Atrys Health (ATRY) Q4 2025 earnings summary

Executive summary

• Revenue grew by 8.5% year-over-year to €141.0M in 2025, driven by strong performance in Oncology, especially in Spain (+15%) and Mexico (+77%).

• Sale of the Prevention Division (ASPY) in January 2026 for €145M significantly reduced net debt from €170.6M to €27.2M and will lower annual financial expenses by €13M–€16M.

• Strategic focus shifted to high-growth, high-cash-flow business areas, with strict capital discipline introduced for 2025.

• Opened new advanced radiotherapy and oncology centers in Spain, Mexico, and Brazil, expanding international presence.

• Consolidated result for the year was €100.5M, mainly due to the accounting impact of the ASPY sale.

Financial highlights

• Oncology revenue grew 19.1% to €75M, while Diagnostics declined 1.5% to €65.9M.

• Gross margin declined from 46.6% to 41.2% due to a higher mix of lower-margin business and increased drug costs in Spain.

• Adjusted EBITDA fell 32.1% to €20.5M, mainly due to lower R&D revenue and grants.

• CAPEX increased by 3.2% to €9.3M, reflecting expansion investments, while maintenance and R&D CAPEX dropped by 22.7%.

• Adjusted operating cash flow decreased by 47% year-over-year to €11.2M, impacted by lower EBITDA and higher expansion CAPEX.

Outlook and guidance

• 2026 guidance projects revenue growth of 11% to €156.5M and a 40% increase in reported EBITDA to €20.5M.

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

• Strategic plan for 2026–2028 to be presented in 2Q 2026.