EMS Group: Revenue Up by 11%, But Slowdown Looms by 2026
EMS Group closed 2025 on a positive note with a revenue increase of +11% to €49.9 million and an EBITDA growth of +23%. However, the market context has deteriorated since spring 2025, with trade barriers, geopolitical conflicts, and supply tensions beginning to weigh. The company anticipates a slowdown in the first quarter of 2026 and must navigate a less favorable environment in Europe and the Middle East.
Revenue and Geographic Performance
The medical imaging specialist achieved a consolidated revenue of €49.9 million in 2025, up by +11% compared to €45.1 million in 2024. This growth was evenly distributed between its two divisions: Radiology grew by +11%, while Osteodensitometry advanced by +8%, despite component supply tensions in the first half of the year. Geographically, North America was the main driver with a growth of +71% to €6.9 million, supported by white-label partnerships with Carestream Health and Fujifilm Healthcare Americas, and the initial deliveries of the M1 mobile system in partnership with Medlink Imaging. The Middle East also recorded a notable performance with a growth of +95% to €3.8 million. Conversely, Europe experienced a decline of -5%, mainly in France and Italy. By the end of 2025, the geographic distribution was as follows: 50% in Europe, 14% in North America, 8% in the Middle East, 8% in Asia-Pacific, and 20% in the Rest of the World. Sales channels remained balanced with 51% in own brand and 49% in white label.
EBITDA Growth and Operational Results
EBITDA increased by +23% to reach €5.4 million compared to €4.4 million in 2024, while the EBITDA margin improved from 9.6% to 10.8%. This improvement resulted from an increase in gross margin linked to higher activity and cost control. Personnel expenses rose by +5%, reflecting the development of the mobile radiology division and increased employee profit-sharing and participation. External expenses increased by +3%, with a reduction in subcontracting. The group invested 7% of its revenue in research and development, focused on the future ONYX mobile radiology unit based on carbon nanotube technology, and on integrating new artificial intelligence solutions through its ADAM software platform. Consequently, the current operating result improved by +€1.3 million to €3.0 million, while the overall operating result stood at €2.5 million compared to €1.3 million in 2024. After a financial result of (€0.6) million, the net result attributable to the group reached €1.8 million, an improvement of +€1.3 million compared to €0.5 million in 2024.
Financial Position and Outlook for 2026
As of December 31, 2025, consolidated equity amounted to €12.1 million. Available cash stood at €5.8 million against financial debts of €14.8 million (excluding IFRS 16 lease liabilities), composed of €9.0 million in bank debts (a reduction of -€1.9 million over the year), €5.3 million in factoring debt (an increase of +€1.4 million), and €0.5 million in conditional advances. Net financial debt thus amounted to €9.0 million. For 2026, EMS Group anticipates a cyclical slowdown in its markets, with the first quarter reflecting this weakness. Nevertheless, the company aims to achieve another year of dynamic growth, driven internationally with new deliveries of mobile radiology units in Ukraine and continued strong momentum in North America. The European radiology market remains less dynamic, with prolonged customer wait-and-see attitudes and temporarily restrained demand in the Middle East due to the geopolitical situation.
