Slides
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Financial results of the Diagnostyka Group for Q2 2025 5 September 2025
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Jakub Swadźba President of the Management Board, Chief Executive Officer (CEO) Paweł Chytła Vice President of the Management Board, Chief Financial Officer (CFO) Presenters:
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Q2 2025 operational highlights
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Q2 2025 summary The Group’s revenue PLN 593.4 million (+22.5% yoy) Recurring EBITDA1 PLN 152.9 million (+24.5% yoy) Diagnostic tests volume 43.7 million (+7.7% yoy) 1 The Group defines EBITDA as net profit (loss) before income tax, share of profit or loss of associates and jointly controlled entities, impairment losses on investments in associates and jointly controlled entities for the period, finance costs, finance income, depreciation and amorti- sation. Recurring EBITDA is defined as EBITDA additionally adjusted for IPO costs, share-based payment plan costs and other one-off adjustments (e.g. costs of advisory fees related to transaction advisory services). Net profit attributable to owners of the Parent PLN 63.8 million (14.5% yoy) My Health start of the Programme (May) Tenders won in the Cervical Cancer Prevention Programme PLN 111.7 million (PLN 3.31 per share) dividend paid for 2024 3 acquisitions in diagnostic imaging 3 acquisitions in laboratory diagnostics Q2 2025 financial highlights Q2 2025 operational highlights 40+ Disease Prevention Programme end of the Programme (April)
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Financial results
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Strong year-on-year revenue growth maintained Contribution to revenue: Q2 2024 Q2 2025 B2C 38.8% B2C 37.0% B2B 60.9% B2B 62.7% DI – diagnostic imaging market MLT – medical laboratory testing market + Increased revenue from contracts with customers was mainly attributable to organic growth: +16.5% in Q2 2025 and +17.3% in H1 2025 + Organic growth was driven by higher diagnostic test volumes: +7.4% in MLT in Q2 2025 and +7.7% in MLT in H1 2025 + Sales performance in Q2 2025 and H12025 was influenced by the consolidation of diagnostic imaging (DI) companies from the beginning of the year + Consolidation of DI companies led to an increase in the B2B segment's share in the Group's revenue Revenue from contracts with customers (PLN million) Q2 2024 Q1 2025 Q2 2025 480.9 588.3591.6 560.7 +22.3% yoy H1 2024 H1 2025 961.4 1,179.9 1,128.1961.4 +22.7% yoy Revenue – B2C (PLN million) Q2 2024 186.5 227.0 217.9 444.9 224.6 2,430 24,124 27,645 51,769 215.8 Q1 2025 Q2 2025 +16.8% yoy 2,119 380.7 H1 2024 H1 2025 +16.9% yoy 440.4 4,549 Revenue – B2B (PLN million) Q2 2024 292.8 363.1 369.0 576.0 732.1 Q1 2025 Q2 2025 +26.0% yoy H1 2024 H1 2025 +27.1% yoy 684.9 47,220 341.4 343.5 25,52621,694 567.4
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Revenue growth driven by increased test volumes and higher prices Average price* Q2 2024 Q1 2025 Q2 2025 Change (%) yoy H1 2024 H1 2025 Change (%) yoy MLT 11.8 12.6 12.8 8.6% 11.6 12.7 9.2% DI** n/a 171.8 197.7 n/a n/a 191.6 n/a Average 11.8 13.1 13.4 13.7% 11.6 13.2 13.9% + Increase in tests volume: +7.7% in Q2 2025 (including +7.4% in MLT) and +8.0% in H12025 (including +7.7% in MLT) + Increase in average selling price of tests in MLT: +8.6% in Q2 2025 and +9.2% in H1 2025 + There were no significant changes in the B2B vs B2C volume structure in Q2 2025 relative to Q2 2024 + The consolidation of diagnostic imaging companies from the start of 2025 had a significant impact on average selling price: +10.9% in Q2 2025 and +13.9% in H1 2025 Diagnostic tests volume (million) Q2 2024 Q1 2025 Q2 2025 40.6 40.6 45.2 45.1 43.7 43.6 +7.7% yoy H1 2024 H1 2025 82.3 82.3 88.9 88.6 +8.0% yoy B2C volume (millions) Q2 2024 6.0 6.9 6.5 6.9 6.5 Q1 2025 Q2 2025 +6.8% yoy B2B volume (millions) Q2 2024 34.5 69.837.238.3 75.5 Q1 2025 Q2 2025 +7.9% yoy H1 2024 H1 2025 +8.2% yoy 75.3 38.2 37.1 ** Including teleradiology reporting services. * Excluding sales of goods. Contribution to diagnostic tests volume: Q2 2025 B2C 14.8% B2B 85.2% Q2 2024 B2C 14.9% B2B 85.1% 0,004 0,140 0,130 0,270 0,004 12.5 13.4 H1 2024 H1 2025 +7.2% yoy 13.4 0,008 0,136 0,126 0,262 DI – diagnostic imaging market MLT – medical laboratory testing market
