Nordhealth AS

Investor Presentation • Aug 19, 2025

Q2 2025 presentation

19 August 2025

Today's presenters

Agenda

1.0 Company Update 2.0 Veterinary BU Update 3.0 Therapy BU Update 4.0 Financial Update 5.0 Q&A

01

Company Update Charles MacBain, CEO

49% organic and acquisition-led growth CAGR since 2018

9.5% YoY ARR growth excludes Vets4Pets and AmeriVet post-pilot rollout ARR

Reported in constant currency (using year 2024 end currency rates).

LTV / CAC continues to demonstrate strong unit economics

	2021	2022	2023	2024	LTM Q2 2025	Average
Implemented ARR growth	17.4%	14.7%	23.0%	20.5%	9.5%	17.0%
New customer ARR	6.7%	11.8%	9.4%	7.5%	4.5%	8.0%
Net upsell	12.2%	6.3%	18.5%	18.1%	9.2%	12.9%
Churn rate	-1.5%	-3.4%	-4.9%	-5.1%	-4.2%	-3.8%
Net retention rate	110.7%	102.9%	113.6%	113.0%	105.0%	109.0%
LTV / CAC	N/A	11.9	11.5	19.6	14.1	14.3

• Long-term healthy LTV/CAC ratio driven especially by low churn rate
• ARR added New Customer + Net Upsell), is lower than usual in H1 2025 due to our focus on preparing the large enterprise roll-outs in Vet for H2 2025 2026, and our focus on migration in Therapy.

Years 20222023 restated to exclude Other business and signed but not implemented ARR.

Year 2021 is management best estimate (in order to exclude Other business and signed but not implemented ARR.

Nordhealth 8

Growth has offset most of our additional €2.5M of R&D & CAC investments

Adj. EBITDACAPEX M€

Main drivers of result improvement LTM Q2 2025 vs

• Additional revenue, minus COGS, customer service, and administrative costs €1.5M
• Net spend increase on R&D and CAC €2.5M

The additional investments are to accelerate:

• DACH localisation in Europe, opening up the largest veterinary market in Europe, and facilitating the opportunity to migrate our Vetera clients onto Provet Cloud.
• Development of AI features across both business units, with a vision to increase practitioner efficiency, allowing them to spend more time with

Veterinary Update Charles MacBain, CEO

Veterinary business update

• AmeriVet 200 U.S. locations) approved pilot and full migration. The full migration ARR from this decision is not included in Signed ARR as the approval happened after the end of Q2.
• Second US enterprise customer, PetVet365, implemented 6 of 27 locations
• Launched the first Provet AI features Scribe, Discharge Notes, Summary) for pilot programs in August 2025. 44 vets have signed up even before the product is out of beta.
• Accelerating Vetera migration through targeted investment in Provet localization for the DACH market.
• Signed €1.9M in new customer Annual Recurring Revenue ARR
• Migrated 109 clinics to date and successfully sunsetted the legacy Provet Net platform to focus resources on core product development.

AI Patient History

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Start your consult with instant context. AI scans the complete medical history and delivers a clear, clinically relevant summary, so you know exactly what's happened before today. One click, zero scrolling.

