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Vimian Group AB
Quarterly Report • Apr 29, 2025
8618_10-q_2025-04-29_26ad32b6-5c62-43a1-ae3d-6ddfb9005ac0.pdf
Quarterly Report
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Q1 2025
Interim report January - March
Interim report January - March 2025
Strong earnings growth and Main Market uplift
First quarter
- Net revenue increased by 18 per cent to EUR 107.5m (91.3) with organic growth of 4 per cent
- Operating profit (EBIT) of EUR 15.6m (13.4)
- EBITA of EUR 21.3 (18.9), including items affecting comparability of EUR -7.0m (-5.1). Adjusted EBITA increased 18 per cent to EUR 28.3m (24.1) corresponding to a margin of 26.3 per cent (26.3)
- Net result of EUR 4.7m (3.7) and earnings per share before and after dilution EUR 0.01 (0.01)
- Cash flow from operating activities of EUR 17.1 (11.2)
Significant events during the first quarter
Significant events after the first quarter
Financial key ratios
| Significant events during the first quarter ▪ On 14 March, Nasdaq Stockholm's Listing Committee approved Vimian's application for admission of Vimian's ordinary shares to trading on Nasdaq Stockholm Main Market and trading commenced on 28 March 2025. |
Significant events after the first quarter ▪ On 4 April, Vimian announced that the company has terminated the liquidity guarantee agreement with Carnegie Investment Bank. The agreement expires on 30 April 2025. |
||||
|---|---|---|---|---|---|
| Financial key ratios | |||||
| EURm, | Jan-Mar | Jan-Mar | Apr-Mar | Full-year | |
| unless otherwise stated | 2025 | 2024 | Δ% | 24/25 | 2024 |
| Revenue | 107.5 | 91.3 | 18% | 391.0 | 374.8 |
| Organic revenue growth (%)¹ | 4% | 1% | 9% | ||
| EBITA | 21.3 | 18.9 | 13% | 73.9 | 71.6 |
| EBITA margin (%) | 19.8% | 20.7% | -0.9 pp | 18.9% | 19.1% |
| Adjusted EBITA¹ | 28.3 | 24.1 | 18% | 99.5 | 95.2 |
| Adjusted EBITA margin (%)¹ | 26.3% | 26.3% | -0.0 pp | 25.4% | 25.4% |
| Operating profit (EBIT) | 15.6 | 13.4 | 17% | 51.4 | 49.2 |
| Profit for the period | 4.7 | 3.7 | 28% | 20.4 | 19.3 |
| Items affecting comparability² | -7.0 | -5.1 | -25.6 | -23.7 | |
| Earnings per share before dilution (EUR) | 0.01 | 0.01 | 0.04 | 0.04 | |
| Earnings per share after dilution (EUR) | 0.01 | 0.01 | 0.04 | 0.04 | |
| Cash flow from operating activities | 17.1 | 11.2 | 53% | 64.1 | 58.1 |
Message from our CEO
Strong earnings growth and Main Market uplift
In the first quarter of 2025, we delivered revenues of EUR 107.5 million and an adjusted EBITA growth of 18 per cent, reaching EUR 28.3 million. Organic revenue growth in the quarter reached 4 per cent, as previously communicated negatively impacted by the final adjustment of the former annual ordering program in our MedTech segment's orthopedics business in the US. The remaining three operating segments delivered double-digit organic revenue growth in the quarter.
Our adjusted EBITA margin was unchanged at 26.3 (26.3) per cent. We delivered EUR 17.1 million in cash from operations, and we continue to strengthen our cash generation with improved operational efficiency.
We ended the quarter with our first day of trading as a Large Cap company at Nasdaq Stockholm Main Market. This was an important milestone for Vimian as a public company, to further improve liquidity in the share and strengthen access to the international capital markets.
Specialty Pharma – continued positive momentum
Specialty Pharma reported 10 per cent organic growth with growth across all therapeutic areas. Specialty Pharmaceuticals and Dermatology delivered strong growth in the quarter supported by new product launches and market share gains.
MedTech – final adjustment of annual ordering program
As previously communicated, the final adjustment of the annual ordering program, combined with a continued soft market for elective surgeries in the US, resulted in an organic decline of 7 per cent for the first quarter. We continue to invest in education and target to return to organic growth for the remainder of 2025.
Our platform acquisition into the dental treatment sector, iM3, continued to develop well, with strong like-for-like growth in the quarter. After the end of the quarter, we completed our first bolt-on acquisition within dental as we welcomed Dental Focus based out of New Jersey, US, with revenues of around USD 3 million. Dental Focus is a highly reputable provider of veterinary dental imaging equipment and services. The acquisition strengthens our presence in the US and provides access to a new customer base.
Veterinary Services – expanding in the US
Veterinary Services continued to perform well and delivered organic revenue growth of 12 per cent. During the quarter, the segment further strengthened its presence in the US through the launch of dvmGRO, a services platform targeting new unpenetrated market segments. The launch of dvmGRO strengthens our position as a leading veterinary services platform provider in the key US market as well as globally.
Diagnostics – continued good growth
In Diagnostics we delivered another strong quarter with strong organic growth of 16 per cent driven by the livestock diagnostics offering.
Well positioned in an uncertain world
Like all companies we continue to face an uncertain world and geopolitical environment. From time to time this will present challenges to us, but as an entrepreneurial and agile organization I believe we are well equipped to navigate the rapidly changing landscape. Our market has proven resilient historically and the fundamental growth drivers for pet health; with increase in pet ownership, humanization of pets and an ageing pet population remain strong. The final outcome of the recently announced US tariffs remains to be seen, and we monitor the situation closely. Based on what we know today, tariffs have a limited impact on our full year earnings.
We are committed to our robust strategy of building leading positions in attractive, global niches of the animal health market and drive strong organic growth and cash flow, like-for-like margin expansion and value-creative M&A. We continue to deliver on our sustainability agenda focused on the planet, animals and our people and during the quarter, we improved our ESG rating with MSCI from A to AA.
To conclude, I am convinced that we have the right strategy and that Vimian remains well positioned in an uncertain world.
Patrik Eriksson CEO of Vimian Group AB (publ)
Group performance
First quarter 2025
Revenue
Revenue increased by 18 per cent to EUR 107.5m (91.3). Organic revenue growth was 4 per cent driven by Specialty Pharma and Veterinary Services with 10 and 12 per cent organic growth respectively. MedTech total revenue growth was 29 per cent including the acquisition of iM3, organic growth was negative with -7 per cent with the continued phase out of the annual order program and a continued soft US surgery market. Diagnostics delivered organic growth of 16 per cent. Acquisitions contributed with 12 per cent and slight positive impact of 1 per cent from currency movements.
Operating profit
Operating profit (EBIT) amounted to EUR 15.6m (13.4) at a margin of 14.5 per cent (14.6). This includes items affecting comparability of
For items affecting comparability, Specialty Pharma total EUR -0.5m of which EUR -0.3m relates to restructuring of the US allergy business to improve performance. EUR -6.0m is in MedTech of which EUR -4.7m is legal costs related to the US litigation and EUR -1.2m acquisition related costs mainly for the acquisition of iM3. For further information on items affecting comparability, refer to Note 3.
EBITA
EBITA increased by 13 per cent to EUR 21.3m (18.9) at a margin of 19.8 per cent (20.7).
Adjusted EBITA
Adjusted EBITA increased by 18 per cent to EUR 28.3m (24.1) at a margin of 26.3 per cent (26.3). Margin was in line with the same quarter last year despite the lower margin in MedTech with the final phase out of the annual ordering program and the consolidation of iM3 that has a different financial profile than the MedTech orthopedics business.
EUR -7.0m (-5.1).
Financial items
Net financial items amounted to EUR -7.5m (-7.9). This consists of three main parts: (1) financing expenses of EUR -5.0m with an average interest rate of 5.1 per cent during the quarter, partly offset by EUR 0.5m interest income on cash funds; (2) a quarterly discounting impact of EUR -1.5m and impact of EUR -2.8m from probability adjustments related to contingent considerations; and (3) a positive impact of EUR 1.3m from exchange rate effects on the revaluation of debt.
Tax
Income tax expense for the quarter was EUR -3.4m (-1.8). The tax expense as a percentage of pre-tax profit is inflated by nondeductible negative probability adjustments related to contingent liabilities.
