DiaSorin (DIA) Q3 2025 earnings summary

Executive summary

• Year-to-date revenues reached €900 million, up 3% year-over-year, with ex-COVID growth of 7% at constant exchange rates and core business (ex-COVID, constant FX) up 6%.

• Adjusted EBITDA for 9M 2025 was €302 million, up 3% year-over-year (+7% at CER), with margin improving to 34%.

• Immunodiagnostic strategy in the US targets 90 new hospitals in 2025 and 600 by 2027, with strong CLIA specialty test sales.

• Major commercial agreement signed with Quest Diagnostics for LIAISON PLEX platform.

• New product launches and regulatory submissions, including high-throughput QuantiFERON TB assay, TSH receptor assay, and FDA 510(k) clearance for multiplex respiratory panels.

Financial highlights

• Gross profit for the first nine months totaled €587 million (65% of revenues), up year-over-year.

• Adjusted EBITDA margin was 34% for 9M 2025, up from 33% in 2024.

• Adjusted EBIT was €233 million (26% of revenues); adjusted net income was €174 million (19% of revenues); net profit for 9M'25 was €137 million.

• Net debt at Q3 2025 was €617 million, stable versus year-end 2024.

• Free cash flow was €161 million, offset by €97 million in withdrawal rights payments and €63 million in dividends.

Outlook and guidance

• FY 2025 guidance revised: ex-COVID revenue growth of ~5% at CER, total revenues including COVID ~4%, and adjusted EBITDA margin at ~33%.

• High single-digit top-line growth expected for 2026, with mid- to high-single-digit growth for Immuno and double-digit for Molecular in the medium term.

• Capital Market Day planned for Q2 2026 to update mid-term targets and strategy.