Dermapharm (DMP) Q4 2025 earnings summary

Executive summary

• Full-year 2025 revenue was EUR 1,165.0 million, within guidance but down 1.3% year-over-year due to lower parallel import business revenue and portfolio adjustments.

• Adjusted EBITDA rose 2.9% to EUR 324.8 million, with margin improving to 27.9%, driven by strong branded pharmaceuticals performance.

• Earnings after tax increased to EUR 131.4 million, up 17.6% year-over-year, supported by higher operating income and lower tax expenses.

• Dividend proposal of EUR 0.88 per share for the 2025 financial year.

Financial highlights

• Adjusted EBITDA margin improved to 27.9% for the year, up 1.2 percentage points year-over-year.

• Net debt reduced, leverage ratio at 2.7x, and interest cover ratio improved to 8.2x.

• Free cash flow was EUR 131 million, or EUR 193 million excluding M&A CapEx; cash conversion rate rose to 71%.

• Equity ratio increased to 31.6% by year-end, with a dip in June due to dividend reclassification.

Outlook and guidance

• 2026 revenue guidance: EUR 1,182–1,218 million; adjusted EBITDA: EUR 331–341 million.

• Growth expected from branded pharmaceuticals, integration of Mucos and F. Trenka, and international expansion.

• Parallel import business revenue expected to decline, but earnings to improve through cost savings and focus on high-margin products.

• Slightly negative FX impacts anticipated, especially in Ukraine, Switzerland, and the US.

• Share buyback program to redeem 4.3 million shares, reducing equity and aiming to increase shareholder value.