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 expanding to 4.5%; adjusted EPS up to EUR 1.94 and net profit rising 22.4% to EUR 15.4 million.

• Leadership transition: new CEO onboarded in February and new CFO to start mid-April 2026; entry into reimbursed medical cannabis market in Germany and full CSRD-compliant Sustainability Report.

• Strong cash flow generation continued, with free cash flow at EUR 44 million and an equity ratio of 56.9%.

• ESG highlights: 65% women in workforce, 43% in management, 0.01% customer complaint rate, 43% green electricity share.

Financial highlights

• Revenue increased to EUR 2.08 billion from EUR 1.88 billion, driven by both organic (7%) and inorganic (3.4%) growth.

• Gross profit rose 31.6% to EUR 203.7 million, with group gross profit margin up 1.6 percentage points to 9.8%.

• EBITDA pre was EUR 93.1 million, up 17.8%, with margin at 4.5%.

• Net profit increased 22.4% to EUR 15.4 million; adjusted EPS rose 16.8% to EUR 1.94.

• Operating cash flow was EUR 52.3 million; free cash flow EUR 44 million; CAPEX rose 31.4% to EUR 8.3 million.

Outlook and guidance

• 2026 revenue expected between EUR 2.0–2.12 billion, reflecting up to 2% growth; EBITDA pre guidance for 2026 is EUR 94–102 million, up to 9.6% growth, with margin up to 4.8%.

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

• Guidance assumes normalization of one-off effects and continued focus on profitability over top-line growth.

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