Interim report
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I n t e r i m R e p o r t Q 3 2 0 2 6 1 January - 30 September 2026
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Metric Q3 2026 Q3 2025 YoY ∆ Q2 2026 QoQ ∆ Revenue (€m) 3.6 3.2 14% 3.4 6% Subscription % of Revenue 94 95 -1pp 96 -2pp Adj. EBITDA (€m) 1.1 1.2 -8% 1.2 -4% Adj. EBITDA Margin (%) 31 38 -7pp 34 -3pp Adj. EBITDA less CapEx (€m) 0.3 0.4 -29% 0.3 -2% Free Cash Flow (€m) (continuing operations) 0.2 0.5 -49% (0.2) 198% Free Cash Flow (€m) (continuing operations) excl. legal settlement* 0.2 0.5 -49% 0.1 125% Lifecare ARR (€m) 12.8 11.7 9% 12.7 1% Wellness ARR (€m) 0.7 1.0 -29% 0.9 -15% Group Net Revenue Retention (NRR) (%) 99.3% (L) 96.6% (W) 99.6% (L) 96.7% (W) ↓ (minor) 99.3% (L) 95.9% (W) ↑ (minor) * Q2 2026 excludes the fully settled 2018 legal matter (EUR 0.3m settlement and EUR 43k Q2 legal fees); no further exposure remains. This adjustment removes historic, non-recurring items to provide a more meaningful view of underlying operational cash generation. Interim Report Q3 02 Growth Accelerating: Revenue Up 14%, Two US Enterprise Selections and EMR Launched, Profitable and Cash Generative Investor snapshot
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Financial Strategic 01 04 Product Commercial 02 03 EMR LAUNCHED 28 SEPTEMBER 2 US HEALTH SYSTEMS Investment Thesis 05 ACCELERATING NEW SELECTED 38% WELLNESS MARGIN TWO ENGINES ▲ 14% REVENUE YOY €3.7m NET DEBT, DOWN IN QUARTER ▲ 15% LIFECARE YOY RTM ALL US CUSTOMERS PROFITABLE. GROWING. DEFENSIBLE. Strongest growth of the year Revenue EUR 3.6m, up 14% year-on-year and 6% on Q2 (11% at constant currency). Becoming the system of record More than 480 clinics representing over 4,700 users joined early access, paid subscriptions from 1 January 2027. Academic system selected as preferred provider Second US healthcare win replaces two incumbents with full Epic and MyChart integration. Profitable and deleveraging Net debt down from EUR 3.9m at 30 June. Profitable at group level. Two-engine SaaS model Lifecare growing double digits; Wellness back to revenue growth, margin up from 17%. Usage-based revenue layer Rolled out across the US base to accelerate adoption. High-quality revenue Subscription-led. A two-engine digital health SaaS business. Lifecare is embedded in cliniciansʼ daily workflows, creating sticky recurring revenue. Champion Health uniquely combines mental health and MSK to capture rising employer demand. The US is the largest growth opportunity across both. 8 CONSECUTIVE QUARTERS Positive operating cash flow Operating cash flow 106% of adjusted EBITDA. Non-dilutive ZERO NEW SHARES Faster PHYSICAMPUS SPRINTS Capital reduction completed Distributable reserves created; LTIP funded from treasury shares. New way of building Resident team sprints accelerated delivery of the EMR. EDU MODULES CLINICALLY APPROVED Patient education launched Bundles with Champion Health; commercialisation from Q4. ▲11% LIFECARE ARPL Pricing power confirmed May price increase absorbed with churn steady at 1% S T I C K Y R E C U R R I N G R E V E N U E P R O F I T A B L E T W O - E N G I N E M O D E L U S - L E D G R O W T H R U N W A Y Interim Report Q3 03 Key Business Insights 94% RECURRING REVENUE
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Dear Shareholders, We have come to the end of a quarter in which our growth accelerated and our product platform took several important steps forward. Financially, revenue grew 14% year-on-year and 6% quarter-on-quarter. For a subscription business, where revenue compounds steadily rather than arriving in steps, that is the clearest evidence of momentum. Lifecare led the way, with Physitrack growing 26% as customers absorbed our May price increase without any rise in churn. We also delivered our eighth consecutive quarter of positive operating cash flow and remained profitable at group level. 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 the patient app Epic MyChart. Wins like these take time to convert into revenue; that is the nature of enterprise healthcare. But they are exactly the kind of references that open doors in the world’s largest healthcare market. On the product front, we made Remote Therapeutic Monitoring available to all of our US customers on a trial basis. We want clinicians to experience the value of RTM first hand, because adoption is what will turn it into a meaningful, usage-based revenue stream. In September we also launched clinically approved Educational Modules, which help patients understand what they are going through, such as their pain, in line with the biopsychosocial model of care. Each module includes free access to Champion Health. This brings our two businesses together in a single offering for patients, and we will begin commercialising the modules in Q4. At the end of the quarter we opened early access to our new Electronic Medical Record product. At the time of writing in mid-October, we have seen early sign-ups from clinics representing over 4,700 users, and that number continues to grow every day. It is still early, but the response gives me considerable confidence that we are addressing a real need in the market. This quarter also saw us introduce a new way of working that I believe can become an important part of how we innovate. We call these Resident Sprints, or PhysiCampus: bringing a team together in one location for an extended period and living with the product and its engineering effort around the clock. Our first PhysiCampus materially accelerated the development of our new EMR. I am very encouraged by what this model can enable as we apply it to future product initiatives and continue innovating at a very high pace. That is not to say the quarter was without challenges. We lost one large Champion Health customer, which has reduced Wellness ARR, although the division returned to year-on-year revenue growth and remains firmly profitable. We have also chosen to invest ahead of growth, in our North American team and in our product, and that has moderated our margins this year. I believe that is the right decision, and we are making it from a profitable, cash-generative base. Interim Report Q3 04 CEO Letter to Shareholders
