DMS Group: Revenue down 6% in first half but EBITDA margin reaches 11.7%
DMS Group published its first half 2026 accounts on September 14, 2026, marked by an inverse movement between activity and profitability. Revenue declined by 6% over the period, but the medical imaging group returned to a positive net result of €0.5m and increased its EBITDA margin to 11.7%, compared with 7.2% a year earlier.
This margin improvement comes in a market that the company describes as cautious, with project deferrals and tender call postponements in Europe.
Radiology down 9%, own brand up
In the first half of 2026, consolidated revenue stood at €22.1m, compared with €23.6m a year earlier, a decline of 6%. The Radiology division recorded €17.2m (compared with €18.9m), down 9%, a movement linked to white label sales made through OEM agreements with Canon Medical Systems, Fujifilm Healthcare and Carestream Health.
Conversely, own brand sales are progressing, driven by iM1 Adam radiology mobiles delivered in Ukraine (three batches during the semester), an order for Platinum tables in South America and increased sales in Eastern Europe, North Africa and Australia.
The Bone Densitometry division generated revenue of €5.0m, compared with €4.7m a year earlier, an increase of 6%.
EBITDA up 52% and return to profitability
EBITDA amounted to €2.6m in the first half of 2026, compared with €1.7m a year earlier, up 52%. The EBITDA margin rose from 7.2% to 11.7%, and comes out above the 9.1% recorded for the full year 2025. The company attributes this improvement to its operational performance initiatives, with personnel costs down 2% and external charges down 9%.
Operating profit progresses by €0.9m to €1.4m. After a financial result of -€0.2m, consolidated net income stands at €0.5m, compared with a net loss of €0.1m in the first half of 2025. The group maintained a level of R&D investment representing 7% of revenue (unchanged).
On the financial side, available cash stood at €4.6m on June 30, 2026, compared with €8.1m at end 2025, for financial debt of €15.8m (excluding IFRS 16 lease liabilities), compared with €14.9m at end 2025. Net financial debt reaches €11.2m, compared with €6.8m at end 2025, and the net gearing ratio stands at 53%, compared with 33% at end December 2025 and 89% at end June 2025. In early June 2026, the group received a first payment of €4m from the European Investment Bank, under a total financing line of €20m.
EBITDA margin target of 14% confirmed for 2027
DMS Group confirms its target of an EBITDA margin of 14% as part of its #Imaging 2027 plan. The group indicates that 2026 should mark a pause in business growth, following revenue growth from €35m to €50m between 2022 and 2025, while anticipating continued improvement in profitability.
The company notes that in the absence of significant improvement during the summer, third quarter 2026 activity reflects the cyclical slowdown in markets. It mentions among its growth drivers the ONYX solution, a radiology mobile that obtained MDR certification in June 2026, paving the way for its commercialization in Europe from the second half of 2026 onwards.
The next appointment is scheduled for October 19, 2026 with the publication of third quarter 2026 revenue.
