Diagnostyka with a 24.5% increase in Recurring EBITDA in Q2 2025
Diagnostyka, a leader in the medical diagnostics market in Poland, has reported its financial results for Q2 2025. In the past quarter, the Group’s operating revenue reached PLN 593.4 million, representing a year-on-year increase of 22.5%. Recurring EBITDA increased by 24.5% year-on-year, reaching PLN 152.9 million, while net profit attributable to the shareholders of the parent company amounted to PLN 63.8 million, marking a 14.5% year-on-year growth. These strong results are the outcome of robust organic growth and selective acquisitions.
We have had a very successful quarter, with organic growth driven by both increasing test volumes and higher average prices per test. The increase in average price was a result of price adjustments in both B2B and B2C channels, particularly in histopathology tests, supported by a favourable product mix, as well as the beginning of consolidation among companies operating in the imaging diagnostics sector. In the coming years, our goal remains to strengthen our position in the laboratory diagnostics segment and to pursue dynamic growth in imaging diagnostics
In Q2 2025, Diagnostyka recorded a 7.7% year-on-year increase in test volumes, reaching 43.7 million. At the same time, the average price per test increased by 10.9% year-on-year. It is worth noting that in the past quarter, the average price per test in laboratory diagnostics was PLN 12.8, while in imaging diagnostics it was PLN 197.7. In Q2 2025, the Group completed three acquisitions in the laboratory diagnostics segment and three in the imaging diagnostics segment. Further expansion in the imaging diagnostics market remains a strategic priority for the Company’s Management Board. The growing importance of imaging diagnostics—particularly in the B2B segment—translated into an increased share of this segment in the revenue structure. In Q2 2025, B2B clients accounted for 62.7% of revenue, compared to 60.9% a year earlier.
We are currently engaged in further acquisition discussions and are in contact with several potential targets. As is common in M&A processes, not all negotiations result in a transaction; however, we anticipate that additional acquisitions in the imaging diagnostics segment could be completed this year
The Group continues to deliver strong financial results, confirming the effectiveness of its adopted growth strategy. In the past quarter, Diagnostyka recorded free cash flow (FCF) of PLN 164.1 million, compared to PLN 100.1 million a year earlier, demonstrating the Company’s significant ability to generate cash and finance further growth from its own resources.
The results for Q2 2025 reflect our ability to build long-term relationships with clients while maintaining high operational profitability. Operating expenses grew at a slower pace year-on-year compared to revenues from client contracts in Q2 2025, contributing to improved profitability. Recurring EBITDA margin increased by 0.5 percentage points year-on-year during this period, reaching 26.0%
In May of this year, a new program, Moje Zdrowie, was launched. Similar to the concluded 40 PLUS program, it requires time for effective communication and building public awareness. It should be noted that Diagnostyka does not act as a direct service provider within the program, making it difficult at this stage to clearly assess its impact on the Group’s sales results. However, based on the positive experiences from the 40 PLUS program, the Company views the further development of this new initiative with optimism.
The Group is strengthening its position in laboratory diagnostics by winning tenders under the new Cervical Cancer Prevention Program, aligning with its strategic initiatives to develop preventive services and increase access to advanced diagnostic solutions.
At the same time, the Group continues to expand its activities in comprehensive diagnostics. The Group believes that the Longevity+ program represents the future of healthcare—based on a holistic approach and tailored to the individual needs of patients. Longevity+ aligns with the Group’s long-term strategy, supporting its mission to promote health prevention and provide top-quality services that enhance health and longevity.
