GVS (GVS) Q1 2025 earnings summary

Executive summary

• Q1 2025 sales reached €107.2 million, up 3.2% year-over-year, driven by Healthcare & Life Sciences and Safety divisions, with growth impacted by exceptional events and supported by the Haemonetics acquisition.

• Adjusted EBITDA rose 6.1% to €25.8 million, with margin improving by 70 basis points to 24.1%, despite a dilutive impact from the Boreas/Haemonetics acquisition.

• Adjusted net income (excluding FX) increased 21.6% to €12.0 million, with net margin rising to 11.2% from 9.5% a year ago.

• Leverage ratio post-acquisition at 2.5x, reflecting the impact of the Haemonetics/Boreas acquisition.

Financial highlights

• Revenue grew 3.2% year-over-year to €107.2 million, with underlying growth of 2.3% after adjusting for FX.

• Adjusted EBITDA margin improved to 24.1% from 23.4% in Q1 2024.

• Adjusted EBIT rose 9.3% to €18.8 million, with a 17.5% margin.

• Net financial position/debt increased to €275.6 million, mainly due to the Haemonetics acquisition.

• Cash and cash equivalents at period end were €56.1 million, down from €96.2 million at FY 2024.

Outlook and guidance

• Full-year 2025 guidance confirmed: mid- to high single-digit sales growth, adjusted EBITDA margin improvement of 150–250 basis points, and leverage ratio below 2x by year-end.

• April and May sales are tracking in line with guidance, with acceleration expected in Q2 as exceptional Q1 events are recovered.

• New US tariffs expected to have limited impact (approx. 50 bps on adjusted EBITDA margin), mitigated by local production and USMCA compliance.

• Integration of Haemonetics' whole blood business and industrial efficiency actions expected to support margin improvement.