Medios: Q1 Review - 2026 to be Back-end Loaded

Research evidence excerpt

Medios: Q1 Review - 2026 to be Back-end Loaded

Deutsche Bank

Research

Rating Company Date

Buy Medios 13 May 2026

Results

Europe

Germany

Reuters Bloomberg Exchange Ticker Price at 11 May 2026 (EUR) 14.80

ILM1k.DE ILM1 GR GER ILM1k

Price Target (EUR) 18.00

Pharmaceuticals

52-week range (EUR) 17.32 - 11.28

Q1 Review - 2026 to be Back-end

Valuation & Risks Loaded

Michael Kuhn

Soft underlying profitability in Q1 Research Analyst

Medios reported a rather soft Q1, with a strong top line (not an overly important +49-69-910-46002

metric, though) beating expectations but profitability landing largely as

anticipated. Revenue grew ~9% YoY to €528m, significantly ahead of our forecast

for a flattish development, with positive contributions from all segments. In

contrast, profitability was soft, as expected. EBITDA pre declined 7.9% YoY to

€21.2m, closely tracking our forecast (-7.0% YoY) and yielding a margin of 4.0%.

The earnings decline was, as we had flagged, largely a function of a tough

comparison base that included a positive one-off gain of €1.4m from a pharmacy

disposal in Q1 2025. Underlying performance was also impacted by price pressure

in Germany and a higher cost base. A clear positive was the material improvement

in operating cash flow to €12.5m (vs. €3.6m in Q1 2025), driven by effective working

capital management. Management reaffirmed the full-year 2026 guidance (€2.00-

2.12bn revenue, €94-102m EBITDA pre), but noted that achieving it will require a

significant, back-end loaded profitability improvement throughout the rest of the

year. As EBITDA pre was close to our estimate, we leave our profit forecast mostly

unchanged.

The conference call was the first for new CFO Stefan Bauerreis and the second for

new CEO Thomas Meier. Below are the key takeaways: