Physitrack Plc: Interim Report Q3 2026 – Growth Accelerating: Revenue Up 14 per cent, Two US Healthcare System Selections, EMR Launched, Company Profitable and Cash Generative

London, 20 October 2026 at 08:00 CET

Physitrack Plc (“Physitrack” or the “Company”), listed on Nasdaq First North Premier Growth Market (ticker: PTRK), today publishes its Q3 2026 report.

Group Financial Summary

Summary for the period

Third quarter: 1 July – 30 September 2026

Based on Alternative Key Performance Measures, the Company’s key financial highlights for the period are summarised below.

• Revenue increased 14 per cent to EUR 3.6m (EUR 3.2m), or 11 per cent at constant currency, the strongest growth of the year.
• Subscription revenue continued to represent the majority of Group revenue (94 per cent), reflecting the strength of the recurring SaaS model.
• Adjusted EBITDA decreased 8 per cent to EUR 1.1m (EUR 1.2m), corresponding to a margin of 31 per cent (38 per cent), reflecting deliberate investment in the North American commercial team and product launch activity.
• Adjusted EBITDA less CapEx decreased to EUR 0.3m (EUR 0.4m), with Group CapEx held at EUR 0.8m, in line with recent quarterly run rates, despite three product launches in the quarter.
• Operating cash flow from continuing operations amounted to EUR 1.1m (EUR 1.3m), with operating cash flow before adjusting items representing 106 per cent of adjusted EBITDA, marking the eighth consecutive quarter of positive operating cash flow.
• Free cash flow from continuing operations was positive at EUR 0.2m (EUR 0.5m). Net debt reduced to EUR 3.7m (30 June 2026: EUR 3.9m) and available liquidity was EUR 1.9m.

Summary for the year to date

Nine months: 1 January – 30 September 2026

Based on Alternative Key Performance Measures, the Company’s key financial highlights for the period are summarised below.

• Quarterly revenue is up 16 per cent on Q4 2025, demonstrating strong underlying momentum in our recurring subscription model.
• Constant currency revenue amounted to EUR 10.3m (EUR 9.5m), corresponding to 8 per cent year-on-year growth.
• Subscription revenue continued to represent the majority of Group revenue (95 per cent), reflecting the strength of the recurring SaaS model.
• Adjusted EBITDA decreased 5 per cent to EUR 3.4m (EUR 3.5m), corresponding to a margin of 33 per cent (37 per cent).
• Adjusted EBITDA less CapEx decreased to EUR 1.0m (EUR 1.5m), reflecting year-to-date CapEx of EUR 2.4m invested in RTM, Educational Modules and the new EMR.
• Operating cash flow from continuing operations amounted to EUR 2.7m (EUR 3.1m), with the run of positive operating cash flow now extending eight consecutive quarters back to Q4 2024.
• Free cash flow from continuing operations remained positive at EUR 0.1m (EUR 0.7m), after the EUR 0.3m settlement in Q2 of the historic 2018 legal matter, which is now fully resolved with no further exposure.

CEO comment

Q3 2026 was a quarter in which our growth accelerated and our product platform took several important steps forward. Revenue increased 14 per cent year-on-year to EUR 3.6m, or 11 per cent in constant currency, and 6 per cent quarter-on-quarter, the strongest growth of the year. Adjusted EBITDA amounted to EUR 1.1m at a margin of 31 per cent, reflecting our decision to invest ahead of growth in our North American team and in product, while the Group delivered its eighth consecutive quarter of positive operating cash flow and remained profitable at group level.

Lifecare led the way, with revenue up 15 per cent and the core Physitrack product revenue growing 26 per cent as customers absorbed our May price increase without any rise in churn. ARPL increased 11 per cent while NRR held at 99.3 per cent, confirming our pricing power. Wellness returned to year-on-year revenue growth and delivered a 38 per cent adjusted EBITDA margin, although the loss of one large Champion Health customer reduced divisional ARR.

Commercially, I am particularly proud of our New York team. In September we were selected by two US healthcare systems following competitive processes: a large academic healthcare system, where we are now in the contracting phase, and a metropolitan safety-net system, where we replace two incumbent vendors with a single platform fully integrated with Epic and MyChart. On the product front, Q3 was the most product-intensive quarter in the Group’s history. We made Remote Therapeutic Monitoring available to all of our US customers on a trial basis, launched clinically approved Educational Modules that include free access to Champion Health, and opened early access to our new Electronic Medical Record product on 28 September. At the time of writing, 480 clinics representing over 4,700 users have signed up, with paid subscriptions commencing from 1 January 2027.

In July we completed our capital reduction, and in August our share buyback commenced, funding the long-term incentive plan entirely from treasury shares without issuing a single new share and aligning management directly with shareholders. By 30 September 2026, 47,236 shares had been repurchased at a total cost of EUR 36k.

