Physitrack Plc: Year-end report Q4 and full year 2025 – Improved profitability and sustained positive cash flow
Physitrack Plc (“Physitrack” or the “Company”), listed on Nasdaq First North Growth Market (ticker: PTRK), today publishes its Year-end report for the fourth quarter and full year 2025.
Company announcement 27 February 2026 at 08:00 CET
Group Financial Summary
| Metric | Q4 2025 | Q4 2024 | YoY ∆ | FY 2025 | FY 2024 | YoY ∆ |
| Revenue (€m) (Reported) | 3.3 | 3.6 | -8% | 13.5 | 13.9 | -3% |
| Revenue (€m) (Pro forma) | 3.3 | 3.4 | -3% | 13.5 | 13.1 | +3% |
| Constant currency revenue (€m) | 3.5 | 3.4 | +1% | 13.8 | 13.1 | +6% |
| Adj. EBITDA (€m) | 1.1 | 0.9 | +26% | 4.7 | 3.9 | +21% |
| Adj. EBITDA – CapEx (€m) | 0.3 | 0.1 | +199% | 1.8 | 0.5 | +277% |
| Operating Cash Flow (€m)* | 1.9 | 1.5 | +21% | 6.1 | 3.7 | +63% |
| Free Cash Flow (€m)* | 0.5 | 0.5 | -1% | 1.2 | (0.6) | +318% |
| Net (Loss)/Profit After Tax (€m) | (5.9) | 0.6 | n. m. | (6.6) | (0.2) | n. m. |
* Continuing operations.
n. m. = not meaningful.
Summary for the period
Fourth quarter: 1 October – 31 December 2025
Based on Alternative Key Performance Measures, the Company’s key financial highlights for the period are summarised below.
- Pro forma revenue amounted to EUR 3.3m (EUR 3.4m), corresponding to -3 per cent year-on-year. On a constant currency basis, revenue increased 1 per cent.
- Subscription revenue continued to represent the majority of Group revenue (92 per cent), reflecting the strength of the recurring SaaS model.
- Adjusted EBITDA increased 26 per cent to EUR 1.1m (EUR 0.9m), corresponding to a margin of 34 per cent (26 per cent).
- Adjusted EBITDA less CapEx increased to EUR 0.3m (EUR 0.1m).
- Operating cash flow from continuing operations increased to EUR 1.9m (EUR 1.5m).
- Free cash flow from continuing operations remained positive at EUR 0.5m (EUR 0.5m).
Reported revenue declined 8 per cent year-on-year, primarily reflecting previously communicated divestments and the planned exit of lower-margin activities within Wellness.
Summary for the full year
Full year: 1 January – 31 December 2025
FY2025 marked a year of strengthened profitability, improved cash generation and continued strategic simplification.
- Pro forma revenue increased 3 per cent to EUR 13.5m (EUR 13.1m), corresponding to 6 per cent growth in constant currency.
- Adjusted EBITDA increased 21 per cent to EUR 4.7m (EUR 3.9m), with margin expansion to 35 per cent (28 per cent).
- Adjusted EBITDA less CapEx increased 277 per cent to EUR 1.8m (EUR 0.5m).
- Operating cash flow from continuing operations increased 63 per cent to EUR 6.1m (EUR 3.7m).
- Free cash flow from continuing operations improved to EUR 1.2m (EUR -0.6m), representing an improvement of approximately EUR 1.8m year-on-year on a continuing operations basis, or EUR 2.0m vs reported free cash flow in FY2024.
The statutory net loss reflects non-cash items and restructuring-related impacts during the year.
CEO comment
FY2025 was a year of disciplined execution in which we strengthened profitability and cash flow while simplifying the Group. Adjusted EBITDA increased 21 per cent year-on-year and we maintained positive free cash flow.
Lifecare continues to deliver stable ARR growth and strong retention. Within Wellness, restructuring is largely complete and we enter 2026 with a more focused enterprise SaaS platform.
Our priority for 2026 is to accelerate commercial execution, particularly in North America, while maintaining the improved margin and cash profile achieved during 2025.
Henrik Molin
CEO and co-founder
Lifecare division
Q42025 Revenue increased 3 per cent year-on-year to EUR 2.8m, with SaaS representing the substantial majority of divisional revenue. ARR increased 8.5 per cent year-on-year to EUR 11.8m, supported by pricing optimisation and stable license volumes.
SaaS gross margin was 86.2 per cent, reflecting platform investments during the quarter. Adjusted EBITDA less CapEx amounted to EUR 0.7m, demonstrating continued capital efficiency. Average monthly churn remained stable at approximately 1 per cent.
Lifecare remains the Group’s primary profit engine, combining stable recurring revenue, strong retention and scalable margins.
Wellness division
Revenue declined in line with expectations following the expiry of Champion Health legacy founder-linked contracts and the planned exit of lower-margin activities in Champion Health Plus.
ARR amounted to EUR 0.9m (-10.3% YoY). ARPL increased 55.8% year-on-year, reflecting the shift toward higher-value enterprise relationships.
For the full year, adjusted EBITDA improved materially compared with the prior year, demonstrating progress in cost alignment and simplification.
The division exits 2025 substantially streamlined and positioned to focus on scalable enterprise SaaS growth.
Outlook
Physitrack enters 2026 with a leaner cost base, high recurring revenue mix and strengthened cash generation. Management’s focus for 2026 is commercial acceleration, particularly in North America, while maintaining profitability discipline.
Spotlight interview
An interview with CEO Henrik Molin is available at URL
https://vimeo.com/1168353498/b957a508d8?fl=tl&fe=ec
Webcast
A webcast presentation will be held on 27 February 2026 at 15:00 CET at URL https://us06web.zoom.us/webinar/register/WN_MWP2RgtWSwaWqIvtrC3SwA
The presentation will be held in English and made available at:
https://www.physitrackgroup.com
Henrik Molin, CEO, and Matt Poulter, CFO, will present the results and host a Q&A session.
For further information, please contact:
Henrik Molin
CEO and co-founder
+44 208 133 9325
ir@physitrack.com
media@physitrack.com
Certified Adviser
The Company’s Certified Adviser on Nasdaq First North Growth Market is FNCA.
About Physitrack
Physitrack PLC, founded in 2012, is a global digital healthcare provider focused on the B2B wellness and virtual-first care markets.
The Group operates two business lines:
- Lifecare – SaaS platform tailored mainly to physiotherapy and musculoskeletal care.
- Wellness / Champion Health – SaaS platform for employee wellness and care.
Physitrack PLC is headquartered in London, United Kingdom, and listed on Nasdaq First North Growth Market (PTRK).
Additional financial information
In order to enhance comparability and support users of the financial statements, the Company is publishing, alongside this report, a re-presented financial information package covering the financial years 2022–2024. This information reflects the exclusion of Wellnow and Fysiotest and presents historical revenue, KPIs and comparatives on a like-for-like basis. An accompanying Excel file is also provided.
This information is information that Physitrack Plc is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08:00 CET on 27 February 2026.