Q2‘26 call feedback: A strong step in the right direction

研报英文原文证据摘录

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DiaSorin

Q2’26 call feedback: A strong step in the

right direction

Reiterate Rating: BUY | PO: 80.00 EUR | Price: 71.86 EUR

Focus on product launches intensifying

03 August 2026

Diasorin’s Q2 print has driven incremental confidence in the FY26 guide, with Q2 org

growth of c4% (vs 3.1% cons) representing a strong acceleration from Q1’s 3% decline.

Still, the 2H ramp to reach 5-6% organic growth guidance remains steep, particularly in

Molecular, where 2H needs to deliver >25% growth to reach LDD guidance (H1: -6%), we

continue to believe that NES, plus a more complete offering on Plex (GI/RP/Blood) can

support the acceleration. Within Immunoassay, QuantiFERON grew double digits, which

we think alleviates debate coming out of Q1, on the divergence in commentary from

Diasorin (who categorized the slowdown as a Q1 destocking) and Qiagen (covered by

Michael Ryskin) who expected immigration testing to remain pressured through the year.

EBITDA delivered a strong beat (€105mn vs cons €98), even after adjusting out €2.5mn

tariff refund, and we think H1 EBITDA margin of c32% derisks the 32-33% FY26 guide.

Overall, we increase our FY26 revenue/EBITDA estimates by c1%, half driven by FX, and

half driven by increasing our LTG estimates from c1% to 5% organic growth, though we

lower our net income estimates by 3% as we update interest expense. We increase our

PO to €80 (from €75), now applying a 17.5x P/E multiple (from 16.0x) and 11.5x

EV/EBITDA multiple (from 11x) updating our methodology to a 10% premium to the

sector (from 10% discount) as the company executes towards above sector growth and

margin targets. We reiterate our Buy rating, as we continue to believe in the product

pipeline, and see scope for re-rating as product launches support MT targets.

Equity

Three key takes from the call

4% Immuno growth: Diasorin saw double digit QuantiFERON growth in Q2,

accelerating from 6% in Q1, where destocking pressured the quarter. We expect this

relieves some concern around a structural slowdown, following Qiagen commentary

which anticipated the headwind to persist through the year.

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