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The Board of Directors of Diasorin S.p.A. (FTSE MIB: DIA) meeting today, examined and approved the Group’s Consolidated Financial Statements at June 30, 2026.
COMMENTS ON ECONOMIC RESULTS
REVENUES: €602 million, flat at CER compared to H1 2025 (-3% at current exchange rates, with a negative FX impact of €20 million).
In Q2 2026, revenue grew by 4% at CER compared to Q2 2025 (+3% at current exchange rates, with a negative FX impact of €3 million), reflecting the normalization of the non-recurring factors that had impacted the first quarter of the year, in line with the expected business evolution and supporting the 2026 Guidance. Excluding the performance of the Chinese market and of the respiratory molecular business, growth in Q2 2026 was +5% at CER.
Revenue performance by business line was as follows:
- Immunodiagnostics: €420 million, up 2% at CER compared to H1 2025 (flat at current exchange rates, with a negative FX impact of €9 million).
Q2 2026 growth of 4% at CER compared to the same period of the prior year (+3% at current exchange rates, with a negative FX impact of €1 million) confirms the positive business momentum and the return to a growth trajectory in line with expectations, following the normalization of the exceptional factors that had affected Q1 results. The quarter benefited from the strong performance of the U.S. market, which accelerated significantly and returned to solid growth rates (+10% at CER; +6% at current exchange rates). Double-digit growth also continued for the latent tuberculosis test in U.S. and European hospitals, supported by the launch of the new high-throughput version of the LIAISON QuantiFERON-TB Gold Plus II test. Challenging market conditions persist in China due to the implementation of Volume-Based Procurement (VBP). Net of this impact, growth in Q2 2026 was +5% at CER. Furthermore, the geopolitical environment in the Middle East continues to negatively affect demand in the region.
- Molecular Diagnostics: €97 million, down 6% at CER compared to H1 2025 (-11% at current exchange rates, with a negative FX impact of €6 million).
In Q2 2026, the business delivered growth of 1% at CER (-1% at current exchange rates; negative FX impact of €1 million), despite the continued effects of a weak flu season, which weighed on demand for respiratory testing. Growth was supported by specialty tests on the LIAISON MDX low-plex molecular platform, which grew by 24% at CER. Automated multiplexing panels (Verigene I and LIAISON PLEX) also contributed positively, growing 7% at CER in Q2 2026 despite lower respiratory panel volumes, confirming the ongoing development of the new business on the LIAISON PLEX platform. Excluding the performance of the respiratory panels, growth in Q2 2026 was +4% at CER.
- Licensed Technologies: €85 million, down 1% at CER compared to H1 2025 (-6% at current exchange rates, with a negative FX impact of €5 million).
Q2 2026 recorded growth of 7% at CER compared to the same period of the prior year (+4% at current exchange rates, with a negative FX impact of €1 million). This performance mainly reflects a different timing of orders from Diasorin’s partners and a partial recovery in the Life Science segment, which had been significantly affected in the previous year by funding cuts to the U.S. National Institutes of Health (NIH).
The following is the revenue performance by geographic area:
- North America Direct: €295 million, up 1% at CER compared to H1 2025 (-6% at current exchange rates, with a negative FX impact of €20 million).
In Q2, the immunodiagnostics business delivered solid growth (+10% at CER), driven by the strong performance of CLIA specialty tests and the success of the U.S. hospital strategy.
Molecular diagnostics sales improved in Q2 2026 (+4% at CER compared to the same period of the prior year), primarily supported by the excellent performance of specialty tests on the LIAISON MDX low-plex molecular platform (+30% at CER versus Q2 2025) and the expansion of the automated multiplexing business (Verigene I and LIAISON PLEX), which grew 8% at CER compared to Q2 2025.
These results more than offset the weak demand for respiratory testing, which continued to be affected by the previously mentioned weak flu season during the quarter.
- Europe Direct: €222 million, up 2% at both CER and current exchange rates compared to H1 2025.
