Informazione
Regolamentata n.
0957-97-2026Data/Ora Inizio Diffusione 31 Luglio 2026 12:46:40Euronext Milan
Societa' :DIASORIN
Utenza - referente :DIASORINN02 - Ragazzo Eugenia
Tipologia :1.2
Data/Ora Ricezione :31 Luglio 2026 12:46:40 Data/Ora Inizio Diffusione :31 Luglio 2026 12:46:40 Oggetto :Revenue and EBITDA Supported by Strong Q2 Growth in the First Half of the Year. 2026 Guidance Confirmed.
Testo del comunicato
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REVENUE AND EBITDA SUPPORTED BY STRONG Q2 GROWTH IN THE FIRST HALF OF THE YEAR
2026 GUIDANCE CONFIRMED
- REVENUE : €602 MILLION , IN LINE WITH THE SAME PERIOD FROM THE PRIOR YEAR AT CER, SUPPORTED BY SECOND -QUARTER GROWTH OF
+4% AT CER (+3% AT CURRENT EXCHANGE RATES )
- ADJUSTED1 EBITDA2: €194 MILLION , WITH A MARGIN OF 32% OF REVENUE AT BOTH CER AND CURRENT EXCHANGE RATES
- U.S. FDA 510( K) CLEARANCE AND CLIA WAIVER GRANTED FOR THE SECOND TEST AVAILABLE ON THE LIAISON NES MOLECULAR
DIAGNOSTICS PLATFORM FOR THE DETECTION OF GROUP A STREPTOCOCCUS
- U.S. FDA 510( K) CLEARANCE GRANTED FOR THE LIAISON PLEX GASTROINTESTINAL FLEX PANEL , COMPLETING THE MENU OFFERING
ON THE LIAISON PLEX MOLECULAR DIAGNOSTICS PLATFORM
- 2026 GUIDANCE CONFIRMED (AT CER 2025 ), WITH REVENUE GROWTH EXPECTED BETWEEN 5% AND 6% AND AN ADJUSTED1 EBITDA2
MARGIN BETWEEN 32% AND 33% AT CER
Saluggia , Italy – July 31 , 2026 - The Board of Directors of Dia sorin S.p.A. (FTSE MIB: DIA) meeting today , examined and approved the Group’s Consolidated Financial Statements at June 30, 2026.
TABLES OF RESULTS1
1 With reference to the indicators Adjusted Gross Margin, Adjusted EBITDA, Adjusted EBIT, and Adjusted Net Income, please refer to the table at the end of this Press Release.
2 EBITDA is defined as the “Operating Result”, gross of amortization and depreciation of intangible and tangible assets. EBITDA is a measure used by the Company to monitor and evaluate the Group's operating performance and is not defined as an accounting measure in IFRS and therefore shall not be considered an al ternative measure for assessing the Group's operating result performance. Since the composition of EBITDA is not regu lated by the reference accounting standards, the criterion of determination applied by the Group may not be homogeneous with that adopted by other operators and/or groups and therefore may not be comparable.
2025 2026 amount%
@ current%
@ CER
Revenues 619 602 -18 -3% +0% Immunodiagnostics 419 420 +1 +0% +2% Molecular Diagnostics 109 97 -13 -11% -6% Licensed Technologies 91 85 -6 -6% -1% Adjusted1 EBITDA2215 194 -21 -10% -7% Adjusted1 EBITDA2 margin 35% 32% -246 bps
EBITDA2204 188 -16 -8% -5%
EBITDA2 margin 33% 31% -162 bps Adjusted1 EBIT 170 149 -21 -12% Adjusted1 EBIT margin 27% 25% -269 bps
EBIT 138 125 -13 -10%
EBIT margin 22% 21% -153 bps Adjusted1 net profit 126 106 -20 -16% Adjusted1 Net profit on Revenues 20% 18% -279 bps Net profit 99 84 -15 -15% Net profit on Revenues 16% 14% -202 bpsAmounts in millions of eurosH1 change
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COMMENTS ON ECONOMIC RESULTS
REVENUES : €602 million , flat at CER compared to H1 2025 ( -3% at current exchange rates , with a negative FX impact of €20 million).
