Revenio Group Corporation: Interim report January 1- September 30, 2025

Another quarter of profitable growth

This release is a summary of Revenio’s Interim report for January 1- September 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/.

July-September 2025

• Net sales totaled EUR 25.9 (23.9) million, up by 8.1%
• The currency-adjusted increase of net sales in July-September was 8.7%
• Operating profit was EUR 6.0 (5.5) million, or 23.2% of net sales, up by 9.1%
• Adjusted operating profit was EUR 6.2 (5.6) million, or 24.0% of net sales, up by 11.5%
• EBITDA was EUR 7.2 (6.7) million, or 27.7% of net sales, up by 7.3%
• Cash flow from operations totaled EUR 3.0 (2.9) million
• Earnings per share came to EUR 0.173 (0.157)

January-September 2025

• Net sales totaled EUR 78.5 (73.0) million, up by 7.5%
• The currency-adjusted increase of net sales in January-September was 9.1%
• Operating profit was EUR 18.7 (15.9) million, or 23.9% of net sales, up by 17.8%
• Adjusted operating profit was EUR 19.4 (16.7) million, or 24.7% of net sales, up by 16.1%
• EBITDA was EUR 22.1 (20.0) million, or 28.2% of net sales, up by 10.8%
• Cash flow from operations totaled EUR 14.4 (14.1) million
• Earnings per share came to EUR 0.446 (0.448)
• Dividend was set at EUR 0.40 (0.38) by the AGM and paid on April 23, 2025

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

The third quarter of the year was good for us. Our reported net sales increased by 8.1% to EUR 25.9 (23.9) million. Currency-adjusted net sales increased by 8.7%. Sales growth remained good in Europe. Growth was accelerated by strong demand in France, Germany and the UK, in particular. Growth in these countries was driven by screening-related device and software sales. Sales in the US were strong in dollar terms, but due to headwinds from exchange rates, euro-denominated growth was slower. Sales in the APAC region fell short of targets, mainly due to the strengthening of the euro against local currencies in our key markets. We sell our products in euros all over the world, with the exception of the US market.

Sales developed well in January–September — reported net sales amounted to EUR 78.5 (73.0) million, an increase of 7.5%. Currency-adjusted net sales increased by 9.1%.

Profitability at a good level 
Our profitability remained at a good level in the third quarter. Operating profit increased by 9.1% and represented 23.2% of net sales. The operating profit was burdened by costs of EUR 0.3 million related to non-recurring projects, while the operating profit for the comparison period was weighed down by costs of EUR 0.1 million related to non-recurring projects. Adjusted operating profit was EUR 6.2 (5.6) million, or 24.0% of net sales, an increase of 11.5%. Cash flow from operations was EUR 3.0 (2.9) million. Cash flow from operations was affected by a decrease in trade payables to our major contract manufacturers. The volume of our production orders naturally fluctuates throughout the year.

We have continued the FDA marketing authorization process related to the iCare Screening solution. iCare Screening solution includes the iCare DRSplus fundus imaging system, the iCare ILLUME cloud-based software, and the AI-powered iCare RETCAD software solution. No costs related to the FDA process were allocated to the review period, but such costs are expected in future quarters.

Profitability was good in January–September — operating profit was EUR 18.7 (15.9) million, representing 23.9% of net sales, an increase of 17.8%. The operating profit was burdened by costs of EUR 0.7 million related to non-recurring projects, recognized in the second and third quarter, while the operating profit for the comparison period was weighed down by non-recurring write-downs of EUR 0.7 million and costs of EUR 0.1 million related to non-recurring projects.

Focus on building the foundation for sustainable growth
Our focus during the strategy period 2024–2026 is on building a sustainable foundation for our growth. During the review period, we initiated employee consultation process to further develop our organization. We will review the adoption of a Product Operating Model (POM) to strengthen customer centricity and agile collaboration. The change will support the implementation of our strategy and further enhance our customer centricity.

We offer eye care professionals an advanced product portfolio for measuring intraocular pressure, fundus imaging, and microperimetry. We will continue to invest in product development to create advanced solutions and innovative systems. One example is the iCare ALTIUS cloud-based ophthalmic data management solution, which we launched in the US market during the review period.

Sales grew in all of our product categories in the third quarter. 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 Screening Solution has strengthened its foothold and the growth in sales was also reflected in higher sales of the iCare DRSplus fundus imaging system. Our AI-powered iCare RETCAD software solution analyzes fundus images to screen for key retinal diseases. The new regulatory approvals obtained for the iCare RETCAD solution in several countries lay the foundation for future growth and sales of the solution continued to grow in Europe. Also, the number of new iCare ILLUME customers has already exceeded our expectations this year.

Our business environment
We expect macroeconomic and geopolitical challenges to continue, which maintains instability in our business environment. Potential new trade policy developments, additional trade barriers and the weakening of the US dollar and other currencies may pose additional challenges.

We continue to take measures to secure our profitability and prepare for alternative scenarios. We have already, among other things, agreed on price increases. Furthermore, our intention is to increase inventory levels in the US during the rest of the year in case of additional tariffs.

Our strong financial position, industry-leading product portfolio and culture of continuous improvement provide us with a foundation for success even amidst cloudy future challenges.

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

Audiocast and teleconference
Revenio will hold a live audiocast and teleconference call for analysts, investors, and media in English at 3.00 p.m. (EET) on October 30, 2025. CEO Jouni Toijala and CFO Robin Pulkkinen will present the Interim report.

The audiocast can be watched live at: https://revenio.events.inderes.com/q3-2025

To ask questions, please join the teleconference by registering using the following link: https://events.inderes.com/revenio/q3-2025/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
President and 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.