Physitrack PLC

Let's take a look at our champion health strategy for 2026. Today's wellbeing landscape demands action. Assessments and education are only the beginning. For real impact, people need a simple mobile experience that tells them how they're doing and what to do next. Today, that's why Champion Health is evolving from a standalone wellbeing platform to a gateway into the PhysiTrack preventative care ecosystem. We're building a mobile first experience with a simplified interface, which guides users by hand. our new goal-oriented health assessment takes under two minutes no friction no overload the personalized for you section becomes the heart of the experience recommending content based on user needs and goals The new analytics layer will combine health assessment insights with wearable data into a dynamic readiness score, answering, how ready is my body and mind today? Blending stress, sleep, strain, MSK risk, and activity patterns into one signal. Champion Health doesn't just provide insights, it drives action. Users are guided into dedicated preventive pathways based on their goals and data. Through PhysiApp, users can start self-serve preventive programs or follow exercise plans they've been prescribed by a healthcare professional. Everything is delivered in a simple, motivating, and easy-to-follow way. This is where insight turns into real action, and action turns into daily habit. And when self-management isn't enough, Champion Health seamlessly escalates to Nexa Triage. Nexa helps determine the right level of care, from continued self-management to remote support to clinical care. And every outcome feeds back into PhysiApp as the execution layer. Less noise. More prevention. Champion Health. One connected ecosystem designed to keep people well.

Welcome to PhysiTrack's Q4 2025 results webcast. I'm Henrik Molin. I'm the CEO and founder of PhysiTrack. And I'm joined today by Matt Poulter, our CFO. Let's kick this off. We will start by taking a little look at the financial consultation for the fiscal year and we'll go through business updates from our two divisions. Matt will take you through the financials in detail and then I'll come back to start an outlook before we open up for Q&A. Now, as usual, you can use the Q&A function on your Zoom panel at the bottom of your screen. All right, let's do this. 2025, as you know, was very much a financial concentration year for us. We improved a lot of things structurally in the business. So if you look at the headline numbers, adjusted EBITDA is up 21% year-on-year, adjusted EBITDA margin now sits at 35%, and we delivered a 2 million euros free cash flow swing year-on-year. So we've simplified the business. We've cleaned up unprofitable revenue streams. We stepped away from areas that were not accretive. So overall, it's a leaner, it's a meaner SaaS business. We spent a lot of time on that in 2025. Now, growth did slow as a consequence. Revenue for the year was broadly flat. We had contraction in wellness as we exited low margin contracts, but ARR has remained very stable. And as we exit 2025, 92% of our Q4 2025 revenue is subscription-based. Now that's the holy grail for a SaaS business. This is predictable, stable, recurring cash flows with a high margin structure. We're also really well positioned for North American acceleration, thanks to our New York-based team, which actually is not only a commercial push into the US and north of the border, it's also a cultural dynamo for the wider organization. Now, if we look at financial highlights, pro forma revenue is 13.5 million euros. Free cash flow has improved materially over the last several quarters. As we've seen, the trend continues. Recurring revenue now represents 2% of the business that we just said. EBITDA-less capex has improved dramatically, close to 200% improvement in Q4 2025. Full year adjusted EBITDA-less capex growth is 277%. So these are really big structural numbers, nice big swings. adjusted EBITDA margin for the full year is 35% EBITDA less capex margin is 11% for the quarter and 14% for the fiscal year so we're seeing real operational leverage here if you look at the divisional split 83% of the business is now life care that's where we put tools into the hands of healthcare providers around the world so they can make their patients feel better faster and 17% is wellness where we put tools into the hands of employers so that their employees are healthier happier and more productive Now, let's take a look at Life Care. Revenue is €11.3 million, up 7% year-on-year. ARR is also €11.8 million, up 9% year-on-year, reflecting a very stable customer base. Adjusted EBITDA is €5.5 million, or 49% margin. Adjusted EBITDA less capex is €2.9 million, or 25%. So these are very strong SaaS numbers. ARPL is up 6% year-on-year to €171, driven by pricing optimization and exiting low-margin contracts. SaaS growth margin sits at 86%. Churn remains stable on a 12-month look-back basis at around 1%. Customer lifetime values continue to expand. Q4 adjusted EBITDA less capex of 0.7 million euros is helping fund group investment in a very disciplined way.

Moving to wellness.