2In General. This disclaimer applies to this presentation and any oral comments of any person presenting it. This document, taken together with any such oral comments, is referred to herein as the “Presentation”. This Presentation has been prepared by Diasorin S.p.A.
(“Diasorin” or the “Company” and, together with its subsidiary the “Group”). The Presentation is being furnished to you for information purposes only and for use in presentations of the industrial plan of the Group.
Verbal explanation. This Presentation has to be accompanied by a verbal explanation. A simple reading of this Presentation without the appropriate verbal explanation could give rise to a partial or incorrect understanding.
No offer to purchase or sell securities. The information, statements and opinions contained in this Presentation are for information purposes only and do not constitute a public offer under any applicable legislation or an offer to sell or solicitation of an offer to purchase or subscribe for securities or financial instruments or any advice or recommendation with respect to such securities or other financial instruments.Nodistribution ofthisPresentation .This Presentation isbeing furnished to yousolely foryour information andmay notbereproduced, inwhole orin part, orredistributed toanyother individual orlegal entity .
Miscellanea .This Presentation hasbeen prepared onavoluntary basis .
Diasorin istherefore notbound toprepare similar presentations inthe future, unless where provided bylaw.Neither theCompany norany member oftheGroup noranyofitsortheir respective representatives, directors, employees oragents accept any liability whatsoever in connection withthisPresentation oranyofitscontents orinrelation toany lossarising from itsuseorfrom anyreliance placed upon it.
Teresa Cervino, themanager responsible forthepreparation ofthe company accounting documents forDiasorin S.p.A.,declares thatpursuant toArticle 154-bis,paragraph 2,oftheLegislative Decree February 24, 1998 ,no.58,tothebest ofhisknowledge, theaccounting information included inthisPresentation correspond todocument results, books and accounting records .DISCLAIMER
3This document contains forward -looking statements that arebased oncurrent expectations, estimates, forecasts and projections about theindustries inwhich Diasorin operates and thebeliefs and assumptions ofthe management ofDiasorin .Inaddition, themanagement ofDiasorin may make forward -looking statements orally toanalysts, investors, representatives ofthemedia andothers .Inparticular, among other statements, certain statements regarding future financial performance, theachievement ofcertain targeted metrics atanyfuture date orforanyfuture period, trends inresults ofoperations, margins, costs, return oncapital, riskmanagement and competition areforward -looking innature .These statements may include terms such as“may”, “will”, “expect”, “could”, “should”, “intend”, “estimate”, “anticipate”, “believe”, “remain”, “ontrack”, “design”, “target”, “objective”, “goal”, “forecast”, “projection”, “outlook”, “prospects”, “plan”, orsimilar terms .Forward -looking statements arenotguarantees offuture performance andare,bytheir nature, subject toinherent risks, uncertainties andassumptions that aredifficult topredict because they relate toevents anddepend oncircumstances thatmay ormay notoccur orexist inthefuture and, assuch, undue reliance should notbeplaced onthem .
Forward -looking statements donottake intoaccount anyadditional effects thatmay arise from impacts ontheglobal market inwhich Diasorin operates and, more generally, onthemacroeconomic scenario .
Actual results may differ materially from those expressed inforward -looking statements asaresult ofavariety offactors, including :theimpact oftheCOVID -19pandemic, theability oftheGroup tocreate andlaunch new products successfully ;changes intheglobal financial markets, general economic environment andchanges indemand fordiagnostic/healthcare/life sciences products, which issubject tocyclicality ;changes inlocal economic andpolitical conditions, changes intrade policy andtheimposition ofglobal andregional tariffs ortariffs targeted tothediagnostic/healthcare/life sciences industry, theenactment oftaxreforms orother changes intaxlaws and regulations ;theGroup’s ability tooffer innovative, attractive products ;various types ofclaims, lawsuits, governmental investigations andother contingencies, including product liability andwarranty claims, investigations and lawsuits ;material operating expenditures inrelation tocompliance with health andsafety regulations ;theintense level ofcompetition inthediagnostic/healthcare/life sciences industry, which may increase duetoconsolidation ;
theGroup’s ability tofund itsdefined benefit pension plans ;theability toaccess funding toexecute theitsbusiness plans andimprove itsown businesses, financial condition andresults ofoperations ;theGroup’s ability torealize anticipated benefits from joint venture arrangements ;disruptions arising from political, social andeconomic instability ;commercial riskduethefactthattheGroup operates inamarket characterized bythepresence oflarge competitors ;riskassociated tothemaintenance ofrelationship withcustomers andstrategic partners ;risks associated withrelationships withemployees andsuppliers ;increases incosts, disruptions ofsupply orshortages ofraw materials ;developments inlabor andindustrial relations anddevelopments inapplicable labor laws;exchange ratefluctuations, interest ratechanges, credit riskandother market risks;political andcivilunrest ;earthquakes or other disasters .