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An important part of that investment is the continued evolution of our team. We are extremely proud of the top performers we have built our business around in Europe, and we are increasingly supplementing that talent with senior team members in our New York office. This brings us closer to the commercial heart of our business and to what I believe is one of the most important environments in the world for healthcare innovation, combining extraordinary ambition with the ability to move at pace. The right combination of our European and US teams will be key to our success going forward. Our team has evolved this year, and the people who have joined us bring an AI-first way of working that is already showing in our pace of delivery. In July we completed our capital reduction, and in August our share buyback commenced, funding the long-term incentive plan without issuing a single new share and aligning management directly with shareholders. What gives me the greatest confidence is our team. The pace at which we have taken new products from idea to launch this year has been remarkable. We are combining the strength of the business we have built over more than a decade with a new pace of innovation, a growing presence in the US and new ways of working that allow us to move faster. I am genuinely excited about what the coming quarters will bring. Finally, I would like to thank all of our shareholders for your continued confidence and support. We remain committed to building a business that creates lasting value through innovation, disciplined execution and a relentless focus on improving healthcare outcomes around the world. Henrik Molin, CEO & Founder Physitrack PLC Interim Report Q3 05
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Growth Accelerating: Revenue Up 14% Year-on-Year Q3 revenue grew 14% year-on-year to EUR 3.6m (11% in constant currency) and 6% quarter-on-quarter. Year-to-date revenue grew 8% to EUR 10.3m. Recurring revenue was 94% of total. Adjusted EBITDA was EUR 1.1m, a 31% margin (Q3 2025: 38%), reflecting deliberate investment in North America and product. Operating profit was EUR 0.2m (Q3 2025: loss of EUR 0.1m). Lifecare: Pricing Power and Momentum Revenue up 15% to EUR 3.3m, with Physitrack up 26%. ARR EUR 12.8m, up 9%. ARPL up 11% to EUR 190 following the May price increase, with NRR steady at 99.3%. Adjusted EBITDA margin 42%. US Enterprise: Two Competitive Selections Large academic healthcare system: selected as preferred digital rehabilitation provider. Potential total contract value approximately US$390k (approximately EUR 336k); revenue from 2027. Metropolitan safety-net system: enterprise-wide deployment across 86 practitioners with full Epic and MyChart integration, replacing two incumbent vendors. First-year ARR approximately US$26.5k (approximately EUR 22.8k), plus RTM usage. Go-live Q4 2026. Wellness: Profitable and Returning to Growth Revenue up 2% to EUR 333k; adjusted EBITDA margin 38% (Q3 2025: 17%). ARR fell to EUR 0.7m after the loss of one large customer, while NRR improved to 96.6% and monthly churn fell to 3.1%. Product and EMR RTM opened to all US customers on a trial basis. Educational Modules launched, with commercialisation in Q4. EMR early access opened on 28 September: more than 480 clinics representing over 4,700 users have joined. Cash and Capital Free cash flow of EUR 0.2m in the quarter (EUR 0.1m YTD). Eighth consecutive quarter of positive operating cash flow. Liquidity EUR 1.9m; net debt reduced to EUR 3.7m (30 June: EUR 3.9m). Capital reduction completed in July; share buyback commenced in August to fund the LTIP without dilution (Note 11). Interim Report Q3 06 CEO Summary Highlights
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Interim Report Q3 07 Metric Q3 2026 Q3 2025 YoY ∆ YTD 2026 YTD 2025 YoY ∆ Revenue (€) 3,293,639 2,870,212 15% 9,306,695 8,422,568 10% SaaS Revenue (€) 3,077,654 2,644,828 16% 8,785,207 7,853,757 12% Avg. Licences 67,630 68,812 -2% 67,144 68,946 -3% Custom App Maintenance Revenue (€) 154,337 156,033 -1% 447,239 460,651 -3% One-off Revenue (€) 61,648 69,351 -11% 74,249 108,160 -31% OPEX (€) (1,916,714) (1,489,614) 29% (5,137,775) (4,338,342) 18% Adj. EBITDA (€) 1,376,925 1,380,598 0% 4,168,920 4,084,226 2% Adj. EBITDA Margin (%) 42 48 -6pp 45 48 -3pp D&A (€) 700,450 685,548 2% 2,107,066 2,154,725 -2% Adj. EBIT (€) 676,475 695,050 -3% 2,061,854 1,929,501 7% CapEx (€) (773,717) (730,554) 6% (2,282,305) (1,929,666) 18% Adj. EBITDA less CapEx (€) 603,208 650,044 -7% 1,886,615 2,154,560 -12% Adj. EBITDA less CapEx Margin (%) 18 23 -5pp 20 26 -6pp Lifecare Division Summary Financial Performance (Quarterly & YTD View)
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Interim Report Q3 08 KPI Q3 2026 Q3 2025 Q2 2026 YoY ∆ QoQ ∆ ARR (€m) 12.8 11.7 12.7 9% 1% Customer Growth Rate (%) 0.7% -1.3% 0.7% N/A N/A ARPL (€) 190 171 189 11% 1% CLTV (€) 2,547 2,277 2,464 12% 3% Average monthly Churn Rate (%) -1.0% -1.0% -1.0% -pp -pp NRR (%) 99.3% 99.6% 99.3% -0.3pp -pp SaaS Gross Margin (%) 89.2% 88.3% 88.2% +0.9pp +1.0pp Lifecare SaaS KPIs (Quarterly) Commentary Revenue up 15% YoY to EUR 3.3m, with SaaS contributing EUR 3.1m (93%), underpinned by the division’s recurring base. ARR of EUR 12.8m (+9.4% YoY, +1.2% QoQ). ARPL up 10.9% YoY to EUR 190, continuing its upward trajectory. SaaS gross margin of 89.2% maintains its consistent trend (+0.9pp YoY, +1.0pp QoQ). Adj. EBITDA less CapEx of EUR 0.6m (-7% YoY), reflecting increased initiatives undertaken to expand further into the US market. The Lifecare division continues its stable growth whilst maintaining low average monthly churn rate (-1.0%). Customer growth and licence value metrics remained consistently positive during the quarter following the Group’s annual price increase in the prior quarter, demonstrating successfully executed price optimisation.
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Interim Report Q3 09 Metric Q3 2026 Q3 2025 YoY ∆ YTD 2026 YTD 2025 YoY ∆ Revenue (€) 332,992 324,882 2% 999,394 1,104,300 -9% SaaS Revenue (€) 189,183 224,217 -16% 605,517 751,501 -19% Avg. Licences 46,019 102,749 -55% 58,635 112,372 -48% One-off revenue (€) 143,809 100,665 43% 393,877 352,800 12% OPEX (€) (207,522) (270,388) -23% (649,736) (932,945) -30% Adj. EBITDA (€) 125,470 54,494 130% 349,658 171,355 104% Adj. EBITDA Margin (%) 38 17 +21pp 35 16 +19pp D&A (€) 80,133 117,321 -32% 248,584 357,758 -31% Adj. EBIT (€) 45,337 (62,827) 172% 101,074 (186,403) 154% CapEx (€) (30,440) (34,236) -11% (132,502) (138,997) -5% Adj. EBITDA less CapEx (€) 95,030 20,258 369% 217,156 32,358 571% Adj. EBITDA less CapEx Margin (%) 29 6 +23pp 22 3 +19pp Wellness Division Summary Financial Performance (Quarterly & YTD View)
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KPI Q3 2026 Q3 2025 Q2 2026 YoY ∆ QoQ ∆ ARR (€m) 0.7 1.0 0.9 -29% -15% Customer Growth Rate (%) -27.2% -8.0% -6.2% N/A N/A ARPL (€) 16 10 13 58% 17% CLTV (€) 137,199 55,389 149,207 148% -8% Average monthly Churn Rate (%) -3.1% -3.1% -3.7% -pp +0.6pp NRR (%) 96.6% 96.7% 95.9% -0.1pp +0.7pp SaaS Gross Margin (%) 85.6% 91.6% 76.7% -6.0pp +8.9pp Interim Report Q3 10 Wellness SaaS KPIs (Quarterly) Commentary ARR of EUR 0.7m (-28.9% YoY, -14.8% QoQ), reflecting a single large enterprise churn in the quarter. ARPL up 57.8% YoY to EUR 16, evidencing the sustained momentum towards higher-value, scalable enterprise relationships. CLTV has maintained its higher benchmark with minimal impact from the single large enterprise churn in the quarter. SaaS gross margin increased to 85.6% (+8.9pp QoQ), with the continuous momentum to normalisation following the customer portfolio restructuring.
