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Diasorin
Investor Presentation • Jul 31, 2025
4129_rns_2025-07-31_721df8f4-757e-40e8-b3bd-f925b27bfdfa.pdf
Investor Presentation
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Q2 AND H1 2025 RESULTS
July 31, 2025
DISCLAIMER
In General. This disclaimer applies to this presentation and any oral comments of any person presenting it. This document, taken together with any such oral comments, is referred to herein as the "Presentation". This Presentation has been prepared by Diasorin S.p.A. ("Diasorin" or the "Company" and, together with its subsidiary the "Group"). The Presentation is being furnished to you for information purposes only and for use in presentations of the industrial plan of the Group.
Verbal explanation. This Presentation has to be accompanied by a verbal explanation. A simple reading of this Presentation without the appropriate verbal explanation could give rise to a partial or incorrect understanding.
No offer to purchase or sell securities. The information, statements and opinions contained in this Presentation are for information purposes only and do not constitute a public offer under any applicable legislation or an offer to sell or solicitation of an offer to purchase or subscribe for securities or financial instruments or any advice or recommendation with respect to such securities or other financial instruments.
No distribution of this Presentation. This Presentation is being furnished to you solely for your information and may not be reproduced, in whole or in part, or redistributed to any other individual or legal entity.
Miscellanea. This Presentation has been prepared on a voluntary basis. Diasorin is therefore not bound to prepare similar presentations in the future, unless where provided by law. Neither the Company nor any member of the Group nor any of its or their respective representatives, directors, employees or agents accept any liability whatsoever in connection with this Presentation or any of its contents or in relation to any loss arising from its use or from any reliance placed upon it.
Piergiorgio Pedron, the manager responsible for the preparation of the company accounting documents for Diasorin S.p.A., declares that, pursuant to Article 154 bis, paragraph 2, of the Legislative Decree February 24, 1998, no. 58, to the best of his knowledge, the accounting information included in this Presentation correspond to document results, books and accounting records.
FORWARD-LOOKING STATEMENTS
This document contains forward-looking statements that are based on current expectations, estimates, forecasts and projections about the industries in which Diasorin operates and the beliefs and assumptions of the management of Diasorin. In addition, the management of Diasorin may make forward-looking statements orally to analysts, investors, representatives of the media and others. In particular, among other statements, certain statements regarding future financial performance, the achievement of certain targeted metrics at any future date or for any future period, trends in results of operations, margins, costs, return on capital, risk management and competition are forward-looking in nature. These statements may include terms such as "may", "will", "expect", "could", "should", "intend", "estimate", "anticipate", "believe", "remain", "on track", "design", "target", "objective", "goal", "forecast", "projection", "outlook", "prospects", "plan", or similar terms. Forward-looking statements are not guarantees of future performance and are, by their nature, subject to inherent risks, uncertainties and assumptions that are difficult to predict because they relate to events and depend on circumstances that may or may not occur or exist in the future and, as such, undue reliance should not be placed on them.
Forward-looking statements do not take into account any additional effects that may arise from impacts on the global market in which Diasorin operates and, more generally, on the macroeconomic scenario.
Actual results may differ materially from those expressed in forward-looking statements as a result of a variety of factors, including: the impact of the COVID-19 pandemic, the ability of the Group to create and launch new products successfully; changes in the global financial markets, general economic environment and changes in demand for diagnostic/healthcare/life sciences products, which is subject to cyclicality; changes in local economic and political conditions, changes in trade policy and the imposition of global and regional tariffs or tariffs targeted to the diagnostic/healthcare/life sciences industry, the enactment of tax reforms or other changes in tax laws and regulations; the Group's ability to offer innovative, attractive products; various types of claims, lawsuits, governmental investigations and other contingencies, including product liability and warranty claims, investigations and lawsuits; material operating expenditures in relation to compliance with health and safety regulations; the intense level of competition in the diagnostic/healthcare/life sciences industry, which may increase due to consolidation; the Group's ability to fund its defined benefit pension plans; the ability to access funding to execute the its business plans and improve its own businesses, financial condition and results of operations; the Group's ability to realize anticipated benefits from joint venture arrangements; disruptions arising from political, social and economic instability; commercial risk due the fact that the Group operates in a market characterized by the presence of large competitors; risk associated to the maintenance of relationship with customers and strategic partners; risks associated with relationships with employees and suppliers; increases in costs, disruptions of supply or shortages of raw materials; developments in labor and industrial relations and developments in applicable labor laws; exchange rate fluctuations, interest rate changes, credit risk and other market risks; political and civil unrest; earthquakes or other disasters.