Anyforward -looking statements contained inthisdocument speak only asofthedate ofthisdocument andDiasorin disclaim anyobligation toupdate orrevise publicly forward -looking statements .Further information concerning theGroup anditsbusiness, including factors thatcould materially affect theGroup’s financial results, areincluded inDiasorin’s reports andfilings withCONSOB andBorsa Italiana .
Noupdate .Theinformation andopinions inthisdocument isprovided toyouasofthedates indicated andDiasorin does notundertake toupdate theinformation contained inthisdocument and/or anyopinions expressed relating thereto after itspresentation, even intheevent thattheinformation becomes materially inaccurate, except asotherwise required byapplicable laws.
Non-IFRS andOther Performance Measures .This document contains certain items aspartofthefinancial disclosure, which arenotdefined under IFRS .Accordingly, these items donothave standardized meanings andmay not bedirectly comparable tosimilarly -titled items adopted byother entities .Diasorin management hasidentified anumber of“Alternative Performance Indicators” (“APIs”) .These APIs (i)arederived from historical results ofDiasorin andarenotintended tobeindicative offuture performance, (ii)arenon-IFRS financial measures and, although derived from thefinancial statements, areunaudited and(iii)arenotanalternative tofinancial measures prepared in accordance withIFRS .TheAPIs presented herein include EBITa,EBITDAb,adjusted EBITDAc,NetFinancial PositiondandFree Cash Flowe.These measures arenotindicative ofhistorical operating results, norarethey meant tobepredictive offuture results .These measures areused bythemanagement tomonitor theunderlying performance ofthebusiness andoperations .Similarly entitled non-IFRS financial measures reported byother companies may notbecalculated inanidentical manner, consequently themeasures reported inthisdocument may notbeconsistent withsimilar measures used byother companies .Therefore, investors should notplace undue reliance onthisdata.
aEBIT isdefined asthe“Operating Result" netofinterests andtaxes –bEBITDA isdefined asthe"Operating Result", gross ofamortization anddepreciation ofintangible andtangible asset .EBITDA isameasure used bytheCompany tomonitor andevaluate theGroup's operating performance andisnotdefined asanaccounting measure inIFRS therefore shall beconsidered analternative measure forassessing theGroup's operating result performance .-cAdjusted EBITDA isdefined asAdjusted EBITDA, excluding extraordinary costs andexpenses incurred intheLuminex transaction announced onApril 11,2021 -dTheNetFinancial Position isdefined asthealgebraic sum (positive balance sheet assets andnegative balance sheet liabilities) ofcash andcash equivalents andother current financial assets, minus current financial liabilities andnon-current financial liabilities .-eFree Cash Flow isdefined asthesetofmeans available totheCompany andisequal tocash flows deriving from operating activities netofinterest received orpaid, andnetofinvestments and divestments offixed assets .FORWARD -LOOKING STATEMENTS
5
Delta Hepatitis
U.S. MarketLIAISON
QuantiFERON -TB Gold
Plus II
U.S. Market
Authorization request
LIAISON NES Group A
Strep
U.S. Market
Distribution agreement
Fisher Scientific
LIAISON NES
U.S. MarketDistribution agreement
McKesson
LIAISON NES
U.S. MarketJan
2026Feb
2026Mar
2026
Extension of the agreement with LabCorp Immuno + Molecular
U.S. Market
Apr
2026
LIAISON PLEX Gastro -
intestinal Flex Assay
U.S. MarketMay
2026
LIAISON NES Group A
Strep
U.S. MarketJun
2026
Commercial Launch
LIAISON NES
U.S. Market
7Q2’26 & H1’26 Revenue Variances at Constant Exchange Rates 2025 Note: Absolute values at current exchange rates. YoY variations are presented using 2025 constant exchange rates. Both absolute figures and percentages are rounded to the nearest whole number Indicative graphic only, not to scale.Q2’26 Group revenues (figures in €/million) H1’26 Group revenues (figures in €/million)
Base Business (ex-China) in Q2’26:
•Delivered results in line with expectations, benefiting from the gradual normalization of the factors that impacted performance in Q1’26.
