Financial Results Presentation
FY 2025
Hightlights FY 2025
Key Financials FY 2025
€141,0M | +8,5% | Revenue |
€58,1M | (4,2)% | Gross Margin (APM) |
€20,5M €9,3M | (32,1)% +3,2% | Adj. EBITDA (APM) CAPEX (APM) |
€11,2M | (47)% | Adj. Operating Cash Flow (APM) |
€170,6M | +6,9% | Net Debt (APM) |
Operating Highlights FY 2025
Sale of the Prevention Division in January 2026 for €145 million.
Reduction in net debt following the sale of the Prevention Division from €170.6 million to €27.2 million, and in financial expenses by €13 million per year.
Opening of the IOA MADRID advanced radiotherapy centre in June 2025.
Launch of a medical oncology service in Brazil.
Opening of two new medical oncology infusion centres in Mexico (Hermosillo and Monterrey) and an additional one in Sentura in January 2026.
Summary
Strict capital discipline will be introduced in 2025
In the 2025 financial year, ATRYS recorded organic growth of +8.5%, particularly in those business areas and regions where it holds a strategic position that we consider to be solid and/or a market-leading one, with notable growth in the Medical Oncology sector, both in Spain and Mexico, which recorded growth of 15% and 77%, respectively.
As part of the strategic review of the Group's various business areas initiated in Q2 2025, with the aim of focusing resources on those business areas with the greatest potential for growth and cash flow generation, the following actions have been taken:
Completion of the sale of the Prevention Division for €145 million in January 2026.
Optimisation of the RKD project portfolio (liquid biopsy based on multi-omic
technology).
Comprehensive review of the value of all assets and impairment based on expected value generation capacity.
We consider these decisions to be key to creating value for our shareholders by enabling ATRYS to position itself as a leading player in Oncology and Diagnostics, accelerating the organic revenue growth profile and significantly strengthening the company's balance sheet by reducing, following the sale of the Prevention Division, the company's net debt from €170.6 million to €27.2 million, with the consequent positive impact this will have on reducing financial expenses in the 2026 financial year, freeing up cash flows that will be allocated to driving the business areas with the greatest potential.
2026 Guidance
Revenue:
Reported EBITDA:
CAPEX:
+11%
+40%
(24,7)%
La Compañía presentará durante 2Q 2026 su Plan estratégico 2026-2028.
Audited Figures.
(APM) See Alternative Performance Measures definitions in Annex II
2025 Activity KPI's
Oncology Diagnostics
4.426
Oncology patients treated
+16,5%
85 mil
Oncology procedures
+16,3%
85
Medical oncologists
46
Centres providing medical oncology services
ESP / PT / MX
8,6M
Online diagnostics
+13.7%
487 mil
Diagnostics: Pathology / Genetics
+6.1%
45 mil
Nuclear Medicine diagnostics
+2.0%
4
In-house Pathology/ Genetics laboratories in ESP / PT
4
Nuclear Medicine centres in ESP / PT
Key financials FY 2025
Revenues Gross Margin(APM) Adj. EBITDA(APM) CAPEX(APM) Adj. Operating Cash Flow(APM)
+8,5%
141,0
130,0
2024 2025
60,6 58,1
(4,2)%
2024 2025
20,5
30,2
(32,1)%
2024 2025
(9,1) (9,3)
+3,2%
2024 2025
11,2
21,1
(47)%
2024 2025
The 8.5% increase in turnover is driven by growth in the Oncology division (+19.1%), with particularly strong growth in Medical Oncology in Spain and Mexico (+15% and
+77%, respectively), and a decline in turnover in the Diagnostics division of (1.5)% due to the performance of the Genetics and Pathology division in Spain (9.6%) and Chile (8.1)%.
The gross margin as a percentage of turnover falls from 46.6% in 2024 to 41.2% in 2025 due to the increased weighting within the gross margin mix of those business areas with lower gross margins as a percentage of turnover, as well as a temporary reduction in the Gross Margin of the Medical Oncology division in Spain, which falls from 34.9% to 26.4% due to cost increases associated with a higher incidence of patients and rising drug costs that could not be passed on through price increases during 2025.
