Atrys Reports Strong First-Half 2026 Growth as Revenue Rises 9.4% and EBITDA Climbs 21.3%
Atrys Health, a healthcare company specializing in oncology, telediagnostics, pathological anatomy and nuclear medicine, reported solid financial and operational performance for the first half of 2026. The company generated revenue of €77.7 million during the period, representing a 9.4% increase compared with the first half of 2025.
The results reflect continued growth across Atrys’ strategic business areas, particularly Oncology and Nuclear Medicine, as well as the contribution of its international operations. Latin America was a particularly strong region for the company, supported by substantial growth in Mexico and the continued expansion of its medical oncology activities.
Atrys also accelerated its pace of revenue growth as the first half progressed. Revenue growth increased from 6.3% in the first quarter to 12.3% in the second quarter, indicating stronger momentum toward the middle of the year.
The company’s improved performance was also evident in profitability and cash generation. EBITDA reached €9.3 million, an increase of 21.3% compared with the same period of 2025. EBITDA growth accelerated significantly during the second quarter, rising from 15.4% in the first quarter to 24.1% in the second quarter.
Excluding accounting effects, EBITDA growth exceeded 44%, highlighting the underlying improvement in the company’s operating performance. Gross profit reached €32.7 million, an increase of 6.6% year over year.
According to Atrys, the improvement reflects stronger business activity combined with efficiency measures implemented during recent months. These measures have contributed to greater operational discipline and improved profitability across the group.
Stronger Revenue Performance Across the First Half
Atrys entered 2026 with a focus on improving operational efficiency while continuing to grow its core healthcare businesses. The company’s first-half results indicate progress on both fronts.
Revenue of €77.7 million represents a significant contribution from the company’s oncology, nuclear medicine and international businesses. The acceleration in quarterly growth was particularly notable, with the company moving from 6.3% growth in the first quarter to 12.3% in the second.
This improvement suggests that the company’s growth momentum strengthened during the reporting period. The performance was supported by increased activity in key therapeutic and diagnostic areas and by continued development of Atrys’ international operations.
The company’s business model spans several specialized areas of healthcare, allowing it to serve patients and healthcare organizations through different types of medical and diagnostic services. Oncology remains one of its most important areas, while nuclear medicine and diagnostic services provide additional sources of growth.
International expansion has also become increasingly important to Atrys. Latin America, in particular, delivered strong results during the first half, reinforcing the company’s strategy of developing its presence outside its home market.
EBITDA Growth Outpaces Revenue Growth
One of the key features of Atrys’ first-half performance was the faster growth in EBITDA compared with revenue.EBITDA reached €9.3 million, up 21.3% year over year. The increase was more than twice the rate of revenue growth, demonstrating the impact of efficiency initiatives and improved operating performance.The quarterly progression was also positive. EBITDA growth increased from 15.4% in the first quarter to 24.1% in the second quarter.
When accounting effects are excluded, EBITDA growth exceeded 44%, suggesting that the underlying operating improvement was particularly strong.For Atrys, improving profitability is an important part of its broader strategy. Growth in revenue provides a foundation for expansion, but stronger EBITDA performance allows the company to convert additional business activity into improved financial results.
The €32.7 million gross profit reported for the first half also represented a year-over-year increase, rising 6.6% from the first half of 2025.Atrys attributed the performance to a combination of business growth and efficiency measures. These initiatives have helped the company improve its operating discipline while continuing to expand its strategic businesses.
Significant Improvement in Cash Generation
Atrys also reported a substantial improvement in its ability to generate operating cash.Operating cash flow increased by 191.5% compared with the first half of 2025, reaching €7.2 million. The improvement was supported by higher EBITDA and the streamlining of investments.
Capital investments totaled €2.1 million during the first six months of 2026. The combination of improved operating profitability and disciplined investment contributed to stronger cash generation.Cash flow is particularly important for healthcare companies pursuing expansion and managing financial obligations. Improved operating cash generation can provide greater flexibility to fund business development while also supporting debt reduction and financial stability.
Atrys’ first-half results therefore demonstrate progress not only in revenue and EBITDA but also in the conversion of operating performance into cash.The substantial increase in operating cash flow also strengthens the company’s financial position as it implements its 2026–2028 Strategic Plan.
Debt Reduction Strengthens Financial Position
Another major development for Atrys during 2026 has been the significant reduction in its financial debt.The company completed the sale of ASPY in January 2026 for €145 million. Following the transaction, Atrys reduced its net financial debt to €35.4 million at the end of the first half.This represented a 79.2% decrease compared with the end of 2025.
The substantial deleveraging has had a direct effect on the company’s financial expenses. Atrys reported a €4.4 million reduction in financial expenses compared with the first half of 2025.Reducing debt can provide greater financial flexibility and lower the cost associated with servicing borrowings. For Atrys, the deleveraging process also supports its transition toward a more balanced financial structure.
The company is continuing to work on restructuring its debt to better align its financing arrangements with the objectives and requirements of its 2026–2028 Strategic Plan.This financial restructuring is taking place alongside the company’s operational expansion, creating a foundation for continued investment in its strategic healthcare businesses while maintaining greater financial discipline.
Oncology Remains a Major Growth Driver
Oncology was one of Atrys’ strongest-performing businesses during the first half of 2026.The Oncology division generated revenue of €37.1 million, representing an increase of 22.5% compared with the same period in 2025. EBITDA for the division reached €6 million, an increase of 13.8%.The performance reinforces the importance of oncology within Atrys’ overall growth strategy.
