Revenio Group (REG1V) Q4 2025 earnings summary

Executive summary

• Net sales for 2025 reached EUR 109.7 million, up 6.0% year-over-year and 9.1% currency-adjusted, with Q4 net sales at EUR 31.2 million, up 2.2% reported and 8.6% currency-adjusted.

• US sales achieved an all-time record in December; EMEA showed strong growth, while APAC improved sequentially but declined year-over-year.

• All product categories and regions contributed to growth, with notable expansion in hardware, screening solutions, and software, and a doubling of report volumes.

• New product launches included the iCare MAIA microperimeter and iCare ALTIUS/Data Management Solution, with leadership development and operational readiness for tariffs.

• Continuous business, including software and service contracts, accounted for nearly one-third of net sales.

Financial highlights

• Q4 2025 EBIT was EUR 6.7 million (down 26.9%); full-year EBIT was EUR 25.4 million (up 1.4%), with adjusted EBIT at EUR 26.5 million (up 2.3%).

• Q4 cash flow was EUR 15.9 million; full-year cash flow reached EUR 30.2 million, both showing significant improvement.

• Gross margin for 2025 was 70.9% (up 0.7 percentage points), but Q4 margin was 67.6% (down 4.8 points), pressured by tariffs and delayed price increases.

• Earnings per share for 2025 were EUR 0.655, down from EUR 0.695 in 2024.

• Net gearing improved to -13.3%, and equity ratio was 76.1% at year-end.

Outlook and guidance

• 2026 guidance: exchange rate-adjusted net sales expected to grow 8–15% year-over-year; profitability, excluding non-recurring items, to remain at a good level.

• Price increases in the US are being implemented to offset tariffs, with expectations for gross margin to approach 70% as these take effect.

• Larger deals in the pipeline could drive results toward the upper end of guidance.

• Clinical trial costs for FDA approval of the screening platform expected to be EUR 1–1.5 million in 2026, with approval targeted for H1 2027.

• Profitability in 2026 is expected to be supported by ongoing price adjustments and a strong product pipeline.