The cost-saving plan launched in the 2024 financial year has enabled a containment of staff costs, which amount to €32.5 million in 2025 compared with €31.5 million in 2024. Excluding the increase in severance pay associated with the cost-saving plan, staff costs in 2025 would fall by 1.3%.
Adjusted EBITDA falls from €30.2 million in 2025 to €20.5 million due to a €6 million reduction in revenue, resulting from a lower volume of work on RKD assets associated with a more conservative strategy and lower revenue from grants.
CAPEX investment in 2025 amounts to €9.3 million, an increase of 3.2% compared with 2024, due to the rise in expansion CAPEX investment, which in 2025 amounts to €3.9 million due to the opening of the Madrid IOA and new centres in Mexico, compared to
€2.0 million in 2024; meanwhile, CAPEX investment in maintenance and RKD will fall by 22.7% in 2025 compared to 2024, linked to the lower level of investment required following the review of the RKD project portfolio.
Adjusted operating cash flow in 2025 is down by 47.0% compared with 2024, due to lower adjusted EBITDA and an increase in expansion CAPEX in 2025.
2025 Revenue by geography
+7,1%
16,1M€
Colombia+17,2%
5,5M€
Portugal
11,5% | 12,4% | Brazil | ||||||
Spain | LatAm | Chile | 13,0% | (3,3)% 5,7M€ | ||||
+8,9% 80,6M€ | 57,2% | 31,4% | +6,0% 44,2M€ | (8,1)% 23,6M€ | 53,3% | 21,4% | Mexico | |
+77,2% 9,4M€ | ||||||||
Audited Figures
(1) Figures for the 2024 financial year have been restated to classify the pre-tax income and expenses of Aspy Global Services S.A.U. and its subsidiaries as discontinued operations. 6
Oncology
A 19.1% increase in turnover in the Oncology segment, driven by growth in Medical Oncology in Spain (+15%) due to new contracts with health insurers; Mexico +77% due to the positive performance of the ramp-up of infusion centres opened during 2024 and 2025 and the +23% growth experienced by the Radiotherapy division in Spain, driven by a better-than-expected ramp-up of the IOA Madrid centre, which opened in July 2025.
The 8.7% decline in EBITDA is due to the reduction in the Gross Margin in the Medical Oncology division in Spain, partially offset by the improvement in the Gross Margin of the Medical Oncology division in Mexico and the Radiotherapy division in Spain.
Medical Oncology in Spain
Turnover in the medical oncology sector in Spain is set to reach €47.2 million in 2025, representing a 15% increase
driven by strong demand from health insurers for co-payment management services.
The reduction in the gross margin on turnover, which falls from 34.9% to 26.4%, is due to the increase in the average cost per treatment session, coupled with a higher incidence of cases during 2025, as well as the lower gross margin in some of the new contracts signed in 2025. As it was not possible during the 2025 financial year to pass on the increase in costs to a rise in fees, we expect this to occur during the 2026 financial year. In the first two months of the 2026 financial year, the division's gross margin improved from 26.4% to 29.9%.
Medical Oncology in Mexico
We launched our operations in the country in the 2022 financial year and, although the ramp-up was slower than expected in the first two years, the insights gained in the country and the change in management in 2024 have enabled Mexico to become the second-largest market in Latin America in terms of turnover. In 2025, turnover reached €9.4 million, up 77% on 2024.
The start of operations at the compounding centre in late 2024, to supply our infusion centres and third parties, and the improvement in drug prices due to higher volumes, has led to a significant improvement in the gross margin on turnover, which has risen from 18.7% in 2024 to 21.1% in 2025.