Result for the quarter
Result for the quarter amounted to EUR 4.7m (3.7), positively impacted by EUR 1.3m from exchange rates included in financial items as well as a negative EUR -2.8m probability adjustment on contingent liabilities. Earnings per share before and after dilution amounted to EUR 0.01 (0.01).
Cash flow
Cash flow from operating activities reached EUR 17.1m (11.2). Cash flow from investing activities of EUR -12.6m (-6.1) primarily reflects earn-out payments of EUR -9.9m and capex of EUR -3.2m. Cash flow from financing activities of EUR -9.2m (-4.1) primarily reflects repayment of debt.
Net working capital
Net working capital amounted to EUR 94.3m (75.3) per the end of March at 23 (22) per cent of revenue, a decrease from EUR 100.1m at the end of December (25 per cent of revenue).
Compared to end of December 2024, net working capital decreased by EUR 5.8m, mainly due to higher payables.
Capital expenditure
Capital expenditure amounted to EUR -3.2m (-3.9). This is split between EUR -1.4m investments in intangible assets (internal R&D, software development and R&D partnerships) and EUR -1.8m investments in property, plant and equipment (the larger investments include new educational equipment in MedTech and build out of clinic capacity in Veterinary Services).
The capex of EUR -3.2m accounts for 3.0 per cent of sales, compared to 4.3 per cent for the same period in the previous year. The lower capex as a percentage of sales is primarily due to lower investments in intangible assets and capitalized R&D. Investments in buildings and machinery have increased slightly year on year.
Net debt and cash and cash equivalents
At the end of the period, net debt amounted to EUR 212.2m (287.4), down from EUR 221.9m per 31 December 2024. Cash and cash
equivalents amounted to EUR 60.1m (38.1) a decrease compared to EUR 64.8m at the end of December. External lending of EUR 206.9m (301.2).
Per 31 March, net debt in relation to pro-forma adjusted EBITDA over the past 12-month period was 1.8x, compared to 2.0x as per the 31 December 2024.
Central Costs
Central costs in the first quarter amounted to EUR -2.3m (-1.6), a decrease of EUR 0.1m compared to the fourth quarter 2024.
As described in the Q4 report central costs now include EUR -0.2m expenses related to the 2024 LTI (employee stock options). These are non-cash IFRS expenses that will recur at this level for the duration of the three-year program.
Segment performance
First quarter 2025
Revenue
| First quarter 2025 | |||||
|---|---|---|---|---|---|
| Vimian operates through four reporting segments: Specialty Pharma, MedTech, Veterinary Services and Diagnostics |
|||||
| Revenue | |||||
| Jan-Mar | Jan-Mar | Apr-Mar | Full-year | ||
| EURm | 2025 | 2024 | Δ | 24/25 | 2024 |
| Specialty Pharma | 44.9 | 40.3 | 11% | 176.6 | 172.0 |
| MedTech | 41.1 | 32.0 | 29% | 133.1 | 123.9 |
| Veterinary Services | 15.5 | 13.8 | 12% | 59.7 | 58.0 |
| Diagnostics | 6.0 | 5.2 | 16% | 21.7 | 20.9 |
| Group | 107.5 | 91.3 | 18% | 391.0 | 374.8 |
| Adjusted EBITA | |||||
| Jan-Mar | Jan-Mar | Apr-Mar | Full-year | ||
| EURm | 2025 | 2024 | Δ | 24/25 | 2024 |
| Specialty Pharma | 12.9 | 10.9 | 19% | 51.2 | 49.2 |
| MedTech | 12.1 | 10.4 | 16% | 36.0 | 34.3 |
Adjusted EBITA
| Adjusted EBITA | |||||
|---|---|---|---|---|---|
| Jan-Mar | Jan-Mar | Apr-Mar | Full-year | ||
| EURm | 2025 | 2024 | Δ | 24/25 | 2024 |
| Specialty Pharma | 12.9 | 10.9 | 19% | 51.2 | 49.2 |
| 12.1 | 10.4 | 16% | 36.0 | 34.3 | |
| MedTech | |||||
| Veterinary Services | 4.7 | 3.5 | 34% | 18.1 | 16.9 |
| Diagnostics | 0.9 | 0.9 | -1% | 2.2 | 2.3 |
| Group Functions | -2.3 | -1.6 | 38% | -8.1 | -7.4 |
- Specialty Pharma
- 42% MedTech
- Veterinary Services
- Diagnostics
1 Adjusted EBITA before central costs.
Segment – Specialty Pharma
| Jan-Mar | Jan-Mar | Apr-Mar | Full-year | ||
|---|---|---|---|---|---|
| EURm | 2025 | 2024 | Δ | 24/25 | 2024 |
| Revenue | 44.9 | 40.3 | 11% | 176.6 | 172.0 |
| Organic revenue growth (%) | 10% | 11% | -1 pp | 15% | |
| EBITA | 12.4 | 9.4 | 32% | 45.2 | 42.2 |
| EBITA margin (%) | 27.7% | 23.3% | 4.4 pp | 25.6% | 24.5% |
| Adjusted EBITA | 12.9 | 10.9 | 19% | 51.2 | 49.2 |
Revenue
Net revenue in the first quarter grew 11 per cent to EUR 44.9 million (40.3). Organic growth was 10 per cent, contribution from acquisitions 0 per cent and 2 per cent impact from currency movements.
The positive momentum continued in the first quarter with growth in all four therapeutic areas. Significant contribution from Specialty Pharmaceuticals and Dermatology with new products and increased market penetration driving growth. During the first quarter, 23 new products were launched.
The segment's cross-selling and internationalisation initiatives continue and contributed with approximately one fourth of the growth in the quarter.
Adjusted EBITA
Adjusted EBITA for the first quarter increased by 19 per cent to EUR 12.9 million (10.9) at a margin of 28.8 per cent (27.0). The improved margin is a result of revenue growth and mix impact from the strong growth in Specialty Pharmaceuticals.
Segment – MedTech
| Jan-Mar | Jan-Mar | Apr-Mar | Full-year | ||
|---|---|---|---|---|---|
| EURm | 2025 | 2024 | Δ | 24/25 | 2024 |
| Revenue | 41.1 | 32.0 | 29% | 133.1 | 123.9 |
| Organic revenue growth (%) | - 7% | - 12% | 5 pp | 0% | |
| 20.0 | |||||
| EBITA | 6.2 | 7.0 | -12% | 19.1 | |
| EBITA margin (%) Adjusted EBITA |
15.0% 12.1 |
22.0% 10.4 |
-7.0 pp 16% |
14.4% 36.0 |
16.2% 34.3 |
Revenue
Net revenue in the first quarter increased 29 per cent to EUR 41.1 million (32.0). Negative organic growth of -7 per cent, 34 per cent from acquisitions and 1 per cent impact from currency movements.
The final phase out of the annual ordering program, to better match our deliveries with customers' consumption throughout the year, resulted in an organic decline of 12 per cent for the orthopedics business in North America. The US surgery market has not improved in the first quarter and remains soft. Europe and Rest of the World delivered high single digit growth in the quarter.
The veterinary dental business iM3, consolidated from 1 October 2024, delivered strong growth and margin improvement during the first quarter.
Adjusted EBITA
Adjusted EBITA in the first quarter increased to EUR 12.1 million (10.4) at a margin of 29.4 per cent (32.6). The margin was impacted by the final phase of out the annual ordering program and the consolidation of iM3 that has a different financial profile. Compared to the fourth quarter of last year, the margin showed clear sequential improvement.
EBITA in the quarter is impacted by items affecting comparability of EUR -6.0m, mainly legal fees from the US patent litigation with court proceedings taking place in the quarter and costs related to the acquisition of iM3.
Segment – Veterinary Services
| EURm | Jan-Mar 2025 |
Jan-Mar 2024 |
Δ | Apr-Mar 24/25 |
Full-year 2024 |
|---|---|---|---|---|---|
| Revenue | 15.5 | 13.8 | 12% | 59.7 | 58.0 |
| 15% | -3 pp | 16% | |||
| Organic revenue growth (%) | 12% | ||||
| EBITA EBITA margin (%) |
4.5 29.3% |
3.5 25.0% |
31% 4.3 pp |
16.9 28.3% |
15.8 27.3% |
| Adjusted EBITA | 4.7 | 3.5 | 34% | 18.1 | 16.9 |
Revenue
Net revenue for the first quarter grew 12 per cent to EUR 15.5 million (13.8). Organic growth of 12 per cent, no contribution from acquisitions or from currency movements.
