ATRYS HEALTH SA

ISSUER RATING : EthiFinance Ratings affirms Atrys Group s "BB" rating, maintaining its Stable outlook. Atrys focuses its business on the health sector, ranging from the prevention of occupational risks to the integrated management of oncological disease (diagnosis and radiotherapy/immunotherapy). Currently, the group is in an expansion and consolidation through and outstanding inorganic and organic growth. In 2022, the group had (proforma and adjusted figures) a turnover of € 210.9m and EBITDA of € 47.2m (margin of 22.4%), also showing a NFD/EBITDA ratio of 4.8x. The group capitalization figure stood at € 377m in July 2023. INSTRUMENT RATING :EthiFinance Ratings affirms Atrys Group's bond issue rating at "BB". The group has a consumed bond program in € 25m, being unsecured senior bonds, bullet type and maturing in 2028. We highlight that after the new senior financing acquired in December 2021, the group has the objective of fully amortizing the program during 4Q2023, with the new conditions having been agreed with the bondholders.