Our priorities for Q4 2026 are clear: monetise the launches by converting RTM trials into paying usage, commercialising Educational Modules and growing the EMR early-access base ahead of paid subscriptions; convert North America by bringing the metropolitan health system live and completing contracting with the academic system; rebuild Wellness ARR through higher-value enterprise contracts; and maintain capital discipline, funding CapEx from operating cash, reducing net debt and running the buyback within its announced limits.

Henrik Molin
CEO & Founder

Lifecare division

Q3 2026 revenue increased 15 per cent year-on-year to EUR 3.3m, with SaaS revenue increasing 16 per cent and representing 93 per cent of divisional revenue. The core Physitrack product’s revenue grew 26 per cent. ARR reached EUR 12.8m, an increase of 9 per cent year-on-year and 1 per cent quarter-on-quarter.

ARPL increased 11 per cent year-on-year to EUR 190 following the Group’s May price increase, while average monthly churn remained stable at 1.0 per cent and NRR held at 99.3 per cent. The licence base continued to grow during the quarter, demonstrating successfully executed price optimisation.

SaaS gross margin improved to 89.2 per cent (+1.0pp quarter-on-quarter). Adjusted EBITDA was EUR 1.4m, level with the prior year, corresponding to a margin of 42 per cent (48 per cent), with the movement reflecting increased investment in the North American commercial team and product launches. Adjusted EBITDA less CapEx amounted to EUR 0.6m (EUR 0.7m).

Lifecare continues to provide a high-quality, recurring revenue base with strong margins, low churn and demonstrated pricing power. The two competitive US enterprise selections, including a full Epic EMR and patient app Epic MyChart integration, provide credible reference sites in the world’s largest healthcare market, while RTM, Educational Modules and the new EMR extend the division’s clinical workflow offering.

Wellness division

Q3 2026 revenue amounted to EUR 0.3m, representing an increase of 2 per cent year-on-year, marking the division’s return to revenue growth following the planned expiry of legacy founder-linked contracts. ARR fell to EUR 0.7m (30 June 2026: EUR 0.9m) following the loss of one large enterprise customer during the quarter.

ARPL increased 58 per cent year-on-year to EUR 16, reflecting the continued shift towards larger and more scalable enterprise customers. Customer economics continued to improve, with monthly churn reducing to 3.1 per cent from 3.7 per cent in Q2 and NRR increasing to 96.6 per cent from 95.9 per cent in Q2.

Adjusted EBITDA increased to EUR 125k (EUR 54k), representing a margin of 38 per cent (17 per cent), and SaaS gross margin improved to 85.6 per cent (+8.9pp quarter-on-quarter). This demonstrates that Wellness can operate profitably while completing its portfolio transition.

The division remains focused on building a scalable enterprise SaaS business centred on Champion Health’s differentiated combination of mental health and musculoskeletal support. The newly launched Educational Modules, each including free access to Champion Health, bring the Group’s two businesses together in a single offering for patients. The priority is to rebuild enterprise ARR without giving up the profitability now achieved.

Outlook

Physitrack enters the final quarter of 2026 with its commercial engine accelerating and RTM and Educational Modules live and the EMR in early access. The focus moves from building products to monetising them: converting RTM trials into paying usage, commercialising Educational Modules from Q4, and growing the EMR early-access base ahead of paid subscriptions from January 2027.

The Group will continue to convert its North American investment into revenue, bringing the metropolitan health system live in Q4 and completing contracting with the academic system, while protecting revenue quality by holding NRR close to 100 per cent and building on the May price increase. Motion capture remains the key area of longer-term product investment.

Within Wellness, the priority is to rebuild enterprise ARR through higher-value enterprise contracts while protecting the profitability achieved following the restructuring. Across the Group, management will maintain capital discipline, keeping CapEx funded from operating cash, continuing to reduce net debt and running the buyback within its announced limits. The adjusted EBITDA margin of 31 per cent reflects a deliberate choice to invest while growth accelerated; the medium-term objective of a 40–45 per cent EBITDA margin is unchanged, and the shift from building to monetising products is what drives margin recovery.

Spotlight interview

An interview with CEO Henrik Molin is available at URL

https://vimeo.com/mcvr/2026q3spotlight

Webcast

A webcast presentation will be held on 20 October 2026 at 18:00 CEST at URL

https://us06web.zoom.us/webinar/register/WN_euA45YpLTeWPGTl8O0hU1Q

The presentation will be held in English and made available at:
https://www.physitrackgroup.com

Henrik Molin, CEO, and Matthew Poulter, CFO, will present the results and host a Q&A session

Corporate Contact:
Henrik Molin, CEO & Founder, Physitrack
+44 208 133 9325
ir@physitrack.com
media@physitrack.com