Physitrack (PTRK) Q4 2025 earnings summary

Executive summary

• 2025 was a year of financial consolidation and portfolio simplification, with a focus on structural improvements, margin expansion, and profitability, resulting in a 21% year-on-year increase in adjusted EBITDA to €4.7m and a significant swing to positive free cash flow.

• The business streamlined operations by exiting unprofitable and low-margin revenue streams, leading to a leaner SaaS model with 92% of Q4 revenue now subscription-based.

• North America is a key growth focus, with dedicated teams and commercial acceleration efforts underway.

• Completed major restructuring in Wellness, exited legacy contracts, and enhanced operational capabilities.

• Exited 2025 with the strongest financial position to date, prioritizing growth acceleration and leveraging a unified SaaS platform.

Financial highlights

• FY2025 pro forma revenue was €13.5m, broadly flat year-on-year, with reported revenue down 3% due to deliberate exits from non-core businesses.

• Adjusted EBITDA margin reached 35% for the year, up 7 percentage points, with full-year adjusted EBITDA at €4.7m.

• Free cash flow from continuing operations swung to €1.2m from negative values, a 318% year-on-year increase.

• Subscription revenue accounted for 92% of Q4 revenue, up from 85% a year earlier.

• Net loss after tax for the year was €8.7m, impacted by non-recurring restructuring and impairment charges.

Outlook and guidance

• Management is confident in returning to stronger top-line growth, with a focus on North America, high-quality enterprise sales pipelines, and substantial deal opportunities.

• Product unification and value expansion through integration of Physicourses into the core platform.

• Medium-term targets include doubling revenue and achieving a 40-45% EBITDA margin.