Clinical Workflow sprint C	Q Search	图图						4 6 0 :
Patient care	Dashboard						Create new 0 End of day	+ Counter sale
Dashboard Triage Plans	Provet Cloud Subscription
Laboratory Diagnostic imaging	Recent consultations
Patient referrals Patient locations	Filter	Policiinic (POL) 8 Q	ರ All personnel	× All patients			~ Q All species	× × ×
Pharmacy Records V	Checked in All active Draft	Consultation Ready for discharge Finalised	Invoicing Discharged	Invoice paid
Clients & Patients Estimates	Columns
	Client 0	Patients	Appointment 0	Reason 0.9 Status	Ward	Pers.	Nurse Surgeon
Invoices Insurance claims Reminders	Herriot James	2 - Den-Dog-Labrador-Retriever Hector-Dog-Jack-Russell-Terrier-D		0 testing Al discharge instructions	Policiinic In progress	AP1		4 0
E-prescriptions Written prescriptions	Andersson Anna	Aqua Canine , Lagotto Romagnolo		0 Ear infection	Policiinia In progress	KS111		4 10
Health plan Daily chat list	Tester Test	TestPatientino Canine , Retriever - Golden Retriever	8:00 08/04/2025	0 Operation	Policiinia In progress	NNN		& D
Home deliveries Calendar	Andersson Anna	Aqua Canine , Lagotto Romagnolo		A Yearly vaccination	Policiinio In progress	JG11		ഴു
euboleteD for Inventory	Andersson Jonna	Kira Dog , Jack Russell Terrier	11:15 07/03/2025 time 4	0 Test waiting	Policlinic In progress	KS111		4 0
Reports Settings	Name First	Aqua Canine	9:15 07/02/2025 test	0	Policiinic In progress	Dr. KS		y O
A 11/1/2000 Get support 0	Campbell Dominika	@ Milo Canine , Crossbreed @ > Test pateint 2 Canine		0 gtdfya	Policiinic In progress	JG11		& O

AI Scribe

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13.0% YoY Veterinary ARR growth

ARR M€

● ARR grew 13.0% YoY

• Net retention rate 109%, primarily driven by enterprise clients rolling out new clinics
• 3.4% ARR churn was impacted by sunset of Provet Net and Vetserve products. Excluding these, churn would have been 2.9%
• Vets4Pets or AmeriVet post-pilot rollout ARR not included (estimated €4.5M

Reported in constant currency (using year 2024 end currency rates).

Veterinary long-term average churn less than 3%

	2021	2022	2023	2024	LTM Q2 2025	Average
Implemented ARR growth	18.3%	17.2%	42.9%	29.9%	13.0%	24.3%
New customer ARR	6.2%	12.2%	9.7%	7.1%	4.0%	7.8%
Net upsell	13.3%	7.1%	34.8%	27.6%	12.4%	19.0%
Churn rate	-1.2%	-2.1%	-1.6%	-4.8%	-3.4%	-2.6%
Net retention rate	112.1%	105.0%	133.2%	122.7%	109.0%	116.4%
LTV / CAC	N/A	14.7	38.0	22.5	18.6	23.5

• Churn in 2025 Q2 LTM was impacted by sunset of Vetserve, Provet Win, and Provet Net products.
• Net retention rate was negatively impacted by lower enterprise rollouts in LTM Q2 2025, compared to 2024 when CVS was being rolled out.
• The upcoming large enterprise rollouts and revenue from new AI features will support net retention rate in the future.

Years 20222023 restated to exclude Other business and signed but not implemented ARR. Year 2021 is management best estimate.

Growth in revenues has improved Veterinary LTM adj. BU EBITDA CAPEX

Veterinary adj. BU EBITDA CAPEX M€

Main drivers of result improvement LTM Q2 2025 vs 2024

• Additional revenue, minus COGS, customer service, and administrative costs up €1.3M
• Higher R&D and CAC spend €1.2M) to accelerate growth initiatives
• Accelerated AI investment to transform Provet from passive systems of record into proactive operating systems that anticipate workflows, automate admin, and boost clinician productivity
• Rising DACH enterprise demand for a cloud solution driving faster localization — unlocking migration of 1,500 Vetera clinics and enabling efficiency gains through integrated payments and AI products

US, UK, Southern Europe propelling growth

• 49% of ARR at the end of Q2 2025 came from outside Nordics vs. 6% at the end of 2021
• 34% of ARR at the end of Q2 2025 came from Growth Markets US, UK, and Southern Europe)
• 20212025 Q2 Growth Markets CAGR was 120%
• In the US, 2025 Q2 PIMS ARR increased by 15% vs 2024. However, due to volatility in Provet Pay volumes total ARR decreased a little.