Any forward-looking statements contained in this document speak only as of the date of this document and Diasorin disclaim any obligation to update or revise publicly forward-looking statements. Further information concerning the Group and its business, including factors that could materially affect the Group's financial results, are included in Diasorin'sreports and filings with CONSOB and Borsa Italiana.
No update. The information and opinions in this document is provided to you as of the dates indicated and Diasorin does not undertake to update the information contained in this document and/or any opinions expressed relating thereto after its presentation, even in the event that the information becomes materially inaccurate, except as otherwise required by applicable laws.
Non-IFRS and Other Performance Measures. This document contains certain items as part of the financial disclosure, which are not defined under IFRS. Accordingly, these items do not have standardized meanings and may not be directly comparable to similarly-titled items adopted by other entities. Diasorin management has identified a number of "Alternative Performance Indicators" ("APIs"). These APIs (i) are derived from historical results of Diasorin and are not intended to be indicative of future performance, (ii) are non-IFRS financial measures and, although derived from the financial statements, are unaudited and (iii) are not an alternative to financial measures prepared in accordance with IFRS. The APIs presented herein include EBITa , EBITDAb , adjusted EBITDAc , Net Financial Positiond and Free Cash Flowe . These measures are not indicative of historical operating results, nor are they meant to be predictive of future results. These measures are used by the management to monitor the underlying performance of the business and operations. Similarly entitled non-IFRS financial measures reported by other companies may not be calculated in an identical manner, consequently the measures reported in this document may not be consistent with similar measures used by other companies. Therefore, investors should not place undue reliance on this data.
a EBIT is defined as the "Operating Result" net of interests and taxes – b EBITDA is defined as the "Operating Result", gross of amortization and depreciation of intangible and tangible asset. EBITDA is a measure used by the Company to monitor and evaluate the Group's operating performance and is not defined as an accounting measure in IFRS therefore shall be considered an alternative measure for assessing the Group's operating result performance. c Adjusted EBITDA is defined as Adjusted EBITDA, excluding extraordinary costs and expenses incurred in the Luminex transaction announced on April 11, 2021 d The Net Financial Position is defined as the algebraic sum (positive balance sheet assets and negative balance sheet liabilities) of cash and cash equivalents and other current financial assets, minus current financial liabilities and non-current financial liabilities. e Free Cash Flow is defined as the set of means available to the Company and is equal to cash flows deriving from operating activities net of interest received or paid, and net of investments and divestments of fixed assets.
FINANCIAL HIGHLIGHTS
FINANCIAL HIGHLIGHTS
| Change | Change | |||||
|---|---|---|---|---|---|---|
| Amounts in €/mln |
H1 2025 | @ current | @ CER | Q2 2025 | @ current | @ CER |
| Revenues | 619 | +5% | +6% | 306 | +2% | +5% |
| Immunodiagnostics ex-COVID | 418 | +7% | +8% | 215 | +5% | +8% |
| Molecular Diagnostics ex-COVID | 103 | +3% | +4% | 47 | -5% | +1% |
| Licensed Technologies |
91 | +9% | +10% | 42 | +1% | +7% |
| COVID | 7 | -50% | -49% | 3 | -54% | -50% |
| Revenues ex-COVID | 612 | +6% | +8% | 304 | +3% | +7% |
| Adjusted1 EBITDA2 |
214 | +8% | +10% | 107 | +6% | +11% |
| Adjusted1 EBITDA2 Margin | 35% | 35% | ||||
| Adjusted1 EBITDA2 Margin @CER | 35% | 36% | ||||
| Adjusted1 EBIT |
167 | +9% | 84 | +6% | ||
| Adjusted1 EBIT Margin | 27% | 28% | ||||
| Adjusted1 Net Profit |
125 | +4% | 61 | -0% | ||
| % on revenues | 20% | 20% | ||||
| Free Cash Flow | 83 | |||||
| Net Financial Debt | -683 |
1 With reference to the Adjusted EBITDA, Adjusted EBIT and Adjusted Net Profit indicators, please refer to the table included in the financial schemes section of this presentation.
