DiaSorin (DIA) Q4 2025 earnings summary

Executive summary

• FY 2025 revenues reached €1,195 million, up 1% year-over-year and 4% at constant exchange rates, with ex-COVID business driving growth despite a sharp decline in COVID-related sales.

• Adjusted EBITDA was €394 million (33% margin), up 4% at constant exchange rates, in line with guidance, but profitability was impacted by tariffs, FX, and China challenges.

• Immuno franchise delivered 7% growth, with North America up 15% and China down 19–20% due to VBP and reimbursement cuts.

• Strategic focus in China shifted to specialty assays, with closure of local manufacturing and reorganization to address VBP and market pressures.

• Major investments completed in U.S. manufacturing, commercial launches for new platforms (NES, Plex), and expanded distribution agreements.

Financial highlights

• FY 2025 net revenues: €1,195 million (+1% YoY); adjusted gross profit: €773–778 million (65% margin); adjusted net profit: €223 million (19% margin), down 6% YoY.

• Adjusted EBITDA: €394 million (33% margin), up 4% at constant exchange rates; reported EBITDA: €375 million (31% margin).

• Net profit: €150 million, down 20% YoY due to FX, higher taxes, and financial charges.

• Net financial debt improved to €580 million from €618 million at end-2024.

• Free cash flow was €209–210 million, with cash and cash equivalents at €166 million at year-end 2025.

Outlook and guidance

• FY 2026 revenue growth expected at 5–6% at constant exchange rates, with adjusted EBITDA margin of 32–33%.

• Growth will be back-loaded, with a softer H1 due to tough comps and weak flu season.

• Guidance excludes potential impacts from Middle East conflict and related logistics/inflation risks.

• FX sensitivity: every 1 cent USD/EUR movement impacts revenues by €6–7 million and EBITDA by €2–3 million.

• Immunodiagnostics growth to be driven by specialty portfolio and hospital strategy, offset by normalization in Europe and continued weakness in China.