Full-Year Revenue Growth
2025 total company revenue increased 5.7% to $1.164 billion (5.2% constant currency vs. 2024). 2026 revenue guidance of $1.233B–$1.251B (5%–6.5% constant currency growth).
Adjusted EBITDA Expansion and Margin Improvement
Adjusted EBITDA grew 8.2% to $593.8 million (7.8% constant currency). Adjusted EBITDA margin expanded to 51.0%, up ~118 basis points year-over-year. 2026 EBITDA guidance $632M–$641M (5.5%–7% cc growth).
Strong Cash Generation and Leverage Reduction
Adjusted free cash flow of $210 million in 2025. Net leverage improved to 3.2x from 3.7x in 2024. Available liquidity ~ $940 million ($345M cash, ~ $600M revolver capacity).
Sterigenics Revenue and Profit Growth
Sterigenics Q4 revenue rose 10.6% to $198M (8% constant currency). Segment income increased 10.4% to $110M (7.8% cc), driven by favorable pricing (+4.3%), volume/mix (+3.7%) and FX (+2.6%). 2026 Sterigenics expected mid- to high-single-digit cc revenue growth.
Nelson Labs Margin Expansion and Core Lab Growth
Nelson Labs expanded margins by ~312 basis points during the year. Q4 revenue increased 2.3% to $55M (nearly flat cc). Segment income rose 1.9% to $18M.
Capital Markets and Interest Cost Improvements
Repriced term loan lowering borrowing costs by 75 basis points. Paid down $86M of debt, generating ~$13M annual interest savings. Full-year interest expense improved by $9M to $156M.
Operational & Commercial Progress
Customer satisfaction exceeded 80%. XBU (cross-business-unit) customer revenue expanded 9% year-over-year. Nordion signed a cobalt development agreement with Westinghouse and PSEG and secured a 25-year Class 1B license renewal for Ottawa (longest ever issued).
Governance and Public Float Improvements
Public float increased to ~80% of outstanding shares in 2025. Strengthened governance with appointment of a lead independent director and addition of Richard Kyle to the board.