Atrys Health (ATRY) Q4 2025 earnings summary

Executive summary

• FY2025 revenue rose 8.5% to €141,007k from €129,977k, driven mainly by Oncology.

• Consolidated net loss widened to €100,547k from €32,006k, with the ASPY sale and impairment/disposal accounting affecting the result.

• The January 2026 Prevention Division (ASPY) sale for €145M reduced net debt from €170.6M to €27.2M.

Financial highlights

• Adjusted EBITDA fell 32.1% to €20.5M, while adjusted EBITDA margin declined to 14.6% from 23.2%, reflecting lower R&D activity and grant income.

• Gross margin fell to 41.2% from 46.6%, pressured by business mix and higher oncology drug costs in Spain.

• Operating result was a loss of €41,744k versus income of €1,484k; net financial result improved to a loss of €14,457k from €21,975k.

• Consolidated operating cash flow was negative €1,559k versus positive €2,997k; year-end cash and equivalents were €17,499k, down from €20,365k.

• Adjusted operating cash flow fell 47% to €11.2M, reflecting lower EBITDA and higher expansion CAPEX.

Outlook and guidance

• 2026 guidance targets revenue of €156.5M, up 11%, and a 40% increase in reported EBITDA to €20.5M; double-digit organic growth is expected.

• 2026 CAPEX is expected to decline 24.7%, with operating cash flow more than doubling.

• A 2026–2028 strategic plan is scheduled for presentation in 2Q 2026.