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Operating expense growth largely in line with revenue growth Operating expenses, excl. one-off items (PLN million) Q2 2024 Q2 2025 change (%) yoy % of Q2 2024 revenue from contracts with customers % of Q2 2025 revenue from contracts with customers H1 2024 H1 2025 change (%) yoy % of H1 2024 revenue from contracts with customers % of H1 2025 revenue from contracts with customers Depreciation and amortisation 39.6 50.1 26.5% 8.2% 8.5% 78.5 97.2 23.8% 8.2% 8.2% Raw materials and consumables used 93.9 119.4 27.1% 19.5% 20.3% 204.5 241.1 17.9% 21.3% 20.4% Services 70.9 85.8 21.1% 14.7% 14.6% 116.7 167.0 43.1% 12.1% 14.2% Employee benefits expense 186.8 220.8 18.2% 38.8% 37.5% 367.3 438.2 19.3% 38.2% 37.1% Taxes and charges 4.4 7.4 67.5% 0.9% 1.3% 10.3 14.6 40.9% 1.1% 1.2% Cost of goods and materials sold 1.4 1.2 -10.9% 0.3% 0.2% 4.3 2.5 -41.0% 0.4% 0.2% Other 4.1 5.8 40.7% 0.9% 1.0% 7.5 10.8 43.6% 0.8% 0.9% TOTAL 401.1 490.6 22.3% 83.4% 83.4% 789.1 971.3 23.1% 82.1% 82.3% + In Q2 2025, operating expenses showed a lower year-on-year growth rate than revenue from contracts with customers + Cost categories such as services, salaries and wages, and cost of goods and materials sold rose at a slower pace than sales in Q2 2025 + In contrast to Q1 2025, the growth rate of costs of IT services was markedly reduced year on year (146% in Q12025 vs 16% in Q2 2025) Operating expenses (PLN million) Increase in operating expenses (%): 21.5% 22.3% Q2 2024 Q1 2025 Q2 2025 482.6403.8 490.6 Increase in revenue from contracts with customers (%): 22.8% 22.7% H1 2024 H1 2025 792.5 973.2
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High recurring EBITDA margin maintained Recurring EBITDA (PLN million) Recurring EBITDA H1 2024 – H1 2025 (PLN million) + Recurring EBITDA margin: a 0.5 pp increase yoy in Q2 2025, to 26.0%, and a 0.3 pp decline in H1 2025, to 26.6% + The improvement in the recurring EBITDA margin in Q2 2025 was primarily driven by slower growth in costs of services and salaries and wages relative to revenue Change as % of revenue from contracts with customers: Recurring EBITDA margin: Recurring EBITDA H1 2024 0.8% 0.0% -2.2% -0.2% 0.4% 1.1% -0.2% 26.6%27.0% Revenue from contracts with customers Recurring EBITDA H1 2025 Raw materials and consumables used Purchase of analytical services IT servicesPurchase of diagnostics-related services Other services Services Employee benefits expense Other expenses and income 259.2 218.5 -36.6 -2.6 -33.9 -4.1 -9.6 -70.9 -5.8 314.1 Recurring EBITDA margin (%): 27.3%25.5% 26.0% 27.0% 26.6% Q2 2024 Q1 2025 Q2 2025 122.8 161.2 152.9 H1 2024 H1 2025 259.2 314.1+24.5% +21.2%
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Slower year-on-year growth in net profit vs recurring EBITDA Key factors behind the slower net profit growth vs recurring EBITDA growth in H1 2025: + Year-on-year decline in finance income, due to: • no income from the remeasure- ment of derivative instruments in 2025 (2024: gain of PLN 3.6 million) • a PLN 0.5 million gain on the sale of a subsidiary recognised in 2024 + Year-on-year growth in finance costs, reflecting the consolidation of diagnostic imaging companies and higher lease interest expense + Year-on-year increase in depre- ciation and amortisation, result- ing from the consolidation of di- agnostic imaging companies and the Group’s ongoing expansion Q2 2024 Q2 2025 Change yoy Change (%) yoy H1 2024 H1 2025 