In Q2 2026, revenue grew by 4% at CER compared to Q2 2025 ( +3% at current exchange rates , with a negative FX impact of €3 million), reflecting the normalization of the non -recurring factors that had impacted the first quarter of the year, in line with the expected business evolution and supporting the 2026 Guidance. Excluding the performance of the Chinese ma rket and of the respiratory molecular business , growth in Q2 2026 was +5% at CER.
Revenue performance by business line was as follows:
Immunodiagnostics : €420 million , up 2% at CER compared to H1 2025 ( flat at current exchange rates , with a negative FX impact of €9 million).
Q2 2026 growth of 4% at CER compared to the same period of the prior year ( +3% at current exchange rates , with a negative FX impact of €1 million) confirms the positive business momentum and the return to a growth trajectory in line with expectations, following the normalization of the exceptional factors that had affected Q1 results. The quarter benefited from the strong performance of the U.S. market, which accelerated significantly and returned to solid growth rates ( +10% at CER; +6% at current exchange rates ). Double -digit growth also continued for the latent tuberculosis test in U.S. and European hospitals, supported by the launch of the new high -throughput version of the LIAISON QuantiFERON -TB Gold Plus II test. Challenging market conditions persist in China due to the implement ation of Volume -
Based Procurement (VBP) . Net of this impact, growth in Q2 2026 was +5% at CER . Furthermore, the geopolitical environment in the Middle East continues to negatively affect demand in the region .
Molecular Diagnostics : €97 million , down 6% at CER compared to H1 2025 ( -11% at current exchange rates , with a negative FX impact of €6 million).
In Q2 2026, the business delivered growth of 1% at CER (-1% at current exchange rates ; negative FX impact of €1 million), despite the continued effects of a weak flu season, which weighed on demand for respiratory testing. Growth was supported by specialty tests on the LIAISON MDX low -plex molecular platform, which grew by 24% at CER . Automated multiplexing panels (Verigene I and LIAISON PLEX) also contributed positively, growing 7% at CER in Q2 2026 despite lower respiratory panel volumes, confirming the ongoing development of the new business on the LIAISON PLEX platform . Excluding the performance of the respiratory panels , growth in Q2 2026 was +4% at CER.
Licensed Technologies : €85 million , down 1% at CER compared to H1 2025 ( -6% at current exchan ge rates , with a negative FX impact of €5 million).
Q2 2026 recorded growth of 7% at CER compared to the same period of the prior year ( +4% at current exchange rates , with a negative FX impact of €1 million). This performance mainly reflects a different timing of orders from Diasorin’s partners and a partial recovery in the Life Science segment, which had been significantly aff ected in the previous year 2025 2026 amount%
@ current%
@ CER
Revenues 306 315 +9 +3% +4% Immunodiagnostics 216 223 +8 +3% +4% Molecular Diagnostics 49 48 -1 -1% +1% Licensed Technologies 42 43 +2 +4% +7% Adjusted1 EBITDA2108 105 -3 -3% -2% Adjusted1 EBITDA2 margin 35% 33% -204 bps
EBITDA297 102 +4 +5% +6%
EBITDA2 margin 32% 32% +53 bps Adjusted1 EBIT 85 81 -4 -5% Adjusted1 EBIT margin 28% 26% -205 bps
EBIT 65 69 +3 +5%
EBIT margin 21% 22% +51 bps Adjusted1 net profit 62 57 -4 -7% Adjusted1 Net profit on Revenues 20% 18% -193 bps Net profit 46 46 -1 -1% Net profit on Revenues 15% 15% -61 bpsAmounts in millions of eurosQ2 change
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by funding cuts to the U.S. National Institutes of Health (NIH).
The following is the revenue performance by geographic area:
North America Direct : €295 million , up 1% at CER compared to H1 2025 ( -6% at current exchange rates , with a negative FX impact of €20 million).
In Q2, the immunodiagnostics business delivered solid growth ( +10% at CER ), driven by the strong performance of CLIA specialty tests and the success of the U.S. hospital strategy.
Molecular diagnostics sales improved in Q2 2026 ( +4% at CER compared to the same period of the prior year), primarily supported by the excellent performance of specialty tests on the LIAISON MDX low -plex molecular platform ( +30% at CER versus Q2 2025) and the expansion of the automat ed multiplexing business (Verigene I and LIAISON PLEX), which grew 8% at CER compared to Q2 2025.