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Metric Q3 2026 Q3 2025 YoY ∆ YTD 2026 YTD 2025 YoY ∆ Revenue (€m) (Reported) 3.6 3.2 14% 10.3 9.5 8% Constant currency revenue (€m) 3.6 3.2 11% 10.3 9.5 8% EBITDA (€m) 1.1 1.1 3% 3.2 2.8 13% Adj. EBITDA (€m) 1.1 1.2 -8% 3.4 3.5 -5% EBITDA – CapEx (€m) 0.3 0.3 -4% 0.8 0.8 3% Adj. EBITDA – CapEx (€m) 0.3 0.4 -29% 1.0 1.5 -35% Operating Cash Flow (continuing operations) (€m) 1.1 1.3 -14% 2.7 3.1 -12% Free Cash Flow (continuing operations) (€m) 0.2 0.5 -49% 0.1 0.7 -93% Net (Loss)/Profit After Tax (continuing operations) (€m) 0.1 (0.3) 151% 0.3 (0.8) 133% ARR per Employee 467,538 260,182 80% 423,706 205,628 106% Q3 2026 continued Physitrack's progress in financial quality and momentum. Revenue grew 14% year-on-year to EUR 3.6m, or 11% in constant currency, and 6% quarter-on-quarter, up 16% on Q4 2025. Subscription revenue was 94% of the total, with ARPL 11% up YoY in Lifecare to EUR 190 with churn steady at 1.0%, confirming the Group's pricing power. EBITDA of EUR 1.1m is slightly diluted at a 31% margin, expected with the heavy product investment and market expansion being initiated through 2026. The Group continues to generate net profit from continuing operations and delivered its eighth consecutive quarter of positive operating cash flow. Interim Report Q3 11 Group Financial Summary
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Interim Report Q3 12 Revenue vs. Adj EBITDA vs. EBITDA% vs. Free Cash Flow Revenue Composition and Subscription Metrics
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Interim Report Q3 13 Segment Revenue and Margins Cash Conversion
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Interim Report Q3 14 Licence Growth Lifecare Licence Growth Wellness
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Q3 2026 was the most product-intensive quarter in the Group’s history. Three launches reached the market in a single quarter: RTM, rolled out to all US customers on a trial basis; clinically approved Educational Modules; and early access to our new EMR. Group CapEx held at EUR 0.8m, year-to-date EUR 2.4m, in line with recent quarterly run rates. We delivered more product for the same spend, and did it without adding headcount. AI-enabled development workflows, introduced through the 2025 restructuring, are shortening the cycle from build to release. ARR per employee reached approximately EUR 468k. The investment remains fully self-funded: Operating cash flow before adjusting items was 106% of adjusted EBITDA. Adjusted EBITDA less CapEx was EUR 0.3m in the quarter and EUR 1.0m year-to-date. Free cash flow from continuing operations was EUR 0.2m in Q3 and EUR 0.1m year-to-date. Net debt reduced to EUR 3.7m (30 June 2026: EUR 3.9m), and available liquidity was EUR 1.9m. The adjusted EBITDA margin of 31% (Q3 2025: 38%) reflects a deliberate choice: we invested in the North American commercial team and in launch activity while growth accelerated. We are not changing our medium-term target of a 40 to 45% EBITDA margin. With RTM and Educational Modules live and the EMR in early access, the focus moves from building products to monetising them, and that shift is what drives margin recovery. Motion capture remains the key area of longer-term investment. Q3 showed that the Group’s commercial engine is accelerating: Revenue grew 14% (11% in constant currency), up from 5% in H1. Lifecare grew 15%, with Physitrack up 26%. Pricing power is proven: ARPL rose 11% after the May price increase while NRR held at 99.3%. Two competitive US enterprise selections, including a full Epic and MyChart integration, give us credible reference sites in the world’s largest healthcare market. The Group is a focused SaaS business. 94% of revenue is recurring, Lifecare runs at a 42% adjusted EBITDA margin, and the capital structure has been reset. The July capital reduction created distributable reserves, and the share buyback that began in August funds our incentive plan without dilution. Wellness remains a work in progress. The loss of one large customer reduced ARR to EUR 0.7m. However, the division grew revenue, improved its margin to 38%, and saw retention improve. Our priority is to rebuild enterprise ARR without giving up that profitability. Q4 2026 priorities, each with a measurable outcome: Monetise the launches: convert RTM trials into paying usage, begin commercialising Educational Modules, and grow the EMR early-access base ahead of paid subscriptions from January 2027. Convert North America: bring the metropolitan health system live in Q4 and complete contracting with the academic system. Protect revenue quality: hold NRR close to 100% and build on the May price increase. Rebuild Wellness ARR: focus on higher-value enterprise contracts. Maintain capital discipline: keep CapEx funded from operating cash, keep reducing net debt, and run the buyback within its announced limits. Interim Report Q3 15 Strategy, CapEx and Outlook CapEx and Innovation Discipline Strategic Initiatives and Outlook
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The Group’s principal risks and uncertainties are described in the Annual Report for the year ended 31 December 2025, and the Board considers that they remain unchanged. In the quarter, the Board has paid particular attention to execution risk as new products move to commercialisation. The average number of employees in the Group for January to September 2026 was 32 (2025: 62). Interim Report Q3 16 Risks and Uncertainties Employees Refer to Note 8 for a list of related party transactions during the period. This report has not been reviewed by the Company’s auditors. Related party transactions Audit review
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Consolidated Statement of Comprehensive Income for the period ended 30 September 2026 EUR (€) Note 30 September 2026 30 September 2025 (Re-presented) 30 September 2026 30 September 2025 (Re-presented) 31 December 2025 (Re-presented) From continuing operations: Revenue 3 3,626,631 3,195,094 10,306,089 9,526,868 12,662,436 Operating expenses before amortisation, depreciation and adjusting items (2,508,686) (1,985,339) (6,933,546) (5,984,548) (7,945,241) Amortisation and depreciation (871,968) (1,223,193) (2,631,429) (3,228,667) (4,169,700) Items affecting comparability 5 - (119,377) (182,290) (722,534) (6,638,224) Operating profit (loss) 245,977 (132,815) 558,824 (408,881) (6,090,729) Finance income 4,842 5,175 17,944 16,967 22,075 Finance costs (74,488) (115,321) (240,238) (378,799) (519,409) Profit (loss) before taxation 176,331 (242,961) 336,530 (770,713) (6,588,063) Taxation (27,238) (51,361) (80,102) 3,024 15,316 Profit (loss) after taxation from continuing operations 149,093 (294,322) 256,428 (767,689) (6,572,747) Loss from discontinued operations (8,751) (60,061) (202,278) (65,299) (2,135,706) Net profit (loss) after taxation 140,342 (354,383) 54,150 (832,988) (8,708,453) Other Comprehensive Income which may be subsequently reclassified to the profit or loss - exchange differences on foreign operations 56,831 (222,565) 34,375 (577,587) (501,550) Total comprehensive profit (loss) for the period 197,173 (576,948) 88,525 (1,410,575) (9,210,003) Basic earnings per share (continuing operations) 0.01 (0.02) 0.02 (0.05) (0.40) Diluted earnings per share (continuing operations) 0.01 (0.02) 0.02 (0.05) (0.40) Basic earnings per share (total operations) 0.01 (0.02) 0.00 (0.05) (0.54) Diluted earnings per share (total operations) 0.01 (0.02) 0.00 (0.05) (0.54) 3 Month Period Ended Year Ended Condensed interim financial information 1 J anuary 2 0 2 6 - 3 0 S e p te m b e r 2 0 2 6 9 Month Period Ended Interim Report Q3 17
