Physitrack's Q3 2026 report was mixed versus our expectations. Revenue grew 14% YoY (11% in constant currency) to EUR 3.63m, 3% above our EUR 3.51m estimate and the strongest growth since 2023, while adjusted EBITDA of EUR 1.12m was broadly in line with our forecast (2% below our EUR 1.14m estimate). Group ARR, however, came in at c.EUR 13.5m against our EUR 14.0m estimate, roughly flat QoQ (Q2 2026: EUR 13.6m), as Wellness lost one large enterprise customer. The highlight was EMR: since the 28 September launch, more than 480 clinics representing over 4,700 users have joined early access, well above the c.100 clinics and 500 users at launch. We expect only limited changes to our estimates.
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