Net sales and profit development at a good level in a challenging business environment

This release is a summary of Revenio’s Half-year report for January 1-June 30, 2025. The complete report is attached to this release as a PDF file. It is also available on the company website at www.reveniogroup.fi/en/.

April-June 2025

• Net sales totaled 26.5 (EUR 25.4) million, up by 4.2%
• The currency-adjusted increase of net sales in April-June was 7.2%
• Operating profit was EUR 6.1 (5.3) million, or 23.0% of net sales, up by 16.2%
• The adjusted operating profit was EUR 6.6 (6.0) million, or 24.7% of net sales, up by 9.7%
• EBITDA was EUR 7.2 (7.1) million, or 27.3% of net sales, up by 2.1%
• Cash flow from operating activities totaled EUR 6.7 (6.5) million. Cash flow from operations improved due to more efficient working capital management. However, the growth was negatively impacted by the timing of income tax payments in Italy.
• Earnings per share came to EUR 0.116 (0.155)

January-June 2025

• Net sales totaled EUR 52.6 (49.1) million, up by 7.2%
• The currency-adjusted growth of net sales was 9.6%
• Operating profit was EUR 12.7 (10.4) million, or 24.2% of net sales, up by 22.3%
• EBITDA was EUR 15.0 (13.3) million, or 28.4% of net sales, up by 12.5%
• The adjusted operating profit was EUR 13.2 (11.2) million, or 25.1% of net sales, up by 18.4%
• Cash flow from operating activities totaled EUR 11.4 (11.2) million
• Earnings per share came to EUR 0.273 (0.291)
• The Annual General Meeting was held on April 10, 2025. The dividend was confirmed as EUR 0.40.

Key figures

Financial guidance for 2025
Revenio Group’s exchange rate-adjusted net sales are estimated to grow 6-15 percent from the previous year and profitability, excluding non-recurring items, is estimated to remain at a good level.

CEO Jouni Toijala

Given the challenging geopolitical operating environment, the second quarter of the year was reasonably good for us in relation to the strong comparison period. Our reported net sales increased by 4.2% to EUR 26.5 (25.4) million. Currency-adjusted net sales increased by 7.2%. All our market regions increased their sales during the second quarter. Good sales growth continued, particularly in APAC, compared to the same period last year, and growth was particularly strong in India. In Europe, especially in France and Germany, our sales grew very strongly during the review period. The price increases announced early in the year appear to have shifted demand slightly towards Q1.

Sales developed well in January–June – reported net sales amounted to EUR 52.6 (49.1) million, an increase of 7.2%. Currency-adjusted net sales increased by 9.6%.

Profitability at a good level 

Our profitability was at a good level in the second quarter. Operating profit increased by 16.2% to 23.0% of net sales. Operating profit was burdened by costs of EUR 0.5 million related to non-recurring projects, while the operating profit for the comparison period was weighed down by non-recurring write-downs of EUR 0.7 million. Adjusted operating profit was EUR 6.6 (6.0) million, or 24.7% of net sales, an increase of 9.7%. Cash flow from operations was EUR 6.7 (6.5) million. Cash flow from operations improved due to more efficient working capital management. However, the growth was negatively impacted by the timing of income tax payments in Italy.

Profitability was good in January-June – operating profit was EUR 12.7 (10.4) million, representing 24.2% of net sales, growth of 22.3%. Changes in the USD/EUR exchange rates have had a negative impact on net sales and operating profit during the first half of the year.

Positive reception for the new microperimeter

Our strategy continues to provide a strong foundation for our sustainable long-term growth. Our product portfolio is strong in both intraocular pressure measurement and fundus imaging as well as in microperimetry. We will continue to make significant investments in product development to launch new advanced comprehensive solutions and system innovations to the market.

Sales of tonometers and fundus imaging systems increased during the second quarter. Furthermore, sales of the iCare HOME2 device, intended especially for home use, grew strongly. The new iCare MAIA microperimeter has been very well received in the market. This device has marketing authorizations in the US, Canada, the UK, Australia and EU countries. The iCare ILLUME-based screening solution also performed well.

The business environment is challenging, and visibility is blurry

We expect the challenges to continue in our operating environment due to the uncertain macroeconomic and geopolitical outlook. Visibility to the market remains blurry, and the situation continues to be volatile.

We will continue to take measures to secure our strong profitability and foresee various alternative measures. We also closely monitor changes in US trade policy and exchange rates. The impact of increased tariffs on demand in the US will become apparent in the coming months. Without any further actions, we estimate that with an import tariff level of 15% the impact on our result would be approximately EUR 0.5-1.0 million during the second half of 2025. As part of our measures, we have, among other things, made price adjustments and increased inventory values in the US.

Our balance sheet is strong, and we have trust in our ability to adapt and succeed even in a challenging operating environment. The number of patients is growing globally, our profitability is among the strongest in our industry and our product and solution offering is competitive.

I would like to warmly thank all our employees, partners and stakeholders for their resilience in the rapidly changing operating environment.

Financial reporting in 2025
The Q3/2025 Interim report will be published on Thursday, October 30, 2025.

Audiocast and teleconference
Revenio will hold a live audiocast and teleconference call for analysts, investors, and media in English at 3.00 p.m. (EEST) on August 7, 2025. CEO Jouni Toijala and CFO Robin Pulkkinen will present the Half-year report.

The audiocast can be watched live at: https://revenio.events.inderes.com/q2-2025

To ask questions, please join the teleconference by registering using the following link: https://events.inderes.com/revenio/q2-2025/dial-in

Phone numbers and the conference ID to access the conference will be provided after registration. To ask a question, please press #5 on your telephone keypad to enter the queue.

A recording of the webcast will be published on www.reveniogroup.fi/en/ after the event.

For further information, please contact
CEO Jouni Toijala: +358 50 484 0085
jouni.toijala@revenio.fi

CFO Robin Pulkkinen, tel. +358 50 505 9932
robin.pulkkinen@revenio.fi

Distribution
Nasdaq Helsinki Oy
Financial Supervisory Authority (FIN-FSA)
Principal media
www.reveniogroup.fi/en/

Revenio Group in brief
Revenio is a global provider of comprehensive eye care diagnostic solutions. The group offers fast, user-friendly, and reliable tools for diagnosing glaucoma, diabetic retinopathy, and macular degeneration (AMD). Revenio’s ophthalmic diagnostic solutions include intraocular pressure (IOP) measurement devices (tonometers), fundus imaging devices, and perimeters as well as software solutions under the iCare brand.

In 2024, the Group’s net sales totaled EUR 103.5 million, with an operating profit of EUR 25.0 million. Revenio Group Corporation is listed on Nasdaq Helsinki with the trading code REG1V.