These results more than offset the weak demand for respiratory testing, which continued to be affected by the previously mentioned weak flu season during the quarter.
Europe Direct : €222 million , up 2% at both CER and current exchange rates compared to H1 2025.
The immunodiagnostics business continued to perform well, contributing to Q2 2026 growth of 3% at both CER and current exchange rates compared to the same period of the prior year, supported by continued business expansion despite volume normalization rela tive to the pre -COVID period.
Rest of the World : €85 million , down 4% at both CER and current exchange rates .
In Q2 2026 , growth continued in countries where Dia sorin operates directly. Excluding China, where the effects of VBP -
related policies persist, these markets grew by 11% at CER (+18% at current exchange rates ). This performance was only partially offset by lower revenue in markets served through local distr ibutors, particularly in the Middle East, where the ongoing conflict and the resulting market environment negatively impacted sales performance.
ADJUSTED1 GROSS PROFIT : €390 million , down 1% at CER compared to H1 2025 ( -4% at current exchange rates , with a negative FX impact of €12 million), representing 65% of revenue at both CER and current exchange rates . In Q2 2026 , adjusted gross margin also stood at 65% of revenue despite the negative impact of tariffs.
ADJUSTED1 EBITDA2: €194 million , down 7% at CER compared to H1 2025 ( -10% at current exchange rates , with a negative FX impact of €5 million), representing 32% of revenue at both CER and current exchange rates .
The decline compared to the prior -year period is mainly attributable to the impact of VBP -related pricing pressure in China, planned investments to strengthen the U.S. commercial organization in support of the launch of the LIAISON NES platform, and the negative impact of tariffs. In Q2 2026 , EBITDA margin reached 33% at CER, confirming an improvement compared to Q1 2026 .
ADJUSTED1 EBIT: €149 million , down 10% at CER compared to H1 2025 ( -12% at current exchange rates , with a negative FX impact of €4 million), representing 24% of revenue at CER (25% at current exchange rates ).
NET FINANCIAL EXPENSES : €7 million in H1 2026 (€1 million of net financial expenses in H1 2025). The increase compared to the same period of 202 5 was driven by lower interest income resulting from declining interest rates, as well as higher interest expenses and other financial charges related to the Group’s bank financing and credit facilities.
ADJUSTED1 NET PROFIT : €106 million (18% of revenue), down €20 million ( -16%) compared to H1 2025.
COMMENT ON FINANCIAL RESULTS
CONSOLIDATED NET FINANCIAL DEBT: -€844 million (-€580 million as of December 31, 2025).
The €265 million change primarily reflects cash outflows in H1 2026 related to the ongoing share buyback program, amounting to €234 million, and dividend payments of €65 million.
FREE CASH FLOW3: €58 million in H1 2026, compared to €83 million in H1 2025.
The decrease was mainly driven by the factors described above and b y higher inventory levels associated with the launch of the LIAISON NES platform. Cash generation is, however, expected to improve in the second half of the year, also supported by the progressive reduction of inventory levels.
3 Free Cash Flow equals net cash flow generated from operating activities including uses for investment and before payment of interest and acquisiti ons of companies and businesses .
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BUSINESS HIGHLIGHTS
IMMUNODIAGNOSTICS
- De Novo authorization in the United States for the first fully automated test for the diagnosis of the hepatitis delta virus
(HDV);
- Launch, in partnership with QIAGEN, in CE‑mark accepting countries of the new generation LIAISON QuantiFERON‑TB Gold Plus II test, designed to deliver faster turnaround times and higher throughput.
POINT-OF-CARE MOLECULAR DIAGNOSTICS
- U.S. FDA 510(k) clearance for the LIAISON PLEX Gastro -intestinal Flex Assay, completing the major offering on the multiplexing molecular platform;
- U.S. FDA 510(k) clearance and CLIA waiver for the second test available on the LIAISON NES for the identification of Group A Strep;
- Signing of exclusive distribution agreements for the U.S. hospital channel with Fisher Scientific (part of Thermo Fisher Scientific) and for the Physician Office Laboratories (POLs) channel with McKesson, in support of the market‑access strategy for the LIAISON NES platform.
