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GVS (GVS) investor relations material
GVS Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Healthcare and life science revenues grew 4.8% year-over-year excluding FX and US dialysis, while safety division revenues increased 8.5% year-over-year, both showing strong momentum.
Adjusted EBITDA margin improved to 24.9%, up 67 basis points year-over-year; adjusted net income rose 7.2% to €36.3 million, with margin increasing to 11.5% from 10.5%.
Net financial position stood at €271.8 million as of September 2025, with a leverage ratio of 2.5x post-M&A and buyback.
Consolidated revenues reached €315.6 million for the first nine months of 2025, up 0.2% at constant exchange rates year-over-year.
Financial highlights
Adjusted EBITDA was €78.7 million, up 0.8% year-over-year, with margin improving to 24.9%.
Adjusted net income as a percentage of revenues increased to 11.5% from 10.5% year-over-year.
Ordinary cash generation in nine months was €13 million, despite a €20 million negative working capital trend, expected to recover in Q4.
Cash and cash equivalents at period end were €55.5 million, down from €102.9 million at year-end 2024.
Net financial debt increased to €271.8 million from €219.8 million at December 31, 2024.
Outlook and guidance
FY 2025 guidance projects low single-digit sales growth excluding FX versus FY 2024, with adjusted EBITDA margin expected to improve by 100-150 basis points.
Leverage ratio projected around 2.2x at year-end 2025, including buyback impact.
FY 2026 outlook anticipates new product launches in medtech and safety, ramp-up in transfusion medicine, and growth in life science and mobility, especially electric vehicles and hydrogen membrane products.
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