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C o n s o l i d a t e d S t a t e m e n t o f F i n a n c i a l P o s i t i o n a s a t 3 0 S ep t em b e r 2 0 2 6 C o nd e nse d i n t e r i m f i nanc i al i nf o r m a t i o n 1 J anuary 2 0 2 6 - 3 0 S e p te m b e r 2 0 2 6 Interim Report Q3 18 30 September 2026 (Unaudited) 30 September 2025 (Unaudited) 31 December 2025 (Audited) Assets Note € € € Non-current assets Goodwill 4 10,632,855 17,379,421 10,593,540 Intangible assets 4 5,967,900 6,502,362 6,081,755 Property, plant and equipment 65,955 71,748 52,971 Financial assets measured at FVOCI/FVTPL 137,221 96,367 94,055 Total non-current assets 16,803,931 24,049,898 16,822,321 Current assets Trade and other receivables 6 1,411,777 1,858,761 1,325,618 Inventory - 5,743 - Deferred tax asset 268,849 377,663 416,265 Cash and cash equivalents 482,742 603,335 656,584 Total current assets 2,163,368 2,845,502 2,398,467 Total assets 18,967,299 26,895,400 19,220,788 Liabilities Non-current liabilities Borrowings (4,205,145) (4,037,843) (3,941,323) Contract liability - (61,718) - Deferred tax liability (349,694) (502,866) (417,007) Deferred contingent consideration - (63,515) - Financial liabilities measured at FVOCI/FVTPL - - (41,201) Total non-current liabilities (4,554,839) (4,665,942) (4,399,531) Current liabilities Contract liability (2,428,469) (1,858,163) (2,154,069) Trade and other payables 7 (1,945,656) (2,364,728) (2,520,955) Deferred contingent consideration - (272,250) (160,295) Total current liabilities (4,374,125) (4,495,141) (4,835,319) Net Assets 10,038,335 17,734,317 9,985,938 Equity Share capital 64,075 64,075 64,075 Share premium - 24,935,421 24,935,421 Treasury Shares (36,128) - - Translation reserve (964,310) (1,125,771) (998,685) Retained earnings 10,974,698 (6,139,408) (14,014,873) 10,038,335 17,734,317 9,985,938
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Share capital(Unaudited) Share premium(Unaudited) Currencytranslationreserve (Unaudited) Treasuryshares(Unaudited) Specialreserves(Unaudited)Undistributable* Retainedearnings(Unaudited) Total (Unaudited) € € € € € € € Balance at 31December 2024 64,075 24,935,421 (527,076) - - (5,306,420) 19,166,000 Loss for the period - - - - - (832,988) (832,988) Othercomprehensive lossfor the period - - (577,587) - - - (577,587) Totalcomprehensiveloss for the period - - (577,587) - - (832,988) (1,410,575) Recycling oftranslation reserveon disposed entities - - (21,108) - - - (21,108) Balance at 30September 2025 64,075 24,935,421 (1,125,771) - - (6,139,408) 17,734,317 Loss for the period - - - - - (7,875,465) (7,875,465) Othercomprehensiveincome for theperiod - - 76,037 - - - 76,037 Totalcomprehensiveloss for the period - - 76,037 - - (7,875,465) (7,799,428) Recycling oftranslation reserveon disposed entities - - 51,049 - - - 51,049 Balance at 31December 2025 64,075 24,935,421 (998,685) - - (14,014,873) 9,985,938 Profit for the period - - - - - 54,150 54,150 Othercomprehensiveincome for theperiod - - 34,375 - - - 34,375 Totalcomprehensiveincome for theperiod - - 34,375 - - 54,150 88,525 Capital reduction - (24,935,421) - - 2,611,076 22,324,345 - Unwind of specialreserve - - - - (1,504,987) 1,504,987 - Purchase of ownshares - - - (36,128) - - (36,128) Balance at 30September 2026 64,075 - (964,310) (36,128) 1,106,089 9,868,609 10,038,335 C o n s o l i d a t e d S t a t e m e n t o f C h a n g es i n E q u i t y fo r t h e p e r i o d e n d e d 3 0 S ep t em b e r 2 0 2 6 C o nd e nse d i n t e r i m f i nanc i al i nf o r m a t i o n 1 J anuary 2 0 2 6 - 3 0 S e p te m b e r 2 0 2 6 Interim Report Q3 19 * The special reserve of EUR 1,106,089 is a non-distributable reserve created on the cancellation of the share premium account on 16 July 2026 to protect creditors at that date; it is released to retained earnings as the related trade payables and deferred income are settled.
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C o n s o l i d a t e d S t a t e m e n t o f C a s h F l o w s f o r t h e p e r i o d e n d e d 3 0 S e p t e m b e r 2 0 2 6 C o nd e nse d i n t e r i m f i nanc i al i nf o r m a t i o n 1 J anuary 2 0 2 6 - 3 0 S e p te m b e r 2 0 2 6 Interim Report Q3 20 EUR (€) 30 September 2026 30 September 2025 (Re-presented) 30 September 2026 30 September 2025 (Re-presented) 31 December 2025 (Re-presented) Operating activities € € € € € Profit/(loss) for the period 140,342 (354,383) 54,150 (832,988) (8,708,453) Loss from discontinued operations 8,751 60,061 202,278 65,299 2,135,706 Depreciation and amortisation 871,968 1,223,193 2,631,429 3,228,667 4,169,700 Foreign exchange (gain)/loss 13,308 (6,952) 11,467 47,293 58,964 Taxation 27,238 51,361 80,102 (3,024) (15,316) Items affecting comparability - 119,377 182,290 722,534 6,638,224 Net finance cost 69,646 110,146 222,294 361,832 497,334 Operating cash flows before movements in working capital 1,131,253 1,202,803 3,384,010 3,589,613 4,776,159 (Increase) / decrease in trade and other receivables (367,302) 110,599 (334,529) 1,011,955 1,492,899 Decrease in inventory - - - - 2,774 Increase/(decrease) in trade and other payables 416,807 128,253 140,464 (403,515) (180,584) Cash generated by operations before adjusting items 1,180,758 1,441,655 3,189,945 4,198,053 6,091,248 Corporation tax paid - - - - (13,546) Cash payment of adjusting items (54,841) (127,491) (492,880) (1,125,615) (1,582,551) Net cash from operating activities - continuing operations 1,125,917 1,314,164 2,697,065 3,072,438 4,495,151 Net cash from operating activities - discontinued operations (235) (49,513) (163,186) (91,066) (314,613) Net cash from operating activities 1,125,682 1,264,651 2,533,879 2,981,372 4,180,538 3 M o n t h P e r i o d E n d e d Y e a r E n d e d 9 M o n t h P e r i o d E n d e d
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C o n s o l i d a t e d S t a t e m e n t o f C a s h F l o w s f o r t h e p e r i o d e n d e d 3 0 S e p t e m b e r 2 0 2 6 C o nd e nse d i n t e r i m f i nanc i al i nf o r m a t i o n 1 J anuary 2 0 2 6 - 3 0 S e p te m b e r 2 0 2 6 Interim Report Q3 21 EUR (€) 30 September 2026 30 September 2025 (Re-presented) 30 September 2026 30 September 2025 (Re-presented) 31 December 2025 (Re-presented) Investing activities € € € € € Purchases of intangible assets (795,925) (759,608) (2,389,011) (2,061,022) (2,815,157) Purchases of property, plant and equipment (8,232) (5,182) (25,796) (7,641) (29,885) Payment of deferred consideration - (87,735) (144,048) (87,735) (263,205) Net cash used in investing activities - continuing operations (804,157) (852,525) (2,558,855) (2,156,398) (3,108,247) Net cash used in investing activities - discontinued operations - (6,316) - (34,850) (38,076) Net cash used in investing activities (804,157) (858,841) (2,558,855) (2,191,248) (3,146,323) Financing activities Repayment of borrowings (116,540) (173,251) (116,540) (592,572) (1,125,785) Increase in borrowings - 18,051 227,560 - 412,493 Purchase of own shares (35,833) - (35,833) - - Funding to discontinued operations - (50,476) - (85,010) (161,619) Interest expense (86,511) (89,763) (231,283) (300,234) (370,361) Net cash used in financing activities - continuing operations (238,884) (295,439) (156,096) (977,816) (1,245,272) Net cash generated by financing activities - discontinued operations - 32,425 - 85,942 161,728 Net cash used in financing activities (238,884) (263,014) (156,096) (891,874) (1,083,544) Cash at the beginning of the period 397,085 467,534 656,584 723,386 723,386 Net movement 82,641 142,796 (181,072) (101,750) (49,329) (Loss)/gain on exchange rate 3,016 (6,995) 7,230 (18,301) (17,473) Cash at the end of the period 482,742 603,335 482,742 603,335 656,584 Available facility 1,432,760 1,403,605 1,432,760 1,403,605 1,517,655 Available liquidity 1,915,502 2,006,940 1,915,502 2,006,940 2,174,239 3 M o n t h P e r i o d E n d e d Y e a r E n d e d 9 M o n t h P e r i o d E n d e d
