FINANCIAL AND OPERATING PERFORMANCE CONFIRMS A LEADING POSITION IN THE “SMALL MOLECULE” CDMO MARKET SEGMENT
REVENUES AT €879 MILLION, UP 8.2% VS PREVIOUS YEAR; ADJUSTED EBITDA AT €181 MILLION, +24% VS PREVIOUS YEAR
STRONG DEVELOPMENT OF THE CUSTOM BUSINESS WITH INCREASING PRODUCT PORTFOLIO DIVERSIFICATION
ENHANCED FINANCIAL SOLIDITY WITH INCREASING CASH GENERATION
Montecchio Maggiore (Vicenza, Italy), May 7, 2026 – FIS, one of the leading companies in Europe and worldwide in the development and production of “small molecule” APIs (Active Pharmaceutical Ingredients) for the global pharmaceutical industry, closed FY 2025 with growth above market and a significant improvement in operating profitability, confirming its competitive positioning in the global CDMO (Contract Development and Manufacturing Organization) market, a strategic sector for the pharmaceutical industry.
In 2025, the Group reported consolidated revenues of €879 million ($1,033 million), up 8.2% vs Previous Year. Adjusted EBITDA reached €181 million ($213 million), up 24% vs Previous Year, confirming the improvement in business quality and profitability, also supported by effective cost management. Reported EBITDA stood at €146 million, while EBIT reached €116 million (+55% vs Previous Year).
“The results achieved last year confirm the strength of the path undertaken by our Group and our ability to generate value through the continuous development of our capabilities in the CDMO segment, stated Daniele Piergentili, Chairman and Chief Executive Officer of FIS. Revenue growth and the significant improvement in operating profitability reflect the development of the Custom business, supported by a strong expansion of the pipeline, particularly in the Small Pharma and GLP1 segments. We are ready to capture future growth opportunities through continuous investments in innovation, manufacturing capacity and human capital”.
FIS, indirectly controlled by Bain Capital Private Equity, employs over 2,300 people, of whom approximately 270 working in R&D, and operates through three manufacturing sites in Italy, with commercial offices in the United States and Japan and operating presence in China and India, serving customers in approximately 60 countries.
All product segments further developed in 2025, with particularly strong performance in the Custom business (+14% vs Previous Year), which confirmed to be the main driver of growth. This performance was supported by the continued expansion of the portfolio of new molecules and by an evolution of the product mix towards more complex and higher value projects. The Established segment (off-patent products) continued its portfolio transformation, contributing to improved overall profitability.
In this context, FIS R&D activities were further strengthened, with increasing revenues from R&D services and further expansion of the pipeline of new molecules, supporting the Custom business and reinforcing the Group’s position in high-potential therapeutic areas. The integration between development and production, together with unparalleled technological capabilities, remains a key element of the Group’s CDMO model.
Operating cash flow amounted to €207 million (compared to €124 million in 2024), allowing the Group to support a significant investment plan of €109 million aimed at expanding production capacity and advancing technological development.
As of December 31, 2025, net financial indebtedness stood at €284 million, substantially stable compared to the previous year. The net debt to EBITDA ratio improved significantly, confirming the progressive strengthening of the Group’s financial structure.
In line with the objective of further enhancing financial flexibility, in February 2026, following the year-end, FIS successfully completed a €770 million senior secured bond issuance.
In 2025, FIS operated in a market environment characterized by increasing structural complexity, including growing demand for high-complexity APIs, within a macroeconomic context marked by emerging trade tensions and the announcement of new tariff measures at international level. In this scenario, FIS confirmed its role as a strategic partner for leading global pharmaceutical companies and outperformed its reference market.
Looking ahead to 2026, FIS expects to continue on a growth trajectory, continuing to focus on the development of the Custom business, the expansion and diversification of its pipeline and the execution of its strategic priorities, acknowledging an increasingly complex market environment, with further uncertainty linked to the current geopolitical instability that we continuously monitor.