Eurofins Scientific SE

Latest Results (31.07.2026):

Eurofins Scientific SE — Q4 2025 / Full Year 2025: The company reported FY 2025 results showing resilient organic growth and stronger profitability as the year progressed (highest growth in Q4 2025). Key full‑year figures: revenues €7,296m (+5.0% reported; +4.1% organic), Basic EPS €2.31 (+24%), Adjusted EBITDA €1,641m (Adjusted EBITDA margin 22.5% of total revenues; 24.3% on Mature scope), Reported EBITDA €1,561m (+8.4%), and Free Cash Flow to the Firm before owned sites €1,071m (+12%). Net debt was €3,641m at year‑end (leverage 2.2x). Management proposed a €0.72 dividend and reiterated mid‑term targets toward a 24% adjusted EBITDA margin by FY 2027.

Revenue and growth

FY 2025 revenues €7,296m, +5.0% reported and +4.1% organic (includes +0.4% public working days adjustment). Organic growth strengthened during the year with the strongest pace in Q4 2025.

Profitability and margins

Adjusted EBITDA €1,641m; Adjusted EBITDA margin 22.5% of total revenues and 24.3% on Mature scope. Reported EBITDA €1,561m (up 8.4%) and Reported EBITDA margin 21.4% (vs 20.7% in 2024). SDI at EBITDA level fell to €80m (1.1% of revenues).

Earnings per share

Basic EPS grew 24% to €2.31 in FY 2025 (accelerating to ~30% in H2 2025), driven by operating leverage, cost discipline and benefits from network investments.

Cash flow, capex and ROCE

Free Cash Flow to the Firm before investment in owned sites €1,071m (+12%). Net operating capex guided around €400m/year; additional investment to own large sites ~€200m/year in 2026‑27. ROCE including goodwill 12.8%; excluding goodwill/intangibles 34.1%; excluding owned sites 52.1%.

Balance sheet and capital returns

Net debt €3,641m at 31 Dec 2025; leverage ratio 2.2x (within 1.5–2.5x target). Eurofins repurchased 10,693,660 shares (~€541m net spend) and plans a proposed dividend of €0.72 per share ( +20% year‑on‑year).

M&A and portfolio

Closed 40 transactions in 2025 (pro‑forma revenues €286m, adjusted EBITDA €19m) at a cost of €261m. Largest was Synlab’s clinical diagnostics operations in Spain (closed 31 Mar 2025) — integration ongoing with initial phase expected complete by Q2 2026.

Start‑ups, SDI and operational progress

Launched 14 new start‑up labs and 38 new blood collection points in 2025. Start‑up profitability improved materially, contributing to a 29% reduction in SDI versus 2024 and lower aggregate SDI costs.

Guidance and mid‑term objectives

FY 2026 targets: mid‑single‑digit organic growth, further adjusted EBITDA margin improvement above 22.5%, lower SDI and growing FCFF. Mid‑term / FY 2027 targets: ~6.5% average organic growth p.a., 24% adjusted EBITDA margin, SDI ≈0.5% of revenues, continued ROCE and cash conversion improvement (cash conversion target >50%), and leverage maintained 1.5–2.5x.

Other strategic notes

Continued investment in owned sites (net floor area owned rose to 905,000 m²), digitalisation and hub‑and‑spoke network build‑out to drive future productivity gains and margin expansion; FY 2025 included a one‑off €298m related‑party site acquisition and the large buyback which affected the year‑end leverage.