+19,1%
(8,7)%
Adj. EBITDA
Revenues
Medical Oncology in Spain: Turnover and Gross Margin (%)
+15%
34,9%
26,4%
Medical Oncology in Mexico: Turnover and Gross Margin (%)
+77%
18,7%
21,1%
Audited Figures. 7
Oncology
Turnover and Gross Margin (%)
+23%
87,8%
86,3%
Radiotherapy Spain
Radiotherapy activity in Spain has seen strong growth of 23%, driven by the opening of the IOA Madrid centre and the strong
performance of the centres in Barcelona.
The IOA Madrid centre is home to the first Varian Edge machine with the Hypersight system in operation in Spain, which enables a range of therapeutic innovations for cancer patients. The service began treating patients in July, significantly exceeding the forecast number of patients to be treated during the initial ramp-up phase.
Portugal
Turnover in Portugal rose by 5.5% in 2025.
Key Therapeutic Innovations Introduced
at IOA Madrid
Adaptive radiotherapy treatments
Radiosurgery for lung or liver lesions under free breathing with respiratory control
Reduction in the number of treatment sessions
Eliminating the need for tattoos to position patients on the machine
In the 2025 financial year, a new Country Manager was appointed in the country, who was responsible for managing the genetics division in Portugal, achieving strong growth and profitability.
We expect to expand the strategic agreement with a leading hospital group in Q1 2026; together with the implementation of
cost-efficiency measures and the expected increase in activity, this will enable us to report a positive EBITDA for the first time.
Diagnostics
Revenue fell by 1.5% due to lower activity levels in the Genetics and Pathology business areas in Spain (9.6%) and Chile (8.1%).
The 37.9% decline in the segment's EBITDA is mainly due to lower levels of RKD grants and capitalised work recorded in 2025 (impact of €6.0 million) and to lower activity levels and a reduction in gross margin in the Pathology and Genetics area.
Telemedicina
Turnover in the telemedicine sector is expected to reach €43.8 million in 2025, a figure similar to that of 2024 compared with the same period the previous year, due to a decline in turnover in Chile of 8.1%, and Brazil (3.3%), which is the result of a deliberate strategic decision aimed at improving profitability by focusing growth on those business lines with higher margins, thereby discontinuing those lines and/or clients that contributed volume but did not meet the minimum profitability levels required.
In the remaining countries, the Telemedicine sector continues to see robust demand from clients, with revenue increasing by +19.8% in Spain
and +17.2% in Colombia.
In Telemedicine, the gross margin on turnover is set to improve from 45.9% to 46.1% by 2025, with a notable improvement in the gross
margin on turnover for the Chilean operation, rising from 39.1% to 40.4% by 2025.
Diagnostics Ratio: Turnover / EBITDA
(1,5)%
33,1%
(37,9)%
20,3%
Adj. EBITDA
Revenues
+0,01%
45,9%
46,1%
Telemedicine: Turnover and Gross Margin (%)
Pathology / Genetics Laboratories
Turnover in the pathology and genetics laboratories sector is expected to reach €13.2 million in 2025, a decrease of 9.6% compared with 2024, as the final quarter of 2025 sees a significant decline in HPV testing, negatively impacting the gross margin, which falls from 68.2% in 2024 to 56.7% in 2025.
Nuclear Medicine
Turnover in the Nuclear Medicine division is set to rise by +2.6% in 2025, whilst the gross margin on turnover is expected to fall from 58.4% in 2024 to 57.8% in 2025. In July 2025, the Nuclear Medicine unit at the SDJ Paediatric Cancer Centre obtained a licence to commence cancer theranostics treatments.
RKD
In the 2025 financial year, as part of the process of defining the strategic plan, a decision was taken to discontinue RKD activities relating to liquid biopsy projects based on multi-omic technology, which require lengthy development times, with the aim of focusing the Group's RKD projects on those with shorter development times and applied to the direct improvement of the services provided by the Group, with a particular focus on the introduction of AI, which has resulted in an impairment loss of €16.5 million in the 2025 financial year.
