Slides
Page 2
18 August 2026 Q2 2026 Capital Markets Day Presentation
Page 3
Agenda 1. Group Vision & Objectives 2. Veterinary Business 3. AI Products & Vision 4. Fireside Panel 5. Therapy Business 6. Financials & Guidance
Page 4
Charles MacBain Group CEO Alexander Cram Group CFO Todayʼs presenters James Stanier CTO, Veterinary Karan Wallia CEO, Therapy 4
Page 5
1. Group vision & objectives Charles MacBain · Chief Executive Officer 5
Page 6
Admin burden is rising faster than clinics can absorb it VETS of 2,271 surveyed 64% say their administrative workload has doubled . Federation of Veterinarians of Europe, Administrative Burden in the Veterinary Profession, 2025 PHYSIOTHERAPISTS US clinics 3 in 4 clinics have hired admin staff just to keep up with admin workload. American Physical Therapy Association, The Impact of Administrative Burden on Physical Therapist Services, 2025 Most of the admin workload is unpaid — hours nobody bills, added to days that are already full. 6
Page 7
Give healthcare teams more time to care. 7
Page 8
Two verticals. One mission. 4,320 practices, every day 13,320 practices, every day We automate the admin for over 17 ,000 practices, every day. Our products have 75,000 active users. TherapyVeterinary + 8
Page 9
A position of strength Everything an agent needs to do real work, we already hold — and we have rebuilt the team to use it. DATA The full record, our schema Every visit, every result, stored by us on a schema we control — a decade of it, rebuilt for agents and MCP. WORKFLOWS The daily workspace Scheduling, care, billing, inventory and reporting — Over 75,000 professionals work here all day, every day. COMPLIANCE Permissioning built in Who may do what, when and how is embedded in the platform — per role, per market, ready for agents to inherit. TRUST An established relationship Clinics already run their business on us. 3.1% gross churn, LTM. SCALE The base and the P&L to invest 17,000+ practices across two verticals and €52.1M signed ARR behind every release. R&D A fully AI-native team Rebuilt around AI 100% of engineers on AI tools, releasing hourly. Data, workflows, compliance, trust, scale and an AI-native team. A unique right to win in the age of AI. 9
Page 10
We turned that strength into a lead Six agents are live in the PMS today — each one takes admin work off the team. LIVE IN THE PRODUCT TODAY 6 agents shipped AI Scribe Vet · Therapy Writes the clinical or session note as the practitioner works. AI Billing 1st to market Vet Turns what was said into diagnoses, treatments and billable items. AI Reporting 1st · MCP Vet Answers questions on the clinicʼs own data, with no report to build. Patient history Vet Condenses years of record into what matters before the consult. Discharge notes Vet Drafts the ownerʼs take-home instructions from the visit. AI Form filler Therapy Completes paperwork from what the record already holds. WHERE THE AGENTS GO NEXT 01 Record and summarise the work Live today — all six agents 02 Propose the next step 03 Take the action, with the clinician in control 04 Coordinate a whole workflow 05 Coordinate agents across workflows The goal: time returned to the team 10
Page 11
Nordhealth at a glance €52.1M Signed ARR June 2026 20.5% CAGR in ARR June 2021 June 2026 5.3% Adj. EBITDA CAPEX margin Q2 2026 15.7 LTV / CAC LTM June 2026 3.1% Churn rate LTM June 2026 108.0% Net retention rate LTM June 2026 11
Page 12
44% organic and acquisition-led growth CAGR since 2018 3.4 9.2 4.2 5.0 11.4 22.1 7.1 15.0 29.7 4.1 25.6 37 .1 43.5 46.4 52.1 2018 2019 2020 2021 2022 2023 2024 2025 Q2 2026 SIGNED ARR CAGR 44% 2018 Q2 2026, in M€ GROWTH COMPOSITION 75% of our growth has been organic since 2018. Organic ARR Acquisition-led ARR Reported in constant currency, using 2025 year-end rates. 12
Page 13
Adj. EBITDA improved from 18% of revenue to profitable M€ 11.8 5.4 FY 2022 6.1 0.7 FY 2023 3.7 1.2 FY 2024 1.4 3.3 FY 2025 Adj. EBITDA CAPEX Adj. EBITDA TRAJECTORY Adj. EBITDA margin improved from 18% in 2022 to profitable since 2024. DELIBERATE CHOICE Large investment to build AI agents for vets & therapists — while staying Adj. EBITDA positive. 13
Page 14
14 Product leadership and financial discipline reinforce each other 01 · CUSTOMER MISSION Save practitioners the most time SYSTEM OF ACTION Software that does the work Turn the system of record into a system of action. PRIORITY MARKETS UK, Germany, USA Localise and scale in the three priority markets. 02 · FINANCIAL MISSION Grow with discipline PROFITABILITY From 2027 Adj. EBITDA CAPEX positive, every year onwards. RECURRING REVENUE GROWTH 15% ± 2% Group Recurring Revenue CAGR, 20272029.