2 EBITDA is defined as the "Operating Result", gross of amortization and depreciation of intangible and tangible asset. EBITDA is a measure used by the Company to monitor and evaluate the Group's operating performance and is not defined as an accounting measure in IFRS therefore shall be considered an alternative measure for assessing the Group's operating result performance.
H1 2025 KEY FACTS
PRODUCT & BUSINESS DEVELOPMENT
• FDA 510(k) clearance of the LIAISON® MUREX HIV Ab-Ag HT and the LIAISON® MUREX Control HIV Ab-Ag HT
TARGETED
- Launch of a new Measles Virus Primer Pair in the U.S., expanding the growing portfolio of Analyte-Specific Reagents (ASRs)
- Launch of the Simplexa® C. auris Direct assay for the LIAISON® MDX platform on all countries accepting the CE Mark
MULTIPLEX
- Launch of the full panel portfolio for blood infection diagnostics on the LIAISON PLEX®, the Group's new multiplexing platform, following the U.S. FDA 510(k) clearance for the LIAISON PLEX® Gram-Negative Blood Culture Assay, LIAISON PLEX® Gram-Positive Blood Culture Assay, and LIAISON PLEX® Blood Culture Yeast Assay
- Advancement of the development of the Gastro-Intestinal panel on the LIAISON PLEX®
POINT OF CARE (POC)
• Submission of the molecular POC platform LIAISON NES® and its first 4-plex respiratory panel (Flu A, Flu B, COVID, RSV) to the FDA for 510(k) clearance and CLIA Waiver
OTHER KEY FACTS
- A project has been initiated to discontinue industrial operations at the Dietzenbach plant (Germany), as part of the strategy to optimize the global production footprint and enhance longterm competitiveness
- With regard to the introduction of new tariff measures that could potentially impact the Group's business areas, as of today, taking into account the upcoming tariffs imposition and the mitigation measures already implemented, the estimated impact on the Group's profitability for the current year is not expected to be material. Nonetheless, the Company will continue to closely monitor the implementing provisions of the announced tariff measures, any potential changes in the tariff framework, the related impacts on both the import and export of its products, and the procurement of raw materials used in its production processes
- Resolution on approval of the enhancement of the increase voting rights mechanism definitely effective and implemented
- Appointment of the new Board Directors and the Board of Statutory Auditors
MOLECULAR DIAGNOSTICS
MANAGERIAL OUTLOOK ON Q2 AND H1 2025 REVENUES
Total revenues: +6%
Ex-COVID revenues: +8%
- Immunodiagnostic ex-COVID: +8%, mainly driven by the sales of CLIA specialty tests. This result reflects the success of the U.S. Hospital Strategy and increased specialty test sales in Europe, which more than offset the anticipated impact of VBP in China and the unfavorable comparison with Q2'24, which was characterized by some infectious disease outbreaks in Europe.
- Molecular diagnostic ex-COVID: +4% (+8% ex ARIES platform, discontinued in 2024), as a combination of the good performance of "Legacy Diasorin" business and "Automated multiplexing" franchise, partially offset by the unfavorable comparison with the same period of the previous year which is affected by the discontinuation of the ARIES platform and the absence of outbreaks of certain infectious diseases, which had positively contributed to sales volumes in the prior year.
- Licensed technologies: +10%, mainly due to favorable scheduling of some important orders.