•By region:
•North America : double -digitgrowth •Europe : single -digit growth •Rest of World ( RoW ): single -digit growth, partially impacted by the conflict in the Middle East.China:
•Continued impact from VBP •Environment becoming increasingly difficult for international companies 8Q2’26 & H1’26 Immunodiagnostic Revenue Variances At Constant Exchange Rates 2025 Q2’26 revenues (figures in €/million) H1’26 revenues (figures in €/million) Note: Absolute values at current exchange rates. YoY variations are presented using 2025 CER, with single -digit percentages roun ded to the nearest whole number and double -digit percentages rounded to the nearest 5% increment. Indicative graphic only, not to scale.
9Q2’26 & H1’26 Molecular Diagnostic Revenue Variances At Constant Exchange Rates 2025
Automated multiplexing:
•Business impacted by a soft tail of flu season •Introduction of Gastro -intestinal panel to enhance hospital market penetration
Non-automated multiplexing:
•Decrease in RSP panel volume following COVID declineLIAISON MDX targeted:
•Growth driven by specialty tests ( C. auris , cCMV , etc.) LIAISON MDX respiratory:
•Volume decline post -COVID
ASR:
•Seasonal variations in order volume Note: Absolute values at current exchange rates. YoY variations are presented using 2025 CER, with single -digit percentages roun ded to the nearest whole number and double -digit percentages rounded to the nearest 5% increment. Indicative graphic only, not to scale.Q2’26 revenues (figures in €/million) H1’26 revenues (figures in €/million)
Multiplex Lowplex
Multiplex Lowplex
10Automated Multiplexing: LIAISON PLEX
LIAISON PLEX COMMERCIAL LAUNCH UPDATE:
•Commercial team fully established and prepared to market additional panels •Launched the Gastro -intestinal panel, completing the major offering on the
platform
•Leading U.S. hospital laboratories are adopting LIAISON PLEX for its flexibility, developing a set number of fully customized “base panels” tailored to different patient populations RSP: Respiratory flex; BCY: Blood Culture Yeast; BCN: Blood Culture Negative; BCP: Blood Culture Positive; GI: Gastro Intestinal flex; CNS: Central Nervous System (Meningitis). •10%commercial labs •90%hospital labsBY NUMBER OF CUSTOMERSLIAISON PLEX CUSTOMERS: ca. 150 (65% flex vs. 35% fixed)
•30%commercial labs
•70%hospital labsBY REVENUE CONTRIBUTION GI
RSP BCY
BCN BCP
CNS
Under development(*)
(*) FDA approved(*)
(*) (*)
(*)
11Q2’26 & H1’26 LTG Revenue Variances At Constant Exchange Rates 2025 Q2’26 revenues (figures in €/million) H1’26 revenues (figures in €/million) LifeScience clients :
•Initial signs ofrecovery from theunfavorable market conditions which impacted performance in2025 Diagnostics clients :
•Unfavorable comparison withH1’25 Note: Absolute values at current exchange rates. YoY variations are presented using 2025 CER, with single -digit percentages roun ded to the nearest whole number and double -digit percentages rounded to the nearest 5% increment. Indicative graphic only, not to scale.
12Q2’26 & H1’26 Profitability Profile 35%
108306
Q2 2025 Q2 2026Net Revenues and Adj. EBITDA data @ current exchange rates;
Adj. EBITDA Margin @ constant exchange rates.
10531533%
35%
215619
H1 2025 H1 202619460232%Net
Revenues
Adjusted1
EBITDA2
MarginAdjusted1
EBITDA2InH12026 ,Adjusted1EBITDA2Margin wasequal to32%@CER , mainly duetoVolume Based Procurement (VBP) impact onprices inChina and theinvestment intheU.S.commercial salesforce following thelaunch onLIAISON NES.
1With reference totheAdjusted EBITDA indicator, please refer tothetable included inthefinancial schemes section ofthispresentation .