Page 15
2. Veterinary business Charles MacBain · Chief Executive Officer 15
Page 16
Where Provet is today The operating system at the centre of veterinary care — and we are in 6% of the clinics in the markets we already serve. WINNING THE RACE TO THE SYSTEM OF ACTION DATA The complete clinical record of 4,320 clinics, on a schema we control. WORKFLOWS Scheduling, care, billing, inventory and reporting — where 21,300 vets spend their day. COMPLIANCE Permissions per role and per market, ready for agents to inherit. TRUST 2.2% gross churn , LTM — the last system a clinic would switch off. SCALE 1.7 million pets cared for in Provet every month. R&D Every engineer on AI tools, releasing hourly — six agents live is what that produced. HUGE OPPORTUNITY IN FRONT OF US CLINICS ON PROVET VETERA 3,360 of 53,600 in target markets 6% VETERINARY ARR €29.7M of €570M those markets are worth 5% MARGIN AT SCALE 40% EBITDA CAPEX in the mature Nordics 40% 16
Page 17
Europeʼs largest veterinary software, expanding in UK, US and Germany Market Clinics on Provet Share of clinics Key competitors NORDICS 58% of small animal clinics Norway 353 of 456 77% Vettigo Finland 179 of 255 70% Kliniq · Aniware Sweden 327 of 589 56% Vet Manager Denmark 119 of 400 30% VetNet A/S · Vettigo GROWTH MARKETS 4% of small animal clinics UK 693 of 4,900 14% ezyVet · IDEXX Animana · RoboVet Germany 1,171 of 9,500 12% VetZ · inBehandlung · Diana Software Spain 357 of 7,000 5% QVet · WinVet · Smart Vet US 161 of 30,500 1% IDEXX Cornerstone · Avimark · ezyVet Total 3,360 of 53,600 6% Germany includes clinics using Vetera. Market sizes are management estimates. Total covers the Nordics and growth markets listed above, only for small animal clinics — it excludes a further 960 clinics on Provet & Vetera in other markets and specialties. 17
Page 18
The prize is huge inside the markets we already serve Small-animal TAM at todayʼs prices in the target markets ARR TODAY Veterinary, Q2 2026 €29.7M TOTAL TAM ARR 19 Every small-animal location in these markets at todayʼs prices with our current offering €570M MARKET ARR TODAY AGAINST TOTAL TAM ARR TODAY TOTAL TAM ARR MULTIPLE Nordics €13.7M €20M 1.6 United Kingdom €5.9M €60M 10 Germany €2.4M €80M 33 Spain €2.1M €50M 26 United States €1.8M €360M 200 Other €3.8M — — Total €29.7M €570M 19 Total TAM ARR = management estimate of every small-animal location in the target markets at today's prices with our current offering. Values rounded to the nearest €10M; multiples computed before rounding. ON TOP OF THIS AI priced against labor, not software New countries 18
Page 19
Healthy unit economics at growing scale 13.6% Organic ARR growth LTM June 2026 109.9% Net retention rate LTM June 2026 2.2% Gross churn LTM June 2026 26.7 LTV / CAC LTM June 2026 40% Nordic EBITDA CAPEX margin LTM June 2026 · what a mature market looks like No. 1 Veterinary software in Europe Growing in every market we have entered 19
Page 20
Weʼve gone from 80% Nordic to over 50% international 13.7 10.5 18.5 2.7 11.9 24.2 4.2 2.9 13.3 26.3 5.2 2.5 3.0 13.2 29.7 5.9 3.3 3.1 14.4 2022 2023 2024 2025 Q2 2026 51% of ARR came from outside the Nordics at the end of June 2026 — vs 23% at the end of 2022. ARR, M€ UK US Southern Europe DACH Other Nordics Constant currency, 2025 year-end rates 20
Page 21
Winning enterprise has been Provetʼs competitive edge 13.7 4.0 9.1 18.5 7.2 9.7 24.2 2.8 10.1 11.3 26.3 3.2 11.6 11.5 29.7 3.9 13.2 12.5 2022 2023 2024 2025 Q2 2026 Enterprise share of ARR has grown from 29% in 2022 to 44% in Q2 2026. 58% of ARR growth since 2022 has come from enterprise clients. Concentration stays low: top 3 customers are 19% of ARR. Our groups buy clinics — and migrate them to Provet. 70 locations added through customer M&A in the last twelve months, at zero acquisition cost. ARR, M€ Payments & partners Enterprise SME Constant currency, 2025 year-end rates. 21
Page 22
Growth has brought the veterinary BU to profitability M€ · annual 9.9 4.9 2022 0.4 3.1 2023 1.0 3.6 2024 0.0 2.7 2025 Reinvestment year Adj. EBITDA CAPEX Adjusted EBITDA Adjusted EBITDA has been positive since 2023 ; EBITDA CAPEX reached breakeven in 2024. 2025 · A DELIBERATE CHOICE We reinvested rather than banked the margin. R&D and infrastructure to build the system of action — the platform shift is worth far more than a point of margin. Scale in the Nordics and the UK now covers the investment in new markets and AI. Excludes group allocations. 22
Page 23
Only Provet clears the bar for independents and groups alike CAPABILITY Yes Partial No PROVET INCUMBENT PMS STARTUP PMS AI SCRIBES EVERY CLINIC Independent All-in-one + clinical depth Native AI Ecosystem + extensive open API Financial stability Agents that act in the workflow, not just draft text Open platform others build on API MCP ENTERPRISE Enterprise-level security Centralized reporting Centralized pricing & items management Migrations proven at 100+ location scale 23
Page 24
Two growth levers: more locations, more revenue per location LEVER 1 · WIN LOCATIONS 3,360 of 53,600 Locations on Provet/Vetera in the markets we already serve. SHARE OF LOCATIONS 6% 3,360 won 50,240 still to win LEVER 2 · GROW REVENUE PER LOCATION €570 → €1,190 Revenue per location per month, at todayʼs prices. SHARE OF FULL ATTACH 48% €570 earned today €620 at full attach 24€570 reflects illustrative revenue per location for a newly acquired SME location, not the current in-book average.
Page 25
Continue fantastic progress in the UK Small-animal locations only · 0% to 14% share in three and a half years ARR TODAY 693 of 4,900 UK small-animal locations · 14% €5.9M TOTAL TAM ARR 10 All 4,900 UK small-animal locations, at todayʼs prices €60M SHARE OF UK SMALLANIMAL LOCATIONS 14% 693 of 4,900 locations on Provet today On Provet 693 · 14% Not yet on Provet 4,207 · 86% WHO OWNS THOSE LOCATIONS Big 6 · 2,945 · 60% Independent · 1,955 · 40% The gap is coverage , not capability — every location we win is a switch from a legacy system. WHY WE HAVE A RIGHT TO WIN Enterprise-proven in the UK CVS live, Vets for Pets rolling out — 3 of the Big 6 open. Product Leadership Product, pricing and integrations all shipped. Momentum from a standing start 0% to 14% of locations in three and a half years. A team on the ground Our largest footprint outside the Nordics. AI already in UK clinics Scribe, automated billing and MCP are live today. 25
Page 26
Win Germany Small-animal locations only · a warm Vetera base in a market no incumbent has consolidated ARR TODAY 1,171 of 9,500 German small-animal locations · 12% €2.4M TOTAL TAM ARR 33 All 9,500 German small-animal locations, at todayʼs prices €80M SHARE OF GERMAN SMALLANIMAL LOCATIONS 12% 1,171 of 9,500 locations on Vetera today On Vetera 1,171 · 12% Not yet with us 8,572 · 90% WHO OWNS THOSE LOCATIONS Big 5 · 368 · 4% Everyone else · 9,132 · 96% The gap is localisation, not capability WHY WE HAVE A RIGHT TO WIN A warm base, not a cold start 1,171 locations already run Vetera — this is an upgrade. No incumbent has consolidated All 5 of the largest groups run no single PMS today. The groups already know us Many German groups run Provet in their other markets. Localisation is the only gap Proven across the Nordics and the UK. Consolidation is accelerating Groups buy clinics fast, and scale forces one PMS. 26
Page 27
Win US Enterprises Small-animal locations only · the largest single prize in the plan ARR TODAY 161 of 30,500 US small-animal locations · 0.5% €1.8M TOTAL TAM ARR 200 All 30,500 US small-animal locations, at todayʼs prices €360M SHARE OF US SMALLANIMAL LOCATIONS 0.5% 161 of 30,500 locations on Provet today On Provet 161 · 0.5% Not yet on Provet 30,339 · 99.5% WHO OWNS THOSE LOCATIONS Enterprise · 10,000 · 33% SME · 20,500 · 67% WHAT WE NEED TO DO Get to 100% localised 90% today Increase US footprint Sales and support coverage WHY WE HAVE A RIGHT TO WIN Enterprise-ready where incumbents are not PetVet365 runs on Provet; the rest are on legacy systems. We win on the product Cloud and an open platform against desktop incumbents. A consolidating market Group-owned: 10,000 of 30,500 locations, buying one PMS. Localisation nearly done 90% complete; what remains is footprint, not product. A playbook that transfers The motion that won CVS and Vets for Pets applies here. 27
Page 28
Revenue per location is the second engine REVENUE PER LOCATION, MONTHLY At todayʼs prices · veterinary TODAY €570 Payments, AI, other €70 Software €500 AT FULL ATTACH €1,190 Agents at labor pricing → + Clinical conversations €120 + AI €120 + Payments €450 Software €500 €620 per location, per month 2.1× todayʼs average Software stays at €500 — every euro of the increase comes from payments, AI and clinical conversations. Same clinics, more than twice the revenue. 28€570 reflects illustrative revenue per location for a newly acquired SME location at today's prices, not the current in-book average. Figures at full attachment are illustrative estimates for a single SME customer, not the current book average.