Change yoy Change (%) yoy Recurring EBITDA 122.8 152.9 30.1 24.5% 259.2 314.1 54.9 21.2% Recurring EBITDA margin 25.5% 26.0% 0.5% 27.0% 26.6% -0.3% One-off costs -2.6 0 2.7 -101.0% -3.4 -1.9 1.5 -44.6% Depreciation and amortisation -39.6 -50.1 -10.5 26.5% -78.5 -97.2 -18.7 23.8% EBIT 80.5 102.8 22.3 27.7% 177.3 215.0 37.8 21.3% EBIT margin 16.7% 17.5% 0.7% 18.4% 18.2% -0.2% Finance income 2.2 0.7 -1.5 -68.1% 5.6 1.4 -4.2 -74.4% Finance costs -13.3 -16.8 -3.5 26.1% -26.9 -33.0 -6.1 22.7% Share of profit or loss of associates and jointly controlled entities 0.5 -0.2 -0.6 -140.0% 0.8 0.2 -0.6 -74.9% Income tax -11.9 -19.8 -7.8 65.5% -32.6 -41.8 -9.2 28.4% Net profit 57.9 66.8 8.8 15.2% 124.2 141.9 17.6 14.2% Net profit margin 12.0% 11.3% -0.7% 12.9% 12.0% -0.9% Net profit attributable to owners of the Parent 55.7 63.8 8.1 14.5% 119.9 136.7 16.7 14.0% Net profit attributable to non-controlling interests 2.2 2.9 0.7 33.3% 4.3 5.2 0.9 21.0%
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Robust cash flow supporting the Group's further growth FCF1/EBITDA: 81.7%83.3% 107.3% 80.2% 94.2% Free cash flow (PLN million) Q2 2024 Q1 2025 Q2 2025 H1 2024 H1 2025 100.1 130.1 164.1 205.2 294.3 Capex excl. M&A/revenue2: 5.5%6.1% 6.4% 6.9% 5.9% Capex (PLN million) Q2 2024 Q1 2025 Q2 2025 H1 2024 H1 2025 29.5 14.1 43.7 32.5 33.4 0.9 37.6 73.0 35.4 70.0 36.3 106.4 65.9 21.0 86.9 M&ACapex excl. M&A 40.5 312.2 -18.1 0.1 294.3 -70.0 -36.3 187.9 -17.3 -75.4 27.7 -16.1 10.8 41.2 212.4 253.6 Cash H1 2025 (PLN million) Cash at beginning of period EBITDA Income tax paid Change in NWC3 FCF Capex excl. M&A M&A capex FCF less capex Disbursements of loans Lease cash flows Borrowings Interest on borrowings Other Available funding Cash at end of period Dividends paid Available cash -117.0 94% 1 FCF: the Company defines free cash flow as EBITDA less: (i) income tax paid; and (ii) adjustments resulting from changes in working capital disclosed in the consolidated statement of cash flows. 2 Revenue from contracts with customers. 3 Change in net working capital. +63.9% +43.4%
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Net debt and working capital under control Net working capital (PLN million) Net debt/ EBITDA: Q2 2024 1.71.6 1.8 Q1 2025 Q2 2025 710.4 899.7 393.0 540.2535.0 304.5 -129.2 981.9 627.2 396.0 Net debt (PLN million) Leases CashFinancial debt (bank borrowings) + Net working capital rose to PLN 172.5 million in Q2 2025, mainly due to a PLN 44.9 million growth in trade receivables resulting from higher sales + Net debt grew to PLN 981.9 million relative to Q1 2025 as a result of an increase in financial debt (bank borrowings) -41.2-33.5 Trade receivables Trade payables Inventories Q2 2024 146.7 198.8 -92.4 40.2 Q2 2025 172.5 243.7 -120.7 49.4 Q1 2025 197.5 264.5 -112.6 45.6 Working-capital turnover (days) Q2 2024 Q1 2025 Q2 2025 Change yoy DIO – Days Inventory Outstanding 37.3 32.3 36.2 -1.1 DSO – Days Sales Outstanding 60.4 65.2 62.7 +2.3 DPO - Days Payable Outstanding 48.0 45.9 51.7 +3.7 CCC - Cash Conversion Cycle 49.8 51.6 47.1 -2.6
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2025 outlook for the Diagnostyka Group Revenue from contracts with customers low 20s % yoy growth Average test selling price low teens % yoy growth Diagnostic tests volume high single digit % yoy growth Recurring EBITDA margin close to 2024 Capex excl. M&A PLN 100–150 million M&A Capex PLN 80–100 million Net debt/ EBITDA 1.5 – 2.0
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Q&A
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Appendices
