Diagnostyka (DIA) Q1 2025 earnings summary

Executive summary

• Revenue grew between 22.5% and 23.1% year-over-year to as high as PLN 594.9 million, driven by higher test volumes, price increases, and strong demand from public health programs and organic growth.

• Recurring EBITDA increased 18.2% year-over-year to PLN 161.2 million, with net profit attributable to owners rising up to PLN 75.1 million.

• Test volumes reached 45.2 million, up as much as 9% year-on-year, with B2B channel dominating and growing faster than B2C.

• IPO completed in Q1 2025, marking a significant milestone with first listing on the Warsaw Stock Exchange.

• Two bolt-on acquisitions in laboratory diagnostics completed, expanding regional coverage and supporting growth.

Financial highlights

• Sales revenue reached up to PLN 594.9 million, up 22.5%–23% year-on-year, with organic growth at nearly 21%.

• B2B revenue grew 28.2% year-on-year, while B2C revenue increased 16.9%.

• Average price per test increased by up to 14% year-on-year, mainly due to diagnostic imaging consolidation.

• Operating expenses rose over 24% year-on-year, mainly due to IPO preparations, higher service, and IT costs.

• EBIT rose 16% year-on-year to PLN 112.2 million.

Outlook and guidance

• Management expects continued average price and volume growth, supported by market trends, product/customer mix, and ongoing M&A in diagnostic imaging.

• Recurring EBITDA margin expected to remain stable year-on-year.

• Net debt to EBITDA projected to stay between 1.5–2 for the year.

• Planned M&A and diagnostic imaging investments of PLN 80–100 million in 2025.

• Dividend payout of PLN 3.31 per share (PLN 111.7 million total) targeted for June, pending approval.