Revenio Group (REG1V) Q3 2025 earnings summary

Executive summary

• Q3 2025 net sales reached EUR 25.9 million, up 8.1% year-over-year (8.7% currency-adjusted), with strong growth in Europe, especially France, Germany, and the UK, and robust US sales in local currency but dampened by exchange rates.

• Operating profit for Q3 was EUR 6.0 million, up 9.1%, and adjusted operating profit increased by up to 11.5%.

• Profitability remained strong, with EBITDA up 7.3% to EUR 7.2 million and EPS at EUR 0.173 for the quarter.

• New product launches included the iCare ALTIUS data management platform in the US and the MAIA microperimeter, both contributing to sales.

• APAC region underperformed due to currency headwinds and muted demand.

Financial highlights

• Year-to-date net sales were EUR 78.5 million, up 7.5% reported and 9.1% currency-adjusted, with operating profit up 17.8% to EUR 18.7 million.

• Gross margin for Q3 was 71.5% (up from 69.1%), and for the nine months, 72.2% (up from 70.2%).

• Cash flow from operations in Q3 was EUR 3.0 million, and for the nine months, EUR 14.4 million.

• Dividend of EUR 0.40 per share was paid in April 2025.

• R&D costs represented 9.8% of net sales for the nine-month period.

Outlook and guidance

• Guidance for 2025 remains unchanged: exchange rate-adjusted net sales expected to grow 6–15% year-over-year, with profitability (excluding non-recurring items) at a good level.

• Q4 is historically the strongest quarter, typically contributing over one-third of annual EBIT.

• FDA clearance costs for RETCAD are expected to be significant in 2024, estimated at around $2 million.