Medios (ILM1) Q4 2025 earnings summary

Executive summary

• Revenue grew 10.4% year-over-year to EUR 2.1 billion, surpassing EUR 2 billion for the first time, mainly from full-year consolidation of Ceban and strong organic growth in Pharmaceutical Supply (PS) and International Business (IB).

• EBITDA pre rose 17.8% to EUR 93.1 million, with margin improving from 4.2% to 4.5%; EPS up 19.6% to EUR 0.61, adjusted EPS up 20.5% to EUR 1.94.

• Net profit increased 22.4% to EUR 15.4 million.

• Strong cash flow generation, with free cash flow at EUR 44 million, though operating cash flow declined 29%.

• CEO and CFO transitions, with a new CFO joining in April 2026; entry into Medical Cannabis market and full CSRD-compliant Sustainability Report.

Financial highlights

• Organic revenue growth contributed 7% (EUR 132.4 million), inorganic 3.4% (EUR 63.2 million) mainly from Ceban acquisition.

• Gross profit increased 31.6% to EUR 203.7 million; group gross margin up 1.6pp to 9.8%.

• EBIT up 45.9% to EUR 46.2 million; net income up 22.4% to EUR 15.4 million.

• Personnel costs rose EUR 17.2 million, mainly due to Ceban consolidation and board changes.

• Other operating expenses up EUR 10.7 million, including EUR 2.4 million one-off ERP costs.

Outlook and guidance

• 2026 revenue expected at EUR 2.0–2.12 billion (up to 2% growth); EBITDA pre guidance: EUR 94–102 million, margin up to 4.8%.

• Free cash flow expected at EUR 40–50 million in 2026.

• Organic EBITDA pre growth anticipated in the mid-single-digit percentage range.

• Focus on harmonizing business processes, ERP/SAP rollout, network optimization, and selective M&A.

• Lower extraordinary expenses anticipated, mainly ERP implementation costs (EUR 5 million).