Diagnostyka (DIA) Q4 2025 earnings summary

Executive summary

• Revenue grew 23.6% year-over-year to PLN 2.4 billion, exceeding guidance and making the group the third largest in Poland by revenue among peers, driven by both higher test volumes and prices.

• Test volume increased 8.1% year-over-year, reaching 174.4 million, with actual tests performed higher due to bundling.

• Recurring EBITDA rose over 15% year-over-year to PLN 586.4 million, with a margin of 24.3%.

• Net profit attributable to owners rose 12.7% year-over-year to PLN 251.6 million.

• Dividend payout recommended at PLN 4.40 per share, representing 59% of net profit, above the standard 50% policy.

Financial highlights

• B2B revenue share increased to over 62% in 2025, with B2B volume up 8.3% and B2C up 7%.

• Average price per test rose 15% overall, with 9.5% growth in MLT and higher increases in DI due to sales mix.

• Free cash flow grew 27% to PLN 549 million; FCF/EBITDA conversion reached 93% for the year.

• CapEx increased to over PLN 200 million, with significant investments in IT and DI equipment.

• EBIT grew 13.2% year-over-year to PLN 382.7 million.

Outlook and guidance

• Revenue growth for 2026 expected in the low- to mid-teens, with average price increases in the high-single digits and volume growth in the low- to mid-single digits.

• Recurring EBITDA margin targeted to remain stable at around 24.3–24.6%.

• CapEx in 2026 to be similar to 2025, with a slight increase in IT spending and a decrease in MLT/lab infrastructure.

• M&A activity to remain selective, especially in DI due to regulatory uncertainty.

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