Atrys Health (ATRY) Q1 2026 earnings summary

Executive summary

• Revenue grew by 6.3% year-over-year in Q1 2026 to €37.5 million, driven by strong performances in Portugal, Latin America (notably Mexico), and Spain's radiology and radiotherapy segments.

• EBITDA increased by 15.4% to €4.1 million, with notable growth in Oncology (+47.6%), Nuclear Medicine (+27.7%), and Diagnostic Imaging (+14.1%).

• Net financial debt dropped by 81.1% after the Prevention/ASPY division sale, significantly improving financial efficiency and capital structure.

• Operating cash flow surged 55.5% to €3.3 million, supported by EBITDA growth and a 44.7% reduction in CAPEX.

• A new organisational model was implemented, focusing on geographical areas and management discipline to drive profitability and efficiency.

Financial highlights

• Q1 2026 revenue: €37.5M (+6.3% YoY); EBITDA: €4.1M (+15.4% YoY); operating cash flow: €3.3M (+55.5% YoY).

• Gross margin rose by 4.8% to €15.6M, with margin on revenue slightly normalising to 41.6%.

• Capital expenditure reduced to €0.8M from €1.4M in Q1 2025, mainly due to lower R&D spend.

• Net debt dropped by 81.1% versus December 2025, following the Prevention/ASPY division sale.

• Financial expense savings of €2.4 million in Q1 2026.

Outlook and guidance

• 2026 guidance maintained: revenue +11%, reported EBITDA +40%, operating cash flow +125% (€13.5M).

• Strategic plan for 2026–2028 to be presented in the coming months.