Page 29
A strong business, early in a market we already lead Three things to take from the veterinary section. WHAT TO TAKE AWAY 01 Number one in Europe €29.7M of ARR and the number one veterinary software in Europe, growing in every market we have entered. 02 Spectacular unit economics 2.2% gross churn, 109.9% net retention and 26.7 LTV to CAC — with a 40% margin in the mature Nordics. 03 The prize needs no new market €570M of ARR a year inside the markets we already serve — 19× today, on 6% of locations and €570 heading to €1,190. OVER TO JAMES The AI opportunity How fast we take that prize is decided by the product. Six agents live in the product today From system of record to system of action Time returned to the team, priced against labor 29
Page 30
3. AI products & vision James Stanier · Veterinary CTO 30
Page 31
Provet has a unique advantage in the race to system of action WHAT IT TAKES Yes Partial No PROVET INCUMBENT PMS STARTUP PMS AI POINT SOLUTIONS ASSETS THAT TAKE YEARS TO BUILD Depth and breadth of PMS to automate Structured data across thousands of clinics Trusted to act inside the clinical record VELOCITY TO SHIP AGENTS AI-native team, releasing daily Modern architecture agents can act in Agents live with customers today We only had to add agents — and we have started. Startups have to build a full PMS, earn trust and gather years of data. Incumbents have to rebuild everything. 31
Page 32
We rebuilt the team first An AI-native R&D org — not an AI team bolted onto an old one. LEADERSHIP THAT HAS DONE IT BEFORE James & Amy joined in the last 12 months to transform the team NEW EXPECTATIONS AI-native development, product engineering and high performance bar TALENT DENSITY, NOT HEADCOUNT Fixed seats in R&D Every hire, exit and promotion raises the bar. We want to have the best engineering team in Europe. EVERYONE USES AI, EVERY DAY 100% of engineers on AI coding tools, up from 30% 90% of code generated rather than written 130% increase in lines of code committed Monthly → hourly release frequency 32
Page 33
We rebuilt the foundations that enable agents The unglamorous work nobody can skip. DATA WAREHOUSE One clinical data model across 3,000+ clinics and 45+ countries. Fast storage and access that enables future customer growth and heavy agent usage. STACK Modern, cloud native, API first. We are always at the forefront of new opportunities for AI and automations. COMPLIANCE AND AUDIT Every agent action logged, attributable and reversible. Vets will not let software touch a patient record without this. SCALE Data volume that enables true insights. A virtuous cycle of compounding: more customers, more data, more insights. 33
Page 34
Ask Provet, at work on real practice data From question to analysis in a single conversation. 34
Page 35
Ask Provet, at work on real practice data From question to analysis in a single conversation. 35
Page 36
Provet MCP Integrate directly with ChatGPT, Claude and others 36
Page 37
4. Fireside panel Graham Dodds Director of Innovation and Transformation CVS Group Richard Dening-Smitherman Managing Director Vets for Pets 37
Page 38
5. Therapy business Karan Wallia · Chief Executive Officer, Therapy 38
Page 39
The first AI-native OS for therapists in the Nordics WINNING THE RACE TO THE SYSTEM OF ACTION DATA 13,000 clinics trust us with their clinical records WORKFLOWS +27 ,000 therapists run booking, journals, invoicing, payments and reporting through us COMPLIANCE Deep healthcare compliance built into the platform, enabling AI to act safely TRUST 104.7% net retention & 4.5% gross annual churn SCALE Every product improvement reaches almost half the Nordic therapy market instantly R&D 600,000 journal notes already written by AI OPPORTUNITY IN FRONT OF US THERAPISTS ON NORDHEALTH 27 ,000 of 50,000 55% THERAPY ARR €17 .7M of €64M Nordic TAM 28% MARGIN AT SCALE 45% EBITDA CAPEX at maturity 45% 39
Page 40
40
Page 41
Meaningful growth remains in the markets we already serve ARR TODAY €17 .7M TOTAL ADDRESSABLE MARKET €64M Norway Margin expansion 63% of therapists ARR today €8.9M Remaining therapists c.5,000 Finland Blueprint 60% of therapists ARR today €5.1M Remaining therapists c.7 ,000 Denmark Growth 38% of therapists ARR today €3.7M Remaining therapists c.10,000 Management estimates; market share of clinic software spend, Q2 2026. 41
Page 42
Scalable unit economics 10.8% Organic ARR growth LTM June 2026 104.7% Net retention rate LTM June 2026 4.5% Gross churn LTM June 2026 14.8 LTV / CAC LTM June 2026 45% Finland EBITDA CAPEX margin At maturity No. 1 Therapy software in the Nordics Growing in every market we have entered 42
Page 43
We have continued to gain market share in Nordics ARR, M€ 13.0 14.9 16.2 17 .1 17 .7 2022 2023 2024 2025 Q2 2026 REVENUE SPLIT Norway 50% Finland 29% Denmark 21% CUSTOMER CONCENTRATION Top 10 customer revenue share < 5% 43
Page 44
We invested to accelerate our Norway migration and shift to system of action 5.4 3.7 2023 5.2 3.2 2024 3.5 1.5 2025 Adjusted EBITDA Adjusted EBITDA CAPEX WHY MARGINS ARE TEMPORARILY LOWER A temporary dip we expect to reverse as that spend normalises — the underlying business is profitable. Todayʼs margin reflects deliberate investment in migration and AI. HISTORIC ADJ. EBITDA AND EBITDA CAPEX, M€ 44 Excludes group allocations.
Page 45
Our stabilised EBITDA CAPEX margin is 45% in Finland FINLAND, LTM JUNE 2026 · M€ 4.7 2.1 LTM recurring revenue Adj. EBITDA CAPEX MARGIN AT MATURITY 45% Adj. EBITDA CAPEX on recurring revenue. Finland is the template Norway reaches similar margins post migration. 45Adj. EBITDA CAPEX value excludes group allocations.
