Gross profit reached EUR 927 million, up 5% year-over-year on a constant currency basis, despite macroeconomic and tariff challenges.
Operating EBITA was EUR 394 million, a 1% increase on a constant currency basis, with growth driven by organic performance and acquisitions.
Six acquisitions in 2025 are expected to add EUR 340 million in revenue and 185 employees on a full-year basis, expanding presence in key markets.
Free cash flow for the period was EUR 284 million, with cash earnings per share at EUR 4.16.
The business model demonstrated resilience, with intensified efforts on cost-effectiveness, commercial excellence, and digital initiatives.
Revenue for the first nine months of 2025 was EUR 3,676 million, up 3% year-over-year (6% FX adjusted).
Gross profit margin was 25.2%, slightly down from 25.4% in the prior year, mainly due to acquisitions and product mix.
Operating EBITA margin was 10.7%, down from 11.2% year-over-year.
Net result declined to EUR 180 million, an 11% decrease year-over-year, mainly due to lower EBITA and higher finance costs.
Free cash flow was EUR 284 million, down from EUR 299 million in the same period of 2024.
Management remains confident in the long-term outlook, expecting year-end cash conversion ratio in the high 80% to low 90% range.
No significant improvement in order visibility; market remains volatile with just-in-time deliveries and minimal forecasting.
Expectation for pharma market softness to be short-term, with normalization anticipated in Q1.
Focus remains on earnings growth through service optimization and market position strengthening.
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