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Interim Report Q3 22 Physitrack PLC (the “Company”) was incorporated and registered in England and Wales on 15 June 2012 (registered number 08106661) as a public limited company limited by shares. The Company’s registered office is: 4th Floor, 140 Aldersgate Street, London, United Kingdom, EC1A 4HY. These condensed consolidated interim financial statements are presented in Euros (€), which is the Group’s presentation currency and reflects the currency of the primary economic environment in which the Group operates. 1. Company information This interim financial information for the period ended 30 September 2026 has been prepared in accordance with IAS 34 Interim Financial Reporting. The condensed consolidated financial statements do not include all of the information and disclosures required in a complete set of annual financial statements and should be read in conjunction with the Group’s Annual Report for the period ended 31 December 2025. These financial statements for the period ended 30 September 2026 do not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. The Group’s annual financial statements are prepared in accordance with IFRS Accounting Standards as adopted by the United Kingdom. 2. Accounting policies S e l e c t e d n o t e s The accounting policies and methods of computation applied in these condensed consolidated financial statements are consistent with those applied in the Group’s audited consolidated financial statements for the year ended 31 December 2025. The preparation of interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from those estimates. The Directors have assessed the Group's ability to continue as a going concern for at least twelve months from the date of approval of this report. They considered the Group's cash of EUR 0.5m at 30 September 2026, available liquidity of EUR 1.9m (including EUR 1.4m of undrawn facilities). All covenants are consistently being met and have been assessed to continue to be met for the next 12 months. The maturity of the facility falls in 2030. Accordingly, the Directors have a reasonable expectation that the Group has adequate resources to continue in operation and have prepared these interim financial statements on a going concern basis. No dividend has been declared or paid in respect of the period ended 30 September 2026.
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9 Month period ended 30 September 2026 Lifecare EUR Wellness EUR Group EUR Total EUR Total revenues 9,306,695 999,394 - 10,306,089 Operating profit / (loss) 2,061,854 101,074 (1,604,104) 558,824 Amortisation - Intangibles recognised on acquisition - - 275,779 275,779 Amortisation - Internally generated intangibles and depreciation 2,107,066 248,584 - 2,355,650 Total amortisation and depreciation 2,107,066 248,584 275,779 2,631,429 Items affecting comparability - - 182,290 182,290 Adjusted EBITDA 4,168,920 349,658 (1,146,035) 3,372,543 Adjusted EBITDA Margin 45% 35% N/A 33% CapEx (2,282,305) (132,502) - (2,414,807) Adjusted EBITDA less CapEx 1,886,615 217,156 (1,146,035) 957,736 Adjusted EBITDA less CapEx Margin 20% 22% N/A 9% Net finance income/(cost) 23,870 (700) (245,464) (222,294) Profit/(loss) before tax 2,085,724 100,374 (1,849,568) 336,530 The Group is organised into two operating segments, Lifecare and Wellness, which is the basis on which the Chief Operating Decision Maker (CODM) reviews performance and allocates resources. Lifecare comprises the Physitrack, Physiotools and PT Courses businesses, providing digital exercise prescription, patient engagement and clinical workflow software to healthcare practitioners. Wellness comprises Champion Health, providing digital mental health and musculoskeletal support to employers. Costs that cannot be allocated appropriately to a segment, or that do not relate to the underlying businesses, are presented as Group. Revenue is also analysed by geography, grouped into four regions: the United Kingdom, Europe, North America and Rest of World. Performance of these segments for the period ended 30 September 2026 is as follows: 3. Operating segments and revenue Interim Report Q3 23
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9 Month period ended 30 September 2025 Lifecare EUR Wellness EUR Group EUR Total EUR Total revenues 8,422,568 1,104,300 - 9,526,868 Operating profit / (loss) 1,929,501 (186,403) (2,151,979) (408,881) Amortisation - Intangibles recognised on acquisition - - 716,184 716,184 Amortisation - Internally generated intangibles and depreciation 2,154,725 357,758 - 2,512,483 Total amortisation and depreciation 2,154,725 357,758 716,184 3,228,667 Items affecting comparability - - 722,534 722,534 Adjusted EBITDA 4,084,226 171,355 (713,261) 3,542,320 Adjusted EBITDA Margin 48% 16% N/A 37% CapEx (1,929,666) (138,997) - (2,068,663) Adjusted EBITDA less CapEx 2,154,560 32,358 (713,261) 1,473,657 Adjusted EBITDA less CapEx Margin 26% 3% N/A 15% Net finance cost (43,499) (3,442) (314,891) (361,832) Profit/(loss) before tax 1,886,002 (189,845) (2,466,870) (770,713) Expenses classified as Group represent those costs associated with the Group's merger and integration activities, amortisation of intangibles recognised on acquisition and senior management salary. These costs have been classified as Group as they either cannot be allocated appropriately to a segment or do not represent costs associated with the underlying businesses within the operating segment. When presented to the Chief Operating Decision Maker (CODM) these group-wide function costs remain unallocated. 3. Operating segments and revenue (continued) Interim Report Q3 24
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Period ended 30 September 2026 EUR Period ended 30 September 2025 EUR Lifecare United Kingdom 1,838,806 1,821,787 Europe 3,333,625 3,108,191 North America 1,734,386 1,607,792 Rest of the world 2,399,878 1,884,798 9,306,695 8,422,568 Wellness United Kingdom 999,394 1,104,300 999,394 1,104,300 Total 10,306,089 9,526,868 Revenue by product line Subscription fee 8,785,207 7,853,757 Custom app maintenance fee 447,239 460,651 Lifecare (One-off) 74,249 108,160 Wellness 999,394 1,104,300 Total 10,306,089 9,526,868 Revenue arising from the Group’s activities during the period, by geography and operating segment, was as follows: Revenue derived from subscription income streams is recognised over time. Other revenues are recognised at a point in time. 3. Operating segments and revenue (continued) Interim Report Q3 25
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Internally generated intangible asset Software Brand Customer relationships Goodwill Total EUR (€) Cost At 31 December 2024 21,374,559 749,545 594,569 961,204 17,859,230 41,539,107 Additions 1,979,546 85,049 - - - 2,064,595 Disposal of Subsidiary (252,230) (12,801) (66,513) (90,837) - (422,381) Exchange differences (996,973) (25,859) (2,589) (6,085) (479,809) (1,511,315) At 30 September 2025 22,104,902 795,934 525,467 864,282 17,379,421 41,670,006 Additions 739,672 48,481 - - - 788,153 Disposal of Subsidiary (233,804) (2) (338,258) (477,706) (1,447,164) (2,496,934) Impairment (223,903) - - - (5,414,064) (5,637,967) Exchange differences (21,246) (1,431) (391) 450 75,347 52,729 At 31 December 2025 22,365,621 842,982 186,818 387,026 10,593,540 34,375,987 Additions 2,346,516 42,495 - - - 2,389,011 Disposals (92,389) (6,891) - - - (99,280) Exchange differences 420,336 10,255 (2,007) 502 39,315 468,401 At 30 September 2026 25,040,084 888,841 184,811 387,528 10,632,855 37,134,119 Amortisation At 31 December 2024 14,031,873 327,211 341,587 608,164 - 15,308,835 Charge for the period 2,950,692 80,877 67,270 138,620 - 3,237,459 Disposal of Subsidiary (66,097) (17,930) - - (84,027) Exchange differences (659,449) (14,595) - - - (674,044) At 30 September 2025 16,257,019 375,563 408,857 746,784 - 17,788,223 Charge for the period 851,059 37,988 11,874 27,620 - 928,541 Disposal of Subsidiary (188,452) - (311,317) (423,095) - (922,864) Impairment (90,028) - - - - (90,028) Exchange differences (3,451) 271 - - - (3,180) At 31 December 2025 16,826,147 413,822 109,414 351,309 - 17,700,692 Charge for the period 2,530,017 62,077 8,552 17,971 - 2,618,617 Disposals (92,389) (6,891) - - - (99,280) Exchange differences 307,292 6,043 - - - 313,335 At 30 September 2026 19,571,067 475,051 117,966 369,280 - 20,533,364 Net book value At 31 December 2024 7,342,686 422,334 252,982 353,040 17,859,230 26,230,272 At 30 September 2025 5,847,883 420,371 116,610 117,498 17,379,421 23,881,783 At 31 December 2025 5,539,474 429,160 77,404 35,717 10,593,540 16,675,295 At 30 September 2026 5,469,017 413,790 66,845 18,248 10,632,855 16,600,755 4. Intangible assets Interim Report Q3 26 The internally generated intangible assets are directly attributable costs incurred in building and developing the SaaS platform. Software assets are directly attributable costs incurred in the implementation of new finance and operating systems within the Group. Brand, customer relationships and Goodwill balances were recognised on acquisition of subsidiaries in prior periods. Intangible assets relating to Wellnow and Fysiotest were derecognised during the prior year following the disposal of those subsidiaries. The carrying values of goodwill and other intangible assets attributable to these businesses were removed from the Group balance sheet on disposal.
