DiaSorin (DIA) Q4 2025 earnings summary

Executive summary

• FY 2025 revenues reached €1,195 million, up 1% year-over-year and 4% at constant exchange rates, with ex-COVID business driving growth despite a sharp decline in COVID-related sales.

• Adjusted EBITDA was €394 million (33% margin), up 4% at constant exchange rates, in line with guidance, but profitability was impacted by tariffs, product mix, FX, and challenges in China.

• Immuno franchise delivered 7% growth, with North America up 15% and Europe mid-single digits; China declined 19–20% due to VBP and reimbursement cuts.

• Strategic shift in China to focus on specialty assays, closing local manufacturing due to VBP policy and market pressures.

• Ordinary dividend proposed at €1.30 per share, up 8.3% versus 2024, and share buyback program launched with up to €250 million authorized.

Financial highlights

• Adjusted net profit was €223 million (19% of revenues), down 6% year-over-year due to FX, higher financial charges, and increased taxes; net profit was €150 million, down 20%.

• Free cash flow was €209 million, down from €241 million in 2024, reflecting higher taxes and FX impacts.

• Net financial debt improved to €580 million from €618 million at end-2024.

• Adjusted gross profit was €778 million (65% of revenues), down 1% due to tariffs, product mix, and FX; would have risen 2% at constant FX.

• Cash and cash equivalents at year-end 2025: €166 million, down from €344 million in 2024.

Outlook and guidance

• 2026 revenue growth expected at 5–6% at constant exchange rates, with adjusted EBITDA margin guidance of 32–33%.

• Growth will be back-loaded with a softer H1; immunodiagnostics growth to be driven by specialty portfolio and hospital strategy, offset by normalization in Europe and continued weakness in China.

• Guidance excludes potential impacts from Middle East conflict and related logistical or supply chain risks.

• FX sensitivity: every 1 cent USD/EUR movement impacts revenues by €6–7 million and EBITDA by €2–3 million.

• Molecular diagnostics growth expected from new panel launches and commercial execution, with acceleration in H2 2026.