EL.En. (ELN) Q4 2025 earnings summary

Executive summary

• FY2025 revenues rose 4.4% to €591 million, with both medical and industrial sectors contributing to growth.

• Net profit declined 15.9% year-over-year to €43.4 million, mainly due to higher provisions, FX losses, and one-time items.

• Medical sector outperformed, especially in anti-aging and surgical applications, while industrial sector faced margin pressure from unfavorable sales mix.

• Exit from Chinese and Japanese subsidiaries impacted reported results and segment mix.

• Proposed dividend of €0.25 per share and new stock option plan for 2026-2031.

Financial highlights

• Gross margin improved to 44% from 43.4%, driven by favorable medical product mix and better cost management.

• EBITDA increased to €92.8 million (15.7% margin), EBIT slightly down to €77.8 million (13.2% margin).

• Net financial position strengthened to €172.2 million, up from €110.6 million.

• Net working capital as a percentage of sales decreased to 31.2% from 35.3%.

• Net equity increased by 4.1% to €427.5 million.

Outlook and guidance

• 2026 guidance targets 5% revenue growth and stronger EBIT margin, with both sectors expected to grow at similar rates.

• Guidance reflects prudence due to Middle East conflict and supply chain uncertainties, especially for medical aesthetics.

• Positive order intake in late 2025 supports a strong outlook for both medical and industrial sectors.