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Interim condensed consolidated statement of comprehensive income (PLN thousand) 6M 2025 6M 2024 Change (%) Q2 2025 Q2 2024 Change (%) Revenue 1,188,224 969,768 23% 593,374 484,284 23% Revenue from contracts with customers 1,179,855 961,381 23% 588,303 480,910 22% Other income 8,369 8,387 0% 5,071 3,374 50% Operating expenses -973,194 -792,499 23% -490,574 -403,760 22% Depreciation and amortisation -97,204 -78,527 24% -50,121 -39,625 26% Cost of raw materials and consumables used -241,074 -204,458 18% -119,441 -93,949 27% Services -166,809 -119,587 39% -85,815 -73,383 17% Employee benefits expense -440,228 -367,793 20% -220,835 -186,919 18% Taxes and charges -14,556 -10,332 41% -7,365 -4,398 67% Other expenses by nature of expense -8,769 -6,727 30% -5,079 -3,834 32% Cost of goods and materials sold -2,528 -4,285 -41% -1,243 -1,396 -11% Net loss allowances for trade receivables and other financial assets 2 33 -94% 394 25 1476% Other expenses -2,028 -823 146% -1,069 -281 280% Operating profit (loss) 215,030 177,269 21% 102,800 80,524 28% Finance income 1,432 5,601 -74% 706 2,209 -68% Finance costs -32,996 -26,893 23% -16,797 -13,319 26% Share of profit or loss of associates and jointly controlled entities 205 818 -75% -182 457 -140% Profit (loss) before tax 183,671 156,795 17% 86,527 69,871 24% Income tax -41,805 -32,562 28% -19,772 -11,945 66% NET PROFIT (LOSS) 141,866 124,233 14% 66,755 57,926 15% Net profit attributable to: Owners of the Parent 136,668 119,937 14% 63,809 55,715 15% Non-controlling interests 5,198 4,296 21% 2,946 2,211 33% Earnings per share attributable to owners of the Parent: Basic earnings per share 4.05 3.55 14% 1.89 1.65 15% Diluted earnings per share 4.05 3.55 14% 1.89 1.65 15% 6M 2025 6M 2024 Change (%) Q2 2025 Q2 2024 Change (%) Other comprehensive income Total other comprehensive income - - - - - - Total comprehensive income attributable to: 141,866 124,233 14% 66,755 57,926 15% Owners of the Parent 136,668 119,937 14% 63,809 55,715 15% Non-controlling interests 5,198 4,296 21% 2,946 2,211 33% Interim condensed consolidated statement of financial position (PLN thousand) Assets As at 30 Jun 2025 As at 31 Dec 2024 Change (%) Non-current assets 1,499,364 1,390,996 8% Property, plant and equipment 446,414 422,400 6% Right-of-use assets 395,756 369,770 7% Goodwill 446,768 414,812 8% Other intangible assets 141,454 122,533 15% Loans 23,693 6,437 268% Investments in associates and jointly controlled entities 37,346 37,739 -1% Deferred tax assets 2,273 2,555 -11% Long-term receivables 4,835 4,733 2% Derivative instruments - 9,009 - Long-term prepayments and accrued income 825 1,008 -18% Current assets 367,038 327,023 12% Inventories 49,416 45,438 9% Trade receivables 243,747 222,750 9% Current tax assets 368 4,081 -91% Loans 738 156 373% Public charges receivable 495 776 -36% Other short-term receivables 10,876 7,274 50% Derivative instruments 4,995 175 2754% Short-term prepayments and accrued income and other assets 15,213 5,855 160% Cash and cash equivalents 41,190 40,518 2% TOTAL ASSETS 1,866,402 1,718,019 9% Equity and liabilities As at 30 Jun 2025 As at 31 Dec 2024 Change (%) Equity 434,896 433,499 0% Share capital 33,757 33,757 0% Share premium 41,617 41,617 0% Capital reserve 207,762 107,841 93% Retained earnings 234,823 309,810 -24% Other reserves -96,982 -74,390 30% Equity attributable to owners of the Parent 420,977 418,635 1% Equity attributable to non-controlling interests 13,919 14,864 -6% Non-current liabilities 943,814 888,502 9% Bank borrowings 615,989 579,786 6% Lease liabilities 258,224 250,548 3% Other financial liabilities 43,721 35,931 96% Employee benefit obligations 2,918 2,893 1% Deferred tax liabilities 18,691 15,001 25% Other liabilities and grants 4,271 4,343 -2% Current liabilities 487,692 396,018 16% Trade payables 120,709 100,764 20% Bank borrowings 11,180 14,563 -23% Lease liabilities 137,727 124,526 11% Other financial liabilities 53,873 26,684 1% Income tax payable 20,138 2,794 621% Employee benefit obligations 78,464 67,019 17% Public charges payable 42,922 39,704 8% Other liabilities and grants 22,679 19,964 14% TOTAL EQUITY AND LIABILITIES 1,866,402 1,718,019 9%
