Financial results presentation 3Q 2025.

14th November 2025

Financial Results Presentation 3Q 2025

Highlights 9M25

Key Financials 9M25

€168.4M +8.2% Revenue

€105.2M +2.5% Gross Margin (APM)

€27.9M (10.5)% Adj. EBITDA (APM)

€9.3M +17.7% CAPEX (APM)

Operating Highlights 9M25

Grand opening (June 2025): Advanced Oncology Institute of Madrid (IOA).

Spain: Tele-stroke service launched.

Spain (Nuclear Medicine): Theragnostics treatments expected to start in 2H25.

Mexico: New Medical Oncology center opened; two additional centers planned for 2H25.

Mexico: Tele-cardiology activity launched. Brazil: Medical Oncology service launched.

Summary

During the first nine months of 2025, Atrys continued to deliver solid and sustained organic growth, recording an 8.2% year-to-date increase. Growth accelerated to +9.2% in Q3 2025, compared with 7.8% in H1 2025, driven primarily by those business areas and geographies where the Group holds a strong strategic position and/or market leadership.

The Medical Oncology division delivered outstanding performance, with revenue growth of +21.6% in Spain, supported by robust demand and early signs of margin normalization, and +63% in Mexico, reflecting strong momentum from the opening of new treatment centers.

As part of the strategic review launched in Q2 2025 across the Group's business areas, aimed at focusing resources on segments with the highest growth potential, Atrys has executed the divestment of its Occupational Health E Prevention division for €145 million.

This transaction represents a key milestone in value creation for shareholders, positioning Atrys as a pure-play Oncology and Diagnostics company. It is expected to accelerate the Group's organic revenue growth profile, enhance financial flexibility - with a healthy balance sheet (~1x Net Debt / Adjusted EBITDA) - and unlock cash flow to fuel future expansion while improving ROIC within the Oncology and Diagnostics segments.

3

Key financials 9M25

Revenues

Gross Margin (APM)

Adj. EBITDA (APM)

CAPEX(APM)

Adj. Operating Cash flow(APM)

+8.2%

(20.2)%

+17.7

%

(10.5)%

+2.5%

9M24 9M25

Unaudited Figures in millions EUR.

9M24 9M25

This was primarily due to cost increases associated with a higher incidence of patients and an increase in the cost of medicines.

9M24 9M25

The cost-saving plan launched in 2024 has enabled a significant containment of personnel and operating expenses. Personnel costs increased by only 1.8% year-on-year, despite higher activity levels compared with 9M24, while operating expenses decreased by 0.3%.

Excluding this effect, Adjusted EBITDA

9M24 9M25

During the first nine months of 2025, Maintenance CAPEX decreased by 14.3% compared with the same period of the previous year.

9M24 9M25

Excluding the impact of the lower level of RKD grant income and the higher level of Expansion CAPEX, Adjusted Operating Cash Flow would have increased by 15.2%.

(APM) See Alternative Performance Measures definitions in Annex II.

Key financial 9M25 by business segment

Revenues / EBITDA (APM)

Revenues / EBITDA (APM)

Revenues / EBITDA (APM)

+5.9%

+0.3%

+21.2%

+9.3%

+13.9%

+2.9%

9M24

9M25

9M24

9M25

9M24

9M25

Unaudited Figures in thousands EUR.

(APM) See Alternative Performance Measures definitions in Annex II. 5

Key financial 9M25 by business segment

% Revenue by Business Segment % EBITDA (APM) by Business Segment

Unaudited Figures in thousands EUR.

(APM) See Alternative Performance Measures definitions in Annex II. 6

Portugal

+8.9%

12.1M€

Colombia

+15.2%

4.0M€

Revenues by Geograpghy 9M25

Unaudited Figures in millions EUR.

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Oncology

3Q24

4Q24

1Q25

2Q25

3Q25

LTM Revenue and Gross Margin (%) Trend

Revenue.

% Gross Margin on Revenues.

