Strong top-line growth (Q4 and FY '25)
Q4 revenue EUR 611m with organic growth of 10.6%. Full year revenue grew 13.7% (organic 12.7%), delivering a revenue base just under EUR 2.4bn.
EBITDAaL and margin expansion
Q4 EBITDAaL EUR 57.0m, up 30% year-over-year; EBITDAaL margin improved to 9.3% (up 140 bps YoY). Full year EBITDAaL EUR 243.1m, up 40% (margin up 190 bps YoY).
Profitability and EPS improvement
Q4 EBIT EUR 35.2m (margin 5.7%, +150 bps YoY). Net profit in Q4 EUR 17.3m (margin 2.8%). FY EPS EUR 0.514 versus EUR 0.112 prior year, reflecting strong flow-through.
Cash generation and returns
Net operating cash in Q4 EUR 100m, up 56% YoY; full year operating cash EUR 343.7m, up 31% YoY. ROIC nearly doubled from 6.7% at end-FY24 to ~13% at end-FY25.
Business-unit performance—Healthcare Services
Healthcare organic revenue +11% in the quarter (price +6%, volume +5%); Healthcare EBITDAaL EUR 72.5m, up 23%, with margin expansion of ~200 bps in the quarter.
Business-unit performance—Diagnostics
Diagnostics revenue +13.5% (organic ~9.3%); test volumes increased ~17.6%. Diagnostics EBITDA EUR 33.3m with margin improving to 17.3% (up ~120 bps YoY).
Operational progress and M&A integration
SYNLAB and Sports & Wellness acquisitions are being integrated; SYNLAB implementation described as 'almost complete' and Sports & Wellness contributing meaningfully to fee-for-service growth.
Capital deployment and network expansion
Q4 CapEx ~EUR 57m; full year CapEx ~6.7% of revenues. Added ~77,000 sqm medical space in FY25, ending the year at ~986,000 sqm and expected to pass 1,000,000 sqm in Q1.
Balance sheet and shareholder returns
Leverage improved to 3.1x from 3.4x a year ago. Board recommended a dividend increase; medium-term policy reiterated (dividends ~50% or lower of net profit target).
Ambitious 3-year targets
Management set 2028 targets: organic revenues > EUR 3.25bn, adjusted organic EBITDA > EUR 600m, leverage at or below 3x, EBIT > EUR 290m, adjusted EBITDAaL > EUR 430m.