Demand for oncology services continues to create opportunities for specialized healthcare providers, particularly as healthcare systems seek access to advanced diagnostic, treatment and monitoring capabilities.Atrys’ oncology activities form part of its broader healthcare offering, combining specialized services with its technological and medical capabilities.
The strong increase in oncology revenue during the first half also contributed significantly to the company’s overall revenue growth.International operations, particularly in Latin America, further supported the performance of this business area.
Nuclear Medicine Delivers Strong Profitability Growth
Nuclear Medicine was another important contributor to Atrys’ first-half performance.Revenue in the segment increased by 10.6%, while EBITDA surged 135.4%. The significant improvement in profitability was driven primarily by strong performance in Portugal.
The results demonstrate how improvements in efficiency and operational performance can generate substantial profitability growth even when revenue increases at a more moderate pace.Nuclear medicine plays an important role in modern healthcare, particularly in diagnosis and specialized treatment. Atrys’ continued investment and development in this area provides the company with another strategic platform for growth.
The particularly strong EBITDA performance in Portugal demonstrates the impact of the company’s efficiency measures and its ability to improve the economics of its specialized healthcare operations.
Latin America Emerges as a Key Growth Market
Geographically, Atrys reported positive results across all of its markets during the first half of 2026. Latin America stood out, with revenue increasing 26.1%.Mexico was one of the principal contributors to the regional performance. Revenue in the country increased 151.1%, supported by the consolidation of Atrys’ medical oncology business and expansion of its network of medical oncology centers.
The rapid growth in Mexico highlights the potential of the company’s international strategy.By expanding its network and consolidating its oncology activities, Atrys is increasing its presence in a market where demand for specialized healthcare services can provide opportunities for long-term growth.The company’s performance in Latin America also supports management’s view that its international strategy is becoming an increasingly important component of the overall business.
Portugal Reports Major EBITDA Improvement
Portugal also delivered strong results during the first half of 2026.Revenue increased by 6.7%, while EBITDA was 8.4 times higher than during the same period of the previous year.The dramatic improvement in EBITDA was attributed to the efficiency measures implemented by Atrys as well as strong growth in the Nuclear Medicine business.
The Portuguese results provide another example of the company’s efforts to improve profitability through greater operating efficiency. While revenue growth was relatively moderate, the substantial improvement in EBITDA demonstrates the potential impact of cost management and operational optimization.
Spain Maintains Positive Momentum
Atrys’ Spanish business also continued to grow during the first half of the year.Revenue in Spain increased by 1.3%, with particularly strong performances in Diagnostic Imaging and Oncology.Diagnostic Imaging revenue increased 18.2%, while Oncology revenue rose 5.7%.
The results indicate that the company continues to see positive development across its core Spanish healthcare activities, despite the more modest overall revenue increase in the market.Diagnostic Imaging remains an important part of Atrys’ healthcare offering, while the continued growth of oncology supports the company’s focus on specialized medical services.
New Organizational Model Supports Efficiency
Atrys’ first-half performance is also linked to the implementation of a new organizational model during 2026.The model is designed to strengthen operational efficiency, management discipline and profitability across the group.The company has been implementing efficiency measures in parallel with its growth strategy. The improvement in EBITDA and operating cash flow suggests that these initiatives are beginning to contribute to financial performance.
For a healthcare company operating across multiple markets and specialized service lines, maintaining consistent management practices and operational discipline can be important to achieving profitable growth.Atrys’ results show progress toward this objective, with profitability growing faster than revenue and cash generation improving substantially.
Management Highlights Stronger Financial Foundation
Marian Isach, CEO of Atrys, described the first-half results as evidence of a stronger and more efficient company with an improved ability to convert growth into profitability and cash generation.Management also highlighted the positive performance across the company’s geographic markets, with particularly strong results in Latin America.
The CEO pointed to the strength of Atrys’ business model and the potential of its international strategy. The substantial debt reduction achieved during the year was also identified as an important milestone.With net financial debt reduced to €35.4 million, Atrys enters the next phase of its development with a significantly different financial profile than at the end of 2025.The company’s focus is now centered on continuing to grow its strategic business areas profitably while maintaining the benefits of its improved financial structure.
The first half of 2026 marks an important period for Atrys as the company combines revenue growth, profitability improvement, stronger cash generation and significant deleveraging.Revenue reached €77.7 million, up 9.4%, while EBITDA increased 21.3% to €9.3 million. Operating cash flow grew 191.5% to €7.2 million, while net financial debt fell 79.2% to €35.4 million following the sale of ASPY.
The company’s strategic healthcare businesses also delivered encouraging results. Oncology generated €37.1 million in revenue, while Nuclear Medicine achieved substantial EBITDA growth. Latin America recorded 26.1% revenue growth, led by a major increase in Mexico, while Portugal and Spain also contributed to the group’s overall performance.The acceleration in revenue and EBITDA growth between the first and second quarters provides further evidence of improving momentum.
As Atrys continues implementing its 2026–2028 Strategic Plan, the company will focus on its core healthcare businesses, international development and operational efficiency. The combination of a stronger financial structure, lower debt and improved cash generation gives Atrys greater flexibility as it seeks to pursue profitable growth.
The first-half results therefore represent more than a period of financial improvement. They demonstrate Atrys’ progress toward becoming a more efficient and financially balanced healthcare company, with oncology, nuclear medicine and international operations positioned as important contributors to its next phase of growth.
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