The member base continued to increase reaching 8,800 members by the end of the first quarter. The new member recruitments, conversion of existing members to higher tiers as well as continuous development of the service offering supported the continued double-digit growth.
Co-owned clinics account for approximately a third of segment revenue and delivered mid-single digit growth in the quarter.
During the quarter, the segment expanded its presence in the US with the launch of dvmGRO, a new services platform targeting new market segments.
Adjusted EBITA
Adjusted EBITA for the first quarter increased 34 per cent to EUR 4.7 million (3.5) at a margin of 30.3 per cent (25.4).
The margin in the first quarter benefits from revenue growth and positive geographic mix effect.
Quarterly revenue Veterinary Services Quarterly adjusted EBITA Veterinary Services
Segment – Diagnostics
| EURm | Jan-Mar 2025 |
Jan-Mar 2024 |
Δ | Apr-Mar 24/25 |
Full-year 2024 |
|---|---|---|---|---|---|
| Revenue | 6.0 | 5.2 | 16% | 21.7 | 20.9 |
| 16% | - 6% | 22 pp | - 2% | ||
| Organic revenue growth (%) | |||||
| EBITA | 0.8 | 0.9 | -6% | 2.1 | 2.2 |
| EBITA margin (%) Adjusted EBITA |
13.4% 0.9 |
16.5% 0.9 |
-3.1 pp -1% |
9.8% 2.2 |
10.4% 2.3 |
Revenue
Net revenue increased by 16 per cent to EUR 6.0 million (5.2). Organic growth of 16 per cent, 0 per cent from acquisitions and -1 per cent negative impact from currency movements. Positive underlying contribution from all regions with new customer acquisitions and penetration of new products. Growth was also supported by outbreak driven demand.
Adjusted EBITA
Adjusted EBITA for the first quarter amounted to EUR 0.9m (0.9) at a margin of 14.2 per cent (16.6).
The lower margin reflects continued investments in diversifying the offering into companion animal diagnostics.
Declaration of the Board of Directors and Chief Executive Officer
The Board of Directors and Chief Executive Officer declare that the interim report provides a true and fair view of the development of the Group's and parent company's business, its financial position and results, and describes significant risks and uncertainties faced by the parent company and the companies included in the Group.
Stockholm, 29 April 2025
Magnus Welander Chairman
Frida Westerberg Petra Rumpf
Gabriel Fitzgerald
Theodor Bonnier Robert Belkic
Patrik Eriksson CEO
This report has not been reviewed by the company's auditors.
Prior to publication this information constituted inside information that Vimian Group AB is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the above contact persons, at 07:45 am CEST on 29 April 2025.
Webcast conference call on 29 April 2025: In connection with the interim report, Vimian will hold a webcast conference call in English at 09:00 am CEST. Vimian will be represented by CEO Patrik Eriksson and CFO Carl-Johan Zetterberg Boudrie, who will present the interim report and answer questions. Information regarding telephone numbers is available at www.vimian.com/investors. The presentation will be available at www.vimian.com/investors after publication of the interim report. The webcast will be available at the same address after the live broadcast.
INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT AND LOSS
| INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT AND LOSS |
||||
|---|---|---|---|---|
| Jan-Mar | Jan-Mar | Full-year | ||
| EURm unless otherwise stated | Note | 2025 | 2024 | 2024 |
| Revenue from contracts with customers | 3, 4 | 107.5 | 91.3 | 374.8 |
| Revenue | 107.5 | 91.3 | 374.8 | |
| Other operating income | -0.1 | 0.9 | -0.1 | |
| Raw material and merchandise | -32.7 | -28.1 | -116.5 | |
| Other external expenses | -23.1 | -19.7 | -79.2 | |
| Personnel expenses | -26.6 | -22.7 | -94.9 | |
| Depreciation and amortisation | -9.0 | -8.2 | -33.7 | |
| Other operating expenses | -0.4 | -0.2 | -1.3 | |
| Operating profit | 15.6 | 13.4 | 49.2 | |
| Net financial items | -7.5 | -7.9 | -20.3 | |
| Share of profit of an associate | - | - | 0.0 | |
| Profit before tax | 8.1 | 5.5 | 28.9 | |
| Income tax expense | -3.4 | -1.8 | -9.5 | |
| Profit for the period | 4.7 | 3.7 | 19.3 | |
| Profit for the period attributable to: | ||||
| Equity holders of the parent | 4.3 | 3.5 | 18.5 | |
| Non-controlling interests | 0.4 | 0.2 | 0.8 | |
| Earnings per share, before dilution (EUR) | 0.01 | 0.01 | 0.04 | |
| Earnings per share, after dilution (EUR) | 0.01 | 0.01 | 0.04 | |
| Average number of shares, before dilution (Thousands) | 523,891 | 457,118 | 503,823 | |
| Average number of shares, after dilution (Thousands)¹ | 524,334 | 457,118 | 504,496 | |
| Number of shares at the end of the period (Thousands) | 523,891 | 457,118 | 523,891 | |
| 1 The dilution effect relates to outstanding warrants connected to the LTI 2022 and LTI 2023. | ||||
| Jan-Mar | Jan-Mar | Full-year | ||
| EURm Profit for the period |
Note | 2025 | 2024 | 2024 |
| Full-year | ||
|---|---|---|
| 2025 | 2024 | 2024 |
| 4.7 | 3.7 | 19.3 |
| -11.4 | -5.2 | 7.2 |
| 0.0 | - | 0.0 |
| -11.4 | -5.2 | 7.2 |
| -6.7 | -1.5 | 26.5 |
| -6.4 | -1.7 | 26.6 |
| Jan-Mar | Jan-Mar |
INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
| INTERIM CONDENSED CONSOLIDATED STATEMENT OF | ||||
|---|---|---|---|---|
| FINANCIAL POSITION | ||||
| EURm | Note | 31 Mar 2025 | 31 Mar 2024 | 31 Dec 2024 |
| Non-current assets | ||||
| Goodwill | 572.9 | 508.9 | 576.5 | |
| Intangible assets | 217.4 | 209.2 | 226.3 | |
| Property, plant and equipment | 28.3 | 24.0 | 28.6 | |
| Right-of-use assets | 16.6 | 10.5 | 17.4 | |
| Investment in associates | 9.1 | 8.8 | 9.1 | |
| Non-current financial assets | 26.9 | 46.7 | 28.1 | |
| Deferred tax assets | 3.5 | 2.0 | 1.0 | |
| Total non-current assets | 874.8 | 810.1 | 887.1 | |
| Current assets | ||||
| Inventories | 78.1 | 59.7 | 78.4 | |
| Trade receivables | 63.1 | 57.6 | 55.2 | |
| Current tax receivables | 0.7 | 1.9 | 2.5 | |
| Other receivables | 10.2 | 9.3 | 11.7 | |
| Prepaid expenses and accrued income | 11.8 | 9.5 | 10.0 | |
| Cash and cash equivalents | 60.1 | 38.1 | 64.8 | |
| Total current assets | 224.2 | 176.1 | 222.7 | |
| TOTAL ASSETS | 1,098.9 | 986.1 | 1,109.8 | |
| EURm | Note | |||
| Equity | 31 Mar 2025 | 31 Mar 2024 | 31 Dec 2024 | |
| Share capital | 0.1 | 0.1 | 0.1 | |
| Other contributed capital | 614.8 | 467.6 | 614.8 | |
| Reserves | -7.3 | -9.8 | 3.5 | |
| Retained earnings including this period's profit | 82.1 | 66.6 | 81.5 | |
| Total equity attributable to equity holders of the parent | 689.8 | 524.4 | 699.9 | |
| Non-controlling interests | 10.0 | 0.5 | 6.6 | |
| Total equity | 699.8 | 524.9 | 706.5 | |
| Non-current liabilities | ||||
| Liabilities to credit institutions | 206.9 | 301.2 | 215.9 | |
| Lease liabilities | 12.2 | 7.9 | 13.0 | |
| Deferred tax liabilities | 28.1 | 26.3 | 29.4 | |
| Other non-current liabilities | 5 | 30.3 | 27.0 | 33.8 |
| Non-current provisions | 1.6 | 1.1 | 1.2 | |