Unaudited Figures in thousands EUR.

LTM = 12 month from OCT 2024 - SEP 2025.

(APM) See Alternative Performance Measures definitions in Annex II

Medical Oncology Spain: Revenue reached €35.6 million in the first nine months of 2025, representing +21.6% growth vs. 9M24, driven by strong demand for capitation management services from the insurance sector. Gross Margin over Revenue is showing progressive normalisation, standing at 28.0% in 9M25 compared with 32.5% in 9M24, mainly due to an increase in the average cost per treatment session and a higher incidence rate, which impacted the Gross Margin in the early months of the year (25.5% in Q1 2025 rising to 28.8% in Q3 2025).

Medical Oncology Mexico: Revenue reached €6.2 million in 9M25, representing +63.1% growth vs. 9M24. The Group currently operates four infusion centres for cancer treatment - one opened in H2 2024, another in H1 2025, a third in Q3 2025, with an additional opening planned for Q4 2025.

The start of operations at the compounding centre in late 2024, which supplies both our infusion centres and third parties, has led to a significant improvement in the Gross Margin over Revenue, reaching 22.1% in 9M25, compared with 16.7% in 9M24.

Radiotherapy Spain: Revenue reached €3.7 million in the first nine months of 2025, representing a +14.9% increase vs. 9M24, driven by the opening of the IOA Madrid radiotherapy centre in July 2025, which is showing an excellent ramp-up in activity. The Gross Margin over Revenue stood at 87.0% in 9M25, compared with 86.6% in 9M24.

Portugal: Revenue reached €9.8 million in the first nine months of 2025, representing a +5.5% increase year-on-year (vs. 9M24). Gross Margin over Revenue stood at 43.3% in 9M25, compared with 50.8% in 9M24, reflecting higher costs associated with Nuclear Medicine activities.

We expect to reach a strategic agreement with a hospital group before year-end, which, together with the implementation of efficiency measures

and increased activity levels, will help stabilise operations in Portugal. 8

Diagnostics

FX impact

in LatAm

(600) Mil €

3Q24

4Q24

1Q25

2Q25

3Q25

LTM Revenue and Gross Margin (%) Trend

Unaudited Figures in thousands EUR.

LTM = 12 month from OCT 2024 - SEP 2025.

(APM) See Alternative Performance Measures definitions in Annex II

Telemedicine: Revenue reached €32.8 million in the first nine months of 2025, representing +1.7% growth vs. 9M24, despite a 5.4% decline in revenue from Chile. This decrease reflects the strategic decision to discontinue business lines that contributed volume but did not meet minimum profitability thresholds. In the rest of the countries, demand for telemedicine services remains robust, with growth of +22,6% in Spain,

+15.6% in Colombia, and +2.9% in Brazil.

The Gross Margin over Revenue for the division remained stable at 46.1% in 9M25 vs. 46.0% in 9M24, with a notable improvement in Chile's Gross Margin, which reached 40.3% in 9M25 compared with 38.6% in 9M24.

Pathology/Genetics Laboratories: Revenue reached €14.3 million in the first nine months of 2025, representing +19.3% growth vs. 9M24, driven by strong demand for HPV testing in the Genetics division, which recorded a 111.9% increase in revenue vs. 9M24. However, a slowdown in HPV testing volumes is expected in the coming months.

Gross Margin over Revenue stood at 64.8% in 9M25 vs. 66.8% in 9M24. The decline in Gross Margin is due to the higher contribution of the Genetics division, which has a lower Gross Margin over Revenue compared with the Pathology division.

Nuclear Medicine: Revenue reached €3.6 million in the first nine months of 2025, representing +1.1% growth vs. 9M24, with some slowdown in growth during Q3 2025 due to technical shutdowns at one of the centres in Barcelona.

The Gross Margin over Revenue stood at 58.3% in 9M25 vs. 57.5% in 9M24, reflecting an improvement in the test mix towards higher-priced procedures.

