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Eurofins Scientific (ERF) investor relations material
Eurofins Scientific Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary21 Oct, 2025
Executive summary
Reported revenues for the first nine months of 2025 reached €5,415m, up 5.3% year-over-year, driven by 4.0% organic growth and acquisitions, despite FX headwinds and one fewer public working day.
Progress on the five-year plan for a world-class laboratory network is on track, with new labs nearing completion in key locations and 8 new start-up labs and 22 blood collection points opened.
Digitalization initiatives and productivity improvements are advancing, aiming for completion by 2027 to enhance efficiency and reduce costs.
31 acquisitions were closed in 9M 2025, expanding technological capabilities and global footprint, including SYNLAB's clinical diagnostics operations in Spain.
CEO highlighted continued innovation, margin expansion, and strong financial execution, with margin improvements expected to outpace revenue growth.
Financial highlights
Organic growth guidance is mid-single digit, with 4.0% organic growth for 9M 2025 and 4.2% for Q3 2025, adjusted for working days.
Acquired revenues for the year are approximately €210m on a full-year basis, with 31 acquisitions contributing over €250m in FY 2024 pro-forma revenues.
Adjusted EBITDA margin for FY 2024 was 22.3%, with further improvement expected in FY 2025.
FX headwinds, mainly from the US Dollar/Euro, are estimated at -1.5% to -1.6% on revenue, with a minor margin impact of about 0.2% on a full-year basis.
Start-ups contributed 0.6% to organic growth in 9M 2025.
Outlook and guidance
FY 2025 and 2027 objectives are confirmed, with expectations of strong Q4 performance as base effects from large studies and pricing reductions fade.
Margin improvements are expected to continue, supported by digitalization and network expansion, even with FX and acquisition dilution.
Free cash flow and cash conversion are set to increase as major building investments wind down.
If current US Dollar/Euro rates persist, a -1.6% headwind to FY 2025 reported revenue and ~20bps lower EBITDA margin is expected.
How will Eurofins mitigate FX headwinds for FY25?
What drives BioPharma demand recovery?
What is the status of related party property acquisitions?
Digitalization's role in client service differentiation?
Which segments benefit from easing Q4 comps?
Under what conditions would you sell a major asset?
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Next Eurofins Scientific earnings date
Investor Day 202513 Nov, 2025
Next Eurofins Scientific earnings date
Investor Day 202513 Nov, 2025
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Frequently asked questions
Global Laboratories
Eurofins Scientific is a French company that specializes in bio-analytical testing, providing a broad range of services across various industries. The company has global operations and specializes in food, environmental, pharmaceutical, and cosmetics product testing, alongside agriscience, genomics, discovery pharmacology, and central laboratory services. The company operates a vast network of laboratories across the world and offers its services to a wide array of customers in different industries. The company is headquartered in Luxembourg, and its shares are listed on Euronext Paris.
Growing Through Acquisitions
The company was founded in 1987 and started with four employees. The company initially focused on food product testing and over the years, Eurofins expanded both its service offerings and geographic footprint. Eurofins diversified into environmental testing in the 1990s, and later into pharmaceutical and cosmetic product testing. The company acquired various laboratories and smaller companies at a rapid pace both in the years before and after its IPO in 1997.
A Network of Laboratories
The rate of acquisitions remained high going into the new millennium and onwards, and today the company operates over 900 laboratories worldwide. The company can be categorized as a serial acquirer, and for several years during the 2010s acquired over 50 companies and laboratory groups. Said laboratories are spread out across 60 different countries across the globe, allowing Eurofins Scientific to offer its services close to where its customers are located. Some public companies that are similar to Eurofins Scientific are SGS, Intertek, and Bureau Veritas.
What it Does
The company offers over 200,000 validated analytical methods, catering to diverse needs in characterizing the safety, identity, purity, composition, authenticity, and origin of products and biological substances. This wide-ranging portfolio allows Eurofins to serve multiple sectors, including food, environmental, pharmaceutical, and cosmetics industries. Besides this, the company also offers various authentication services that can identify counterfeit food and beverage products, including things such as fine wines and expensive cigars.
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