| Total non-current liabilities | 279.3 | 363.5 | 293.4 | |
| Current liabilities | ||||
| Liabilities to credit institutions | 0.0 | 0.0 | 0.0 | |
| Lease liabilities | 4.7 | 3.0 | 4.7 | |
| Trade payables | 27.5 | 26.5 | 21.8 | |
| Current tax liabilities | 9.6 | 9.5 | 6.9 | |
| Other current liabilities | 5 | 58.5 | 43.9 | 58.3 |
| Accrued expenses and prepaid income | 19.3 | 14.8 | 18.1 | |
| Provisions | 0.2 | 0.0 | - | |
| Total current liabilities | 119.9 | 97.8 | 109.9 | |
| TOTAL EQUITY AND LIABILITIES | 1,098.9 | 986.1 | 1,109.8 |
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
| Equity attributable to equity holders of the parent | |||||||
|---|---|---|---|---|---|---|---|
| EURm | Share capital |
Other contribut ed capital |
Translation reserve |
Retained earnings including this period's profit |
Total equity attributable to equity holders of the parent |
Non controlling interests |
Total equity |
| Opening balance 1 January 2024 | 0.1 | 467.9 | -4.6 | 63.1 | 526.4 | 0.3 | 526.7 |
| Profit for the period Other comprehensive income |
- - |
- - |
- -5.2 |
3.5 - |
3.5 -5.2 |
0.2 0.0 |
3.7 -5.2 |
| Total comprehensive income | - | - | -5.2 | 3.5 | -1.7 | 0.2 | -1.5 |
| Transactions with owners Transaction costs |
- | -0.3 | - | - | -0.3 | - | -0.3 |
| Warrant programme | - | 0.0 | - | - | 0.0 | - | 0.0 |
| Total | 0.0 | -0.3 | - | - | -0.3 | - | -0.3 |
| Closing balance 31 March 2024 | 0.1 | 467.6 | -9.8 | 66.6 | 524.4 | 0.5 | 524.9 |
| Opening balance 1 January 2025 | 0.1 | 614.8 | 3.5 | 81.5 | 699.9 | 6.6 | 706.5 |
| Profit for the period | 4.3 | 4.3 | 0.4 | 4.7 | |||
| Other comprehensive income Total comprehensive income |
- | - | -10.7 -10.7 |
4.3 | -10.7 -6.4 |
-0.7 -0.3 |
-11.4 -6.7 |
| Transactions with owners Transactions with non-controlling interests |
-3.7 | -3.7 | 3.7 | - | |||
| Total | - | - | - | -3.7 | -3.7 | 3.7 | - |
| Closing balance 31 March 2025 | 0.1 | 614.8 | -7.3 | 82.1 | 689.8 | 10.0 | 699.8 |
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
| INTERIM CONDENSED CONSOLIDATED STATEMENT OF | |||
|---|---|---|---|
| CASH FLOWS | |||
| Jan-Mar | Jan-Mar | Full-year | |
| EURm | 2025 | 2024 | 2024 |
| Operating activities | |||
| Operating profit | 15.6 | 13.4 | 49.2 |
| Adjustments for non-cash items | 11.2 | 8.0 | 44.2 |
| Interest received | 0.5 | 0.2 | 2.0 |
| Interest paid | -3.4 | -6.8 | -20.4 |
| Paid income tax | -1.4 | -1.7 | -15.1 |
| 22.5 | 13.2 | 60.0 | |
| Cash flow from operating activities before change in working capital | |||
| Change in inventories | -1.2 | 1.1 | -0.3 |
| Change in operating receivables | -8.3 | -15.5 | -9.2 |
| Change in operating liabilities | 4.2 | 12.3 | 7.6 |
| Cash flow from operating activities | 17.1 | 11.2 | 58.1 |
| Investing activities | |||
| Acquisition of a subsidiary, net of cash acquired | -9.9 | -2.6 | -81.3 |
| Investments in associates | -0.0 | -1.2 | -1.2 |
| Investments in intangible assets | -1.4 | -2.5 | -7.9 |
| Investments in property, plant and equipment | -1.8 | -1.4 | -6.3 |
| Proceeds from sale of property, plant and equipment | 0.0 | 0.1 | 0.1 |
| Investments in / sales of other financial assets | 0.5 | 1.4 | 20.7 |
| Cash flow from investing activities | -12.6 | -6.1 | -76.0 |
| Financing activities | |||
| New share issue | -0.0 | -0.0 | 142.7 |
| Transaction costs | - | -0.3 | -1.7 |
| Proceeds from borrowings | 1.3 | 0.0 | 80.4 |
| Repayment of borrowings | -9.3 | -3.0 | -172.9 |
| Payment of lease liabilities | -1.2 | -0.8 | -3.7 |
| Cash flow from financing activities | -9.2 | -4.1 | 44.8 |
| Cash flow for the period | -4.6 | 1.0 | 26.9 |
| Cash and cash equivalents at beginning of the period | 64.8 | 37.5 | 37.5 |
| Exchange-rate difference in cash and cash equivalents | -0.1 | -0.4 | 0.2 |
| Cash and cash equivalents at end of the period | 60.1 | 38.1 | 64.8 |
CONDENSED PARENT COMPANY INCOME STATEMENT AND BALANCE SHEET
| Jan-Mar | Jan-Mar | Full-year | |
|---|---|---|---|
| SEKm | 2025 | 2024 | 2024 |
| Revenue | 12.7 | 14.9 | 52.3 |
| Other operating income | - | - | - |
| Total operating income | 12.7 | 14.9 | 52.3 |
| Other external expenses | -12.7 | -11.4 | -43.2 |
| Personnel expenses | -14.9 | -9.5 | -51.4 |
| Depreciation and amortisation | -0.7 | -0.0 | -0.8 |
| Other operating expenses | -1.1 | -0.4 | -2.5 |
| Operating profit | -16.8 | -6.4 | -45.6 |
| Group contributions | - | - | -95.0 |
| Net financial items¹ | -224.7 | 121.7 | 371.7 |
| Profit before tax | -241.5 | 115.3 | 231.1 |
| Income tax expense | - | - | - |
| Profit for the period | -241.5 | 115.3 | 231.1 |
| 1 Net financial items for the year includes interest income of SEK 84.8m (99.0), interest expenses (including bank fees) of SEK -47.4m (-67.6) and exchange rate |
|||
|---|---|---|---|
| differences of SEK -262.2m (90.4). | |||
| ASSETS | |||
| Non-current assets | |||
| Intangible assets | 12.4 | 13.8 | 13.1 |
| Property, plant and equipment | 0.3 | 0.4 | 0.3 |
| Shares in subsidiaries | 6,248.3 | 6,169.3 | 6,246.4 |
| Non-current group receivables | 6,464.6 | 5,885.9 | 6,936.9 |
| Other non-current assets | - | - | - |
| Total non-current assets | 12,725.5 | 12,069.3 | 13,196.7 |
| Current assets | |||
| Group receivables | 87.4 | - | 107.0 |
| Other receivables | 9.4 | 10.0 | 10.6 |
| Prepaid expenses and accrued income | 4.4 | 2.9 | 2.1 |
| Total current assets | 101.2 | 12.9 | 119.7 |
| TOTAL ASSETS | 12,826.8 | 12,082.3 | 13,316.4 |
| Equity | |||
| Share capital | 0.9 | 0.8 | 0.9 |
| Development fund | 13.1 | 13.8 | 13.1 |
| Share premium | 8,264.6 | 6,547.5 | 8,264.9 |
| Retained earnings | 2,073.3 | 1,867.2 | 1,839.6 |
| Profit for the period | -241.5 | 115.3 | 231.1 |
| Total equity | 10,110.3 | 8,544.5 | 10,349.6 |
| Non-current liabilities | |||
| Liabilities to credit institutions | 2,240.9 | 3,465.9 | 2,475.4 |
| Group non-current liabilities | - | - | - |
| Total non-current liabilities | 2,240.9 | 3,465.9 | 2,475.4 |
| Current liabilities | |||
| Group payables | 443.8 | 53.1 | 471.6 |
| Trade payables | 5.9 | 3.2 | 4.4 |
| Other current liabilities | 0.8 | 1.6 | 1.8 |
| Accrued expenses and prepaid income | 25.1 | 14.0 | 13.7 |
| Total current liabilities | 475.6 | 71.9 | 491.5 |
| 12,826.8 | 12,082.3 | 13,316.4 |
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 1. Significant accounting policies
The interim condensed consolidated financial statements comprise of the Swedish parent company Vimian Group AB (publ), with corporate identity number 559234-8923, and its subsidiaries. The Group's primary operations are offering products and services in animal health for domestic pets and livestock around the world. The Group offers goods and services in medicine, diagnostics and medtech as well as services and advice for veterinary professionals. The Parent Company is a limited liability company with its registered office in Stockholm, Sweden. The address of the head office is Riddargatan 19, 114 57 Stockholm.
