DiaSorin S.p.A.

H1 2026 revenue was EUR 602 million, flat at constant exchange rates and down 3% at current exchange rates, with a EUR 20 million FX headwind. Q2 revenue grew 4% constant currency and 3% at current exchange rates, with a EUR 3 million FX headwind. H1 adjusted gross profit was EUR 390 million, down 1% constant currency, with gross margin at 65% versus 66% last year; Q2 gross margin was also 65%. H1 adjusted EBIT was EUR 149 million, down 10% constant currency, and H1 adjusted EBITDA was EUR 194 million, down 7% constant currency, with EBITDA margin at 32%; Q2 EBITDA margin improved to 33%. Net debt was EUR 844 million at the end of Q2 versus EUR 580 million in December 2025. Management confirmed full-year 2026 guidance of 5% to 6% revenue growth and 32% to 33% adjusted EBITDA margin. On FX, if EUR/USD stays around 1.15 to 1.16, management expects about EUR 25 million full-year FX impact. On tariffs, the company said it received around $2.5 million of refunds in Q2 and had paid around EUR 9 million in total tariffs.

Carlo Rosa framed Q2 as the expected normalization after an unusually weak Q1, pointing to the end of U.S. destocking and weather disruption. He said U.S. immunodiagnostics is back to historical growth, with double-digit TB and specialty momentum, and noted acceleration in hypertension testing after guideline changes. He was notably constructive on new product ramps, especially PLEX, NES, and the new high-throughput QuantiFERON version, but remained cautious on China, saying VBP and local competition are still driving a roughly 25% decline and that China is becoming a much smaller market.

Alberto Donati emphasized that H1 results were in line with expectations and that improving Q2 trends support the full-year plan. He cited H1 adjusted gross profit of EUR 390 million, gross margin of 65%, H1 adjusted EBIT of EUR 149 million, and H1 adjusted EBITDA of EUR 194 million with a 32% margin; Q2 EBITDA margin improved from 31% in Q1 to 33% in Q2. He also highlighted H1 free cash flow of EUR 58 million versus EUR 83 million last year, net debt of EUR 844 million, and the effect of EUR 233 million of share buybacks plus EUR 65 million of dividends. He said H2 cash generation should improve as earnings strengthen and inventory normalizes, and noted that around 3.6 million shares, or about 6.5% of share capital, have been repurchased for EUR 236 million, about 95% of the program.

Analysts focused on whether second-half molecular growth can still support the reiterated low-double-digit full-year target, given weak flu comps and a slow NES ramp. Management said the math requires strong H2 growth but argued that normalized flu, the new PLEX installed base, and NES placements ahead of respiratory season should drive it; they also said Q2 QuantiFERON strength was not a catch-up from Q1 but a return to normal buying patterns. Questions on tariffs, FX, and margins brought out that DiaSorin received about $2.5 million in tariff refunds so far, expects around EUR 25 million full-year FX headwind if EUR/USD stays near current levels, and sees Q2 EBITDA margin strength as coming from operating leverage, favorable mix, and partial tariff refund offset. Analysts also pressed on PLEX reimbursement, customer mix, and activation timing; management said mini-panels fit the current reimbursement environment, most placements are now in hospitals, and activation still typically takes 6 to 12 months.