Welcome, everyone, at first earnings call in the history of Diagnostyka that will cover the entire financial year. It is a great pleasure to be here with you and present it, because 2025 was an even better year for the company in comparison with what we promised to deliver before we entered and were listed in the Warsaw Stock Exchange.

Key facts and figures. As a medical company, we have our own parameter, which is untypical for other companies, that is test volume.

The volume has been growing up by 8% year on year. The growth is currently a little bit slower compared to our sales figures, because, as we know, we entered diagnostic imaging.

The tests are lower in numbers, but they are more expensive. In conclusion, we have more than 174 million tests that are invoiced.

However, we have more tests that were actually performed. The tests are combined in the so-called bundles, we compare and present the tests that were sold and not the tests that were actually performed.

The number of tests was actually double the figure that you see. The group revenue went up by 23.6% year on year, and this result was driven by the test volume.

This result was kind of a surprise for us, because in the guidance we talked about mid-teens. However, we managed to exceed the growth of 20%, and we reported the group revenue at 2.4 billion PLN for the entire group and the entire year.

This is a great success for us, and we are the third company among our peers in Poland after Medicover and Lux Med in the area of revenue. We are the largest group with a majority Polish shareholding, and the largest medical company listed on the Polish Stock Exchange in Warsaw in the area of services that are medical services.

The year 2025 was also very good in terms of our EBITDA. EBITDA grew over 15% year on year.

More specifically, it came in at 586.4 million PLN. We believe that this is a solid result as well.

We exceeded 15% growth year on year, this is a very robust growth dynamics, especially considering the size of our company. Net profit came in at over 551 million PLN, also exceeded our expectations, growing nearly 13% year on year.

In terms of our dividend, in accordance with our dividend policy, we decided to pay out dividend to our shareholders, because we had a very good year, and the policy is that we will pay at least 50% payout, 50% of our net profit attributable to owners of the parent, or even more if we have a better year. Since 2025 was a very good year, then the recommendation of the management board is, well, not 60, but 59% to be distributed to our shareholders from our net profit.

More developments, less figures, more facts for 2025. On the one hand, we continue expanding our base, our network.

As we said when we were first listed on the Warsaw Stock Exchange, we do not focus on the numbers, but we focus on the quality, the new state-of-the-art sites, that is laboratories, and also collection points. In terms of new locations, we have one new location that we opened last year in Rzeszów and the newly built building in Bydgoszcz.

We also had one upgrade of a laboratory. We moved to an entire new floor in a very modern building that we have been occupying for quite a few years now in Poznań.

We deployed the very state-of-the-art modern Roche automated line. This is the second-largest CCM line in Europe and the largest one in our company.

Last but not least, we opened the very first comprehensive diagnostic center, Longevity Plus, where we perform not only the UI or histopathology or medical imaging, but also other services such as spirometry, and we use Holters, and we test hearts using other methods for our patients, and we also perform MRI and CAT scans. This is the very first so comprehensive, end-to-end, non-hospital diagnostic center in Poland.

We are growing our test portfolio and test menu, especially in the context of genetic tests, but we also bought new chromatographs or chromatography equipment, and we introduced modern Alzheimer's testing methods. We also focus on gastroenterology.

We plan to extend our services portfolio and its scope in the context of the epidemics of obesity in Poland combined with diabetes cases, which are growing. We decided to open a new gastroenterology unit in Warsaw.

In terms of new IT and digital capabilities, this is an apple of our eye, IT/AI. In March 2026, we completed, after many years of production, of the new X-Lab laboratory system.

It is currently being deployed as we speak, and it's proceeding very smoothly. It will end around October 2026.

We are also developing our mobile app very successfully based on our proprietary Profilaktometr preventive screening tool and Lidia, this is our AI assistant. The greatest challenge: we introduced SAP regime as of the 1st of January of 2026.

It is not yet deployed completely. We plan to complete the stabilization of the program by the end of June 2026.

As you can see, this does not affect our organization, our company in any negative way, we are very proud to report our modern approach in the so-called back office. We are continuing our M&As, especially in laboratory diagnostics, MLT, and in terms of diagnostic imaging, we decided to put it on hold because we had certain rumors in the market in terms of the financing of diagnostic imaging for the National Health Fund.

We had fewer acquisitions. The so-called public health partnerships and projects, the Moje Zdrowie, My Health Program, which is growing even better, even more than we had expected.

Just in the case of the previous public health fund projects, our company is a major player. We perform the greatest number of those tests under this project.