The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union (EU). The Group's interim report is prepared in accordance with IAS 34 Interim financial reporting and applicable parts of the Swedish Annual Accounts Act (1995:1554). The interim report of the parent company is prepared in accordance with the Swedish Annual Accounts Act chapter 9, Interim financial reporting and Recommendation RFR 2 Accounting for Legal Entities. The Group and Parent Company have applied the same accounting principles, basis of calculation, and assumptions as those applied in the Consolidated financial statements of Vimian Group AB as of and for the financial year ended 31 December 2024. For a complete description of the Group's and Parent Company's applied accounting principles, see note 1 of the Consolidated financial statements of Vimian Group AB as of and for the financial year ended 31 December 2024. Disclosures according to IAS 34 are presented in the financial statements as well as corresponding notes on page 12-21, which are an integrated part of the interim condensed consolidated financial statements. All amounts are presented in millions of Euro ("MEUR"), unless otherwise indicated.
Note 2. Key estimates and assumptions
In preparing the interim financial statements, corporate management and the Board of Directors must make certain assessments and assumptions that impact the carrying amount of asset and liability items and revenue and expense items, as well as other information provided. The actual outcome may then differ from these assessments if other conditions arise. The key estimates and assumptions correspond to the ones described in the Consolidated financial statements of Vimian Group AB as of and for the financial year ended 31 December 2024.
Significant estimates during the financial year 2025 concerns the value of the non-current receivable related to the US patent litigation. On 4 April 2023, Vimian's subsidiary Veterinary Orthopedic Implants LLC ("VOI") reached a settlement agreement with DePuy Synthes Products, Inc. and DePuy Synthes Sales, Inc. resolving the patent dispute between the parties. Under the terms of the agreement, Vimian paid USD 70 million during the second quarter of 2023.
Vimian Group AB (publ)'s subsidiary Veterinary Orthopedic Implants LLC ("VOI"), part of Vimian's MedTech segment, has in the indemnification dispute with the VOI sellers reached three settlement agreements during 2024, on 26 February, 3 May and 11 June 2024.
Each of the three sellers has agreed to compensate Vimian for their entire pro rata shares of the USD 70 million settlement payment to DePuy Synthes. The total value of the three settlements amounts to approximately USD 32 million of which approximately USD 9 million has been contributed by means of dismissal of the contingent closing note from the acquisition of VOI. Two of the sellers have fully paid their settlements as of 31 March 2025. The remaining seller is paying according to his agreement.
The total receivable relating to the litigation as of 31 March 2025 amounts to EUR 26.8 million of which 1.0 million is settled upon. An amount of EUR 1.0 million is classified as short term in line with the payment obligations. The remaining part is included in the noncurrent financial assets. There have been no changes in assumptions relating to the litigation compared to 2024.
Note 3. Operating segments
| Financial reports | ||||||||
|---|---|---|---|---|---|---|---|---|
| Group | ||||||||
| Note 3. Operating segments | ||||||||
| mEUR | Specialty | Veterinary | Total | Group | Group | |||
| Jan-Mar 2025 | Pharma | MedTech | Diagnostics | Services | segments | functions | Eliminations | total |
| Revenue | ||||||||
| Revenue from external customers | 44.9 | 41.1 | 6.0 | 15.5 | 107.5 | - | - | 107.5 |
| Revenue from internal customers | 0.0 | 0.0 | - | 0.1 | 0.1 | - | -0.1 | - |
| Total revenue | 44.9 | 41.1 | 6.0 | 15.6 | 107.6 | - | -0.1 | 107.5 |
| Adjusted EBITA | 12.9 | 12.1 | 0.9 | 4.7 | 30.6 | -2.3 | - | 28.3 |
| Items affecting comparability | -0.5 | -6.0 | -0.0 | -0.2 | -6.6 | -0.4 | - | -7.0 |
| EBITA | 12.4 | 6.2 | 0.8 | 4.5 | 23.9 | -2.6 | - | 21.3 |
| Amortisation of acquisition-related intangible | ||||||||
| assets | -3.1 | -1.6 | -0.2 | -0.7 | -5.7 | - | - | -5.7 |
| Net financial items | -5.3 | -2.8 | -0.5 | 1.2 | -7.4 | -0.1 | - | -7.5 |
| Share of profit of an associate and joint venture | - | - | - | - | - | - | - | - |
| Profit before tax | 4.0 | 1.7 | 0.1 | 5.1 | 10.8 | -2.7 | - | 8.1 |
| Specification of items affecting comparability | ||||||||
| Acquisition-related costs¹ | 0.2 | 1.2 | 0.0 | 0.1 | 1.6 | - | - | 1.6 |
| Systems update | - | 0.1 | - | 0.0 | 0.1 | - | - | 0.1 |
| Restructuring costs | 0.3 | - | - | - | 0.3 | - | - | 0.3 |
| IPO and financing related costs | - | - | - | - | - | 0.4 | - | 0.4 |
| Other² | - | 4.7 | - | - | 4.7 | - | - | 4.7 |
| Total items affecting comparability | 0.5 | 6.0 | 0.0 | 0.2 | 6.6 | 0.4 | - | 7.0 |
| Other disclosures | ||||||||
| Investments | 1.2 | 0.9 | 0.3 | 0.7 | 3.2 | - | - | 3.2 |
| Total assets | 485.3 | 390.8 | 50.9 | 152.0 | 1,079.0 | 20.0 | -0.0 | 1,098.9 |
| Total liabilities | 61.2 | 85.2 | 5.5 | 43.2 | 195.1 | 218.9 | -14.8 | 399.2 |
| In Medtech the majority of the acquisition related costs relate to the acquisition of IM3, closed in Q4-2024. ² Main items in other are legal fees related to the VOI litigation. |
||||||||
|---|---|---|---|---|---|---|---|---|
| mEUR | ||||||||
| Jan-Mar 2024 | Specialty | Pharma MedTech Diagnostics | Veterinary Services |
Total segments |
Group | functions Eliminations | Group total |
|
| Revenue | ||||||||
| Revenue from external customers | 40.3 | 32.0 | 5.2 | 13.8 | 91.2 | - | 0.1 | 91.3 |
| Revenue from internal customers | 0.0 | 0.0 | - | 0.1 | 0.1 | - | -0.1 | -0.0 |
| Total revenue | 40.3 | 32.0 | 5.2 | 13.8 | 91.3 | - | -0.0 | 91.3 |
| Adjusted EBITA | 10.9 | 10.4 | 0.9 | 3.5 | 25.7 | -1.6 | - | 24.1 |
| Items affecting comparability | -1.5 | -3.4 | -0.0 | -0.1 | -5.0 | -0.2 | - | -5.1 |
| EBITA | 9.4 | 7.0 | 0.9 | 3.5 | 20.7 | -1.8 | - | 18.9 |
| Amortisation of acquisition-related intangible | ||||||||
| assets | -3.1 | -1.4 | -0.2 | -0.8 | -5.6 | - | - | -5.6 |
| Net financial items | -8.5 | -2.5 | -1.3 | -5.8 | -18.2 | 10.3 | - | -7.9 |
| Share of profit of an associate and joint venture | - | - | - | - | - | - | - | - |
| Profit before tax | -2.2 | 3.1 | -0.7 | -3.2 | -3.0 | 8.5 | - | 5.5 |
| Specification of items affecting comparability | ||||||||
| Acquisition-related costs¹ | 0.9 | 0.3 | 0.0 | 0.0 | 1.2 | - | - | 1.2 |
| Systems update | - | 0.4 | - | 0.0 | 0.4 | 0.1 | - | 0.5 |
| Restructuring costs | 0.4 | - | 0.0 | 0.0 | 0.4 | - | - | 0.4 |
| IPO and financing related costs | - | - | - | - | - | - | - | - |
| Other² | 0.2 | 2.8 | - | 0.0 | 3.0 | 0.1 | - | 3.0 |
| Total items affecting comparability | 1.5 | 3.4 | 0.0 | 0.1 | 5.0 | 0.2 | - | 5.1 |
| Other disclosures | ||||||||
| Investments | 1.6 | 0.9 | 0.4 | 0.9 | 3.9 | - | - | 3.9 |
| Total assets | 495.7 | 277.6 | 51.0 | 150.9 | 375.2 | 10.9 | -34.0 | 986.1 |
| Total liabilities | 80.3 | 31.6 | 8.7 | 49.2 | 169.8 | 315.2 | -23.8 | 461.2 |
Note 4. Revenue from contracts with customers
| Financial reports | |||||
|---|---|---|---|---|---|
| Group | |||||
| Note 4. Revenue from contracts with customers | |||||
| EURm | Specialty | Veterinary | |||
