market of Nasdaq Helsinki and on the OTCQX International market. Read more: https://nightingalehealth.com/

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