We also take part in the Cervical Cancer Prevention Program under the National Health Fund based on genetic HPV testing. The tests were launched last year, and month after month, the number of patients, female patients who take part in this program is growing, and the awareness is growing as well, how to use free-of-charge National Health Fund tests and take advantage of it.

Now Bartosz Cieślicki?] will discuss our financial performance in more detail.

The floor is yours, Bartosz.

Good morning. I will now present our financial performance for the fourth quarter and for the entire year.

A little bit about our historical data. 2025 was a solid year, and our sales grew by over 60 million, and this is the best period in our history.

The sales growth is characterized by a high dynamics. Sales went up over 23.6% for the full year, and in terms of the fourth quarter, it's also very high, over 22%.

Compared to the expectations at the time of the IPO, a positive surprise has been the strong growth in laboratory diagnostics market, that is MLT. Our revenue grew by nearly 18% in 2025, which was driven mainly by organic growth.

In this segment, MLT, we have two channels, B2C and B2B. B2B grew very dynamically as well, by around, or B2C grew very dynamic, by around 16% year on year, and we had an even stronger growth in B2B, approximately 19%.

Growth trends were observed both among large institutional clients and smaller customers alike. Revenues increased both for specialized tests, including genetic and histopathological diagnostics, and basic tests as well, despite the conclusion of the 40 Plus Program, which took part in April/May 2025.

The gap was filled by the two programs discussed by Mrs. Swadźba before, that is Moje Zdrowie Program and the Cervical Cancer Prevention Program, where we won tenders in all 16 voivodeships or regions of Poland.

In the final months of 2025, the estimated revenue, monthly revenue from these programs exceeded 6 million per month. As we said, in 2026, we expect further development of these programs, especially the cancer prevention program, cervical cancer prevention program.

In terms of DI, in 2025, we reported nearly PLN 124 million in terms of revenue, mainly driven by M&A, and this contributed of around 6 percentage points to our revenue growth all in all. Thanks to that, and also combined with an increase in B2B share, our structure of revenue changed a little bit towards B2B by more than 2 percentage points in 2025, and the share of B2B represented over 62% for the entire year.

Let me go back to DI. 124 million represents is still low share in the revenue of the entire group.

Therefore, we still have a lot of room to grow there. Moving on to our volumes, we see that in 2025 the growth in volumes was around 8%, primarily driven by MLT, because DI is characterized by low volumes, still at high average price, but it had an impact on volume growth of only 0.3 percentage points, which is negligible.

In terms of B2B, B2C dynamics, B2C represented around 7%, and B2B, for B2B, volume grew by 8.3%. We observed volume growth in all clients groups, including existing clients and new clients, which were acquired thanks to also the launch of new prevention programs, that is Moje Zdrowie, My Health and Cervical Cancer Prevention Program, 2.5 million tests in addition, and those tests were performed, there were around 300,000 tests per month.

We see a growth dynamics here. Looking at the outlook for 2026, we need to consider that these programs are still not so volume intensive compared to the, for instance, 40 Plus Program.

In 2026, we need to face the effect of a slightly higher volume base than in 2025. Moving on to our pricing, the average price increased by 15% on average in 2025, in MLT at around 9.5%, and it was comparable for both B2B and B2C, around 9% price growth.

In diagnostic imaging, the increase was pretty intensive due to the change of our sales structure. We had a pretty small teleradiology business, which is characterized by lower prices than the average standard DI tests, and this was an effect that we saw in 2025, which increased our average price.

In the context of our average prices in 2026, we saw new regulations coming into force as of the beginning of the year. The tariff for DI tests was decreased, and public analysis suggests that the public spending will be reduced by approximately 6% as of early 2026.

We see that this impact is lower for our business in DI, at 5% or even less, because the reduction had an impact of mainly mass, simple off-clinic tests, and more complicated, difficult tests are priced at a higher level, we can mitigate this impact. Secondly, as of quarter two 2026, the National Health Fund changed, revamped the financial model for above-limit CAT, MRI procedures.

The tariffs for the above-limit services was reduced to, or the rate was reduced to around 50% versus 100%. This does not impact the demand, but it will impact the accessibility of those tests in the public sector.

The queues will be longer, the time will be longer for waiting for those tests. We believe that some patients at least will move to the private sector as a result.

However, the impact of those regulations is still difficult to estimate at that point, we don't know what will happen in 2026 in that respect. You have to remember that up until now, sales of DI services in our group is still represents a still small contribution, the impact of those new regulations is limited.