Provet's enterprise solution is well positioned to capture enterprise opportunity

• Enterprise share of total ARR has grown from 21% in 2021 to 41% in 2025 Q2
• 55% of ARR growth since 2022 has come from enterprise clients
• Despite focus on enterprise, our customer concentration remains low with our top 3 customers composing 21% of ARR

Veterinary Migration to Provet Progressing

• Cloud share of ARR increased from 40% in 2021 to 83% in 2025 Q2
• Vetserve and Provet Win were sunset in 2024 and Provet Net in Q2 2025
• We are working on migrating Sanimalis Norway, VetVision Denmark), and investing in Provet localisation to DACH market

Therapy Update Charles MacBain, CEO

Therapy business update

• Migrated 193 Aspit users to the Unified Platform at the end of June. Roll-out continues at a measured pace so we can act on early feedback and protect retention. Migration volumes to increase in H2 2025.
• 500+ users (less than 5% of practitioners) have activated the AI Assistant, delivering 25,000 AI-generated summaries and over 11,000 hours transcribed in Q2.
• Signed €410k in Q2 ARR.

4.3% YoY therapy ARR growth

• ARR growth at 4.3% YoY due to focus on migration and existing market saturation
• Net retention rate was 98.9%
• Churn rate was 5.4%

Therapy long-term average churn at 5%

	2021	2022	2023	2024	LTM Q2 2025	Average
Implemented ARR growth	15.7%	13.9%	4.2%	9.2%	4.3%	9.5%
New customer ARR	7.7%	11.3%	9.2%	8.1%	5.4%	8.3%
Net upsell	9.7%	7.2%	3.2%	6.6%	4.3%	6.2%
Churn rate	-1.7%	-4.6%	-8.1%	-5.4%	-5.4%	-5.0%
Net retention rate	108.0%	102.6%	95.1%	101.1%	98.9%	101.1%
LTV / CAC	N/A	14.2	8.3	14.8	8.5	11.5

Years 20222023 restated to exclude Other business and signed but not implemented ARR. Year 2021 is management best estimate.

Nordhealth 24

^● New customer ARR decreased as a result of a strategic shift toward acquiring allied health professionals only.

^● Average net retention rate impacted from 2022 by EasyPractice acquisition - self-service model and focus on 12 therapist clinics.

Investments in product development decreased Therapy adj. BU EBITDACAPEX

Therapy adj. BU EBITDA CAPEX M€

Main drivers of result LTM Q2 2025 vs 2024

• Additional revenue, minus cost of sales and administrative costs up €0.4M
• Higher R&D and CAC spend €1.4M) to accelerate growth initiatives
• Increased R&D investment to speed up the migration of Apsit customers to our Unified Platform, unlocking over €2.8M in annual savings.
• Accelerated investment in our AI Scribe to empower practitioners to focus on patient care and reduce time on administrative tasks.

Therapy ARR development by market

ARR M€

• Aspit was acquired in 2021 and EasyPractice in 2022.

• Growth has been slow as we have focused our R&D efforts on Aspit migration, which will unlock €2.8M savings.

• Once migration is completed (timing TBC, we will resume work on add-on and new country expansion.
• Norway ARR decline due to seasonality Q1 churn typically peak). Finland ARR grew after implementing a price increase.

Therapy Migration is progressing in Norway

• Cloud share of ARR increased from 34% in 2021 to 51% in 2025 Q2.
• Churn for non-cloud was 3.5% in LTM 2025 Q2.
• Full focus on Aspit migration in 2025.

Financial Update Alexander Cram, CFO

Interim Report H1 2025

Published on 19 August 2025.

Available to download on company website.

13.5% growth in total quarterly reported recurring revenues YoY €'M

• Total reported revenues grew by 5.4% YoY to €12.9M in Q2/25 €12.2M in Q2/24
• Reported recurring revenues grew by 13.5% YoY to €11.3M in Q2/25 €9.9M in Q2/24
• Share of recurring revenue in Q2/25 was 87.7% 81.5% in Q2/24
• Large number of implementations in Q2 2024 led to a spike in implementation revenue.