Divestment in the prevention segment has led to a transformative reduction in debt. Net debt has
plummeted from €170.6 million to €27.2 million, reducing financial costs by €16 million per year
Gross and net financial debt (APM) 2025
Gross and net financial debt (APM) 2025 pro forma excluding Aspy
190,1
TOTAL GROSS DEBT
(APM)
CASH NETO PERCIBIDO VENTA ASPY
143,5
157,3
(141,0)
BANK DEBT + TLB
CONVERTIBLE BOND + RKD DEBT
CASH AND CASH
EQUIVALENTS
IMPORTE DESTINADO AMORTIZAR TLB
TOTAL GROSS DEBT
(APM)
49,1
CASH AND CASH
EQUIVALENTS
14,3
(19,4)
(21,9)
OTHERS
27,2
GROSS DEBT
NET DEBT
(APM)
EFECTIVO
+2,5
18,5
14,3
16,3
170,6
18,5
GROSS DEBT PRO FORMA
NET DEBT PRO FORMA (APM)
Extraordinary items in the 2025 consolidated results
(100,5) (23,4) (10,2)5,2
8,0
13,8
18,4
44,9
Consolidated results | Prevention area | Decline in economic | Liquid biopsy | Consolidated | Amortisation of PPA | Non-recurring | Consolidated profit for |
for the 2025 financial | Sale | activity in Spain and | projects and other | profit for the 2025 | expenses | the 2025 financial | |
year | decline in economic | initiatives | financial year, | year, excluding non- | |||
activity in Portugal | excluding | recurring expenses | |||||
extraordinary | |||||||
items |
Shareholder Base
Shareholders composition (%)Number of shares issued: 76.014.193 GVC GAESCO Buy
6,50€
Health insurers
+6,72%
Management Team
+6,56%
Family Offices
+23,21%
Free Float
+38,64%
Excelsior
+24,83%
JP CAPITAL MARKETS
Buy
5,30€
KEPLER CHEUVREUX
Buy
5,00€
RENTA 4
Outperform
5,00€
ODDO BHF
Outperform
6,50€
Avg. Target Price 5,66€
12
2026 Guidance
The introduction in 2025 of a management approach centred on strict capital discipline and optimisation of the company's asset portfolio will enable the company to drive double-digit organic growth in 2026 and significantly improve operational efficiency, with an expected increase in reported EBITDA of 40% and a reduction in CAPEX investment of 24.7%.
2025 2026e
Revenues 141,0
Reported EBITDA 15,3
CAPEX (9,3)
Operating Cash Flow 6,0
156,5
+11%
+40%
20,5
(24,7)%
(7,0)
+125%
13,5
Audited Figures in Millions of Euros. 13
(APM) See Alternative Performance Measures definitions in Annex II
Summary of trends in key financial indicators
FY 2023 FY 2024 FY 2025(000) EUR
1Q23
2Q23
3Q23
4Q23
1Q24
2Q24
3Q24
4Q24
1Q25
2Q25
3Q25
4Q25
2023
2024
2025
YoY
Revenue
Cost of sales