Moving on to our operational operating cost structure, we see a slightly higher growth compared to sales, mainly due to the consolidation of the imaging segment, DI segment, which impacts our cost structure a little bit. Also we reported a non-cash impairment charge of 6.4 million PLN, which will be discussed in more detail later on.

Looking at the breakdown of our operating cost structure, we see that our depreciation and amortization is growing year on year a little bit higher than before, up by nearly, or around 25%, which is driven mainly by DI consolidation. We did not have so many DI companies in our portfolio in 2025, naturally this business, which is capital intensive, which has a large share of property, plant, and equipment figures, will have an impact.

If we were to consolidate only MLT companies, then the dynamics will, would be at around 12%, half of the growth. The dynamics is pretty high also in our other other business MLT, which is around 30%, mainly driven by the fees paid to radiologists.

We see quite a solid dynamics here, and the share of those costs also grew at around 13% year on year. We're talking about radiologists' reporting and interpretation costs.

However, employee costs, employee benefits are under control. The dynamics is lower than revenue growth.

This cost, you have to remember, is the largest cost in our business. We even managed to decrease the share of those costs in revenues by 0.6 percentage points year on year.

In terms of impairment I've mentioned, it applies to three past acquisitions: one in DI segment and two in MLT. This impairment for DI concerns one company where the forecasts, due to the reduction of tariffs as of the beginning of 2026, was impacted by this particular regulation, the impact on its revenue.

We cannot really mitigate that impact. This company performs very effectively.

It has a high capacity, it's difficult to increase the volumes. They are high as we speak, therefore we decided to recognize the impairment charge.

In terms of MLT, we had to recognize impairment because one company in the MLT segment changed its business, core business, we had to recognize the impairment charge. The impairment charge versus our entire asset base, it is still immaterial.

Moving on to recurring EBITDA. As Mrs.

Swadźba mentioned, 2025 was characterized by quite a solid recurring EBITDA growth dynamics, going up by over 15% year on year. However, our profitability went down a little bit from 2026 in 2024 to 24 in 2025.

The lower chart illustrates the key drivers of this slightly lower profitability. The positive operating leverage was reported for materials and energy and outsourced tests, and especially employee benefit costs, where we improve our profitability 6%.

In the context of consolidation of DI and the acquisition of new companies, where we see the impact of the revenues, sorry, fees paid to radiologists, we see an impact here. Moving on.

In terms of the impact of non-cash items on our margins in 2025, we recorded fair value adjustments and the impairment charges I have mentioned before. In P&L for 2025, we reported two non-cash transactions.

In 2024, we reported a fair value adjustments revenue or income on the acquisition of DI companies, and we estimated that at 11.5 million in 2024. This does not occurred in 2025.

This did not occur in 2025, but we recognize impairment charges instead. The combined impact of those two non-cash items was reported at 18 million, and this reduced EBITDA by 18 million PLN.

If we combined those, if we, sorry, exclude those two non-cash items, the recurring EBITDA profitability would be at 25.5% in 2024 and 24.6 in 2025 if we excluded those items. We do not clear recurring EBITDA of this transactions, because they are related to our M&A activity.

They're not treated as one-offs, therefore. We are We keep up with our M&A activity.

This is not an exception, this is a rule for our business, all the costs and all the income on M&A activity is shown under recurring EBITDA. Moving down from recurring EBITDA, we see that EBIT growth we see grew by 13%, a little bit slower than EBITDA growth due to higher depreciation and amortization, representing 20% year on year, and lower one-offs.

These one-off transactions, which were IPO-related, we are identifying those costs as purely IPO-related costs. We do not see any other one-offs, we reported 2 million in the first quarter of 2025, where we prepared our company to be listed on the Warsaw Stock Exchange.

In terms of our financial income, it went down due to the fact that we had higher revenue in 2024 based on interest rate swap valuation gains. Historically, we hedged our financing using an interest rate swap, and it was hedged at 1.7%, and in 2024, we reported a small gain on the revaluation or remeasurement of this interest rate swap.

We do not report it in reported in 2025, and this swap will expire in mid-2026, we will not see any more impact of that transaction on our figures. In 2024, we also sold one subsidiary in Ukraine, and therefore, we did not report it in 2025, and it impacted our financial income.

Our financial costs went up, especially in terms of lease interest and interest on loans and other borrowings. It remained broadly stable for interest on loans and borrowings, lease represented the our financial costs mainly, mainly due to the fact that the interest on those liabilities will be reported in the following months.

On the other hand, we see a positive trend in income tax. In 2025, our income tax were was lower versus 2024, going down even though our profit went up.

This was mainly due to the R&D tax relief and certain smaller adjustments of CIT in previous years. The overall effect benefit was at 18 million, especially was related to IT projects, and we had the new system introduced as well.

