Medios (ILM1) Q4 2024 earnings summary

Executive summary

• Achieved significant profitability increase in FY 2024, with EBITDA pre up 30.5% to €79.0m and margin rising to 4.2% on revenue of €1.88bn, up 5.5% year-over-year.

• Strong organic growth in Pharmaceutical Supply (PS) and Patient-Specific Therapies (PST); substantial contribution from International Business (IB) segment after Ceban acquisition.

• Implemented new €225m financing structure at attractive terms; strong operating cash flow and free cash flow before M&A more than quadrupled.

• Advanced European Specialty Pharma platform strategy via Ceban acquisition and expansion in Advanced Therapies.

• Group-wide ESG management established, with first nonfinancial report under ESRS/CSRD and double materiality assessment completed.

Financial highlights

• Revenue grew 5.5% to €1,883m in FY 2024, mainly driven by IB segment (Ceban) and PS; PST revenue declined due to divestiture and regulatory headwinds.

• Gross profit increased 38% to €154.6m; gross margin improved to 8.2% from 6.3% year-over-year.

• EBITDA pre rose 30.5% to €79.0m; margin expanded to 4.2% from 3.4%.

• EBIT stable at €31.7m; EPS (undiluted) declined to €0.51 from €0.79 due to higher extraordinary expenses.

• Operating cash flow more than quadrupled to €73.7m; free cash flow before M&A at €67.4m.

• Q4 2024 revenue up 9.3% year-over-year to €482.5m; Q4 EBITDA pre up 62.8% to €23.2m, margin at 4.8%.

Outlook and guidance

• 2025 guidance: revenue expected at €2.0bn (+6.0%), EBITDA pre at €96m (+21.5%), with further margin expansion to ~4.8%.

• Disproportionate EBITDA pre growth anticipated, driven by organic growth in the mid-single-digit range and full-year Ceban integration.