Q2 AND H1 2025 REVENUES BY GEOGRAPHY
Q2 AND H1 2025 PROFITABILITY PROFILE
(data in €/mln @ current exchange rates)
H1 2025 Adjusted1 EBITDA2 is better than last year by € 16 million, or by +8% (+10% at CER), with a higher incidence on revenues of about 100 bps at current and constant exchange rates.
In Q2 2025, growth equals to +6% at current exchange rates vs. Q2 2024, with Adjusted1 EBITDA2 Margin at 35% at current exchange rates and almost at 36% at CER, driven by a favorable product mix and contained growth in operating expenses.
1 With reference to the Adjusted EBITDA, Adjusted EBIT and Adjusted Net Profit indicators, please refer to the table included in the financial schemes section of this presentation. 2 EBITDA is defined as the "Operating Result", gross of amortization and depreciation of intangible and tangible asset. EBITDA is a measure used by the Company to monitor and evaluate the Group's operating performance and is not defined as an accounting measure in IFRS therefore shall be considered an alternative measure for assessing the Group's operating result performance
FY 2025 COMPANY GUIDANCE
FY'25 GUIDANCE CONFIRMED
FY'25 GUIDANCE (@CER 2024)
Ex-COVID revenues: approx. +8%, approx. +7% including COVID revenues (equal to approx. 20 €/mln)
Adjusted1 EBITDA2 Margin: approx. 34%
1 With reference to the Adjusted EBITDA, Adjusted EBIT and Adjusted Net Profit indicators, please refer to the table included in the financial schemes section of this presentation. 2 EBITDA is defined as the "Operating Result", gross of amortization and depreciation of intangible and tangible asset. EBITDA is a measure used by the Company to monitor and evaluate the Group's operating performance and is not defined as an accounting measure in IFRS therefore shall be considered an alternative measure for assessing the Group's operating result performance
FINANCIAL SCHEMES
INCOME STATEMENT
| emarket sdir scorage |
|---|
| CERTIFIED |
| H1 | Q2 | ||||
|---|---|---|---|---|---|
| of Amounts in millions euros |
2024 | 2025 | 2024 | 2025 | |
| Net Revenues |
589 | 619 | 300 | 306 | |
| Cost of sales |
(199) | (213) | (102) | (105) | |
| Gross profit |
390 | 406 | 198 | 201 | |
| 66% | 66% | 66% | 66% | ||
| Sales and marketing expenses |
(141) | (142) | (71) | (69) | |
| Research and development costs |
(43) | (47) | (21) | (23) | |
| General and administrative expenses |
(64) | (61) | (33) | (31) | |
| Total operating expenses |
(249) | (251) | (125) | (123) | |
| 42% | 41% | 42% | 40% | ||
| (expense) Other operating income |
(10) | (17) | (5) | (13) | |
| non recurring amount |
(2) | (10) | (1) | (9) | |
| EBIT | 132 | 138 | 69 | 65 | |
| 22% | 22% | 23% | 21% | ||
| (expense) financial income Net |
(8) | (7) | (4) | (3) | |
| Profit before taxes |
124 | 131 | 64 | 63 | |
| Income taxes |
(29) | (33) | (15) | (16) | |
| result Net |
96 | 99 | 50 | 46 | |
| EBITDA2 | 196 | 204 | 101 | 97 | |
| 33% | 33% | 34% | 32% |
2 EBITDA is defined as the "Operating Result", gross of amortization and depreciation of intangible and tangible asset. EBITDA is a measure used by the Company to monitor and evaluate the Group's operating performance and is not defined as an accounting measure in IFRS therefore shall be considered an alternative measure for assessing the Group's operating result performance
BALANCE SHEET
| in millions of Amounts euros |
12/31/2024 | 06/30/2025 | Change |
|---|---|---|---|
| Goodwill and intangibles assets |
2 028 , |
1 817 , |
-212 |
| , plant and Property equipment |
271 | 256 | -15 |
| Other non-current assets |
34 | 36 | +1 |
| working capital Net |
346 | 356 | +10 |
| Other liabilities non-current |
(264) | (249) | +15 |
| Invested Capital Net |
2 417 , |
2 216 , |
-201 |
| Net Financial Debt |