2EBITDA isdefined asthe"Operating Result", gross ofamortization anddepreciation ofintangible andtangible asset .EBITDA isameasure used bytheCompany tomonitor andevaluate theGroup's operating performance andisnot defined asanaccounting measure inIFRS therefore shall beconsidered analternative measure forassessing theGroup's operating result performance .
14FY’26 Guidance Confirmed
FY’26 GUIDANCE (@CER 2025)
1With reference totheAdjusted EBITDA, Adjusted EBIT and Adjusted NetProfit indicators, please refer tothetable included inthefinancial schemes section ofthispresentation .
2EBITDA isdefined asthe"Operating Result", gross ofamortization and depreciation ofintangible and tangible asset .EBITDA isameasure used bythe Company tomonitor and evaluate theGroup's operating performance and isnotdefined asanaccounting measure inIFRS therefore shall beconsidered an alternative measure forassessing theGroup's operating result performanceAvg. Expected 2026 EUR/USD FX: 1.16 (Source: Bloomberg) asof July30, 2026 1 cent of difference between EUR and USD over 12 months hasan impact on:
•FY Revenue of ca. €/mln 6 -8
•FY EBITDA of ca. €/mln 2 -3CERPY Spot EUR/USD FX: 1.05
15FY’26 Top Line Guidance @CER2025 (*) Molecular diagnostics figures include COVID revenues1,195 €/mlnRevenue Guidance FY’26 Between +5% and +6% •Molecular Diagnostics :growth driven bythelaunch ofthefullpanel menu onLIAISON PLEX andbythefullcommercial execution ofLIAISON NES, despite aweak start oftherespiratory business inH1’26duetoa mild fluseason .
Immunodiagnostics
824 €/mlnMolecular
Diagnostics (*)
206 €/mlnLTG
165 €/mln
FY25+MSD%+LDD%+LSD%
FY26•LTG :diagnostic customers areexpected togrow ataLSD-to-MSD %rate, offsetting thecontinued weakness intheLifeScience business .
•Immunodiagnostics :continued growth driven bytheunique specialty portfolio and hospital strategy, partially offset bythenormalization of volumes inEurope, already observed attheendof2025 ,aswell asthe negative trend inChina, although expected toslow and progressively stabilize .
16FY’26 Growth Trajectory by Quarter •Immunodiagnostics :steady growth across different quarters inFY’26asaresult oftheunique specialty menu and thehospital strategy, partially compensated bythenormalization ofvolumes inEurope, withtheexception ofsome tough comparisons, especially inQ1’26 •Molecular Diagnostics :thesofter -than-expected fluseason observed inQ4’25continued intothebeginning of2026 .LIAISON PLEX remains more exposed tofluseason trends, astheGIpanel hasreceived clearance inQ2’26.Strong acceleration expected inH2’26,following theLIAISON PLEX Gastro -intestinal (GI)panel launch andLIAISON NES commercial execution •LTG:tough comparison throughout H1’26vs.PYduetoordering patterns .Overall, LTG isexpected togrow atalowsingle -digit percentage inFY’261Q26 2Q26 3Q26 4Q26
18Income Statement
2EBITDA isdefined asthe"Operating Result", gross ofamortization anddepreciation ofintangible andtangible asset .EBITDA isameasure used bytheCompany to monitor andevaluate theGroup's operating performance andisnotdefined asanaccounting measure inIFRS therefore shall beconsidered analternative measure forassessing theGroup's operating result performance 2025 2026 amount % 2025 2026 amount % Net Revenues 306 315 +9 +3% 619 602 -18 -3% Cost of sales (105) (111) -6 +6% (213) (212) +1 -1% Gross profit 201 204 +2 +1% 406 389 -17 -4% 66% 65% -105 bps 66% 65% -82 bps Sales and marketing expenses (69) (74) -4 +6% (142) (147) -5 +4% Research and development costs (23) (24) -1 +3% (47) (47) +0 -1% General and administrative expenses (31) (32) -1 +3% (61) (61) +0 -0% Total operating expenses (123) (129) -6 +5% (251) (255) -4 +2% 40% 41% +77 bps 41% 42% +191 bps Other operating income (expense) (13) (6) +7 -55% (17) (9) +8 -46% non recurring amount (9) (3) +6 -65% (10) (4) +6 -56%
EBIT 65 69 +3 +5% 138 125 -13 -10%
21% 22% +51 bps 22% 21% -153 bps Net financial income (expense) (3) (8) -6 n.m. (7) (14) -7 n.m.