FY 2026 GUIDANCE AT 2025 CER
In light of H1’26 results in line with expectations, 2026 Guidance is confirmed:
- REVENUES : approx. + 5%/+6%
- ADJUSTED1 EBITDA2 MARGIN : approx. 32%/33%
*** Mrs. Teresa Cervino , the Officer in charge of preparing the corporate accounting documents of Dia sorin S.p.A. declares that, pursuant to paragraph 2, Art. 154 bis of the Consolidated Law on Finance, to the best of his knowledge, the accounting information con tained in this Press Release corresponds to the documental results, accounting books and records .
*** This press release is available to the public at the registered office of the Company and is also published on the Company’s website (www.diasorin.com) under the section “Investors - Financial Corner - Press Releases” and on the centralized storage system named eMarket STORAGE at www.emarketstorage.com .
*** H1’26 results will be presented to the financial community during a conference call on Friday, July 31 , 2026, at 3:00 PM CEST.
To participate in the conference call, dial the following numbers:
From Italy + 39 02 8020911 From U.K. +44 1212 818004 From U.S.A. +1 718 7058796 Presentation slides will be made available under the section “Investors - Financial Corner - Presentations” on the Company’s website (www.diasorin.com) and on the centralized storage system named eMarket STORAGE at www.emarketstorage.com prior to the beginning of the conference call.
*** Annex: Financial statements not subject to audit by the Group’s Independent Auditors .
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ANNEXES
CONSOLIDATED INCOME STATEMENT
2025 2026 amount % Net Revenues 619 602 -18 -3% Cost of sales (213) (212) +1 -1% Gross profit 406 389 -17 -4% 66% 65% -82 bps Sales and marketing expenses (142) (147) -5 +4% Research and development costs (47) (47) +0 -1% General and administrative expenses (61) (61) +0 -0% Total operating expenses (251) (255) -4 +2% 41% 42% +191 bps Other operating income (expense) (17) (9) +8 -46% non recurring amount (10) (4) +6 -56%
EBIT 138 125 -13 -10%
22% 21% -153 bps Net financial income (expense) (7) (14) -7 n.m.
Profit before taxes 131 112 -20 -15% Income taxes (33) (28) +5 -15% Net result 99 84 -15 -15%
EBITDA2204 188 -16 -8%
33% 31% -162 bpsChange Amounts in millions of eurosH1 2025 2026 amount % Net Revenues 306 315 +9 +3% Cost of sales (105) (111) -6 +6% Gross profit 201 204 +2 +1% 66% 65% -105 bps Sales and marketing expenses (69) (74) -4 +6% Research and development costs (23) (24) -1 +3% General and administrative expenses (31) (32) -1 +3% Total operating expenses (123) (129) -6 +5% 40% 41% +77 bps Other operating income (expense) (13) (6) +7 -55% non recurring amount (9) (3) +6 -65%
EBIT 65 69 +3 +5%
21% 22% +51 bps Net financial income (expense) (3) (8) -6 n.m.
