Eurofins Announces Strong 2025 Results with Increased Earnings Per Share

Robust Operational Performance Drives Profit Increase

Eurofins Scientific recorded a basic earnings per share (EPS) increase of 24% to 2.31 euros in 2025, up from 1.87 euros in 2024, driven by strong operational performance and the growing benefits from the group's five-year investment program in its hub and spoke network and digitization initiatives. This EPS growth accelerated in the second half of 2025, reaching 30%. Revenues reached 7,296 million euros, up by 5.0% in reported data and 4.1% in organic growth, adjusted for an additional 0.4% effect from public working days. Organic growth strengthened over the year, with the highest growth rate observed in the fourth quarter. Adjusted EBITDA reached 1,641 million euros in 2025, with an adjusted EBITDA margin of 22.5% of total reported revenue. This margin on the mature scope reached 24.3%, exceeding the group's medium-term target. This improvement was achieved despite headwinds related to currency fluctuations and the initial dilution from the acquisition of Synlab's clinical diagnostics operations in Spain, demonstrating significant operational leverage within the Eurofins network. Free cash flow before investment in owned sites reached 1,071 million euros in 2025, up 12% from 2024.

Reported EBITDA and Debt Management

Reported EBITDA reached 1,561 million euros, up 8.4% year-over-year, with a margin expansion of 70 basis points to 21.4% in 2025 compared to 20.7% in 2024. Separately disclosed items at the EBITDA level were set at 80 million euros, decreasing to 1.1% of revenues in 2025 compared to 1.6% in 2024, representing a 29% annual reduction from 113 million euros in 2024, with profitability improvements in startup laboratories contributing. Net debt as of December 31, 2025, stood at 3,641 million euros, with a leverage ratio of 2.2x within the group's target range of 1.5x to 2.5x. This increase from 1.9x as of December 31, 2024, is primarily due to two one-off effects: an investment of 298 million euros for the purchase of sites owned by related parties, approved at 95.6% at the ordinary general meeting on April 24, 2025, and an investment of 541 million euros in share buybacks, net of the proceeds from the exercise of long-term incentive plans. Excluding these two items, Eurofins self-financed all its regular capital investments and acquisitions in 2025. The return on employed capital, excluding goodwill and intangible assets related to acquisitions, reached 34.1% in 2025, and 52.1% also excluding owned sites.

Continued Investments and Strategic Acquisitions

Eurofins continued significant investments in its network in 2025, increasing its net useful area of laboratories, offices, and warehouses by 46,000 square meters, for a total area of 1,878,000 square meters as of December 31, 2025. The group added 40,000 square meters of total area of owned sites through development and third-party acquisitions, while the area leased to third parties increased by only 6,000 square meters. Eurofins completed the acquisition of 31 strategic campuses owned by related third parties in eight countries in the second half of 2025, representing approximately 239,000 square meters of net useful area. Since 2018, the net useful area of buildings owned by Eurofins has more than tripled, from 240,000 to 905,000 square meters. The group closed 40 business combinations in 2025 with pro-forma revenues of 286 million euros and an adjusted EBITDA of 19 million euros, at a cost of 261 million euros. The largest transaction was the acquisition of Synlab's clinical diagnostics operations in Spain, completed in March 2025. Eurofins also repurchased 10,693,660 shares at an average price of 52.24 euros per share, representing a 16% discount from the closing price of 62.40 euros on December 31, 2025. For the fiscal year 2026, Eurofins targets single-digit organic growth and potential acquisitions of 250 million euros consolidated by mid-year. The adjusted EBITDA margin is expected to continue to improve beyond the 2025 level of 22.5%. For 2027 and the medium term, the group confirms its target of average long-term organic growth of 6.5% per year, with an adjusted EBITDA margin of 24% and a leverage ratio maintained within the range of 1.5x to 2.5x. At the general meeting on April 23, 2026, the board of directors intends to propose an annual dividend of 0.72 euros per share, up 20% year-over-year.