Eurofins Scientific SE

Latest Results (29.03.2026):

Eurofins Scientific SE — Q4 2025 / Full Year (FY) 2025 results: Eurofins reported FY2025 revenues of €7,296m (+5.0% reported) with organic growth of about 4.1% (company notes a +0.4% public‑working‑days adjustment). Basic EPS attributable to owners rose 24% to €2.31, driven by margin expansion and stronger H2 performance. Adjusted EBITDA was €1,641m (adjusted EBITDA margin 22.5% on total revenues and 24.3% on mature scope), free cash flow generation strengthened and the group confirmed its mid‑term objectives through 2027.

Key financials

Revenues €7,296m (+5.0% reported). Adjusted EBITDA €1,641m (22.5% of revenues); Reported EBITDA €1,561m (+8% y/y) with a 21.4% margin. Basic EPS rose to €2.31 (+24%). FY2025 cash conversion 56%.

Organic growth and quarterly trend

Organic growth accelerated through the year, company‑reported organic ~4.1% for FY2025 (Q4 organic growth strongest at +4.7%) with the highest growth rate observed in Q4.

Cash flow and capital allocation

Free Cash Flow to the Firm before investment in owned sites was €1,071m (+12%); FCFF after owned‑site investments €876m (+9%). Net capex €522m (including €195m on owned sites). Net debt €3,641m with leverage 2.2x (within 1.5–2.5x target).

Shareholder returns

Share buybacks: repurchased 10,693,660 shares (5.5% of share capital) at an average €52.24, net cash impact €541m. Board intends to propose a €0.72 dividend per share at the 2026 AGM (+20% year‑on‑year).

Profit drivers and cost control

Adjusted margin expansion despite FX headwinds and initial dilution from the Synlab Spain clinical diagnostics acquisition. Separately disclosed items (SDI) fell to €80m (1.1% of revenues), reflecting improving start‑up profitability.

M&A and portfolio moves

Closed 40 acquisitions in FY2025 (pro‑forma revenues €286m; adjusted EBITDA €19m) including the Synlab Spain clinical diagnostics business (closed 31 Mar 2025). Company continues bolt‑on M&A at ~€250m potential annualised revenue target.

Infrastructure and strategic investment

Continued hub‑and‑spoke and digitalisation investments: net floor area up 46,000 m² in 2025; acquisition of 31 related‑party campuses (≈239,000 m²). Eurofins is moving to own more sites (owned buildings rose to 905,000 m²).

Returns and efficiency metrics

ROCE including goodwill 12.8%; ROCE excluding goodwill/intangibles 34.1%; ROCE excluding owned sites (assumed rented) 52.1%. Reported improvements driven by productivity, footprint optimisation and start‑up maturation.

Outlook and objectives

FY2026 targets: mid‑single‑digit organic growth and further adjusted EBITDA margin improvement above FY2025 (22.5%). Mid‑term / FY2027 reiterated targets: long‑term average organic growth 6.5% p.a., adjusted EBITDA margin 24%, SDI around 0.5% of revenues, cash conversion >50%, and leverage maintained 1.5–2.5x. Net operating capex expected ≈€400m p.a. plus ~€200m p.a. for owning large sites.