Profit before taxes 63 60 -2 -3% Income taxes (16) (15) +2 -9% Net result 46 46 -1 -1%
EBITDA297 102 +4 +5%
32% 32% +52 bps Amounts in millions of eurosQ2 Change
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REVENUES BY TECHNOLOGY
REVENUES BY GEOGRAPHY
CONSOLIDATED BALANCE SHEET
% on revenues contributed Immunodiagnostics 68% 70% +212 bps Molecular Diagnostics 17% 16% -145 bps Licensed Technologies 15% 14% -55 bpsH1
Change
2025 2026
% on revenues contributed Immunodiagnostics 70% 71% +54 bps Molecular Diagnostics 16% 15% -63 bps Licensed Technologies 14% 14% +19 bps Q2
Change
2025 2026
@ current @ CER North America Direct 313 295 -18 -6% +1% % on total revenues 51% 49% Europe Direct 218 222 +3 +2% +2% % on total revenues 35% 37% Rest of the World 88 85 -3 -4% -4% % on total revenues 14% 14% Total 619 602 -18 -3% +0%Change 2026 amount% Amounts in millions of eurosH1
2025
@ current @ CER North America Direct 150 156 +6 +4% +7% % on total revenues 49% 50% Europe Direct 111 114 +3 +3% +3% % on total revenues 36% 36% Rest of the World 45 44 -1 -2% -5% % on total revenues 15% 14% Total 306 315 +9 +3% +4%Amounts in millions of eurosQ2 Change 2025 2026 amount% 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
7
CONSOLIDATED STATEMENT OF CASH FLOWS
2025 2026
Cash and cash equivalents at the beginning of the period 344 166 Cash provided by operating activities 145 109 Cash provided/(used) in investing activities (28) (13) Cash provided/(used) in financing activities (288) (141) Net change in cash and cash equivalents before investments in financial assets (171) (45) Net change in cash and cash equivalents (171) (45) Cash and cash equivalents at the end of the period 173 121 Amounts in millions of eurosH1
2025 2026
Cash and cash equivalents at the beginning of the period 365 201 Cash provided by operating activities 74 51 Cash provided/(used) in investing activities (35) (29) Cash provided/(used) in financing activities (231) (102) Net change in cash and cash equivalents before investments in financial assets (192) (80) Net change in cash and cash equivalents (192) (80) Cash and cash equivalents at the end of the period 173 121 Q2Amounts in millions of euros
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OVERVIEW OF THE GROUP ’S OPERATING PERFORMANCE AND FINANCIAL POSITION
This press release presents and comments on certain financial indicators that are not identified in the IFRS. These indicators, which are described below, are used to comment on the Group’s business performance, in compliance with the requirements of Conso b communication of 28 July 2006 (DEM 6064293), as subsequently amended and supplemented (Consob communication 0092543 of 3 December 2015, which incorporates the ESMA Guidelines ESMA/2015/1415).
The alternative performance indicators listed below should b e used to supplement the information required by IFRS to help readers of the press release gain a more comprehensive understanding of the Group’s economic, financial and operating position . These measures exclude one -off items related to non -recurring even ts, which mainly include costs associated with corporate restructuring and organizational efficiency programs following the launch of new platforms, amortization arising from the purchase price allocation of Luminex, and financial expenses related to the financing of the acquisition, including the related tax effects.
It should be noted that the calculation of these adjusted indicators could differ from those used by other companies.
H1’26 ADJUSTED INDICATOR
H1’25 ADJUSTED INDICATORS
(*) To improve comparability, the adjusted income statement metrics for the first half of 2025 have been restated to reflect a di fferent timing allocation of the operating costs of the Chinese subsidiary following its reorganization, which were originally fully recognized in the fourth quarter of 2025. These costs ha ve been reallocated throughout 2025 based on the period to which they relate.
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% 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%
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OPERATING PERFORMANCE IN H1’26 AND COMPARISON WITH H1’25
For additional information, please contact:
INVESTOR RELATIONS
Riccardo Fava Eugenia Ragazzo Corporate Vice President Communication, ESG & Investor Relations Corporate Investor Relations & ESG Senior Analyst riccardo.fava@diasorin.com eugenia.ragazzo@diasorin. com Amounts in millions of euros 06/30/2025 % on Revenues 06/30/2026 % on Revenues Net Revenues 619 100% 602 100% Cost of Sales (213) 34% (212) 35% Gross Profit 406 66% 389 65% Adjusted1 Gross Profit 408 66% 390 65% Sales and marketing expenses (142) 23% (147) 25% Research and development expenses (47) 8% (47) 8% General and administrative expenses (61) 10% (61) 10% Total operating expenses (251) 41% (255) 42% Other operating income (expense) (17) 3% (9) 1%
EBIT 138 22% 125 21%
Adjusted1 EBIT 170 27% 149 25% Net financial income (expense) (7) 1% (14) 2% Profit before taxes 131 21% 112 19% Income taxes (33) 5% (28) 5% Net Profit 99 16% 84 14% Adjusted1 Net Profit 126 20% 106 18%
EBITDA2204 33% 188 31%
Adjusted1 EBITDA2215 35% 194 32%
Fine Comunicato n.0957-97-2026 Numero di Pagine: 11