Gross Margin (APM)
% on revenues
EBITDA (APM)
Non recurrent expenses
Adj. EBITDA (APM)
% revenues
CAPEX (APM)
27.477
(14.806)
12.671
46,1%
7G8
1.006
2.616
6,5%
(4.G23)
32.527
(16.450)
16.077
46,4%
4.18G
754
5.76G
17,7%
(4.G22)
28.64G
(15.552)
13.0G7
45,7%
2.1G4
1.405
4.38G
15,3%
(4.G21)
2G.080
(15.336)
13.744
47,3%
2.720
1.760
5.27G
18,2%
(4.G20)
30.27G
(15.687)
14.2G2
47,2%
3.248
874
4.122
13,6%
(4.G1G)
32.447
(17.786)
14.658
45,2%
7.738
1.075
8.813
27,2%
(4.G18)
31.560
(17.108)
14.452
45,8%
4.445
763
5.238
16,6%
(4.G17)
35.6G0
(18.504)
17.186
48,2% G.GG0 2.054
12.044
33,7%
(4.G16)
35.322
(20.401)
14.G21
42,2%
3.55G
680
4.23G
12,0%
(4.G15)
35.740
(20.003)
15.737
44,0%
4.041
2.180
6.221
17,4%
(4.G14)
35.684
(20.378)
15.306
42,6%
4.417
1.222
5.63G
15,8%
(4.G13)
34.261 117.733
(22.186) (62.144)
12.075 55.58G
35,2% 47,2%
3.307 G.G01
1.124 4.628
4.431 18.053
12,6% 15,3%
(4.G12) (10.117)
12G.G76
(66.388)
60.588
46,6%
25.421
4.766
30.217
23,2%
(G.05G)
141.007
(82.668)
58.03G
41,2%
15.324
5.206
20.530
14,6%
(G.345)
8,5%
16,6%
-4,2%
-3G,7%
8,5%
-32,1%
-37,4%
3,2%
Quarterly trend Full Year
RsD s Manteinance CAPEX | (2.114) | (361) | (1.352) | (2.187) | (638) | (1.887) | (230) | (3.653) | (1.037) | (1.187) | (1.713) | (1.476) | (6.044) | (7.008) | (5.416) | -22,7% |
Growth Capex | (1.344) | (1.843) | 0 | (886) | (848) | (516) | (231) | (453) | (388) | (2.584) | (800) | (157) | (4.073) | (2.051) | (3.626) | 61,5% |
Operating Cash Flow (APM) | (4.125) | (733) | (2.727) | (2.200) | (1.670) | 2.821 | (472) | 5.075 | (1.356) | (873) | (4G6) | (1.605) | (216) | 16.362 | 5.G7G | -63,5% |
Adj. Operating Cash Flow (APM) | (2.307) | 848 | (532) | 360 | (7G6) | 3.8G6 | 321 | 7.12G | (676) | 1.308 | 727 | (481) | 7.G36 | 21.158 | 11.185 | -47,1% |
Gross Debt (APM) | 1G7.623 | 223.887 | 208.G62 | 200.028 | 172.205 | 186.560 | 1G2.604 | 1G1.360 | 1G0.G75 | 186.257 | 18G.GG0 | 1G0.084 | 200.028 | 1G1.360 | 1G0.084 | -0,7% |
Net Debt (APM) | 178.054 | 202.486 | 166.642 | 153.512 | 156.050 | 161.311 | 173.552 | 156.674 | 166.404 | 163.360 | 166.143 | 170.772 | 153.512 | 156.674 | 170.662 | 6,6% |
Number of shares issued | 76.014 | 76.014 | 76.014 | 76.014 | 76.014 | 76.014 | 76.014 | 76.014 | 76.014 | 76.014 | 76.014 | 76.014 | 76.013 | 76.014 | 76.014 | 0,0% |
Figures in thousands of euros.
(APM) See Annex II for the definition of Alternative Performance Measures.
