Medios (ILM1) Q4 2025 earnings summary

Executive summary

• Revenue grew 10.4% year-over-year to €2.1 billion, surpassing €2 billion for the first time, mainly from full-year consolidation of Ceban and strong organic growth in Pharmaceutical Supply (PS) and International Business (IB).

• EBITDA pre rose 17.8% to €93.1 million, with margin expanding to 4.5%; adjusted EPS up to €1.94 and net profit rising 22.4% to €15.4 million.

• New CEO and CFO appointments; entry into reimbursed medical cannabis market in Germany via exclusive partnership; full CSRD-compliant Sustainability Report.

• Focus remains on profitability over top-line growth, with ongoing digitalization, network optimization, and harmonization of business processes.

• ESG highlights: 65% women in workforce, 43% in management, 0.01% customer complaint rate, 43% green electricity share.

Financial highlights

• Organic revenue growth contributed €132.4 million (7%), while inorganic growth from Ceban added €63.2 million (3.4%).

• Gross profit increased 31.6% to €203.7 million, with group gross margin up 1.6pp to 9.8%.

• EBIT up 45.9% to €46.2 million; net income up 22.4% to €15.4 million.

• Operating cash flow was €52.3 million, free cash flow €44 million, and cash at period end €81.8 million.

• Investments (CAPEX) rose 31.4% to €8.3 million.

Outlook and guidance

• 2026 revenue expected at €2.0–2.12 billion (up to 2% growth), EBITDA pre at €94–102 million (up to 9.6% growth), and margin up to 4.8%.

• Free cash flow for 2026 projected at €40–50 million, with operational cash flow expected in the €50–60 million range.

• Guidance reflects cautious optimism, with focus on margin improvement, efficiency measures, and selective M&A.