| Jan-Mar 2025 | Pharma | MedTech | Diagnostics | Services | Group total |
| Geographic region | |||||
| Europe | 25.1 | 12.6 | 3.6 | 12.5 | 53.7 |
| North America | 16.7 | 22.7 | 1.0 | 2.3 | 42.7 |
| Rest of the World | 3.1 | 5.9 | 1.3 | 0.7 | 11.0 |
| Revenue from contracts with customers | 44.9 | 41.1 | 6.0 | 15.5 | 107.5 |
| EURm | Specialty | Veterinary | |||
| Geographic region | |||||
|---|---|---|---|---|---|
| EURm | Specialty | Veterinary | |||
| Jan-Mar 2024 | Pharma | MedTech | Diagnostics | Services | Group total |
| Geographic region | |||||
| Europe | 21.0 | 6.6 | 3.4 | 11.3 | 42.3 |
| North America | 16.6 | 21.0 | 0.5 | 2.0 | 40.0 |
| Rest of the World | 2.7 | 4.4 | 1.3 | 0.6 | 9.0 |
| Revenue from contracts with customers | 40.3 | 32.0 | 5.2 | 13.8 | 91.3 |
The group has significant exposure to the US (38 per cent) and the UK (13 per cent) markets. All other markets individually represent less than 10 per cent of net revenue. Net revenue from external customers in Sweden amounted to EUR 4.9m (3.5) during the first quarter 2025. No individual customer accounts for more than 10 per cent of Group net revenue.
On Group level, 80 per cent of net sales in the first quarter is generated from products sold whilst 20 per cent of net sales is generated from services. Most of sales in Specialty Pharma, MedTech and Diagnostics consist of products sold, except for trainings, testing and repairs which qualifies as a service (during the first quarter revenue from services amounted to 13 per cent of Specialty Pharma, 1 per cent of Medtech and 4 per cent of Diagnostics). Most of sales in Veterinary Services consists of services, although 5 per cent of the segment's revenue comes from products sold through the co-owned veterinary clinics.
Note 5. Financial instruments
The carrying amount of the Group's financial instruments measured at fair value regards contingent considerations (see below). The carrying amount of other financial assets and liabilities is deemed to be a good approximation of the fair value.
Contingent consideration
In some of the Group's business combinations, part of the purchase price has been in the form of contingent consideration. The contingent considerations depend on the future earnings or sales of the acquired companies.
The contingent considerations will be settled in cash. The contingent considerations are included in the following line items in the statement of financial position: other non-current liabilities EUR 25.6 million (21.3) and other current liabilities EUR 31.5 million (32.6). The contingent considerations are measured at fair value by discounting the expected cash flows by a risk adjusted discount rate. The contingent considerations are classified as level 3 in the fair value hierarchy.
The contingent considerations consist of earn-out agreements in business combinations. The earn-out hurdles are typically linked to sales or EBITDA targets for periods ranging 1-5 years after the acquisition date. The earn-outs are discounted and revaluated on an ongoing basis, based on the current performance and forecasted figures for the acquired companies.
There are currently 28 separate obligations, all with their own targets, of which 27 have been capped at a maximum amount. The earn-out that is not capped can be valued with reasonable accuracy and does not pose a significant risk for a fair value adjustment. The maximum amount payable if all acquisitions would reach their capped amounts is EUR 114.0 million. A 10 per cent increase in the underlying metric (sales or EBITDA) for all acquisitions compared to the current assumptions would lead to an increase of the contingent consideration of EUR 13.5 million. Contingent consideration, EURm Jan-Mar 2025 Jan-Mar 2024 Jan-Dec 2024
| EBITDA targets for periods ranging 1-5 years after the acquisition date. The earn-outs are discounted and revaluated on an ongoing basis, based on the current performance and forecasted figures for the acquired companies. |
|||
|---|---|---|---|
| There are currently 28 separate obligations, all with their own targets, of which 27 have been capped at a maximum amount. The earn-out that is not capped can be valued with reasonable accuracy and does not pose a significant risk for a fair value adjustment. The maximum amount payable if all acquisitions would reach their capped amounts is EUR 114.0 million. A 10 per cent increase in the underlying metric (sales or EBITDA) for all acquisitions compared to the current assumptions would lead to an increase of the contingent consideration of EUR 13.5 million. |
|||
| Contingent consideration, EURm | Jan-Mar 2025 | Jan-Mar 2024 | Jan-Dec 2024 |
| Opening balance | 63.7 | 47.7 | 47.7 |
| Business combinations | - | 0.7 | 20.4 |
| Paid out | -9.9 | -0.2 | -13.9 |
| Change in fair value recognised in P&L | 1.5 | 2.6 | 10.1 |
| Probability adjustments recognised in the P&L Exchange differences on translation of foreign operations |
2.8 -0.9 |
3.0 0.1 |
-1.5 1.0 |
Note 6. Related-party transactions
There have been no significant changes in the relationships with related parties for the Group or the Parent Company compared to the information provided in the Annual Financial statements for 2024. All related party transactions are at arm's length.
Year-to-date transactions with minority interests within the diagnostics segment amounted to EUR 0.3m, being a loan.
Year to date an amount of EUR 2.2m in licensing income was invoiced to an entity owned by Nick Bova, manager within the Specialty Pharma segment, that owns Pharmacy licenses as part of regulatory restrictions.
Other related party transactions include rent and fee payments to former owners of acquired businesses. The amounts paid in these transactions are insignificant both individually and as a whole. Additionally, the company has received settlement payments from the sellers of VOI, totalling EUR 0.3m.
Note 7. Events after the balance-sheet date
On 4 April, Vimian announced that the company has terminated the liquidity guarantee with Carnegie Investment Bank. The agreement expires on 30 April 2025.
Note 8. Seasonal effects and risks
Seasonal effects
Vimian assesses that its revenues and EBITA to a limited degree are affected by seasonality. The four segments have varying, but limited, seasonality patterns. The strongest seasonality effect can be seen in MedTech, where the first quarter is typically the strongest quarter due to the AOP programme. During 2024 and 2025 Vimian have reduced the AOP to better align shipments with customer demand for the MedTech segment. As a consequence, the revenue will be more evenly spread throughout the year with limited seasonality for MedTech. For all segments, trading volumes are slightly negatively affected by holiday periods.
Risks and uncertainties
Vimian Group's and the parent company's business risks and risk management, as well as the management of financial risks, are described on pages 48-55 in the 2024 Annual Report published at www.vimian.com.
The group has limited exposure to the current geopolitical environment, mainly being the international supply chain for both finished products and raw materials. In case of tariffs or conflicts this could hurt the groups competitive advantage in certain businesses. To mitigate these risks the group is diversifying its supply chains and implementing contingency plans.
