Vimian Group (VIMIAN) Q1 2025 earnings summary

Executive summary

• Achieved 18% revenue growth to EUR 107.5 million and adjusted EBITDA/EBITA up 18% to EUR 28.3 million in Q1 2025, with organic growth of 4% and strong performance in Specialty Pharma, Veterinary Services, and Diagnostics; MedTech faced US headwinds due to order program adjustments and elective surgery softness.

• Successfully listed on the Nasdaq Main Market in Stockholm, marking a significant milestone.

• ESG progress included an MSCI rating upgrade to AA, reduced emissions, strengthened supplier controls, and comprehensive employee ethics training.

• Well-positioned with attractive market exposure and resilience amid global uncertainty.

Financial highlights

• Net revenue increased 18% to EUR 107.5m, with adjusted EBITDA/EBITA margin stable at 26.3% and operating profit up 17% to EUR 15.6m.

• Profit for the period was EUR 4.7m, with EPS of EUR 0.01.

• Cash flow from operating activities improved to EUR 17.1m, up from EUR 11.2m.

• Net debt reduced to EUR 212.2m, leverage down to 1.8x from 2.0x sequentially.

• Net working capital at EUR 94.3m, 23% of revenue.

Outlook and guidance

• Confident in achieving high single-digit organic growth for the full year, with MedTech headwinds now behind and management targeting a return to organic growth in MedTech for the remainder of 2025.

• Tariffs expected to have a limited, low single-digit percentage point impact on adjusted EBITDA for 2025.

• MedTech segment expected to outperform a declining US market by 200–600 basis points.

• Working capital as a percentage of revenue expected to gradually decrease through the year.

• Market fundamentals for pet health remain strong, with resilient demand drivers.