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Items affecting comparability Definition Current period costs Prior year costs relate to Restructuring and rationalisation Costs incurred to resize or restructure operations, including redundancies, property exit costs, reorganisation spend and associated professional fees. Champion Health restructure costs including one-off reorganisation activity to simplify the Wellness cost base and accelerate the pivot to SaaS-led delivery. Cost incurred with the settlement of the ex-Champion Health founders including settlement and closure of loss making Champion Health Plus clinics Legal and settlement costs Significant legal fees and settlement amounts that are not reflective of recurring operating costs. Relates to the increase in the provision due to the finalisation of the settlement of the contingent liability outlined in Note 26 of the FY25 Annual Report and additional legal fees. Legal costs and settlement amounts primarily relating to the settlement of Champion Health founders. Strategic, corporate and integration activity One-off costs associated with strategic initiatives, corporate actions, integration activities and other non-recurring projects. N/A Corporate and strategic activity costs and one-off integration- related activity not allocable to an operating segment. Disposal and divestment- related costs Transaction and separation costs associated with business disposals, including committed financial support, professional fees and separation activities. N/A Costs incurred in relation to the divestment of Wellnow, Fysiotest (and other disposal- related activities where applicable), alongside Champion Health Plus closure costs Impairment of goodwill, intangible assets and contingent consideration Non-cash impairment charges arising where asset carrying values exceed recoverable amounts based on discounted cash flow assessments. N/A Impairment recognised in relation to the Wellness division following the strategic pivot and updated long-term growth assumptions. FX Revaluation Unrealised foreign exchange gains and losses on the retranslation of foreign currency balances that arose from items affecting comparability, such as settlement and divestment- related liabilities. Unrealised gain on the retranslation of foreign currency liabilities relating to previously recognised items affecting comparability. N/A Capital Reduction Legal and professional fees incurred on capital reorganisations, including court- approved reductions of capital, which do not form part of the Group’s ongoing operations. Professional fees for the cancellation of the Company’s share premium account, confirmed by the High Court on 30 June 2026 and effective 16 July 2026, creating distributable reserves (Note 11). N/A Interim Report Q3 27 Items affecting comparability refer to events and transactions whose effect on profits is important to note, particularly when the comparison of periodical profits comprises non-recurring costs in ordinary operations relating to the following: 5. Items affecting comparability
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Period ended EUR (€), unless otherwise stated 30 September 2026 30 September 2025 31 December 2025 Restructuring and rationalisation 54,435 722,534 345,867 Legal and settlement costs 128,915 - 277,843 FX Revaluation (12,643) - - Capital Reduction 11,583 - - Strategic, corporate and integration activity - - 135,506 Disposal and divestment related costs - - 331,069 Impairment of goodwill, intangible assets and fair value movement on contingent consideration - - 5,547,939 Items affecting comparability 182,290 722,534 6,638,224 Items affecting comparability are excluded from Adjusted EBITDA and Adjusted operating profit/(loss) to provide a clearer view of the underlying performance of continuing operations. These items may fluctuate between periods and are not expected to represent a consistent run-rate cost base. Compared to the prior year, the composition of items affecting comparability shifted toward legal and settlement costs, following the completed settlement of a 2018 legal matter. Interim Report Q3 28 5. Items affecting comparability (continued)
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30 September 2026 EUR 30 September 2025 EUR 31 December 2025 EUR Trade receivables 494,069 824,872 841,300 Accrued revenue 54,578 171,270 80,407 Other receivables 470,723 392,019 93,110 Prepayments and accrued income 392,407 470,600 310,801 1,411,777 1,858,761 1,325,618 6. Trade and other receivables 30 September 2026 EUR 30 September 2025 EUR 31 December 2025 EUR Trade payables 1,099,451 1,126,109 976,363 Accrued expenditure 335,585 628,721 728,295 Provision for legal dispute - 217,000 217,000 Other payables 188,933 19,040 219,595 Social security and other taxes 219,295 235,992 218,206 Corporation tax 102,392 137,866 161,496 1,945,656 2,364,728 2,520,955 7. Trade and other payables Interim Report Q3 29
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Interest bearing liabilities € Cash and cash equivalents € Net debt € As at 1 January 2025 (4,808,183) 723,386 (4,084,797) Repayment of loan 592,572 - 592,572 Non-cash movement (62,417) - (62,417) Cash movement - (101,750) (101,750) Foreign exchange 240,185 (18,301) 221,884 As at 30 September 2025 (4,037,843) 603,335 (3,434,508) Repayment of loan 120,720 - 120,720 Non-cash movement (20,211) - (20,211) Cash movement - 52,421 52,421 Foreign exchange (3,989) 828 (3,161) As at 31 December 2025 (3,941,323) 656,584 (3,284,739) Increase in borrowings (111,020) - (111,020) Non-cash movement (61,492) - (61,492) Cash movement - (181,072) (181,072) Foreign exchange (91,310) 7,230 (84,080) As at 30 September 2026 (4,205,145) 482,742 (3,722,403) 9. Net debt Net Debt is defined as total liabilities from financing, excluding directors’ loans, net of cash at bank and in hand. A reconciliation of movements in Net Debt from 1 January 2025 is provided below: 8. Related party transactions For the period ended 30 September 2026, EUR 261,621 (30 September 2025: EUR 209,677) was recognised as an expense in respect of services provided by Camelot Solutions, a company incorporated in Monaco, and Camelot Pictures, a subsidiary of Camelot Solutions incorporated in the US. These amounts relate to services provided in H Molin’s capacity as CEO. H Molin is a Director of both companies. At 30 September 2026, a balance of EUR nil (30 September 2025: EUR 64,690) was due to these companies. For the period ended 30 September 2026, EUR 2,867 (30 September 2025: EUR 87,708) was recognised as an expense to Mount Ash Consultants Limited, a company incorporated in the UK. J Goodwin is a Director of this company. At 30 September 2026, no trade payable balance was due to Mount Ash Consultants Limited (30 September 2025: EUR nil). Interim Report Q3 30
