DiaSorin (DIA) Q3 2025 earnings summary

Executive summary

• Year-to-date revenues reached €900 million, up 3% year-over-year, with ex-COVID growth of 7% at constant exchange rates and core business (ex-COVID, constant FX) up 6%.

• Adjusted EBITDA for 9M 2025 was €302 million, up 3% year-over-year (+7% at CER), with margin improving to 34%.

• Immunodiagnostic strategy focused on expanding US hospital footprint, with 90 new hospitals added and a target of 600 by 2027.

• Major commercial agreement signed with Quest Diagnostics for the LIAISON PLEX multiplexing molecular platform.

• FDA 510(k) clearance received for Simplexa COVID-19, Flu A/B & RSV Direct test on the LIAISON MDX platform.

Financial highlights

• Gross profit for the first nine months totaled €587 million (65% of revenues), up 2% year-over-year.

• Adjusted EBIT reached €233 million (26% of revenues), in line with prior year.

• Adjusted net income was €174 million (19% of revenues); net profit for 9M 2025 was €137 million, down 3% year-over-year.

• Adjusted EBITDA margin for 9M 2025 was 34%; Q3 2025 margin was 32%, impacted by tariff changes and sales mix.

• Net financial debt stood at €617 million, stable compared to December 2024.

• Free cash flow reached €161 million, offset by €97 million in shareholder withdrawal payments and €63 million in dividends.

Outlook and guidance

• Full-year 2025 guidance revised: ex-COVID revenue growth of ~5% at CER, COVID-related revenue at €10 million, and adjusted EBITDA margin at ~33%.

• High single-digit top-line growth expected for 2026, with mid- to high-single-digit growth for Immuno and double-digit growth for Molecular in the medium term.

• 2027 targets reaffirmed: high single- to low double-digit CAGR and 36–37% EBITDA margin.

• Capital Market Day planned for Q2 2026 to update mid-term targets.