17.0% growth in total H1 reported recurring revenues YoY €'M

• Total reported revenues grew by 13.4% YoY to €25.3M in H1/25 €22.4M in H1/24
• Reported recurring revenues grew by 17.0% YoY to €22.3M in H1/25 €19.1M in H1/24
• Share of recurring revenue in H1/25 was 88.1% 85.5% in H1/24
• 'Vet + Therapy' recurring revenue (i.e. excluding other businesses), grew by 18.9% YoY to €21.7M in H1/25 €18.2M in H1/24

Quarterly adj. EBITDA CAPEX reduced by €1.0M

Main drivers of result change Q2/25 vs Q2/24

• Revenue €0.7M
• COGS & customer service €0.6M
• Product development €1.0M
• Professional services €0.1M
• Sales & Marketing €0.1M
• General & Administrative €0.2M

Key driver is increased expenditure in product development for: New features, platform scalability, enterprise clients custom work (charged to clients), AI features, and DACH localisation.

H1 adj. EBITDA CAPEX reduced by €1.0M

Nordhealth

Main drivers of result change H1/25 vs H1/24

• Revenue €3.0M
• COGS & customer service €1.6M
• Product development €2.0M
• Sales & Marketing €0.2M
• General & Administrative €0.1M

As per Q2, the key driver is increased expenditure in product development for: New features, platform scalability, enterprise clients custom work (charged to clients), AI features, and DACH localisation.

Quarterly adjusted cash flow improved YoY €'M

• Adjusted cash flow improved by €1.3M, from €2.5M in Q2/24 to €1.2M in Q2/25 due to:
  • Change in deferred revenue, €0.9K favourable. A larger share of Q2 2024 revenue was not billed within the quarter, as it was implementation revenue, which is typically billed later)
  • Sum of changes in profit and changes in other working capital items, €0.4M favourable.

H1 adjusted cash flow improved YoY €'M

Strong cash position and no debt

Balance sheet 30 June 2025 €'M

Assets

• Cash, cash equivalents and money market funds amounted to €20.5M at the end of Q2/25 vs. EUR 20.4M at the end of Q2/24
• Intangible assets primarily consist of capitalised R&D expenses. In Q2/25 the domain provet.com was acquired.

Liabilities and equity

• No interest bearing debt

Completed: Share Buy Back

On 7 July 2025, the Company settled a transaction to purchase 300,000 shares at a price of NOK 36. Following settlement of the Offering, the Company owns 1,377,793 shares in the Company.

A key use of these treasury shares is Nordhealth's 'Performance Share Plan' PSP. The Company is moving towards equity as its primary form of 'bonus' compensation. In 2025 the PSP scheme was expanded to 55 participants 2024 16 participants).

2025 Guidance update

Guidance:

• Revenue guidance for 2025 remains unchanged: 1217% organic growth in veterinary and therapy recurring revenue Dec. 31st 2024 constant currency) excluding acquisitions.
• Adjusted EBITDA CAPEX guidance for 2025 is being updated to 'between €4M and €2M excluding acquisitions', from 'plus or minus €2M excluding acquisitions'. This is in order to allow the investment to accelerate DACH localisation in veterinary, and the development of AI features across both business units, to drive increased long-term growth.

Financial calendar

Q3 2025 results presentation on 11 November 2025.

Full year financial calendar can be found on company website.

-

Appendix

Key definitions - 1/2

Recurring revenue includes revenues from software subscriptions as well as revenues from of volume-based transactions (e.g., SMS messages) as well as rebates from third parties (e.g. payment solution providers).

ARR is recurring revenue annualised by multiplying the quarter's last month recurring revenue by 12. Exchange rates used to calculate ARR are adjusted on an annual basis. Constant currency ARR growth rates are calculated by applying the end of the previous financial year-end exchange rates to all the presented periods' ARR. Unless otherwise stated, ARR refers to implemented ARR and is measured excluding "Other business" (please see definition below)

Organic ARR growth is calculated excluding acquisitions.