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Closure of Champion Health Plus Limited Clinics During the period, the Group exited its clinic-based operations within Champion Health Plus, following the strategic restructuring of the Wellness division announced on 24 November 2025. The closure formed part of a single coordinated plan to discontinue a distinct line of business, with all remaining Champion Health Plus clinics ceasing operations on 16 January 2026. The results of the clinic business have therefore been presented as discontinued operations, following IFRS 5, comprising trading up to the date of closure together with subsequent closure-related adjustments. In Q3 2026 the Group recognised a charge of EUR 8k within discontinued operations relating to the previously divested Fysiotest business. Financial performance of discontinued operations of Champion Health Plus The results of Champion Health Plus included in the Group’s consolidated statement of profit or loss were: 10. Discontinued operations Interim Report Q3 31 30 September 2026 € 30 September 2025 € 31 December 2025 € Net Sales 6,132 697,819 856,885 Expenses (148,674) (688,031) (895,790) Profit/(loss) from operating activities before taxes (142,542) 9,788 (38,905) Financial performance of discontinued operations Aggregated results of Wellnow, Fysiotest and Champion Health Plus included in the Group’s consolidated statement of comprehensive income were: 30 September 2026 € 30 September 2025 € 31 December 2025 € Wellnow - 78,477 (183,815) Fysiotest (59,736) (153,564) (1,912,986) Champion Health Plus (142,542) 9,788 (38,905) Loss from operating activities after taxes (202,278) (65,299) (2,135,706)
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Interim Report Q3 32 Capital reduction On 30 June 2026 the High Court confirmed the cancellation of the Company's share premium account of EUR 24,935,421. The order was registered at Companies House and became effective on 16 July 2026. The amount cancelled was credited to retained earnings, creating distributable reserves in the parent company. As part of the undertaking given for the protection of creditors, a special reserve of EUR 2,611,076 was established, equal to the trade payables and deferred income outstanding at 16 July 2026. The special reserve is not distributable and is released to retained earnings as those liabilities are settled and the related services are delivered. During the period EUR 1,504,987 was released. At 30 September 2026 the special reserve was EUR 1,106,089. Distributable reserves of the parent company were approximately EUR 8.1m at 30 September 2026 (16 July 2026: EUR 6.2m). Share buyback and own shares On 21 July 2026 the Board approved a share buyback programme of up to EUR 120,000 to 31 December 2026, and up to EUR 250,000 a year thereafter, solely to meet obligations under the Company's long-term incentive plan. The programme is executed by Pareto Securities under a discretionary mandate, in accordance with the safe harbour provisions of the EU Market Abuse Regulation. The programme commenced in August 2026. By 30 September 2026 the Company had repurchased 47,236 shares at a total cost of EUR 36,128 (average price EUR 0.76, SEK 8.52 per share). The shares are held in treasury, carry no voting or dividend rights and are deducted from equity. At 30 September 2026 the Company had 16,260,766 shares in issue, of which 47,236 were held in treasury and 16,213,530 were outstanding. 11. Share capital, reserves and own shares 12. Subsequent Events No significant events have occurred since the reporting date that require disclosure.
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Alternative key performance indicators Definition Purpose EBITDA Operating profit/(loss) before depreciation, amortisation, net finance costs and taxation. Provides a measure of operating performance before non- cash depreciation and amortisation and before the impacts of financing and taxation. EBITDA margin (%) EBITDA as a percentage of revenue. Provides an indication of operational efficiency and margin performance over time. Items affecting comparability Items that are considered material and not reflective of the underlying ongoing performance of the Group, including costs or credits associated with strategic, corporate, integration or restructuring activity, and other non-recurring items. Improves comparability between reporting periods by separating non-underlying items from operating performance. Adjusted EBITDA EBITDA excluding items affecting comparability. Provides a measure of underlying operating performance before the impact of items affecting comparability. Adjusted EBITDA margin (%) Adjusted EBITDA as a percentage of revenue. Provides an indication of underlying operating margin performance. Adjusted operating profit / (loss) Operating profit / (loss) excluding items affecting comparability. Provides a measure of underlying operating performance after depreciation and amortisation but before items affecting comparability. Adjusted operating margin (%) Adjusted operating profit/(loss) as a percentage of revenue Provides an indication of underlying operating margin after depreciation and amortisation. Operating cash flow before adjusting items Net cash generated from operating activities, adjusted to exclude cash flows relating to items affecting comparability and taxation. Provides additional insight into underlying cash generation from operating activities and facilitates comparability between periods. Free cash flow Cash generated by operations less capital expenditure and interest expense. Free cash flow provides a clear picture of the Company's financial health and liquidity by showing the actual cash available after operational expenses and capital expenditures. Adjusted EBITDA less CapEx Adjusted EBITDA less capital expenditure. Provides an indicator of cash generation from underlying operations after investment in capital expenditure. Net debt Interest-bearing borrowings and lease liabilities less cash and cash equivalents. Provides a measure of leverage and liquidity, and the Group’s ability to service its debt obligations. Constant currency revenue growth (%) Revenue growth calculated on a constant currency basis, removing the effect of foreign exchange movements between periods. Provides an indication of underlying revenue performance excluding the impact of currency fluctuations. Pro forma Prior period revenue restated to reflect the closure of low-margin clinics to align to the current Group structure for like-for-like comparability. Provides a useful like-for-like measure of metric performance where Group structure has changed. Interim Report Q3 33 A p p e nd i x 1 D e f i n i t i o n o f K e y P e r f o r m a n c e I n d i c a t o r s
