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Nordhealth Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary11 Nov, 2025
Executive summary
Achieved 15.2% year-over-year revenue growth in Q3 2025, with strong organic ARR growth and some M&A contributions in prior years.
Veterinary and Therapy business units outperformed smaller segments, with recurring revenue for these units up 16.6% year-over-year.
Focused on enterprise client rollouts, AI feature development, and cloud migration in both business units.
Significant investments in R&D, especially for AI features and DACH region localization, are ongoing.
Achieved 47% CAGR in ARR since 2018, driven by both organic growth and acquisitions.
Financial highlights
Q3 2025 revenue reached EUR 12.9 million, up 15.2% from Q3 2024.
Underlying recurring revenue grew 10.8% year-over-year, with recurring revenue share at 80.89%.
Adjusted EBITDA minus CapEx for Q3 2025 was EUR -0.2 million, a EUR 0.3 million year-on-year reduction.
Year-to-date cash outflow improved to EUR 1.6 million, with cash balance at EUR 16.5 million and no interest-bearing debt.
Q3 YTD 2025 total revenues up 14.0% YoY to EUR 38.3 million; recurring revenue up 14.8% YoY.
Outlook and guidance
Reiterated full-year 2025 guidance for Vet + Therapy recurring revenue growth of 12%-17% (constant currency, excluding acquisitions).
Adjusted EBITDA minus CapEx guidance for 2025 remains at EUR -4 million to EUR -2 million.
2026 guidance to be presented with Q4 2025 results.
Timeline for Vets4Pets/AmeriVet ARR contribution
AI features: expected revenue contribution 2026
DACH localization: Vetera migration timeline
How will AI pricing trends affect ARPU growth?
Vetera migration timeline and key challenges?
Financial impact of Therapy migration focus?
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Next Nordhealth earnings date
Q4 20253 Mar, 2026
Next Nordhealth earnings date
Q4 20253 Mar, 2026
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Nordhealth provides cloud-based healthcare software solutions to medical and veterinary professionals. Its platform includes practice management, appointment scheduling, and digital health tools for clinics and hospitals. The company is headquartered in Helsinki, Finland, and its shares are listed on the Euronext Growth Oslo.
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