Medios (ILM1) Q2 2026 earnings summary

Executive summary

• Revenue grew 8.4% year-over-year to €1,074.9 million in H1 2026, surpassing €1 billion for the first time in a half-year period.

• EBITDA pre declined 5.1% to €44.0 million, with margin at 4.1%, due to lower gross profit and higher operating expenses.

• Net income after tax dropped 32.9% to €8.5 million; adjusted EPS fell to €0.87.

• Strategic acquisition of 74% of Caelo announced for €7.9–9.4 million, expanding the European compounding/API platform.

• Operating cash flow decreased 52.1% to €11.2 million, mainly due to higher tax payments and lower net income.

Financial highlights

• Revenue: €1,074.9 million (H1 2026), up 8.4% year-over-year.

• EBITDA pre: €44.0 million, down 5.1% year-over-year; margin at 4.1%.

• Net income: €8.5 million, down 32.9% year-over-year; adjusted EPS: €0.87.

• Operating cash flow: €11.2 million, down 52.1% year-over-year.

• Free cash flow before acquisitions: €3.1 million (H1 2025: €20.5 million).

Outlook and guidance

• Full-year 2026 revenue forecast raised to €2.10–2.16 billion (previously €2.00–2.12 billion).

• EBITDA pre guidance lowered to €88–92 million (previously €94–102 million), reflecting margin pressures and regulatory headwinds.

• Margin improvement expected in Patient-Specific Therapies and international segments, with focus on operational excellence and cost savings.

• Regulatory changes, such as the GKV Contribution Rate Stabilization Act and Hilfstaxe arbitration, factored into guidance.

• Cost optimization and efficiency measures expected to partially offset margin pressures.