Diagnostyka (DIA) Q2 2025 earnings summary

Executive summary

• Revenue grew 22.5%–22.7% year-over-year, driven by higher test volumes, increased average price per test, and expansion in diagnostic imaging and laboratory services.

• Net profit rose 14.2%–14.5% year-over-year, reaching PLN 141.9 million for H1 and PLN 63.8 million for Q2 2025, with EPS up to 4.05.

• Recurring EBITDA increased over 24% to PLN 152.9 million in Q2, with margin improvement to 26.0%.

• Significant acquisitions and expansion of diagnostic and imaging services, including new subsidiaries and joint ventures.

• Dividend payout of PLN 111.7 million (PLN 3.31 per share) from 2024 profit.

Financial highlights

• Q2 2025 revenue reached PLN 1.18 billion, up 23% year-over-year; H1 2025 revenue was PLN 1,179.9 million.

• Operating profit for H1 2025 was PLN 215.0 million, up from PLN 177.3 million year-over-year.

• Net profit for H1 2025 was PLN 141.9 million, up from PLN 124.2 million year-over-year.

• Free cash flow conversion remained strong, with FCF/EBITDA at 80.2% in Q2 2025.

• Net debt to EBITDA at 1.8, considered safe.

Outlook and guidance

• Revenue growth for 2025 expected in the low 20s percent range, slightly below IPO guidance.

• Average test selling prices projected to grow at low teens percent in H2 2025.

• Recurring EBITDA margin for 2025 anticipated to be close to 2024 levels, with some margin pressure from wage increases.

• CapEx (excluding M&A) projected at PLN 100–150 million; M&A CapEx at PLN 80–100 million.

• Net debt to EBITDA expected to remain below 2.