Page 46
NORWAY ADJ. EBITDA CAPEX, M€ (illustrative) 45% margin 4.2 0.4 LTM adj. E C Post-migration adj. E C HOW WE GET THERE → Investment normalisation → Retire legacy licence costs → Operational synergies on one platform Mission 1 Norway migration unlocks Finland-level profitability MIGRATION PROGRESS Migrated + booked = c.20% Migrated Booked Legacy What Norway could look like at Finland-level economics 46 LTM Adj. EBITDA CAPEX value excludes group allocations.
Page 47
Mission 2 We can double our ARPU by upselling AI ARPU PER CUSTOMER, MONTHLY €50 Today €100 €50 With AI attached PMS ARPU AI add-on AI NOTES CREATED 600,000 Written by AI inside the therapy record AI USERS 1,400 Active paying users 47
Page 48
Opportunity beyond the Nordics NORWAY, FINLAND, DENMARK Physiotherapy + psychology 28% held today €17 .7M ours €64M TAM Market Growth Rate 20252030 8% GLOBAL Physiotherapy + psychology software €5B Total market Nordics = 1% of it Our share: 0.3% Market Growth Rate 20252030 12% Management estimates; TAM represents core clinic software spend including AI We lead one of the worldʼs most advanced therapy software markets — and hold less than 1% of the global physio and psychology opportunity. 48
Page 49
KEY TAKEAWAYS 01 #1 in the Nordics €17.7M of ARR and the #1 therapy software in the Nordics with the first AI-native OS for therapists in the region. 02 Great stabilized EBITDA CAPEX margins Finland demonstrates 45% EBITDA less capex margins. 03 Great growth opportunity in Nordics and beyond… €64M ARR inside the markets we already serve. A durable high-quality business — #1 in the Nordics 49
Page 50
6. Financials & Guidance Alexander Cram · Chief Financial Officer 50
Page 51
Business Unit Q22026 Updates 51
Page 52
Veterinary Q2 2026 update NEW ARR SIGNED In Q2, excluding the enterprise groups €564k ENTERPRISE GROUPS 100+ sites each, signed in H1 2026 3 AGENTS LIVE IN Q2 Ask Provet, Clinical AI, Provet MCP 3 01 Expansion in growth markets Three 100+ site enterprise groups signed in H1 2026 — all in pilot, co-development or early implementation. €564k of new ARR signed in Q2, in addition to the above mentioned groups. Vets4Pets early implementation complete; main rollout underway. Our second German Provet clinic went live in Q2. 02 Build the leading AI PMS Ask Provet Agent went live in Q2. The Clinical AI Agent went live in Q2. Provet MCP went live in Q2. 03 Reduce time to value Migration tooling launched in Q1 has cut onboarding time by more than a quarter. Sanimalis servers switched off at the end of June — seven years after we started. VetVision expected to sunset by end of year. 52
Page 53
Reported in constant currency (using 2025 year end currency rates). ● ARR grew 13.6% YoY ● Net retention rate 109.9%, primarily driven by enterprise clients rolling out new clinics ● Churn was 2.2% ● Increase in ‘Provet signed not implementedʼ in Q2 largely driven by Vets for Pets. ARR M€ 13.6% Yo Y Veterinary ARR growth 53
Page 54
Adj. EBITDACAPEX change H1/26 vs H1/25 from: • Gross Profit €0.2M • Sales and Marketing €0.3M • Product development €0.7M • Business G&A 0.4M • Onboarding 0.6M Increased investments during 2025, notably in R&D, have led to reduced profitability in H1/26 vs H1/25. Future revenue growth and cost management will improve Vet Adj. EBITDA CAPEX in the future. Veterinary adjusted EBITDA CAPEX development in H1 54 Values exclude group allocations.
Page 55
Therapy Q2 2026 update USERS MIGRATED Aspit migration, at end of Q2 1,000 Users booked for migration in H2 2026 at the end of Q2 700 H1 2026 ARR SIGNEDMIGRATION DATES BOOKED New business and AI upsell · 24% vs H1 2025 €1.2M 01 Build the leading AI PMS AI Patient Overview shipped. AI-generated Epikrisis shipped. Custom AI document templates shipped. Custom feedback templates shipped in Finland. 02 Aspit migration 1,000 users migrated by the end of Q2. c.4× more clinics booked future migration dates for H2 2026 than in Q1. Medipay integration for collections launched. Appointment overviews, and the ability to create and manage group sessions, launched. 03 Growth c.€1.2M of H1 2026 ARR signed across new business and AI upsell — up 24% on H1 2025. 55
Page 56
• ARR growth at 10.8% YoY, driven by sales initiatives • Net retention rate 104.7%, boosted by AI scribe • Gross churn of 4.5% Reported in constant currency (using 2025 year end currency rates). 10.8% Yo Y Therapy ARR growth 56
Page 57
Adj. EBITDACAPEX change H1/26 vs H1/25 from: • Gross Profit €0.9M • Sales and Marketing €0.2M • Product development €0.2M Increased investments during 2024 and 2025 for migration, reduced profitability in H1 2025 vs 2024. Since then, revenue growth has resulted in profitability increases in H1/26 vs H1/25. Therapy adjusted EBITDA CAPEX development in H1 57 Values exclude group allocations.
