Diagnostyka (DIA) Q3 2025 earnings summary

Executive summary

• Revenue grew 26.6% year-over-year in Q3 2025 to PLN 615.1 million, with net profit attributable to owners up 52.5% to PLN 78.1 million and recurring EBITDA rising 22.3% to PLN 152.2 million; strong organic growth and acquisitions contributed.

• Diagnostic test volumes increased 10.9% year-over-year, driven by both organic growth and acquisitions.

• The company was included in the mWIG40 index and recognized as the 18th largest privately owned company in Poland.

• Operational highlights include opening a new laboratory in Rzeszów, executing 16 National Health Fund contracts, and leadership transition in the finance department.

• Five acquisitions completed in 2025, expanding market share in laboratory diagnostics and imaging.

Financial highlights

• Revenue from contracts with customers up 26.6% year-over-year in Q3 2025 and 24.0% for the nine-month period, reaching PLN 1,792.2 million.

• B2B segment revenue grew 32.8% year-over-year in Q3 2025, now over 60% of total revenue, outpacing B2C growth.

• Recurring EBITDA margin was 24.9% in Q3 2025, expected to remain close to 26% for the year.

• Net profit margin improved to 13.2% in Q3 2025, up 2.1pp year-over-year.

• Earnings per share increased to PLN 6.36 from PLN 5.07 year-over-year.

Outlook and guidance

• Revenue growth for the year expected in the low- to mid-20s percent, with average price growth around 14%.

• Diagnostic test volume growth forecasted at high single digits; recurring EBITDA margin to remain near 26%.

• CapEx (excluding M&A) projected at PLN 130–170 million; M&A CapEx forecasted at PLN 80–100 million.

• Net debt to EBITDA expected between 1.5 and 2.

• Ongoing automation, digitisation, and AI initiatives are expected to enhance operational efficiency and innovation.