Bio-UV Group: Revenue Declines by 9%, but Margin Holds and Profit Returns
Bio-UV Group announces mixed annual results for 2025: revenue fell by 9% to €35.9M, but the EBITDA margin remained at 12.3%, indicating operational improvement despite challenging conditions. The group reports a net profit of €0.8M and strengthened cash reserves, but its growth outlook for 2026 largely depends on the rebound of external markets.
Revenue Breakdown and Segment Performance
Bio-UV's consolidated revenue amounted to €35.9M in 2025, a 9% decrease from €39.6M in 2024. This decline hides a varied trajectory across divisions. The Service and After-Market division saw a 17% increase to €13.3M, benefiting from an equipment park installed over 25 to 35 years. The Products division limited its decline to 3% annually, with a return to growth in the second half of the year (+6%), hampered by a shrinking pool market over the past two years. The Solutions division experienced a major shock with a 33% contraction, following the end of the maritime retrofit market since September 2024 and extended sales cycles in aquaculture.
Financial Performance and Operational Efficiency
Despite the downturn in activity, Bio-UV maintained an EBITDA margin of 12.3% in 2025 (compared to 13.5% in 2024), with an EBITDA of €4.4M. This resilience is based on two pillars: an improvement in gross margin to a record 53.4% (vs. 51.3% in 2024), driven by the growth of the better-margin service segment, optimization of purchases, and reduction in inventory; and continued operational efficiency. Personnel expenses increased slightly by 2%, with the addition of four full-time equivalent staff to strengthen the sales teams. Net income improved to €0.8M in 2025, from a break-even in 2024, while financial expenses decreased to €0.7M (from €1.0M) due to accelerated debt repayment.
Cash Flow Generation and Debt Management
Cash generation remains strong with a free cash flow of €3.0M in 2025, bringing the three-year total to €12.3M. Bio-UV repaid €4.3M in net loans in 2025, and made an early repayment of €850K in bond debt as of March 31, 2026. Net financial debt was reduced by €9.8M to €7.7M, while the gearing ratio dropped to 19% (from 54% at the end of 2024). Available cash stands at €9.9M. For 2026, the group targets a revenue range of €38M to €42M, supported by growth in services, a return to normal levels in the pool market (the FPP observed a 7.5% increase in quotes established in the third quarter of 2025), and a rebound in the Solutions division driven by export aquaculture. Bio-UV secured a new aquaculture order in the first quarter of 2026 and continues to develop solutions for wastewater and industrial waters.