Churn is calculated so that gross churn is netted with reactivations of the old customers.

EBITDA is short for earnings before interest, taxes, depreciation and amortisation. EBITDA corresponds to the "operating income before depreciation, amortization and impairment" in the consolidated income statement in the report.

EBITDA-CAPEX is EBITDA minus the expenditures for capitalised development and any other capitalised expenditure.

Adj. EBITDA - CAPEX is EBITDA-CAPEX adjusted for one-time expenses not likely to incur in the near future to improve comparability of the underlying business performance between the periods.

Adj. BU EBITDA - CAPEX is adjusted EBITDA-CAPEX calculated for a Business Unit (veterinary or therapy) including group cost allocations, such as finance, central IT, and group management.

Key definitions - 2/2

Adjusted cash flow is the sum of cash flow from operations and cash paid for capitalised expenses, adjusted for one-time expenses not likely to incur in the near future.

Margins are used to compare relative profit between periods. EBITDA margin and EBITDA - CAPEX margin are calculated as EBITDA or EBITDA - CAPEX divided by revenue.

Organic revenue is the revenue generated from the Company's customer base existing at the comparison period and excluding acquisitions incurred after the end of the comparison period.

Other Business includes Navisec and IT Operations businesses.

New customer ARR refers to the change in ARR vs comparison period, driven by the acquisition of new customers.

Net upsell is total change in ARR, subtracting new customer and churn ARR changes. This includes 'ARR expansion' (price increases, new clinics roll-out within existing clients, additional users within existing clients, or other new revenue streams) and 'ARR downgrade' (decreases in prices, clinics, numbers of users and other revenue streams within the existing set of customers).

Signed ARR refers to ARR (as defined above) + estimated value for the deals signed but not yet implemented.

Profit & Loss statement

Consolidated Income Statement
	Unaudited	Unaudited	Unaudited	Unaudited	Audited
EUR in thousands	Q2 2025	Q2 2024	H1 2025	H1 2024	FY 2024
Recurring revenue	11 281	9 941	22 338	19 100	40 196
Other revenue	1 581	2 264	3 004	3 252	5 479
Total revenue	12 862	12 205	25 342	22 352	45 675
Other operating income	51	37	53	74	137
Total operating income	12 913	12 242	25 396	22 426	45 812
Material and services	2 155	1 785	4 284	3 196	6 649
Personnel expenses	7 239	6 086	13 980	12 127	23 361
Other operating expenses	3 944	3 126	7 366	5 849	12 714
Total operating expenses	13 338	10 996	25 630	21 172	42 723
EBITDA	425	1 246	235	1 254	3 088
Depreciation and amortization	1 212	1 147	2 380	2 236	4 502
Amortization of goodwill	1 578	1 650	3 159	3 258	6 312
Total depreciation and amortization	2 790	2 797	5 539	5 494	10 814
Operating profit EBIT	3 216	1 551	5 774	4 239	7 726
Other financial income	355	28	476	422	1 485
Interest expenses	6	13	6	12	37
Other financial expenses	134	67	373	123	358
Total financial income and expense	215	52	97	288	1 089
Profit (loss) before tax	3 001	1 603	5 677	3 951	6 637
Taxes	70	13	75	107	1 036
Net profit (loss)	2 932	1 590	5 752	4 059	7 674
Adjustments to EBITDA	493	99	712	410	582
Adjusted EBITDA	68	1 345	477	1 664	3 671
Adjusted EBITDA Margin %	0.5 %	11.1 %	3.8 %	7.4 %	8.0 %
EBITDA  CAPEX	1 691	37	2 766	1 276	1 800
Adj. EBITDACAPEX	974	62	1 830	866	1 217
Adj. EBITDACAPEX Margin %	7.6 %	0.5 %	7.2 %	3.9 %	2.7 %