Page 58
Group Q22026 Financial Updates 58
Page 59
● 12.5% YoY ARR growth ● 108.0% Net retention rate primarily driven by Provet expansion within enterprise clients ● Low 3.1% churn rate ● Increase in ‘Provet signed not implementedʼ in Q2 largely driven by Vets for Pets. Implemented ARR M€ 12.5% Yo Y ARR Growth Reported in constant currency (using 2025 year end currency rates). 59
Page 60
• Total reported revenues grew by 10.2% YoY to €14.2M in Q2/26 €12.9M in Q2/25 • Reported recurring revenues grew by 14.6% YoY to €13.0M in Q2/26 €11.3M in Q2/25 • Share of recurring revenue in Q2/26 was 91.2% 87.7% in Q2/25 14.6% growth in total quarterly reported recurring revenues Yo Y €ʼM 60
Page 61
• Total reported revenues grew by 9.1% YoY to €27.6M in H1/26 €25.3M in H1/25 • Reported recurring revenues grew by 13.0% YoY to €25.2M in H1/26 €22.3M in H1/25 • Share of recurring revenue in H1/26 was 91.3% 88.1% in H1/25 13.0% growth in total H1 reported recurring revenues Yo Y €ʼM 61
Page 62
Adj. EBITDACAPEX change Q2/26 vs Q2/25 from: • Gross Profit €0.5M • General & Administrative €0.3M • Professional Services €0.3M • Product development €0.2M Overall growth in revenue and gross profit has increased by more than costs increases in the last year. Quarterly adj. EBITDA CAPEX 62
Page 63
Adj. EBITDACAPEX change H1/26 vs H1/25 from: • Gross Profit €1.0M • Professional Services €0.6M • Product development €0.7M Reduction in H1/26 profitability vs H1/25 profitability all driven by Q1 YoY variances. In Q2 the trend has moved favourably. H1 adj. EBITDA CAPEX 63
Page 64
Adjusted cash flow reduced by €0.9M, from EUR 1.2M in Q2 2025 to EUR 2.1M in Q2 2026 mainly due to: ● Adjusted net result €0.2M ● Other working capital variances €1.1M) Quarterly adjusted free cash flow in Q2 2026 64
Page 65
Adjusted cash flow reduced by €2.3M, from EUR 1.7M in H1 2025 to EUR 0.6M in H1 2026 mainly due to: • Adjusted net result €0.4M • Q125 one-off large client invoice backlog collection €1.1M • Other working capital variances €0.8M H1 adjusted free cash flow in Q2 2026 65
Page 66
Assets • Cash, cash equivalents and money market funds amounted to EUR 12.5M at the end of Q2/26 vs EUR 20.5M at the end of Q2/25 • Intangible assets primarily consist of capitalised R&D expenses. Liabilities and equity • No interest bearing debt Cash and cash equivalents Other assets Intangible assets Goodwill Liabilities Equity Balance sheet 30 June 2026 €ʼM Strong cash position and no debt 66
Page 67
2026 Guidance 67
Page 68
2026 guidance update No changes to 2026 guidance. RECURRING REVENUE On track €5053M Full-year 2026 total reported recurring revenue, excluding acquisitions H1 2026 actual €50.5M annualised €25.2M FY 2025 actual €45.6M ADJUSTED EBITDA CAPEX On track €4 to €1M Full-year 2026 adjusted EBITDA CAPEX, excluding acquisitions H1 2026 actual €2.2M FY 2025 actual €3.3M 68
Page 69
3Year Guidance to 2029 69
Page 70
Accelerating CAGR through 20272029 Group recurring revenue compounds at 15% 2% a year. Excluding M&A. YEARONYEAR RECURRING REVENUE GROWTH, % Group Veterinary Therapy GUIDANCE 14.1% 21.5% 13.6% 16.1% 9.5% 17 .0% 13.0% 24.9% 35.4% 21.5% 4.4% 7 .5% 5.7% 2023 2024 2025 2026 guidance 20272029 CAGR 20272029 GROUP CAGR 15% ± 2% Veterinary 20% ± 3% Therapy 10% ± 2% WHAT DRIVES VETERINARY Strong right to win in the growth markets we already serve The most enterprise-ready solution globally Large upsell headroom on revenue per location WHAT DRIVES THERAPY AI upsell across the migrated base Continued market share gains in the Nordics Post-migration: new markets and new products 70
Page 71
Path to Adj. EBITDA CAPEX profitable in 2027 Taking advantage of the operating leverage already built into Nordhealth. GROWTH Yo Y recurring revenue increases 2026 1016% Healthy gross margins LTM 78% CAC IMPROVEMENTS S&M scaling based on return Spend follows payback Onboarding efficiency H1 2026: time reduced by 25% FIXED COSTS Minimal headcount growth H1 2026 4% reduction Sunset legacy platforms Sanimalis: Q2 2026 VetVision: Q4 2026 FROM 2027 ONWARDS Adj. EBITDA CAPEX positive Every year from 2027 Cash flow positive, excluding M&A No external financing sought to fund organic growth 71
Page 72
