Diagnostyka (DIA) Q2 2026 earnings summary

Executive summary

• Revenue for H1 2026 grew 16.1% year-on-year to PLN 683 million, driven by higher test volumes and B2B growth, with recurring EBITDA up 1% to PLN 154.4 million.

• Net profit for H1 2026 was nearly PLN 147 million, though Q2 net profit attributable to owners declined 10.1% to PLN 57.4 million.

• Eight acquisitions were completed in H1, mainly in medical laboratory testing and diagnostic imaging, expanding market share.

• Dividend payout in Q2 was PLN 148.5 million (PLN 4.40 per share), higher than previously promised.

• Appointment of a new CFO, Jakub Tatak, effective September 2026.

Financial highlights

• Recurring EBITDA margin for H1 2026 was 24.7%; Q2 margin was 22.6%.

• Free cash flow for H1 2026 was PLN 107.2 million, down 25% year-on-year, mainly due to increased receivables.

• CapEx and M&A spending totaled PLN 49 million in H1, with a shift toward IT and diagnostic imaging investments.

• Net debt increased to PLN 1,203.9 million, with leverage at 2x, considered a safe level for growth.

• Operating profit increased to PLN 218.1 million year-over-year.

Outlook and guidance

• Full-year 2026 guidance and financial targets remain unchanged, with revenue expected to grow in the low/mid teens percent year-over-year.

• Recurring EBITDA margin anticipated to remain close to last year’s level.

• Single-digit growth in volumes and prices anticipated for the remainder of 2026.

• Capex (excluding M&A) guided at PLN 170–220 million; M&A capex at PLN 50–100 million.

• Net debt/EBITDA expected in the range of 1.7–2.0x.