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Interim condensed consolidated statement of cash flows (PLN thousand) 6M 2025 6M 2024 Change (%) Profit (loss) before tax 183,671 156,795 17% Adjustments to profit before tax: 129,416 96,722 34% Share of profit or loss of associates and jointly controlled entities -205 -818 75% Depreciation and amortisation 97,204 78,527 24% Gain/(loss) from investing activities -4,154 -3,995 4% Net finance income/(costs) 32,035 22,494 42% Share-based payment plan 4,536 514 782% Adjustments due to changes in net working capital: 148 -20,171 -101% (Increase)/decrease in trade and other receivables -19,028 -42,176 -55% (Increase)/decrease in inventories -3,969 -1,463 171% Increase/(decrease) in liabilities, excluding borrowings 32,062 31,830 1% Change in accruals and deferrals -8,917 -8,362 7% Income tax paid -18,132 -30,473 -40% Net cash from operating activities 295,103 202,873 45% Cash flows from investing activities Proceeds from sale of property, plant and equipment and intangible assets 6,883 1,531 350% Payments to acquire property, plant and equipment and intangible assets -70,049 -65,925 6% Proceeds from sale of investments in associates 35 3 1067% Payments to acquire subsidiary and businesses, net of cash acquired -34,713 -6,524 432% Payments to acquire shares of jointly controlled entities and associates -1,627 -14,469 -89% Proceeds from sale of subsidiary, net of cash disposed of - 177 - Dividends received 319 - - Interest received 1 - - Disbursements of loans -17,256 -3,500 393% Net cash from investing activities -116,407 -88,707 31% 6M 2025 6M 2024 Change (%) Cash flows from financing activities Non-controlling interest in capital increase at subsidiaries 4,925 - - Acquisition of non-controlling interests -2,220 -220 909% Cash flows from derivative instruments (IRS) 3,854 4,269 -10% Repayment of the principal portion of lease liabilities -64,043 -56,323 14% Proceeds from borrowings 52,100 - - Repayment of borrowings -24,404 - - Interest on lease liabilities and borrowings -31,251 -26,429 18% Dividends paid to owners of the Parent -111,734 - - Dividends paid to non-controlling interests -5,251 -3,534 49% Net cash from financing activities -178,024 -82,237 116% Net increase (decrease) in cash and cash equivalents 672 31,929 -98% Cash at beginning of period 40,518 97,293 -58% Cash at end of period 41,190 129,222 -68%
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Contact This presentation (the “Presentation”) has been prepared by Diagnostyka S.A. (“Diagnostyka”) to share selected information about the Diagnostyka Group (“Diagnostyka Group”) with shareholders, analysts, and business partners. It is for information purposes only and does not purport to provide a comprehensive analysis of the Group’s financial position. While the information contained herein has been presented with due care, some data may have been obtained from external sources and have not been properly verified. No representations or warranties can be made as to the accuracy or completeness of the information contained in this Presentation. Please note that the information in this Presentation is indicative only and does not reflect all circumstances affecting the final results for the period, which may differ materially from the figures presented. This Presentation should not be relied upon in making decisions regarding the purchase or sale of Diagnostyka shares or related derivative instruments. Diagnostyka shall have no liability for any decisions made on the basis of this Presentation. Recipients of this Presentation are advised to monitor the final results, which are published in periodic reports together with the accompanying review reports prepared by an independent auditor. For information regarding the Company, please refer to its periodic and current reports published in accordance with applicable Polish laws. Michał Błasiński Investor Relations Director michal.blasinski@diag.pl Disclaimer