EL.En. (ELN) Q4 2025 earnings summary

Executive summary

• FY2025 revenues rose 4.4% year-over-year 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, negative FX, and one-time items.

• Medical sector outperformed, with organic growth near 10% after adjusting for inorganic events, and strong performance in surgical and aesthetic sub-segments.

• Industrial sector saw strong sales but lower profitability due to unfavorable geographic mix and competitive Italian market.

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

Financial highlights

• EBITDA increased to €92.8 million (15.7% margin), up from €91.8 million, despite a slight margin reduction.

• EBIT was €77.8 million, slightly down from €78.3 million, with margin dropping to 13.2%.

• Net financial position rose to €172.2 million, up from €110.6 million, reflecting strong cash generation.

• Dividend proposed at €0.25 per share, up from €0.22.

• Net working capital ratio reduced from 35% to 31% of sales.

Outlook and guidance

• 2026 guidance targets 5% revenue growth and stronger EBIT improvement.

• Both medical and industrial sectors expected to grow at similar rates, supported by positive order intake.

• Guidance reflects prudence due to Middle East conflict, supply chain uncertainties, and geopolitical risks.