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Integrated Diagnostics reports 37% revenue growth and 61% EBITDA surge in FY 2025, as Elliott Investment Management becomes the new major shareholder.
This article covers information on Integrated Diagnostics Holdings PLC.
LON:IDHCIntegrated Diagnostics Holdings (IDH) has posted a very strong set of FY 2025 numbers. Revenue rose 37% to EGP 7,855 million, driven by 11% more tests and a 24% step-up in average revenue per test as the mix shifted toward higher-value services. Operational leverage did its job: EBITDA jumped 61% to EGP 2,738 million and the EBITDA margin widened to 34.9%.
On the bottom line, reported net profit increased 29% to EGP 1,302 million. Strip out last year’s FX tailwinds and this year’s one-offs, and adjusted net profit surged 79% to EGP 1,262 million with a 16.1% margin – a useful read on the underlying engine. The Board has declared a dividend of USD 0.0085 per share (USD 4.9 million total).
There’s also a notable governance development after year-end: the 21.67% Actis shareholding has transferred to a vehicle majority controlled by funds managed by Elliott Investment Management, completed on 9 April 2026 following regulatory clearance on 31 March 2026.
| Metric (IFRS) | FY 2025 | YoY |
|---|---|---|
| Revenue | EGP 7,855 million | +37% |
| Gross profit / margin | EGP 3,353 million / 42.7% | +54% / +4.6 pts |
| EBITDA / margin | EGP 2,738 million / 34.9% | +61% / +5.2 pts |
| Adjusted EBITDA / margin | EGP 2,698 million / 34.3% | +56% / +4.1 pts |
| Net profit / margin | EGP 1,302 million / 16.6% | +29% / -1.0 pt |
| Adjusted net profit / margin | EGP 1,262 million / 16.1% | +79% / +3.8 pts |
| Cash balance | EGP 2,090 million | +22% |
| Net cash | EGP 472 million | Up from EGP 226 million |
| Branches | 767 | +139 |
| Tests performed | 43.5 million | +11% |
| Average revenue per test | EGP 181 | +24% |
Q4 2025 kept the momentum going: revenue EGP 2,074 million (+29%), EBITDA EGP 709 million (+58%) at a 34.2% margin, and net profit EGP 338 million.
Two levers did the heavy lifting in 2025. First, throughput improved: 9.4 million patients (+5%) and 43.5 million tests (+11%). Second, value per activity rose as the test mix shifted toward higher-value diagnostics – average revenue per test increased 24% to EGP 181 and revenue per patient rose 31% to EGP 835.
Egypt remains the engine at 84.6% of Group revenue, delivering EGP 6,642 million (+41%) on 10% more tests and a 28% uplift in revenue per test. Radiology and the newly added radiotherapy offering brought in EGP 310 million (up from EGP 224 million), helped by the June 2025 acquisition of Cairo Ray for Radiotherapy. House-calls stayed sticky at roughly 20% of Egypt’s revenues, and Wayak (e‑pharmacy/digital) grew 53% to EGP 34 million.
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Cost discipline was visible in the P&L. Cost of goods sold fell to 57.3% of revenue (from 61.9%), with raw materials at 19.3% (from 22.0%) and direct wages steady at 18.4%. SG&A dropped to 15.0% of revenue (from 16.9%) even as IDH invested in growth, particularly in Saudi Arabia. The result: gross margin up 4.6 pts to 42.7% and EBITDA margin up 5.2 pts to 34.9%.
The balance sheet strengthened too. Cash and financial assets at amortised cost rose to EGP 2,090 million and the Group ended the year with EGP 472 million net cash. Working capital efficiency improved: receivables days moved to 122 (from 140) and inventory days to 94 (from 105). Borrowings increased to EGP 427 million, largely to fund the Cairo Ray acquisition, while interest expense rose 20% to EGP 236 million; interest income was EGP 223 million.
Tax was a headwind: tax expense climbed to EGP 817 million and the effective rate to 39% (from 30%), mainly due to normalisation of FX gains versus last year.
The Board declared a dividend of USD 0.0085 per share (USD 4.9 million total). It’s a modest payout that keeps powder dry for expansion – sensible given the growth opportunities in radiology/radiotherapy and Saudi Arabia, and ongoing regional uncertainty. Management reiterates a prudent stance, with scope to reassess as conditions evolve.
Post balance sheet, the Actis 21.67% stake was sold to a special purpose vehicle majority controlled by funds managed by Elliott Investment Management. Regulatory clearance arrived on 31 March 2026 and completion on 9 April 2026. A change of this size at the top of the register matters: it can influence capital allocation, governance, and strategic pace. The RNS does not signal any change in strategy at this stage.
FY 2025 shows IDH hitting that attractive combo: volume growth, better mix, and tight cost control. The model is scaling, and the jump in adjusted profitability backs that up. The dividend is conservative, which fits the opportunity set and the macro context.
Risks aren’t trivial – Egypt concentration, a higher tax burden, and regional tensions could all temper sentiment – but the operational momentum, cash generation, and early wins in Nigeria and Saudi Arabia provide useful offsets. The new 21.67% shareholder could add an extra layer of scrutiny and pace. For now, the story is one of execution delivering improving economics.
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