GVS (GVS) Q4 2025 earnings summary

Executive summary

• Sales reached €424.7 million, up 2.0% year-over-year at constant FX, with adjusted EBITDA rising 3.0% to €107 million and margin expanding by 95 basis points to 25.2%.

• Adjusted net income increased 5.9% to €47.4 million, with margin improving to 11.2% from 10.4% the previous year.

• Net financial position/debt stood at €240.1 million as of December 2025, with leverage ratio at 2.2x post-M&A.

• Growth was driven by Safety and Healthcare divisions, while US dialysis underperformed.

• Margin and profitability improvements were supported by operational initiatives.

Financial highlights

• FX had a negative impact of €12.5 million on sales, mainly due to US dollar depreciation.

• Pricing contributed +1.4% (€6.1 million) to growth, with volumes up 0.6% (€2.5 million), supported by M&A but offset by declines in US dialysis.

• Adjusted EBIT was €75.8 million (margin 17.9%), stable year-over-year due to higher depreciation/amortization.

• Ordinary cash generation for 2025 was €43.3 million, with around €30 million generated in Q4.

• Adjusted net financial expenses (excluding FX) fell to €10.2 million from €14.2 million, reflecting lower debt.

Outlook and guidance

• FY 2026 guidance targets low single-digit revenue growth at constant FX, with 20–50 basis point EBITDA margin expansion and leverage ratio improving to around 1.8x.

• Strategic focus on organic growth post-M&A, emphasizing MedTech, Transfusion Medicine, Safety, Life Sciences, and Mobility.

• Pricing is assumed to increase by 1.4% in 2026, with organic volume growth around 3%, but FX expected to be a -3% headwind.

• CapEx for 2026 is projected at around 6% of sales, focused on product development and efficiency.

• Strategic business plan update expected by mid-2026.