(618) | (683) | -66 |
| Total shareholders' equity |
799 1 , |
532 1 , |
-267 |
CASH FLOW STATEMENT
| millions of |
H1 | Q2 | ||
|---|---|---|---|---|
| Amounts in euros |
2024 | 2025 | 2024 | 2025 |
| Cash and cash equivalents the beginning of the period at |
280 | 344 | 308 | 365 |
| Cash provided by operating activities |
155 | 145 | 80 | 74 |
| provided/(used) Cash in investing activities |
(11) | (28) | (50) | (35) |
| provided/(used) Cash financing in activities |
(255) | (288) | (168) | (231) |
| change in cash and cash equivalents before investments in financial Net assets |
(111) | (171) | (138) | (192) |
| change in cash and cash equivalents Net |
(111) | (171) | (138) | (192) |
| Cash and cash equivalents the end of the period at |
170 | 173 | 170 | 173 |
H1'25 RECONCILIATION TO CONSOLIDATED FINANCIAL STATEMENTS
| millions of Amounts in euros |
Profit Gross |
EBITDA | EBIT | Result Net |
|---|---|---|---|---|
| Financial Statements Measures |
406 | 204 | 138 | 99 |
| % Revenues on |
66% | 33% | 22% | 16% |
| Adjustments | ||||
| "One-off" related recurring costs to events non |
- | 10 | 10 | 10 |
| of intangibles identified the Purchase Depreciation Luminex in Price Allocation |
- | - | 19 | 19 |
| Financial charges relating o debt and o the convertible bond instruments t t issued finance the of of hedging effects acquisition Luminex to net |
- | - | - | 6 |
| Total adjustments before effect tax |
- | 10 | 29 | 36 |
| Fiscal effect on adjustments |
- | - | - | (9) |
| Total Adjustments |
- | 10 | 29 | 26 |
| Adjusted Measures |
406 | 214 | 167 | 125 |
The alternative performance measures listed in the table should be used as an information supplement to the provisions of IFRS, to assist users of the document in better understanding the economic, equity and financial performance of the Group. Such measures are computed purifying the results of the one-off costs relating to the integration of Luminex, of the amortization deriving from the Purchase Price Allocation and of the financial charges associated with the financing of the transaction, including the tax impact. It should also be noted that the method of calculating these adjusted indicators could differ from the methods used by other companies.
H1'24 RECONCILIATION TO CONSOLIDATED FINANCIAL STATEMENTS
| millions of Amounts in euros |
Profit Gross |
EBITDA | EBIT | Result Net |
|---|---|---|---|---|
| Financial Statements Measures |
390 | 196 | 132 | 96 |
| % Revenues on |
66% | 33% | 22% | 16% |
| Adjustments | ||||
| "One-off" related the and of integration restructuring Luminex costs to |
- | 2 | 2 | 2 |
| of identified Depreciation Luminex intangibles in the Purchase Price Allocation |
- | - | 19 | 19 |
| Financial charges relating o debt instruments and o the convertible bond t t finance of of effects issued the acquisition Luminex hedging to net |
- | - | - | 10 |
| Total adjustments before effect tax |
- | 2 | 21 | 31 |
| Fiscal effect on adjustments |
- | - | - | (7) |
| Total Adjustments |
- | 2 | 21 | 24 |
| Adjusted Measures |
390 | 198 | 153 | 120 |
The alternative performance measures listed in the table should be used as an information supplement to the provisions of IFRS, to assist users of the document in better understanding the economic, equity and financial performance of the Group. Such measures are computed purifying the results of the one-off costs relating to the acquisition and integration of Luminex, of the amortization deriving from the Purchase Price Allocation and of the financial charges associated with the financing of the transaction, including the tax impact. It should also be noted that the method of calculating these adjusted indicators could differ from the methods used by other companies.
