FamiCord (V3V) Q2 2025 earnings summary

Executive summary

• Market penetration for stem cell banking in Europe remains low, averaging 2%, with higher rates in Portugal, Hungary, and Romania, but below 1% in Germany due to societal and regulatory factors.

• Achieved 14.6% year-over-year revenue growth to EUR 43.6 million in H1 2025, with EBITDA up 36.2% to EUR 5.0 million and a return to net profit from continuing operations at EUR 0.55 million.

• Strategic focus shifted back to core stem cell banking, discontinuing CAR-T therapy development, and consolidating majority stakes in Czech and Slovak subsidiaries.

• Strong recovery and growth are observed in Eastern Europe, especially Poland, Hungary, and Romania, with recent acquisitions in Slovakia and Czech Republic expected to drive further expansion.

• Market leadership in Europe reinforced despite challenging conditions, with stabilization in Central Europe and ongoing challenges in Southern Europe.

Financial highlights

• H1 2025 sales revenues: EUR 43.6 million (H1 2024: EUR 38.0 million); gross profit: EUR 17.9 million (H1 2024: EUR 14.6 million).

• EBITDA from continuing operations: EUR 5.0 million (H1 2024: EUR 3.7 million); EBITDA margin improved to 11.4% (H1 2024: 9.6%).

• EBIT turned positive at EUR 0.8 million (H1 2024: EUR -0.8 million); net profit from continuing operations EUR 0.55 million (H1 2024: EUR -1.44 million).

• Cash and cash equivalents decreased to EUR 10.8 million (Dec 31, 2024: EUR 16.8 million), mainly due to acquisitions.

• Operating cash flow dropped to EUR 0.25 million (H1 2024: EUR 4.3 million) due to shift toward subscription contracts.

Outlook and guidance

• Recovery began in H2 2023 and continues into 2024, with positive prospects for 2025.

• 2025 revenue expected in the range of EUR 85–95 million, EBITDA EUR 8.7–10.3 million; forecast unchanged despite discontinuation of CAR-T activities.

• Guidance is considered realistic and achievable, with additional EBITDA from acquisitions to be consolidated in H2.

• Management prefers conservative guidance, with potential for upward revision if conditions improve.

• Further organic growth in new customer contracts and storages planned, with capital expenditure to be managed below 2024 levels.