Balance Sheet

Consolidated Balance Sheet
	Unaudited	Unaudited	Audited
EUR in thousands	30Jun-25	30Jun-24	31Dec-24
Intangible assets	13 316	12 995	13 267
Deferred tax assets	100	519	84
Other capitalized long-term expenses	234	77	35
Goodwill	38 166	45 391	41 381
Machinery and Equipment	294	388	297
Other shares and similar rights of ownership	643	643	643
Loan receivables, long-term	131	308	33
Total non-current assets	52 884	60 321	55 739
Accounts receivable	5 087	6 124	5 778
Other receivables	1 267	1 159	706
Prepayments and accrued income	1 052	1 193	1 119
Money market funds	13 489	15 966	15 527
Cash at bank and in hand	7 044	4 414	4 095
Total current assets	27 939	28 857	27 225
Total assets	80 822	89 178	82 964
Total equity	68 161	78 331	73 632
Other non-current liabilities	240	414	233
Total non-current liabilities	240	414	233
Deferred revenue	3 827	2 944	1 294
Accounts payable	931	762	1 534
Other current liabilities	1 995	1 245	1 646
Accrued expenses and deferred income	5 669	5 482	4 624
Total current liabilities	12 422	10 433	9 098
Total equity and liabilities	80 822	89 178	82 964

Cashflow

Consolidated Cash Flow Statement
	Unaudited	Unaudited	Unaudited	Unaudited	Audited
EUR in thousands	Q2 2025	Q2 2024	H1 2025	H1 2024	FY 2024
Cash flow from operations
Profit before income taxes	3 001	1 603	5 677	3 951	6 637
Taxes paid in the period	190	112	61	139	124
Other non-cash items	53	776	705	593	1 132
Depreciation and amortization	2 790	2 797	5 539	5 494	10 814
Change in trade debtors	173	149	691	1 228	881
Change in trade creditors	203	774	603	769	3
Change in deferred revenue	169	1 093	2 451	1 958	308
Change in other provisions	304	161	189	150	502
Net cash flow from operations	577	1 253	3 356	620	1 848
Cash flow from investments
Investments in tangible and intangible assets	1 311	1 365	2 629	2 693	5 020
Purchase of shares and investments	-	-	-	-	-
Proceeds from/(investments in) money market funds	1 500	444	2 195	1 444	2 250
Net cash flow from investments	189	921	433	1 250	2 770
Cash flow from financing
Change in debt	-	-	-	-	-
Purchase of treasury shares	-	-	-	-	-
Net cash flow from financing	-	-	-	-	-
Net change in cash and cash equivalents	388	2 173	2 923	629	922
Cash and cash equiv. at the beginning of the period	7 356	6 537	4 095	5 052	5 052
Translation difference	76	51	26	9	35
Cash and cash equiv. at the end of the period	7 044	4 414	7 044	4 414	4 095
Money market fund	13 489	15 966	13 489	15 966	15 527

Business Segments

	🐶Veterinary		󰟻Therapy		Other Business
	Cloud	Non-Cloud	Cloud	Non-Cloud	Cloud	Non-Cloud
Products	Provet Provet Pay	Vetera DACH Sanimalis Norway Vetvision Denmark)	EasyPractice Diarium Booking Portal	Physica Psykbase	Navisec	IT Operations
Share of ARR	50%	10%	18%	18%	2%	1%

Strong organic growth accelerated by acquisition and migration strategy

9 acquisitions completed since 2005, 4 in last 5 years

Nordhealth - QoQ ARR growth

ARR M€

• QoQ ARR growth was 1.8%

• 2025 Q2 Annualised churn rate was 5.1%

Reported in constant currency (using year 2024 end currency rates).

Nordhealth 49

Veterinary - QoQ ARR growth

ARR M€

• QoQ ARR growth was 3.2%

Reported in constant currency (using year 2024 end currency rates).

Therapy - QoQ ARR growth

ARR M€

• QoQ ARR growth was 0.1%
• 2025 Q2 Annualised churn was 5.0%

Reported in constant currency (using year 2024 end currency rates).

Headcount development

Expanded product offering to solve additional customer pain points