Physitrack released preliminary Q4 2025 figures this morning, which were broadly in line with our expectations. The main highlights include continued margin expansion and improved free cash flow (FCF) for FY 2025, reflecting the focus on operational efficiency. Yet, sales growth stalled during the quarter; while this remains our primary concern within the reported figures, it was also consistent with our existing forecasts. We maintain our current estimates and valuation for now and will await the full report on 27 before making any adjustments.
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