Profit before taxes 63 60 -2 -3% 131 112 -20 -15% Income taxes (16) (15) +2 -9% (33) (28) +5 -15% Net result 46 46 -1 -1% 99 84 -15 -15%
EBITDA297 102 +4 +5% 204 188 -16 -8%
32% 32% +52 bps 33% 31% -162 bpsH1 ChangeAmounts in millions of eurosQ2 Change
Balance Sheet
19 Goodwill and intangibles assets 1,790 1,827 +38 Property, plant and equipment 256 272 +16 Other non-current assets 42 43 +1 Net working capital 325 384 +58 Other non-current liabilities (257) (266) -10 Net Invested Capital 2,157 2,260 +103 Net Financial Debt (580) (844) -265 Total shareholders' equity 1,577 1,416 -161 06/30/2026 Change Amounts in millions of euros 12/31/2025
20Cash Flow Statement 2025 2026 2025 2026 Cash and cash equivalents at the beginning of the period 365 201 344 166 Cash provided by operating activities 74 51 145 109 Cash provided/(used) in investing activities (35) (29) (28) (13) Cash provided/(used) in financing activities (231) (102) (288) (141) Net change in cash and cash equivalents before investments in financial assets (192) (80) (171) (45) Net change in cash and cash equivalents (192) (80) (171) (45) Cash and cash equivalents at the end of the period 173 121 173 121 Q2Amounts in millions of eurosH1
21June 2026 Reconciliation to Consolidated Financial Statements Thealternative performance measures listed inthetable should beused asaninformation supplement totheprovisions ofIFRS, toassist users ofthedocument inbetter understanding the economic, equity andfinancial performance oftheGroup .Such measures arecomputed purifying theresults oftheone-offcosts relating torestructuring ofLuminex, oftheamortization deriving from thePurchase Price Allocation andofthefinancial charges associated with thefinancing ofthetransaction, including thetaximpact .Itshould also benoted thatthemethod of calculating these adjusted indicators could differ from themethods used byother companies .
Amounts in millions of euros Gross Profit EBITDA EBIT Net Result Financial Statements Measures 389 188 125 84 % on Revenues 65% 31% 21% 14%
Adjustments
“One-off” costs related to non recurring events 1 6 5 5 Depreciation ofLuminex intangibles identified inthe Purchase Price Allocation- - 19 19 Financial charges relating todebt instruments and totheconvertible bond issued to finance the acquisition of Luminex net of hedging effects- - - 6 Total adjustments before tax effect 1 6 24 30 Fiscal effect on adjustments - - - (8) Total Adjustments 1 6 24 22 Adjusted Measures 390 194 149 106 % on Revenues 65% 32% 25% 18%
22June 2025 Reconciliation to Consolidated Financial Statements Thealternative performance measures listed inthetable should beused asaninformation supplement totheprovisions ofIFRS, toassist users ofthedocument inbetter understanding the economic, equity andfinancial performance oftheGroup .Such measures arecomputed purifying theresults oftheone-offcosts relating totherestructuring ofLuminex, oftheamortization deriving from thePurchase Price Allocation andofthefinancial charges associated with thefinancing ofthetransaction, including thetaximpact .Itshould also benoted thatthemethod of calculating these adjusted indicators could differ from themethods used byother companies .
Note :Toimprove comparability, theadjusted income statement metrics forthefirsthalfof2025 have been restated toreflect adifferent timing allocation oftheoperating costs related tothe Chinese subsidiary following itsreorganization .These costs were originally recognized infullinthefourth quarter of2025 andhave now been reallocated throughout 2025 based ontheir actual period ofaccrual .
Amounts in millions of euros Gross Profit EBITDA EBIT Net Result Financial Statements Measures 406 204 138 99 % on Revenues 66% 33% 22% 16%
Adjustments
“One-off” costs related to non recurring events 2 12 12 12 Depreciation ofLuminex intangibles identified inthe Purchase Price Allocation- - 19 19 Financial charges relating todebt instruments and totheconvertible bond issued to finance the acquisition of Luminex net of hedging effects- - - 6 Total adjustments before tax effect 2 12 31 38 Fiscal effect on adjustments - - - (10) Total Adjustments 2 12 31 28 Adjusted Measures 408 215 170 126 % on Revenues 66% 35% 27% 20%