Medios revenue rises 6.7% to €1.633 billion as operating profit declines
Key Facts
Medios reported on November 10 that consolidated revenue rose 6.7% to €1,633.0 million in the first nine months of 2026, up €103.0 million from the same period in 2025, according to its third-quarter statement. But sales growth did not translate into higher adjusted EBITDA: EBITDA pre was €66.7 million, compared with €70.4 million a year earlier. Its margin fell to 4.1% from 4.6%, indicating a widening gap between revenue growth and profitability. The company reaffirmed its 2026 financial-year forecast, excluding mergers and acquisitions, of revenue between €2.10 billion and €2.16 billion and EBITDA pre between €88 million and €92 million. It said adjusted operating profit is expected to come in at the lower end of the range, describing the market environment as challenging.
All operating segments contributed to revenue growth, but pressures varied across businesses. Medios attributed the impact on profitability to lower prices for some products in pharmaceutical supplies and temporarily higher material costs in its international business. In its forecast revision announced in July, the company raised its annual revenue range to €2.10–€2.16 billion and cut its EBITDA pre range to €88–€92 million. It linked the revision to continued pricing pressure, restrictions on reimbursement eligibility for medical cannabis products and relative weakness in international business. The reaffirmation in the November statement therefore applies to the range revised in July, not to a forecast that had remained unchanged during the year. The statement gave no reason to describe the reaffirmation as an expression of strategic confidence.
In patient-specific therapies, management said the EBITDA pre margin improved sequentially for the third consecutive quarter. But that improvement comes with an expected additional burden in the fourth quarter, as an amendment to the German agreement known as Hilfstaxe is expected to reduce adjusted operating profit by about €1.2 million. The agreement regulates prices between health insurers and pharmacists for preparations made in pharmacies. The company said the impact applies to its patient-specific therapies segment and adds to the pricing and material-cost pressures that weighed on profitability over the first nine months. Management therefore expects full-year EBITDA pre to come in near the lower end of its range, while revenue remains within the reaffirmed forecast.
Cash flow from operating activities fell 50.2% to €26.2 million in the first nine months of 2026, from €52.7 million a year earlier, the statement said. Medios said the decline was linked to higher tax payments, lower earnings, proceeds from the sale of non-core activities that had supported the year-earlier comparison, and delayed supplier payments. The drop highlights another aspect of the weak conversion of sales growth into cash resources, alongside lower operating profit and margin. For comparison, operating cash flow was €52.7 million in the first nine months of 2025, up from €27.6 million in the same period of 2024. The comparison shows that 2025 benefited from a large year-on-year improvement before the trend reversed in the current period’s results.
Amid pressure on profitability, Medios said its Avanti Medios! efficiency program had generated savings of €2.7 million through September 30, and that it expects total savings of €5 million for financial year 2026. The figures come as EBITDA pre fell to €66.7 million while revenue grew to €1,633.0 million. The statement did not specify how much the savings would add to full-year earnings or cash flow, but presented them as part of the efficiency efforts on which the company is relying for the remainder of the period. The impact of prices in pharmaceutical supplies and material costs in international business also remains part of the profitability picture. The program’s contribution to results will become clear when full-year figures are released.
Results for the first nine months of 2025 had shown faster growth in revenue and adjusted operating profit: revenue rose 9.2% to €1,530.0 million, and EBITDA pre increased 26.1% to €70.4 million. Operating cash flow also reached €52.7 million at the time, compared with €27.6 million in the first nine months of 2024. In 2026, revenue grew at a pace of 6.7%, while EBITDA pre, margin and operating cash flow fell from year-earlier levels. This contrast puts sales growth in the context of slowing operating momentum, rather than presenting it as an across-the-board improvement in performance. The comparison provides background for reading the current nine-month results, not a new report.
Medios’ schedule shows it will take part in the Eigenkapitalforum in Frankfurt on November 24 and 25, 2026, followed by the Berenberg European Conference on December 3, 2026. The two events follow the company’s reaffirmation of its full-year forecast, as the market awaits fourth-quarter results and annual figures to see where EBITDA pre lands within the €88–€92 million range. The fourth quarter is expected to include the roughly €1.2 million Hilfstaxe impact on adjusted operating profit in patient-specific therapies. Expected savings of €5 million for the full year from the Avanti Medios! program also remain a factor in the year’s results. The statement did not announce another date for full-year results.