ALTERNATIVE PERFORMANCE MEASURES
Alternative Performance Measures (APMs) are financial measures of historical or future financial performance, financial position or cash flows that are not defined in applicable accounting regulations (IFRS). APMs are used by Vimian when it is relevant to monitor and describe Vimian's financial situation and to provide additional useful information to users of financial statements. These measures are not directly comparable to similar key ratios presented by other companies.
| Key Ratios | Definition | Reason for usage |
|---|---|---|
| Organic Revenue Growth |
Change in Revenue in relation to the comparative period adjusted for acquisition and divestment effects and any currency impacts. Acquired businesses are included in Organic growth when they have been part of the Group for 12 months. |
Organic growth is used by investors, analysts and the company's management to monitor the underlying development of revenue between different periods at constant currency and excluding the impact of any acquisitions and/or divestments. |
| The Currency impact is calculated by translating the accounts for year N-1 of subsidiaries having a functional currency different than the currency of the issuer with N exchange rate. |
||
| EBIT | Operating profit as reported in the Income statement, i.e. profit for the period excluding finance income, finance costs, share of profit of an associate and income tax expense. |
The measure shows the profitability from the operations of the parent company and its subsidiaries. |
| EBITA | Operating profit excluding amortisation of intangible assets that were originally recognised in connection with business combinations. |
The measure reflects the business's operating profitability and enables comparison of profitability over time, regardless of amortisation of intangible assets as well as independent of taxes and the Company's financing structure. |
| EBITDA | Operating profit excluding amortisation, depreciation and impairment of intangible and tangible assets. |
The measure reflects the business's operating profitability and enables comparison of profitability over time, regardless of amortisation and depreciation of intangible and tangible fixed assets as well as independent of taxes and the Company's financing structure. |
| Adjusted EBITA | EBITA adjusted for items affecting comparability. | The measure reflects the business's operating profitability and enables comparison of profitability over time, regardless of amortisation of intangible assets as well as independent of taxes and the Company's financing structure. The measure is also adjusted for the impact of items affecting comparability to increase comparability over time. |
| Adjusted EBITA margin |
Adjusted EBITA in relation to Revenue. | The measure reflects the business's operating profitability before amortisation of intangible assets. The measure is an important component, together with revenue growth, to follow the Company's value creation. The measure is also adjusted for the impact of items affecting comparability to increase comparability over time. |
| Adjusted EBITDA | EBITDA adjusted for items affecting comparability. | The measure reflects the business's operating profitability and enables comparison of profitability over time, regardless of amortisation and depreciation of intangible and tangible fixed assets as well as independent of taxes and the Company's financing structure. The measure is also adjusted for the impact of items affecting comparability to increase comparability over time. |
| Adjusted EBITDA margin |
Adjusted EBITDA in relation to Revenue. | The measure reflects the business's operating profitability before amortisation and depreciation of intangible and tangible fixed assets. The measure is an important component, together with revenue growth, to follow the Company's value creation. The measure is also adjusted for the impact of items affecting comparability to increase comparability over time. |
Group
| Key Ratios | Definition | Reason for usage |
|---|---|---|
| Items affecting comparability |
Income and expense items that are considered to be important to specify to users of the financial information since they affect comparability. |
A separate disclosure of items affecting comparability is relevant to provide to users of the financial information to give further understanding of the financial performance when comparing of financial performance between periods. |
| Generally accepted NRI's include acquisition and integration related costs, litigation related costs if material, significant restructuring costs (e.g., the consolidation of production footprint in Diagnostics going from four to two production sites), costs related to projects such as the initial public offering. |
||
| Amortisation PPA related |
Amortisation of intangible assets that were originally recognised in connection with business combinations. |
Specification of amortisation in different categories since management differentiates amortisation when calculating EBITA. |
| Net debt | Cash and cash equivalents less liabilities to credit institutions, lease liabilities, other non-current liabilities and specific items included in other current liabilities (contingent considerations, deferred payments, vendor notes and shareholder loans related to business combinations). |
Net debt is a measure used to follow the development of debt and the size of the refinancing need. Since cash and cash equivalents can be used to pay off debt at short notice, net debt is used instead of gross debt as a measure of the total loan financing. |
| Net debt / Adjusted EBITDA (pro-forma) |
Net debt in relation to a 12 months period of Adjusted EBITDA (pro-forma). |
The measure is a debt ratio that shows how many years it would take to pay off the Company's debt, provided that its net debt and Adjusted EBITDA are constant and without taking into account the cash flows regarding interest, taxes and investments. Net Debt / Adjusted EBITDA is referred to in the report as leverage. |
| Net Working Capital |
Inventory, Trade receivables, Current tax receivables, Other current receivables, Prepaid expenses and Accrued income, less Trade payables, Current tax liabilities, Accrued expenses and deferred income, Provisions and Other current liabilities (excluding contingent considerations, deferred payments, vendor notes and shareholder loans related to business combinations) |
Working capital is a measure of the company's short-term financial status |
| Capex | Total cash flow from investments in tangible and intangible assets during the period. This includes costs for internally developed assets. |
Capex is a measure of the company's historical investments and is used as input in calculating Free cash flow and Cash conversion. |
| Proforma revenue |
Reported revenue for the last twelve months plus revenue for all acquisitions closed during the last twelve months, as if they had been consolidated the full period. |
The measure reflects a fair view of the business's revenue for a full year period. |
| Adjusted EBITA, Proforma |
Reported adjusted EBITA for the last twelve months adding the adjusted EBITA for all acquisitions closed during the last twelve months, as if they had been consolidated the full period. |
The measure reflects the business's operating profitability and enables comparison of profitability over time, regardless of amortisation and depreciation of intangible and tangible fixed assets as well as independent of taxes and the Company's financing structure. The measure is adjusted for the impact of items affecting comparability to increase comparability over time. The measure also reflects all closed acquisitions as if they were consolidated for the full period. |
| Adjusted EBITDA, Proforma |
Reported adjusted EBITDA for the last twelve months adding the adjusted EBITDA for all acquisitions closed during the last twelve months, as if they had been consolidated the full period. |
The measure reflects the business's operating profitability and enables comparison of profitability over time, regardless of amortisation and depreciation of intangible and tangible fixed assets as well as independent of taxes and the Company's financing structure. The measure is adjusted for the impact of items affecting comparability to increase comparability over time. The measure also reflects all closed acquisitions as if they were consolidated for the full period. |
| Adjusted EBITA and EBITDA margin, Proforma |
Adjusted proforma EBITA and EBITDA in relation to proforma revenue. |
