Atrys Health (ATRY) Q2 2026 earnings summary

Executive summary

• Revenue grew 9.4% year-over-year in H1 2026 to €77.7M, with Q2 growth accelerating to 12.3%.

• EBITDA increased 21.3% to €9.3M, with margin improvement to 11.9% and adjusted EBITDA growth exceeding 44% excluding accounting effects.

• Strong regional performance: Latin America up 26.1% (Mexico +151.1%), Portugal up 6.7%, Spain up 1.3%.

• Sale of Prevention Division/ASPY in January 2026 for €145M enabled a €141M net debt reduction and transformational deleveraging.

• New organizational model by geography implemented in 2026, driving Opex efficiencies and profitability.

Financial highlights

• Gross margin rose 6.6% to €32.7M, though margin on revenue declined to 42.0% from 43.1% due to business mix.

• Operating cash flow surged 191.5% to €7.2M, driven by EBITDA growth and lower CAPEX.

• Net financial debt dropped 79.2% to €35.4M as of June 2026 after ASPY sale.

• Financial expenses fell 43.3% year-over-year, with €4.4M in savings due to deleveraging.

• Consolidated net loss narrowed to €6.4M from €9.4M in 1H 2025.

Outlook and guidance

• 2026 guidance maintained: revenue €156.5M (+11%), EBITDA €20.5M (+40%), operating cash flow €13.5M (+125%).

• Ongoing debt reorganization to align with the 2026-2028 Strategic Plan.