DMS Group: EBITDA Up by 69%, Return to Profit Confirmed

Revenue Growth and Geographic Expansion

DMS Group's consolidated revenue reached €50.0M in 2025, achieving an unprecedented level of purely organic growth of +8.5% compared to 2024 (€46.1M). This growth accelerated in the second half of the year, with a +14% increase compared to +3% in the first half. The company has seen sustained growth for the third consecutive year, rising from €35M in 2022 to €50M in 2025. The Radiology division grew by +9%, driven by the first deliveries of radiology mobile units in Ukraine and strong dynamics in North America, despite a global market downturn. The Osteodensitometry division grew by +8% despite supply chain tensions. Geographically, North America was the main growth area with a +71% increase to €6.9M, supported by white-label partnerships with Carestream Health and Fujifilm Healthcare Americas. The Middle East saw an annual growth of +85% to €3.8M. Conversely, Europe experienced a -8% decline, mainly in France and Italy. In 2025, the geographic distribution was: 50% in Europe, 14% in North America, 8% in the Middle East, 8% in Asia-Pacific, and 20% in the rest of the world.

Significant Improvement in EBITDA and Operational Results

EBITDA increased by +69% to €4.6M in 2025, up from €2.7M in 2024 and €1.7M in 2023, driven by improvements in gross margin and cost control. The EBITDA margin reached 9.1% for the year, up from 5.9% the previous year, with an acceleration to 11.0% in the second half. The operating income improved by +€2.1M to €1.9M, compared to a loss of €0.2M in 2024. Personnel expenses increased by +5%, reflecting the strengthening of the workforce to support the production of radiology mobile units in Ukraine and increased profit-sharing. External expenses grew by +3% with a reduction in subcontracting. DMS Group invested 7% of its revenue in R&D, aimed at developing the new ONYX radiology mobile based on carbon nanotube technology and integrating artificial intelligence solutions through the ADAM software platform. After accounting for financial results reduced to -€1.1M (compared to -€2.3M in 2024), the consolidated net result turned slightly positive at +€0.048M, compared to a net loss of -€2.8M in 2024, an improvement of +€2.8M.

Strengthened Financial Position and Future Outlook

DMS Group significantly strengthened its financial position in 2025, supported by a capital increase of €6.9M carried out with InnoLux, InnoCare Optoelectronics, BPIFrance, and NextStage AM during the summer of 2025. Consolidated equity increased to €20.7M as of December 31, 2025, up from €14.2M a year earlier. Available cash stood at €8.1M against financial debts of €14.9M (excluding lease liabilities). Bank debts decreased by €1.9M to €9.1M, while factoring debt moved to €5.3M. Net financial debt (excluding lease liabilities) amounted to €6.8M, marking a significant reduction. The net gearing ratio was halved to 33% from 70% the previous year. Subsequent to the closing, DMS Group announced in late March 2026 that it had secured financing of up to €20M from the European Investment Bank, supported by the European Union under the InvestEU program. This funding will support the group's long-term innovation program and help accelerate the development of innovative solutions, strengthen industrial capabilities, and support regulatory efforts for market access between 2026 and 2030. Expenditures will be primarily incurred in France. The group aims to outperform the medical imaging market in 2026 by achieving another year of business growth, despite a temporarily complex environment marked by trade barriers, geopolitical conflicts, and supply chain tensions. International markets will be the main contributors to growth, with new deliveries in Ukraine, continued commercial momentum in North America, and initial sales of the ONYX solution expected in the second quarter of 2026.