DiaSorin (DIA) Q2 2025 earnings summary

Executive summary

• H1 2025 revenues reached €619 million, up 5% year-over-year (+6% at constant exchange rates), with ex-COVID/core business up 8% at CER, in line with FY 2025 guidance.

• Adjusted EBITDA rose to €214 million (35% margin), up 10% at CER, reflecting strong operational leverage and cost discipline.

• Net profit was €99 million, up 3% year-over-year; adjusted net profit reached €125 million, up 4%.

• FY 2025 guidance confirmed: ex-COVID/core revenues to grow ~8% at CER, adjusted EBITDA margin ~34%.

• U.S. FDA 510(k) clearances and new product launches in immunodiagnostics and molecular diagnostics; Dietzenbach (Germany) plant closure project initiated for operational optimization.

Financial highlights

• Gross profit for H1 2025 was €406 million (66% margin), up 4% year-over-year.

• Adjusted EBIT for H1 was €167 million (27% margin), up 9% year-over-year.

• Free cash flow was €83 million, down from €91 million in H1 2024 due to higher taxes paid.

• Net financial debt increased to €683 million as of June 30, 2025, mainly due to shareholder withdrawals and dividend payments.

Outlook and guidance

• FY 2025 guidance: ex-COVID/core revenues to grow ~8% at CER, total revenues ~7%, adjusted EBITDA margin ~34%.

• Guidance incorporates anticipated tariff impacts, FX headwinds, and product mix changes.

• H2 expected to see slightly lower gross and EBITDA margins due to product mix and higher OpEx from salary reviews.