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SaaS Metrics Definition Formulas Purpose Annual Recurring Revenue (ARR) Annualised value of recurring subscription revenue at the end of the relevant reporting period. Recurring subscription revenue for the final month of the quarter × 12 Key indicator of recurring revenue run-rate and revenue visibility. Customer Growth Rate (%) Change in the number of licences over the period. (Licences in final month of the period − licences at start of period) ÷ licences at start of period × 100 Measures customer/seat growth and commercial momentum. Average monthly Churn Rate (%) Rolling 12-month monthly recurring revenue (“MRR”) churn expressed as a percentage of average MRR over the same period. (Churn MRR − reactivation MRR) ÷ average MRR × 100 Measures revenue attrition and retention performance. Net Revenue Retention (NRR) Rolling 12-month change in recurring revenue generated from existing customers, including expansion and contraction. (MRR at start + expansion − contraction − churn) ÷ MRR at start × 100 Measures the ability to retain and expand revenue from the existing customer base. Annual Recurring Revenue Per Licence (ARPL) ARR divided by the number of licences at period end. ARR ÷ licences in final month of the period Indicates monetisation per licence and pricing outcomes. SaaS Gross Margin SaaS revenue less directly attributable SaaS cost of sales, as a percentage of SaaS revenue. (SaaS revenue − SaaS cost of sales) ÷ SaaS revenue × 100 Measures unit economics and profitability of the SaaS delivery model. Customer Lifetime Value (CLTV) Estimated lifetime revenue per customer based on revenue per account and churn assumptions. Average revenue per account ÷ 6-month trailing churn rate Indicates expected customer value and supports long-term customer economics analysis. ARR per Employee Annual recurring revenue generated per average employee headcount for the period. ARR / Average Periodic Headcount Provides a view of operational efficiency by measuring how much recurring revenue is generated per employee, helping assess productivity, scalability, and the impact of headcount changes on performance. Interim Report Q3 34 A p p e nd i x 2 D e f i n i t i o n o f S a a S M e t r i c s
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Revenue growth 3 Month period ended Movement Performance revenue growth (%) EUR (€), unless otherwise stated 30 September 2026 30 September 2025 Actual Actual Lifecare 3,293,639 2,870,212 423,427 15 Wellness 332,992 324,882 8,110 2 Total revenue 3,626,631 3,195,094 431,537 14 30 September 2025 / 2024 Statutory revenue 3,195,094 3,353,125 N/A N/A Movement 431,537 (158,031) N/A N/A Movement % 14 (5) N/A N/A Revenue growth 9 Month period ended Movement Performance revenue growth (%) EUR (€), unless otherwise stated 30 September 2026 30 September 2025 Actual Actual Lifecare 9,306,695 8,422,568 884,127 10 Wellness 999,394 1,104,300 (104,906) (9) Total revenue 10,306,089 9,526,868 779,221 8 30 September 2025 / 2024 Statutory revenue 9,526,868 10,279,535 N/A N/A Movement 779,221 (752,667) N/A N/A Movement % 8 (7) N/A N/A Interim Report Q3 35 A p p e nd i x 3 R e c o n c i l i a t i o n T a b l e f o r A l t e r n a t i ve K e y P e r f o r m a n c e M e a s u r es
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Subscription revenue as a proportion of total revenue (%) EUR (€), unless otherwise stated 3 Month period ended / 9 Month period ended / Year ended 30-Sep-26 30-Sep-25 30-Sep-26 30-Sep-25 31-Dec-25 Subscription 3,077,654 2,644,828 8,785,207 7,853,757 10,522,401 (+) Maintenance 154,337 156,033 447,239 460,651 626,164 (+) Wellness (Subscription) 189,183 224,217 605,517 751,501 949,589 (=) Total recurring revenue 3,421,174 3,025,078 9,837,963 9,065,909 12,098,154 (+) Wellness (One-off) 143,809 100,665 393,877 352,799 453,208 (+) Lifecare (One-off) 61,648 69,351 74,249 108,160 111,074 (=) Total revenue 3,626,631 3,195,094 10,306,089 9,526,868 12,662,436 Subscription revenue as a proportion of total revenue % 94 95 95 95 96 Interim Report Q3 36 R e c o nc i l i at i o n T ab l e f o r A l t e r nati v e K e y P e r f o r m a n c e M e asure s ( c o n t i n u e d )
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EBITDA, EBITDA margin, items affecting comparability, adjusted EBITDA and adjusted EBITDA margin EUR (€), unless otherwise stated 3 Month period ended / 9 Month period ended / Year ended 30-Sep-26 30-Sep-25 30-Sep-26 30-Sep-25 31-Dec-25 Operating profit / (loss) 245,977 (132,815) 558,824 (408,881) (6,090,729) (+) Depreciation and amortisation Intangibles recognised on acquisition 91,385 420,324 275,779 716,184 851,357 Internally generated intangibles and depreciation 780,583 802,869 2,355,650 2,512,483 3,318,343 (=) EBITDA 1,117,945 1,090,379 3,190,253 2,819,786 (1,921,029) EBITDA margin, % 31 34 31 30 (15) (+) Total items affecting comparability - 119,377 182,290 722,534 6,638,224 Adjusted EBITDA 1,117,945 1,209,756 3,372,543 3,542,320 4,717,195 Adjusted EBITDA margin, % 31 38 33 37 37 Operating profit, operating profit margin, adjusted operating profit and adjusted operating profit margin EUR (€), unless otherwise stated 3 Month period ended / 9 Month period ended / Year ended 30-Sep-26 30-Sep-25 30-Sep-26 30-Sep-25 31-Dec-25 Operating profit / (loss) 245,977 (132,815) 558,824 (408,881) (6,090,729) Operating profit / (loss) margin, % 7 (4) 5 (4) (48) (+) Total items affecting comparability - 119,377 182,290 722,534 6,638,224 Adjusted Operating profit / (loss) 245,977 (13,438) 741,114 313,653 547,495 Adjusted Operating profit / (loss) margin, % 7 (0) 7 3 4 Interim Report Q3 37 R e c o nc i l i at i o n T ab l e f o r A l t e r nati v e K e y P e r f o r m a n c e M e asure s ( c o n t i n u e d )
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Earnings per share EUR (€), unless otherwise stated 3 Month period ended / 9 Month period ended / Year ended 30-Sep-26 30-Sep-25 30-Sep-26 30-Sep-25 31-Dec-25 Net profit / (loss) 149,093 (294,322) 256,428 (767,689) (6,572,747) Number of shares Ordinary 16,245,907 16,260,766 16,255,759 16,260,766 16,260,766 Dilutive 16,245,907 16,260,766 16,255,759 16,260,766 16,260,766 Earnings per share Basic (continuing operations) 0.01 (0.02) 0.02 (0.05) (0.40) Diluted (continuing operations) 0.01 (0.02) 0.02 (0.05) (0.40) Interim Report Q3 38 R e c o nc i l i at i o n T ab l e f o r A l t e r nati v e K e y P e r f o r m a n c e M e asure s ( c o n t i n u e d ) Adjusted earnings per share EUR (€), unless otherwise stated 3 Month period ended / 9 Month period ended / Year ended 30-Sep-26 30-Sep-25 30-Sep-26 30-Sep-25 31-Dec-25 Net profit / (loss) 149,093 (294,322) 256,428 (767,689) (6,572,747) (+) Total items affecting comparability - 119,377 182,290 722,534 6,638,224 Adjusted net profit / (loss) 149,093 (174,945) 438,718 (45,155) 65,477 Number of shares Ordinary 16,245,907 16,260,766 16,255,759 16,260,766 16,260,766 Dilutive 16,245,907 16,260,766 16,255,759 16,260,766 16,260,766 Adjusted earnings per share Basic (continuing operations) 0.01 (0.01) 0.03 (0.00) 0.00 Diluted (continuing operations) 0.01 (0.01) 0.03 (0.00) 0.00 (0.05)
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Adjusted EBITDA and adjusted EBITDA less CapEx margin EUR (€), unless otherwise stated 3 Month period ended / 9 Month period ended / Year ended 30-Sep-26 30-Sep-25 30-Sep-26 30-Sep-25 31-Dec-25 EBITDA 1,117,945 1,090,379 3,190,253 2,819,786 (1,921,029) CapEx (804,157) (764,790) (2,414,807) (2,068,663) (2,845,043) EBITDA less CapEx 313,788 325,589 775,446 751,123 (4,766,072) (+) Total items affecting comparability - 119,377 182,290 722,534 6,638,224 Adjusted EBITDA less CapEx 313,788 444,965 957,736 1,473,657 1,872,152 Adjusted EBITDA less CapEx margin (%) 9 14 9 15 15 Interim Report Q3 39 R e c o nc i l i at i o n T ab l e f o r A l t e r nati v e K e y P e r f o r m a n c e M e asure s ( c o n t i n u e d )
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Further information For further information, please contact Henrik Molin, CEO: ir@physitrack.com, +44 208 133 9325 Matthew Poulter, CFO: ir@physitrack.com, +44 208 133 9325 Financial calendar Q3 Report (1 January - 30 September 2026) - 20 October 2026 Q4 Report and Annual Report (1 January - 31 December 2026) - 26 February 2027