The measure reflects the business's operating profitability and enables comparison of profitability over time, regardless of amortisation and depreciation of intangible and tangible fixed assets as well as independent of taxes and the Company's financing structure. The measure is an important component, together with revenue growth, to follow the Company's value creation. The measure is also adjusted for the impact of items affecting comparability to increase comparability over time. The measure also reflects all closed acquisitions as if they were consolidated for the full period. |
Group
| Key Ratios | Definition | Reason for usage |
|---|---|---|
| Acquisition related expenses |
Expenses related to legal and financial due diligence as well as in some cases stay on bonuses to key personnel. If specific initial integration costs are required, and agreed upon during the acquisition process, this can be considered as acquisition related expenses. |
|
| Restructuring costs |
Costs relating to significant change of business model or operational structure. Possibly linked to integration between legacy and acquired businesses. The most significant restructuring project to date is the consolidation of production footprint in Diagnostics going from four to two production sites. |
Alternative performance measures not defined in accordance with IFRS for the group - Based on reported figures
| Financial reports | |||
|---|---|---|---|
| Group | |||
| Alternative performance measures not defined in accordance with IFRS for the group - Based on reported figures | |||
| 1 Jan-31 Mar | |||
| EURm (unless otherwise stated) | 2025 | 2024 | 2024 |
| Revenue growth (%) | 18% | 4% | 13% |
| Organic revenue growth (%) | 4% | 1% | 9% |
| Revenue | 107.5 | 91.3 | 374.8 |
| EBITDA | 24.6 | 21.6 | 82.9 |
| EBITDA margin (%) | 22.9% | 23.6% | 22.1% |
| Items affecting comparability | 7.0 | 5.1 | 23.7 |
| Adjusted EBITDA | 31.6 | 26.7 | 106.6 |
| Adjusted EBITDA margin (%) | 29.4% | 29.2% | 28.4% |
| EBITA | 21.3 | 18.9 | 71.6 |
| EBITA margin (%) | 19.8% | 20.7% | 19.1% |
| Adjusted EBITA | 28.3 | 24.1 | 95.2 |
| Adjusted EBITA margin (%) | 26.3% | 26.3% | 25.4% |
| Operating profit | 15.6 | 13.4 | 49.2 |
| Operating margin (%) | 14.5% | 14.6% | 13.1% |
| Capital expenditure¹ | -3.2 | -3.9 | -14.2 |
| Cash flow from operating activities² | 17.1 | 11.2 | 58.1 |
Alternative performance measures not defined in accordance with IFRS for the group - Based on proforma figures
| 1 Apr - 31 Mar | |
|---|---|
| EURm (unless otherwise stated) | LTM (2024/2025) |
| Proforma revenue | 409.1 |
| Adjusted EBITDA, Proforma | 115.2 |
| Adjusted EBITDA margin, Proforma | 28.1% |
| Net debt | 212.2 |
| Net debt / Adjusted EBITDA, Proforma (x) | 1.8x |
Group
Reconciliation of alternative performance measures not defined in accordance with IFRS for the group
Certain statements and analyses presented include alternative performance measures (APMs) that are not defined by IFRS. The Company believes that this information, together with comparable defined IFRS metrics, are useful to investors as they provide a basis for measuring operating profit and ability to repay debt and invest in operations. Corporate management uses these financial measurements, along with the most directly comparable financial metrics under IFRS, to evaluate operational results and value added. The APMs should not be assessed in isolation from, or as a substitute for, financial information presented in the financial statements in accordance with IFRS. The APMs reported are not necessarily comparable to similar metrics presented by other companies. The reconciliations are presented in the tables below. EURm (unless otherwise stated) 2025 2024 2024
| believes that this information, together with comparable defined IFRS metrics, are useful to investors as they provide a basis for measuring operating profit and ability to repay debt and invest in operations. Corporate management uses these financial measurements, along with the most directly comparable financial metrics under IFRS, to evaluate operational results and value added. The APMs should not be assessed in isolation from, or as a substitute for, financial information presented in the financial statements in accordance with IFRS. The |
||||
|---|---|---|---|---|
| APMs reported are not necessarily comparable to similar metrics presented by other companies. The reconciliations are presented in the | ||||
| tables below. | ||||
| 1 Jan-31 Mar | 1 Jan-31 Dec | |||
| EURm (unless otherwise stated) | 2025 | 2024 | 2024 | |
| EBITA/EBITDA and Adjusted EBITA/EBITDA | ||||
| Revenue | 107.5 | 91.3 | 374.8 | |
| EBIT | 15.6 | 13.4 | 49.2 | |
| Amortisation of acquisition related intangibles | 5.7 | 5.6 | 22.3 | |
| EBITA | 21.3 | 18.9 | 71.6 | |
| Other depreciation | 3.3 | 2.6 | 11.3 | |
| EBITDA | 24.6 | 21.6 | 82.9 | |
| Items affecting comparability | 7.0 | 5.1 | 23.7 | |
| Adjusted EBITA | 28.3 | 24.1 | 95.2 | |
| Adjusted EBITDA | 31.6 | 26.7 | 106.6 | |
| EBITA margin (%) | 19.8% | 20.7% | 19.1% | |
| EBITDA margin (%) | 22.9% | 23.6% | 22.1% | |
| Adjusted EBITA margin (%) | 26.3% | 26.3% | 25.4% | |
| Adjusted EBITDA margin (%) | 29.4% | 29.2% | 28.4% | |
| 31 Mar | 31 Dec | |||
| EURm (unless otherwise stated) | 2025 | 2024 | 2024 | |
| Net debt | ||||
| Liabilities to credit institutions (long term) | 206.9 | 301.2 | 215.9 | |
| 31 Mar | 31 Dec | ||
|---|---|---|---|
| EURm (unless otherwise stated) | 2025 | 2024 | 2024 |
| Net debt | |||
| Liabilities to credit institutions (long term) | 206.9 | 301.2 | 215.9 |
| Lease liabilities (long term) | 12.2 | 7.9 | 13.0 |
| Other non-current liabilities | 30.3 | 27.0 | 33.8 |
| Liabilities to credit institutions (short term) | 0.0 | 0.0 | 0.0 |
| Lease liabilities (short term) | 4.7 | 3.0 | 4.7 |
| Other items¹ | 45.0 | 33.4 | 47.4 |
| Cash & Cash Equivalents | -60.1 | -38.1 | -64.8 |
| Other receivables² | -26.9 | -47.0 | -28.1 |
| Net debt | 212.2 | 287.4 | 221.9 |
| 31 Mar | 31 Dec | ||
| EURm (unless otherwise stated) | 2025 | 2024 | 2024 |
| Net working capital | |||
| Inventory | 78.1 | 59.7 | 78.4 |
| 31 Mar | 31 Dec | ||
|---|---|---|---|
| EURm (unless otherwise stated) | 2025 | 2024 | 2024 |
| Net working capital | |||
| Inventory | 78.1 | 59.7 | 78.4 |
| Trade receivables | 63.1 | 57.6 | 55.2 |
| Current tax receivables | 0.7 | 1.9 | 2.5 |
| Other current receivables | 10.2 | 8.0 | 11.7 |
| Prepaid expenses and accrued income | 11.8 | 9.5 | 10.0 |
| Trade payables | -27.5 | -26.5 | -21.8 |
| Current tax liabilities | -9.6 | -9.5 | -6.8 |
| Other current liabilities³ | -13.1 | -10.5 | -11.0 |
| Provisions | -0.2 | -0.0 | -0.2 |
| Accrued expenses and deferred income | -19.3 | -14.8 | -18.1 |
| Net working capital | 94.3 | 75.3 | 100.1 |
3 Other current liabilities as reported in the statement of financial position less shareholder loans, deferred payments, vendor notes and contingent considerations related to business combinations
| Financial reports | ||
|---|---|---|
| Group | ||
| 1 Apr - 31 Mar | 1 Jan-31 Dec | |
| EURm (unless otherwise stated) | LTM (2024/2025) | 2024 |
| Proforma revenue | ||
| Reported revenue | 391.1 | 374.8 |
| Proforma period, revenue | 18.1 | 27.2 |
| Proforma revenue | 409.1 | 402.0 |
| Adjusted EBITA, Proforma | ||
| Reported Adjusted EBITA (12 months) | 99.5 | 95.2 |
| Proforma period Adjusted EBITA | 3.4 | 5.5 |
| Adjusted EBITA, Proforma | 102.9 | 100.7 |
| Adjusted EBITA margin, Proforma | ||
| Proforma Revenue | 409.1 | 402.0 |
| Adjusted EBITA, Proforma | 102.9 | 100.7 |
| Adjusted EBITA margin, Proforma | 25.1% | 25.0% |
| Adjusted EBITDA, Proforma | ||
| Reported Adjusted EBITDA (12 months) | 111.5 | 106.6 |
| Proforma period Adjusted EBITDA | 3.6 | 5.8 |
| Adjusted EBITDA, Proforma | 115.2 | 112.4 |
| Adjusted EBITDA margin, Proforma | ||
| Proforma Revenue | 409.1 | 402.0 |
| Adjusted EBITDA, Proforma | 115.2 | 112.4 |
| Adjusted EBITDA margin, Proforma | 28.1% | 28.0% |
| Net debt/Adjusted EBITDA, Proforma | ||
| Net debt | 212.0 | 221.9 |
| Adjusted EBITDA, Proforma | 115.2 | 112.4 |
| Net debt/Adjusted EBITDA, Proforma (x) | 1.8x | 2.0x |
Financial calendar 18 July 2025
Interim report second quarter 2025 22 October 2025 Interim report third quarter 2025 12 February 2026 Year-end report 2025
For further information, please contact
CFO [email protected] +46 703 35 84 49
Carl-Johan Zetterberg Boudrie
Maria Dahllöf Tullberg
Head of IR, Communications & ESG [email protected] +46 736 26 88 86
Vimian Group AB (publ) Reg. no. 559234-8923
Riddargatan 19 114 57 Stockholm Sweden www.vimian.com