Core Insights - Eurobio Scientific reported consolidated results for the first half of fiscal year 2025, showing a revenue increase of 10.4% compared to the same period in 2024, driven by recent acquisitions and a higher share of proprietary products [2][5][7]. Financial Performance - Revenue reached €81.2 million, up from €73.5 million in the first half of 2024, with a comparable growth of €4.5 million (+6.1%) when excluding acquisitions [4][5]. - Adjusted gross margin improved by 14% to €38.2 million, reflecting a gross margin of 47.4%, up from 45.6% in the previous year [4][10]. - EBITDA decreased to €13.2 million from €13.9 million year-over-year, while operating income fell to €10.3 million from €11.2 million [12]. - Net income dropped by 40% to €2.4 million compared to €4 million in the first half of 2024 [13]. Cost Structure - Cost of goods sold increased by 8% to €43 million, while research and development expenses decreased by 27% to €2.1 million [4][11]. - Sales and marketing expenses surged by 52% to €18.1 million, attributed to strengthening sales teams and scope effects from acquisitions [4][11]. - General and administrative expenses remained stable at €7.7 million, including costs related to the transfer of production lines [11]. Cash Flow and Debt - Free cash flow declined to €4.4 million, impacted by changes in working capital and net investment flows [14]. - As of June 30, 2025, the company had cash and cash equivalents of €26.7 million and financial debt of €11.3 million, resulting in net debt of €2.2 million [15]. Strategic Outlook - Eurobio Scientific aims to increase the share of proprietary products to around 50% of its revenue over the next four years, focusing on product development and international expansion [16].