The immunodiagnostics business continued to perform well, contributing to Q2 2026 growth of 3% at both CER and current exchange rates compared to the same period of the prior year, supported by continued business expansion despite volume normalization relative to the pre-COVID period.
- Rest of the World: €85 million, down 4% at both CER and current exchange rates.
In Q2 2026, growth continued in countries where Diasorin operates directly. Excluding China, where the effects of VBP-related policies persist, these markets grew by 11% at CER (+18% at current exchange rates). This performance was only partially offset by lower revenue in markets served through local distributors, particularly in the Middle East, where the ongoing conflict and the resulting market environment negatively impacted sales performance.
ADJUSTED1 GROSS PROFIT: €390 million, down 1% at CER compared to H1 2025 (-4% at current exchange rates, with a negative FX impact of €12 million), representing 65% of revenue at both CER and current exchange rates. In Q2 2026, adjusted gross margin also stood at 65% of revenue despite the negative impact of tariffs.
ADJUSTED1 EBITDA2: €194 million, down 7% at CER compared to H1 2025 (-10% at current exchange rates, with a negative FX impact of €5 million), representing 32% of revenue at both CER and current exchange rates.
The decline compared to the prior-year period is mainly attributable to the impact of VBP-related pricing pressure in China, planned investments to strengthen the U.S. commercial organization in support of the launch of the LIAISON NES platform, and the negative impact of tariffs. In Q2 2026, EBITDA margin reached 33% at CER, confirming an improvement compared to Q1 2026.
ADJUSTED1 EBIT: €149 million, down 10% at CER compared to H1 2025 (-12% at current exchange rates, with a negative FX impact of €4 million), representing 24% of revenue at CER (25% at current exchange rates).
NET FINANCIAL EXPENSES: €7 million in H1 2026 (€1 million of net financial expenses in H1 2025). The increase compared to the same period of 2025 was driven by lower interest income resulting from declining interest rates, as well as higher interest expenses and other financial charges related to the Group’s bank financing and credit facilities.
ADJUSTED1 NET PROFIT: €106 million (18% of revenue), down €20 million (-16%) compared to H1 2025.
COMMENT ON FINANCIAL RESULTS
CONSOLIDATED NET FINANCIAL DEBT: -€844 million (-€580 million as of December 31, 2025).
The €265 million change primarily reflects cash outflows in H1 2026 related to the ongoing share buyback program, amounting to €234 million, and dividend payments of €65 million.
FREE CASH FLOW3: €58 million in H1 2026, compared to €83 million in H1 2025.
The decrease was mainly driven by the factors described above and by higher inventory levels associated with the launch of the LIAISON NES platform. Cash generation is, however, expected to improve in the second half of the year, also supported by the progressive reduction of inventory levels.
BUSINESS HIGHLIGHTS
IMMUNODIAGNOSTICS
- De Novo authorization in the United States for the first fully automated test for the diagnosis of the hepatitis delta virus (HDV);
- Launch, in partnership with QIAGEN, in CE‑mark accepting countries of the new generation LIAISON QuantiFERON‑TB Gold Plus II test, designed to deliver faster turnaround times and higher throughput.
POINT-OF-CARE MOLECULAR DIAGNOSTICS
- U.S. FDA 510(k) clearance for the LIAISON PLEX Gastro-intestinal Flex Assay, completing the major offering on the multiplexing molecular platform;
- U.S. FDA 510(k) clearance and CLIA waiver for the second test available on the LIAISON NES for the identification of Group A Strep;
- Signing of exclusive distribution agreements for the U.S. hospital channel with Fisher Scientific (part of Thermo Fisher Scientific) and for the Physician Office Laboratories (POLs) channel with McKesson, in support of the market‑access strategy for the LIAISON NES platform.
FY 2026 GUIDANCE AT 2025 CER
In light of H1’26 results in line with expectations, 2026 Guidance is confirmed:
- REVENUES: approx. +5%/+6%
- ADJUSTED1 EBITDA2 MARGIN: approx. 32%/33%
Source: Revenue and EBITDA Supported by Strong Q2 Growth in the First Half of the Year 2026 Guidance Confirmed