Pro forma excluding ASPY and Conversia from the scope. 14
ANNEX I
FINANCIAL INFORMATION
ANNEX I
Income Statement
(000) EUR | 2024 | 2025 |
Net Turnover | 12G.G77 | 141.007 |
Other operating income | 655 | 682 |
Work carried out by the group for its assets | 4.868 | 3.307 |
Purchases | 5.802 | 1.375 |
Employee expenses | (66.388) | (82.668) |
Other operating expenses | (31.518) | (32.544) |
Amortization of fixed assets | (15.626) | (18.876) |
Allocation of grants and other assets | (16.606) | (16.654) |
Impairment gains s losses on disposal of assets | (18.264) | (32.720) |
Other results | 146 | (1.350) |
Operating Profit / (Loss) | (12.654) | (41.744) |
Financial income | 466 | 568 |
Financial expenses | (22.588) | (16.023) |
Variation of fair value financial instruments | 1.340 | 3.868 |
Exchange rate differences | (1.162) | 70 |
Impairment s results of disposals of fixed assets | (4) | 0 |
Financial Profit / (Loss) | (21.G75) | (14.457) |
Pre Tax Profit / (Loss) | (34.62G) | (56.201) |
Corporate income tax | 1.855 | 576 |
Profit / (Loss) for the period from continuing operations | (32.774) | (55.625) |
Results from discontinued operations | 768 | (44.622) |
Consolited Profit / (Loss) | (32.006) | (100.547) |
Consolidated results Minority interest | (31.774) (232) | (100.266) (251) |
ANNEX I
2025
2024
(000) EUR
Balance sheet (assets)
Non Current Assets | 4G5.014 | 260.082 |
Intangible assets | 424.061 | 208.074 |
Tangiible fixed assets | 26.524 | 20.642 |
Right of use | 28.643 | 23.082 |
Investment in associated companies | 1 | 1 |
Non current financial assets | 3.184 | 2.404 |
Deferred tax assets | 6.571 | 5.876 |
Current Assets | 8G.180 | 232.650 |
Non current assets held for sale | 2.637 | 178.536 |
Inventories | 1.570 | 2.236 |
trade and other receivables | 51.381 | 26.456 |
Current tax assets | 2.562 | 3.333 |
Current financial assets | 8.625 | 4.660 |
Accruals | 1.440 | 1.332 |
Cash and cash equivalents | 20.365 | 13.067 |
Total Assets | 584.1G4 | 4G2.732 |
ANNEX I
Balance sheet (Net Equity K Liabilities)
(000) EUR | 2024 | 2025 |
Net Equity | 253.241 | 150.648 |
Non Current Liabilities | 231.165 | 51.664 |
Long Term provisions | 1.044 | 263 |
Non current financial liabilities | 151.786 | 2.246 |
Long term lease obligations | 25.523 | 21.671 |
Other non current financial liabilities | 18.620 | 10.104 |
Subsidies to be transferred to profit and loss | 1.224 | 308 |
Non current tax liabilities | 472 | 170 |
Deferred tax liabilities | 32.463 | 16.866 |
Current Liabilities | GG.788 | 2G0.420 |
Short term liabilities | 603 | 53 |
Current financial liabilities | 14.336 | 155.014 |
Short term lease obligations | 5.816 | 3.868 |
Other current financial liabilitiers | 45.826 | 68.165 |
Trade and other payables | 25.360 | 26.513 |
Current tax liabilities | 7.104 | 3.584 |
Subsidies to be transferred to profit and loss | 316 | 20 |
Liabilities for discontinued operations | 11 | 33.123 |
Short term accruals | 110 | 50 |
Total Equity and Liabilities | 584.1G4 | 4G2.732 |
ANEXO I
2025
2024
(000) EUR
Net K Gross financial debt (APM)
a) Gross financial debt (APM) | 1G1.360 | 1G0.084 |
Non current financial debt | 151.786 | 2.246 |
Current financial debt | 14.336 | 155.014 |
Non current bonds / convertible bonds | 7.625 | 0 |
Current bonds / convertible bonds | 26.568 | 36.868 |
Non current other debts | 10.626 | 10.044 |
Current other debts | 12.806 | 28.062 |
CoCo Bond adjustments | (26.568) | (26.016) |
Non Recourse factoring adjustments | 0 | (13.164) |
NIIF6 adjustment | (6.128) | 0 |
b) Cash and cash equivalents (APM) | (31.686) | (1G.422) |
Cash | (20.365) | (13.067) |
Guarantess, deposits and impositions | (11.321) | (6.355) |
a) - b) Net Debt (APM) | 15G.674 | 170.662 |
