FamiCord (V3V) Q4 2025 earnings summary

Executive summary

• FY 2025 revenue grew 7.3% to €88.2m, reflecting operational progress and streamlining despite Q4 headwinds.

• EBITDA increased 12.3% to €10.6m, with margin improving to 12.0% for the year.

• Shift to recurring subscription revenues improved long-term visibility but strained operating cash flow.

• CAR-T activities diluted below 50% with new investors, stabilizing financial base and deprioritized as discontinued operations.

• Efficiency measures introduced early in 2025 to enhance operational headroom.

Financial highlights

• Gross profit rose 22.0% year-over-year to €47.0m, driven by price adjustments and cost control.

• Net income impacted by €5.0m non-cash goodwill impairment, turning negative.

• Operating cash flow declined 58.5% year-over-year to €3.6m, mainly due to subscription contract shift.

• Cash and cash equivalents fell 29.4% to €11.9m.

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

Outlook and guidance

• 2026 revenue guidance set at €80–90m, EBITDA expected between €9.0–11.0m, assuming stable exchange rates.

• Cautious outlook for 2026 due to weakening Q1 2026 performance, macroeconomic headwinds, and subdued new customer business.

• Persistently low birthrates and rising energy prices expected to pressure new customer business.