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Rationale for the divestment of the Prevention segment

Focus on businesses with higher growth potential and financial discipline

The Enterprise Value of the transaction amounts to €145 million, subject to: i) approval by Atrys' General Shareholders' Meeting, ii) authorisation from the lenders of Atrys' Term Loan B, and iii) clearance from the CNMC (Spanish National Markets and Competition Commission). Closing and settlement are expected during Q1 2026.

Unaudited Figures in thousands EUR.

LTM = 12 month from OCT 2024 - SEP 2025.

(APM) See Alternative Performance Measures definitions in Annex II

Focus on Core Verticals: Oncology and Diagnostics - more defensive and scalable businesses, with commercial synergies (with Healthcare Groups and Health Insurers) and a distinctive Value-Based Healthcare proposition.

These verticals offer greater international expansion potential and a clear

leadership position in Medical Oncology and B2B Telemedicine.

Accelerates organic revenue growth: LTM 7.4% → 11.6%; 9M 8.2% → 13.4% ex-Prevention. The growth profile shifts from mid-single-digit to low-to-mid double-digit levels.

Improves ROIC and reduces complexity: Requires less capital for Group growth and reduces operational complexity, enabling reinvestment in business segments with the highest growth potential.

Accounting impact of the divestment: The transaction will result in an accounting loss of €44 million. The divestment of the Prevention division will also lead to a reduction in the Group's annual depreciation and amortisation charges of €6.9 million.

ANNEX I

Financial Information

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Quarterly trends in key financial metrics

Cifras no auditadas en miles de euros.

(MAR) Ver Anexo II definición Medidas Alternativas de Rendimiento.

Cifras ejercicio 2023 pro forma excluyendo Conversia del perímetro del Grupo.

ANNEX II

Alternative Performance Measures Definitions

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Alternative Performance Measures Definitions

Gross Profit: Net revenue minus cost of goods sold. Considered a performance measure as it

shows net sales after deducting the costs incurred to achieve such sales. Gross

Margin over

Revenue = Gross Profit / Revenue.

EBITDA: Sum of Gross Profit, "Work performed by the Group for its assets," "Other

operating

income," "Allocation of grants for non-financial fixed assets and others," and

"Operating

expenses," subtracting from other operating expenses the client provisions

corresponding to

income generated in prior years and other provisions that do not entail a cash outflow.

Adjusted EBITDA: EBITDA excluding non-recurring ("one-shot") expenses (e.g., capital

markets/MEA operations; severance for eliminated positions; effects of employee incentive plans remunerated in shares; extraordinary non-recurring provisions; other optimization initiatives with upfront cost and payback within 12 months). Also includes manager incentive plans recognized as expense without cash outflow. Additionally, 12-month cost-saving synergies identified in a specific Cost-Saving Plan will be counted as recurrent EBITDA.

Adj. EBITDA on Revenue = Adj. EBITDA / Revenue.

Adj. EBITDA per share = EBITDA (MAR) / total shares outstanding.

CAPEX: Cash outflows related to the Group's productive capacity and asset profitability (from

consolidated cash-flow statement, investing activities), excluding business

acquisitions. Includes buildings, machinery, technology, equipment.

RKD CAPEX: Investment in assets related to the Group's RED activity (sum of additions to

Development and to Industrial Property within Intangible Assets). Linked to projects expected to

generate future revenue from new activities.

Operating Cash Flow: EBITDA − CAPEX − RED CAPEX.

Adjusted Operating Cash Flow: Adj. EBITDA − CAPEX − RED CAPEX.

Gross Financial Debt: Sum of Debts with financial institutions, debts with public entities, MARF bond program, Convertible Bonds, and acquisition-related loans payable with cash.

Net Financial Debt: Gross financial debt minus cash and cash equivalents, deposits/guarantees, and other immediately liquid assets or assets intrinsically tied as collateral to any gross debt items.

Working Capital: Current assets minus current liabilities.

Net debt leverage ratio: Net Financial Debt / Adjusted EBITDA

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