Kamada (KMDA) Q4 2025 earnings summary

Executive summary

• Operations and manufacturing continued uninterrupted despite Middle East instability; no material supply disruptions anticipated.

• Achieved record 2025 full-year revenue of $180.5 million, up 12% year-over-year, and net income of $20.2 million, up 40% year-over-year.

• Adjusted EBITDA reached $42 million, a 23% increase year-over-year.

• Declared a $0.25 per share cash dividend (approx. $14.4 million total), reflecting confidence in business prospects and in line with a new policy to distribute at least 50% of annual net income.

• Strong cash position with $75.5 million in cash and equivalents at year-end 2025.

Financial highlights

• 2025 revenues reached $180.5 million, up 12% year-over-year.

• Adjusted EBITDA was $42 million, a 23% increase year-over-year.

• Net income for 2025 was $20.2 million ($0.35 per diluted share), up 40% from 2024.

• Gross profit was $76.4 million (42% margin), compared to $70 million (43%) in 2024.

• Cash from operating activities was $25.5 million; year-end cash position was $75.5 million.

Outlook and guidance

• 2026 revenue guidance: $200–$205 million; adjusted EBITDA: $50–$53 million, representing 13% and 23% growth at midpoints, respectively.

• Guidance is based solely on organic growth; any M&A would be incremental.

• Growth expected across all geographies, including the U.S.

• Plans to expand commercial portfolio, launch more biosimilars, and pursue M&A for further growth.