ANNEX I
% on revenues
16,6%
10,6%
2025
2024
(000) EUR
Reconciliation: EBITDA(APM) Adj. EBITDA (APM) to Operating Result
Operating Profit / (Loss) | (12.654) | (41.744) |
Amortization of fixed assets | 16.606 | 16.654 |
Impairment gains s losses on disposal of assets | 18.264 | 32.720 |
Other results | (146) | 1.350 |
Employee vacation acrrual vacaciones (note 16b.). | 34 | 0 |
Inventorries impairment (note 16a) | 0 | 0 |
Stock options plan (note 16b) | 60 | 60 |
Impairment losses and changes in provisions (note 16c) | 230 | 3.284 |
EBITDA (APM) | 25.421 | 15.324 |
Non recurrent expenses | 4.7G6 | 5.206 |
Personnel | 2.361 | 3.760 |
MsA expenses | 376 | 278 |
Financing operations | 383 | 165 |
Other | 1.676 | 1.003 |
Adj. EBITDA (APM) | 30.217 | 20.530 |
% on revenues | 23,2% | 14,6% |
ANNEX I
Segments breakdowns 2025
(000) EUR | Diagnostic | Oncology | Corporate | Total |
Net Turnover | 65.G52 | 75.055 | 0 | 141.007 | |
Spain | 28.224 | 52.407 | 0 | 80.631 | |
Portugal | 2.660 | 13.200 | 0 | 16.160 | |
LatAm | 34.768 | 6.448 | 0 | 44.216 | |
Cost of sales | (32.707) | (50.261) | 0 | (82.668) | |
Gross Margin (APM) | 33.245 | 24.7G4 | 0 | 58.03G | |
% on net Turnover | 50,4% | 33,0% | 41,2% | ||
Work carried out by the group for its assets | 2.887 | 420 | 0 | 3.307 | |
Other operating income | 1.518 | 536 | 0 | 2.057 | |
Employee expenses | (17.533) | (10.008) | (5.003) | (32.544) | |
Other operating expenses | (6.863) | (5.557) | (3.456) | (18.876) | |
Provisions (note 16b/c) | 3.124 | 214 | 6 | 3.344 | |
EBITDA (APM) | 13.378 | 10.402 | (8.456) | 15.324 | |
% on net Turnover | 20,3% | 13,6% | 10,6% | ||
Non recurrent expenses (APM) | 1.407 | 1.364 | 2.435 | 5.206 | |
Adj. EBITDA (APM) | 14.785 | 11.766 | (6.021) | 20.530 | |
% on net Turnover | 22,4% | 15,7% | 14,6% | ||
CAPEX (APM) | (4.067) | (5.278) | 0 | (G.345) | |
CAPEX | (1.220) | (4.860) | 0 | (6.080) | |
CAPEX RsD | (2.847) | (418) | 0 | (3.265) | |
Operating Cash flow (APM) | G.311 | 5.124 | (8.456) | 5.G7G | |
Adj. Operating Cash flow (APM) | 10.718 | 6.488 | (6.021) | 11.185 | |
ANNEX I
Segments breakdowns 2024
(000) EUR | Diagnostic | Oncology | Corporate | Total |
Net Turnover | 66.G61 | 63.015 | 0 | 12G.G76 |
Spain | 28.210 | 45.206 | 0 | 73.416 |
Portugal | 2.505 | 12.510 | 0 | 15.015 |
LatAm | 36.246 | 5.266 | 0 | 41.545 |
Cost of sales | (31.378) | (38.010) | 0 | (66.388) |
Gross Margin (APM) | 35.583 | 25.005 | 0 | 60.588 |
% on net Turnover | 53,1% | 36,7% | 46,6% | |
Work carried out by the group for its assets | 4.426 | 472 | 0 | 4.868 |
Other operating income | 5.672 | 785 | 0 | 6.757 |
Amortization of fixed assets | (17.680) | (6.633) | (4.205) | (31.518) |
Impairment gains s losses on disposal of assets | (6.487) | (5.261) | (3.851) | (15.626) |
Provisions (note 16b/c) | 336 | 61 | (76) | 324 |
EBITDA (APM) | 22.153 | 11.3GG | (8.132) | 25.420 |
% on net Turnover | 33,1% | 18,1% | 16,6% | |
Non recurrent expenses (APM) | 1.675 | 1.830 | 1.261 | 4.766 |
Adj. EBITDA (APM) | 23.82G | 13.22G | (6.841) | 30.217 |
% on net Turnover | 35,6% | 21,0% | 23,2% | |
CAPEX (APM) | (6.558) | (2.501) | 0 | (G.05G) |
CAPEX | (1.800) | (2.026) | 0 | (3.826) |
CAPEX RsD | (4.758) | (472) | 0 | (5.230) |
Operating Cash flow (APM) | 15.5G5 | 8.8G8 | (8.132) | 16.361 |
Adj. Operating Cash flow (APM) | 17.271 | 10.728 | (6.841) | 21.158 |
ANNEX II
Alternative Performance Measures Definitions (APM)
ANNEX II
Alternative Performance Measures Definitions (APM)
Gross Profit corresponds to net turnover less cost of sales. The Group regards gross profit as a measure of the performance of its business, as it provides information on net sales after deducting the cost incurred in generating those sales.
