Eurofins Scientific SE

Latest Results (12.02.2026):

Eurofins Scientific SE — Half‑Year (H1) 2025 results (period ended 30 June 2025): Reported revenues reached €3,612m (up 5.7% YoY; organic growth 3.9% / 2.9% excl. public working days). Adjusted EBITDA was €810m (+7.0% YoY) with an adjusted EBITDA margin of 22.4% (+30bps). Reported net profit attributable to owners and hybrid holders was €247m (+12.3% YoY) and basic EPS was €1.20 (+18.4%). Free Cash Flow to the Firm before investment in owned sites was €354m. Net debt stood at €3,360m with leverage of 2.1x (net debt / pro‑forma adjusted EBITDA). Management reiterated FY‑2025 targets (mid‑single‑digit organic growth; improving adjusted EBITDA margin vs 2024) and confirmed mid‑term 2027 objectives (24% adjusted EBITDA margin; 6.5% long‑term organic growth p.a.).

Revenues & organic growth

H1 2025 revenues €3,612m (+5.7% reported). Organic growth reported at 3.9% (2.9% excluding public working‑days adjustment). Acquisitions contributed €49m to H1 revenues; FX was a ~‑0.7% headwind.

Profitability & margins

Adjusted EBITDA €810m (+7.0% YoY); adjusted EBITDA margin 22.4% (+30 basis points vs H1 2024). Mature‑scope margin was 24.1% (above the Group’s FY‑2027 24% target). Separately disclosed items at EBITDA level down to €37m (1.0% of revenues).

Net profit, EPS and tax

Reported net profit €247m (+12.3% YoY); basic EPS €1.20 (+18.4%), helped by improved profit and fewer weighted‑average shares. Effective tax rate rose to 28.8% from 27.0% in H1 2024.

Cash flow, capex and owned sites

Net cash from operations €526m (stable YoY). Net capex €251m; net operating capex €173m (4.8% of revenues). Investment to purchase/develop owned sites €78m in H1. FCFF before owned‑sites investment €354m (+3.8% YoY).

Balance sheet & financing

Net debt €3,360m; leverage 2.1x (within 1.5–2.5x target). Cash ~€753m at 30 June 2025. Key financings: €400m euro‑hybrid bond issued (to refinance 2017 hybrid), €500m Schuldschein issued to refinance near‑term SSD maturities.

M&A, start‑ups and footprint

22 business combinations closed in H1 (11 legal entities, 11 asset deals) for €158m cash paid; acquired businesses had ~€210m pro‑forma 2024 revenues. Group added 30,000 m² net surface (total net floor area 1,863,000 m²); owned area grew to ~659,000 m² (~35% of total). 6 new start‑up labs and 19 new blood collection points were opened in H1.

Regional & business‑line notes

By region: Europe revenues €1,855m (+6.2%); North America €1,371m (+4.6%); Rest of World €386m (+7.1%). By activity: Life €1,473m (+6.8%), BioPharma €1,042m (+4.2%), Diagnostics & Products €746m (+8.1%), Consumer & Tech €351m (+0.5%).

Capital allocation & shareholder actions

Share buy‑backs: €468m deployed in H1 2025 (≈9.2m shares repurchased). Dividend paid €109m in April 2025. Management targets ~€400m p.a. net operating capex and ~€200m p.a. for owning large sites (2023–2027 guidance).

Outlook & strategic targets

For FY‑2025 management targets mid‑single‑digit organic growth, improving adjusted EBITDA margin vs 2024, and improved FCFF (before owned‑sites investment) vs FY‑2024. Mid‑term (to FY‑2027) targets remain: 6.5% average organic growth p.a., ~€250m average annual acquisition revenue, and 24% adjusted EBITDA margin.