FamiCord (V3V) Q4 2025 earnings summary

Executive summary

• Group revenue grew 7.3% year-over-year to €88.2 million in 2025, with EBITDA up 12.3% to €10.6 million and gross profit rising 22.0% despite Q4 headwinds.

• Strong client shift toward recurring subscription services improved long-term revenue visibility but strained operating cash flow.

• CAR-T activities were deprioritized, with investment discontinued and the stake diluted below 50%, now reported as discontinued operations.

• Positive developments in Cryo-Save client conversion, with over 50,000 families signed and ongoing upsell efforts.

• Efficiency measures and operational streamlining were introduced to enhance headroom and focus on core family stem cell banking.

Financial highlights

• Recurring revenues reached €22.7 million in 2025, with total invoiced B2C services up 1.5% to €74.7 million.

• Operating cash flow declined 58.5% year-over-year to €3.6 million, mainly due to the shift to subscription contracts.

• Cash and cash equivalents fell 29.4% to €11.9 million at year-end.

• Net income turned negative at €-5.0 million due to substantial non-cash goodwill impairments.

• Earnings per share improved to -€0.26 from -€0.66 year-over-year.

Outlook and guidance

• Revenue guidance for 2026 is set at €80–90 million, with group EBITDA expected between €9.0–11.0 million, assuming stable exchange rates.

• Management anticipates continued consumer reluctance and subdued new customer business due to macroeconomic and geopolitical uncertainties, including low birthrates and rising energy prices.

• Subscription base is expected to grow, but prepayment trends remain uncertain.