Gross profit margin corresponds to gross profit (APM) divided by net turnover.
EBITDA corresponds to the sum of the following items: Gross margin, "Work carried out by the group for its own assets", "Other operating income", "Allocation of grants for non-financial fixed assets and other items" and "Operating expenses", less, from other operating expenses, provisions for trade receivables relating to revenue generated in previous financial years and other provisions that do not involve a cash outflow.
Adj. EBITDA corresponds to the EBITDA (APM) for the financial year excluding non-recurring expenses. Non-recurring "one-off" expenses include those arising from capital market transactions and MKA activity, severance payments for staff in positions that are made redundant, or the impact on operating results arising from employee incentive schemes that may be remunerated with Group shares, as well as extraordinary non-recurring provisions and any other operational and optimisation adjustments involving an initial, one-off expense that is offset over the following 12 months.
This includes the value of incentive schemes for the Group's management team, recognised as an expense but not involving a cash outflow.
In addition, synergies identified within 12 months under a specific cost-saving plan will be
included in the recurring EBITDA for the financial year.
Adjusted EBITDA as a percentage of turnover is calculated by dividing the adjusted EBITDA (APM) for the financial year by the total turnover.
Adjusted EBITDA per share is calculated by dividing the adjusted EBITDA (APM) by the total
number of shares in issue.
CAPEX corresponds to cash outflows incurred in relation to the Group's production capacity and the profitability of its assets, and is reflected in the Consolidated Financial Statements under the cash flow statement for investing activities, excluding business acquisitions (business unit). We define CAPEX as the funds used by the Group to purchase, improve, maintain or develop its tangible or intangible assets, such as buildings, machinery, technology or equipment.
RKD CAPEX corresponds to investment in assets related to the Group's RKD activities. It is the sum of additions to the Development account and additions to the Industrial Property account within the Group's Intangible Fixed Assets.
RKD CAPEX corresponds to CAPEX expenditure linked to projects that will generate future revenue from new activities.
Operating cash flow means the EBITDA (APM) for the period less CAPEX (APM) and RKD
CAPEX.
Adjusted operating cash flow means the adjusted EBITDA (APM) for the period less CAPEX (APM) and RKD CAPEX.
GROSS FINANCIAL DEBT (APM) Gross financial debt is the sum of the following items: 'Debts to financial institutions', 'debts to public bodies', 'MARF Bond Programme', 'Convertible Bonds' and loans relating to acquisitions that must be repaid in cash.
NET FINANCIAL DEBT (APM) is defined as gross financial debt, less cash and cash equivalents, guarantees, and deposits that either qualify as immediately liquid assets or are intrinsically linked as collateral for any of the gross debt items.
Working capital (APM) This is calculated by subtracting current liabilities from current assets. Working capital is a financial aggregate used to measure the group's operational performance and provides an analysis of liquidity, operational efficiency and short-term financial health.
Net debt leverage ratio Net financial debt (APM) / Adjusted EBITDA
24
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