Key long-term investments during 20272029 Two investments, one in each business, that set up growth beyond 2029. VETERINARY Increase US presence 01 Local leadership and team 02 Increased go-to-market investment THERAPY Post-migration growth initiatives 01 Expanding to new markets 02 New product development These investments are required to accelerate growth beyond 2029. We make them while remaining Adj. EBITDA CAPEX and cash flow positive. 72
Page 73
3-year guidance to 2029 GROUP RECURRING REVENUE 15% ± 2% CAGR from 2027 to 2029. Veterinary 20% ± 3% Therapy 10% ± 2% FROM 2027 ONWARDS Adjusted EBITDA CAPEX positive Cash flow positive, excluding M&A No external financing will be sought to fund organic growth. Supersedes the 2023 CMD guidance based on the ‘rule of 40ʼ, so that long-term growth investments are not compromised. 73
Page 74
Concluding thoughts Weʼre building the most AI-native PMS in the vet & therapy markets, and have the best team to deliver it. WHAT TO TAKE AWAY 01 Practice management software is amazing infrastructure to own in the age of AI The record, the workflows and the permissions an agent needs are already ours. 02 We own the #2 vet PMS globally, the #1 in Europe, and the #1 therapy PMS in the Nordics Leadership in both verticals, in the markets that set the standard. 03 Low churn and stellar unit economics A base that compounds — retention and payback that fund the next release. 04 Huge headroom for growth in both businesses 5% of the veterinary prize in the markets we serve; half the Nordic therapy market still to win. GUIDANCE Group cash flow positive Excluding M&A, from 2027 onwards 15% 2% revenue CAGR 74
Page 75
Q&A 75
Page 76
76 Appendix
Page 77
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: (1) One-time expenses not likely to incur in the near future, to improve comparability of the underlying business performance between the periods. (2) Nordhealth’s equity scheme for executive management ‘Performance Share Option Plan’ (PSOP), as this is a non-cash scheme and the charges are notional based on black-scholes option valuations and monte carlo simulations. 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 - 1/2 77
Page 78
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. Key definitions - 2/2 78
Page 79
Profit & Loss statement Consolidated Income Statement EUR in thousands Recurring revenue Other revenue Total revenue Other operating income Total operating income Material and services Personnel expenses PSOP Other operating expenses Total operating expenses EBITDA Depreciation and amortization Amortization of goodwill Total depreciation and amortization Operating profit EBIT Other financial income Interest expenses Other financial expenses Total financial income and expense * Profit (loss) before tax Taxes Net profit (loss) Adjustments to EBITDA Adjusted EBITDA Adjusted EBITDA Margin % EBITDA CAPEX Adjusted EBITDACAPEX Adjusted EBITDACAPEX Margin % 11 281 1 581 12 862 51 12 913 2 155 7 239 - 3 944 13 338 425 1 212 1 578 2 790 3 216 355 6 134 215 3 001 70 2 932 493 68 0.5 % 1 691 974 7.6 % 12 927 1 249 14 177 14 14 190 3 282 7 296 485 3 738 14 800 610 1 370 1 654 3 024 3 634 245 6 205 34 3 601 34 3 635 966 356 2.5 % 1 713 747 5.3 % Q2 2026 Q2 2025 Unaudited Unaudited 45 647 5 194 50 841 244 51 084 9 545 26 425 1 330 14 971 52 271 1 186 4 993 6 290 11 283 12 469 961 44 741 176 12 292 389 12 681 2 583 1 397 2.7 % 6 123 3 316 6.5 % Audited FY 2025 25 239 2 406 27 645 23 27 668 6 251 15 331 969 7 544 30 094 2 426 2 707 3 288 5 995 8 421 339 6 638 305 8 727 252 8 979 2 606 180 0.7 % 4 842 2 236 8.1 % H1 2026 H1 2025 22 338 3 004 25 342 53 25 396 4 284 13 980 - 7 366 25 630 235 2 380 3 159 5 539 5 774 476 6 373 97 5 677 75 5 752 712 477 1.9 % 2 766 1 830 7.2 % Unaudited Unaudited Breakdown of financial income & expense revised from Q1 2026 79
Page 80
