DiaSorin (DIA) Q2 2026 earnings summary

Executive summary

• H1 2026 revenue was €602 million, flat at constant exchange rates (CER) and down 2.9%–3% at current rates, with Q2 2026 revenue up 4% at CER, driven by strong U.S. performance and normalization after Q1 disruptions.

• Adjusted EBITDA margin for H1 2026 was 32%–32.3%, down from H1 2025, impacted by China pricing pressure and increased U.S. investments.

• Net profit for H1 2026 was €84 million, down 15% year-over-year, with adjusted net profit at €106 million.

• Strategic product lines, especially Immunodiagnostics and LTG, showed robust momentum, with double-digit growth in key U.S. segments.

• Management confirmed 2026 guidance for 5–6% revenue growth at CER and 32–33% adjusted EBITDA margin.

Financial highlights

• H1 2026 revenues: €601.6–602 million (–2.9% to –3% y/y at current rates; flat at CER); Q2 2026 revenue grew 4% at CER.

• Adjusted EBITDA: €194 million (32%–32.3% margin, –7% to –9.7% y/y).

• Adjusted gross profit: €390 million (65% margin), down 1% at CER.

• Net financial debt increased to €844 million from €580 million at year-end 2025, mainly due to share buybacks and inventory build-up.

• Free cash flow for H1 2026 was €57.8–58 million, down from €83 million in H1 2025, impacted by higher inventories and lower EBITDA.

Outlook and guidance

• Full-year 2026 guidance confirmed: revenue growth of 5%–6% at CER and adjusted EBITDA margin of 32%–33%.

• H2 expected to benefit from normalized flu season, NES and PLEX system rollouts, and improved cash generation.

• LTG expected to deliver mid- to high-single-digit growth, potentially exceeding initial guidance.