Consolidated Balance Sheet EUR in thousands Intangible assets Deferred tax assets Other capitalized long-term expenses Goodwill Machinery and Equipment Other shares and similar rights of ownership Loan receivables, long-term Total non-current assets Accounts receivable Other receivables Prepayments and accrued income Money market funds Cash at bank and in hand Total current assets Total assets Total equity Other non-current liabilities Total non-current liabilities Deferred revenue Accounts payable Other current liabilities Accrued expenses and deferred income Total current liabilities Total equity and liabilities 13 039 94 175 32 683 220 643 181 47 035 7 080 775 1 419 6 729 5 772 21 774 68 809 55 036 157 157 5 154 980 1 701 5 781 13 616 68 809 30Jun-25 Unaudited 30Jun-26 Unaudited 13 316 100 234 38 166 294 643 131 52 884 5 087 1 267 1 052 13 489 7 044 27 939 80 822 68 161 240 240 3 827 931 1 995 5 669 12 421 80 822 Audited 31Dec-25 13 226 90 198 35 004 272 643 59 49 490 5 029 1 000 1 306 10 343 4 360 22 038 71 528 61 558 8 8 1 273 1 518 1 753 5 419 9 963 71 528 Balance Sheet 80
Page 81
Consolidated Cash Flow Statement EUR in thousands Cash flow from operations Profit before income taxes Taxes paid in the period Other non-cash items Depreciation and amortization Change in trade debtors Change in trade creditors Change in deferred revenue Change in other provisions Net cash flow from operations Cash flow from investments Investments in tangible and intangible assets Purchase of shares and investments Proceeds from/(investments in) money market funds Net cash flow from investments Cash flow from financing Change in debt Purchase of treasury shares Net cash flow from financing Net change in cash and cash equivalents Cash and cash equiv. at the beginning of the period Translation difference Cash and cash equiv. at the end of the period Money market fund 3 001 190 53 2 790 173 203 169 304 577 1 311 - 1 500 189 - - - 388 7 356 76 7 044 13 489 3 601 16 315 3 024 571 74 532 180 1 454 1 099 - - 1 099 - - - 2 553 8 284 40 5 772 6 729 Q2 2026 Q2 2025 5 677 61 705 5 539 691 603 2 451 189 3 356 2 629 - 2 195 433 - - - 2 923 4 095 26 7 044 13 489 H1 2026 8 727 33 2 665 5 995 2 051 538 3 880 953 238 2 439 - 3 700 1 261 - - - 1 499 4 360 87 5 772 6 729 12 292 40 2 080 11 283 713 16 21 1 068 719 5 093 - 5 495 402 - 885 885 236 4 095 29 4 360 10 343 AuditedUnaudited UnauditedUnauditedUnaudited H1 2025 FY 2025 Cashflow 81
Page 82
🐶 Veterinary Therapy Other Business Cloud Non-Cloud Cloud Non-Cloud Cloud Products Provet Vetera DACH Vetvision Denmark) EasyPractice Diarium Booking Portal Physica Psykbase Navisec Share of ARR 55% 6% 21% 16% 2% Business Segments 82
Page 83
83 9 acquisitions completed since 2005 2005 2009 2019 2019 2021 2021 2022 2022 Acquired Praktiikka Migrated Migrated Migrated 2019 Vetserve In Progress FlagshipIn Progress MigratedMigrated In Progress Strong organic growth accelerated by acquisition and migration strategy 83
Page 84
ARR M€ Reported in constant currency (using year 2025 end currency rates). Group - QoQ ARR growth 84
Page 85
Reported in constant currency (using 2025 year end currency rates). Veterinary - QoQ ARR growth ARR M€ 85
Page 86
ARR M€ Reported in constant currency (using 2025 year end currency rates). Therapy - QoQ ARR growth 86
Page 87
Years 20222023 restated to exclude Other business and signed but not implemented ARR. 2022 2023 2024 2025 LTM Q2 2026 Average Implemented ARR growth 14.7% 23.0% 20.5% 8.7% 12.5% 15.9% New customer ARR 11.8% 9.4% 7.5% 4.0% 4.6% 7.5% Net upsell 6.3% 18.5% 18.1% 8.7% 11.0% 12.5% Churn rate -3.4% -4.9% -5.1% -4.0% -3.1% -4.1% Net retention rate 102.9% 113.6% 113.0% 104.7% 108.0% 108.4% LTV / CAC 11.9 11.5 19.6 11.6 15.7 14.1 Group LTV / CAC continues to demonstrate strong unit economics 87
Page 88
Years 20222023 restated to exclude Other business and signed but not implemented ARR. 2022 2023 2024 2025 LTM Q2 2026 Average Implemented ARR growth 17.2% 42.9% 29.9% 10.9% 13.6% 22.9% New customer ARR 12.2% 9.7% 7.1% 3.4% 3.7% 7.2% Net upsell 7.1% 34.8% 27.6% 10.2% 12.1% 18.4% Churn rate -2.1% -1.6% -4.8% -2.7% -2.2% -2.7% Net retention rate 105.0% 133.2% 122.7% 107.5% 109.9% 115.7% LTV / CAC 14.7 38.0 22.5 17.9 26.7 24.0 Veterinary long-term average churn less than 3% 88
Page 89
Years 20222023 restated to exclude Other business and signed but not implemented ARR. 2022 2023 2024 2025 LTM Q2 2026 Average Implemented ARR growth 13.9% 4.2% 9.2% 5.6% 10.8% 8.7% New customer ARR 11.3% 9.2% 8.1% 5.0% 6.1% 7.9% Net upsell 7.2% 3.2% 6.6% 6.5% 9.3% 6.5% Churn rate -4.6% -8.1% -5.4% -5.9% -4.5% -5.7% Net retention rate 102.6% 95.1% 101.1% 100.6% 104.7% 100.8% LTV / CAC 14.2 8.3 14.8 7.2 14.8 11.9 Therapy long-term average churn at 5.7% 89
Page 90
Quarterly Headcount 90