This R&D tax relief is good news, because it contributes to the reduction of our income tax. Moving on to cash flow.

We have very strong cash flow in 2025. Free cash flow grew by 27% to 549 million PLN, and free cash to EBITDA conversion also went up.

For the entire year of 2025, we reported the conversion at 93% and 99 for quarter four alone. This high, very high conversion was supported by minimal changes in working capital.

You can see that on the bridge, at lower than 3 million in 2025, and also it was supported by lower tax. This also contributed to better conversion.

The high free cash flow earmarked for investments and spending in 2025: we spent 275 million PLN on property, plant, equipment and also on M&As, 157 million for the repayment of leases, and over 100 million for the payout of our dividend. Our cash is at 18 million at the end of the year, which was due to very effective management of our cash.

We do our best to pay our overdraft in Diagnostyka S.A., our parent company. We still have very high free cash and financing and is accessible and is based on our agreements with banks, which makes us pretty comfortable when we think about our future investments.

In 2025, our capex, in terms of our spending on property, plant, and equipment, went up from 133 million last year, I'm sorry, in 2024 to over 200 million 2025. We had a new area here related to DI.

We invested 35 million PLN in diagnostic imaging, including new equipment, mobile imaging equipment in DI. In MLT, we invested a lot in IT.

We increased our IT spending quite considerably, because we see a great added ali-, sorry, added value here. IT is a base that will drive our future growth.

We obviously keep investing in the upgrade of our laboratories and blood collection points or sample collection points, and this is something that Mrs. Swadźba mentioned.

We have a new laboratory, an upgraded laboratories in Bydgoszcz and a new laboratory in Rzeszów. Moving on to our working capital, which we identify as trade receivables and trade payables, as well as inventories, we see a quite a strong growth to PLN 199 million, mainly driven by higher receivables, representing nearly 238 right now.

This is natural consequence of our business growth, of our scale growth. In terms of our inventories, we see the above-normal increase in inventories, but it's temporary.

The fact that it is temporary results from the SAP implementation phase in 2026. We expected some temporary, potential short growth, short-term, sorry, short-term disruptions in terms of ordering.

SAP was not introduced in our laboratories, but it is introduced in our back office and in warehouse logistics. We expected short-term problems, and the beginning we decided that it is better to increase inventories to make sure that we have a buffer for a longer period than usual.

Right now, we see a drop in inventory levels, we are going back to normal. This also is reflected in payables, which were a little bit higher.

In terms of our cash conversion cycle, we keep control over everything here. Slight increase in inventory impacted our cash conversion cycle, but we are improving it for receivables and for payables as well, at about 50 days, we see no threats here in cash conversion cycle.

Moving on to our net debt and the leverage, we see that leverage went down in 2024, I'm sorry, 2025 quarter four versus quarter four 2024. We still are on the safe side, below two, but our net debt went up mainly on the back of higher lease liabilities, which increased by 19%, and our bank debt increased by 7%.

The increase in liabilities in terms of lease is mainly driven to two by two factors. Extension of laboratory equipment lease agreements and recognition of the SAP right-of-use assets.

These were two main operations, transactions that impacted our lease liabilities growth. The guidance and outlook for 2026.

In terms of revenue from contracts with clients, as you can see, we use English to report it because it's easier to use it, revenue growth for customer contracts for 2026 is expected to be at, the increase is expected to be at low to mid-teens, in line with our IPO assumptions. Average price, we expect it to be at high single-digit levels, and the average price will have a higher impact on our sales growth in 2026 than volumes, because volumes, we believe, will be at low mid-single digits.

This is related to what we said before. In 2024, 2025, we had quite high growth dynamics here, we expect a certain normalization of volumes in 2026.

In terms of recurring EBITDA profitability, we want to keep it at a stable level compared to 2025. In terms of capex on property, plant, and equipment and other assets, we expect to invest comparable amount as in 2025.

We want to slightly increase our capex in IT, but capex in MLT and the laboratory infrastructure will be a little bit lower. In terms of M&As, we continued our selective and opportunistic approach.

This is our strategy, both in MLT and in DI. After recent regulatory changes in diagnostic imaging, we consider and analyze each acquisition, and it is assessed for regulatory impacts.

If we see that the risk is high, the risk of negative impact of those regulations is high, we will not proceed with the acquisition. It is better to wait and see what will happen.

It is difficult to be very precise in our guidance outlook here, because the regulations have impacted our prospects, our outlook for M&A in diagnostic imaging. In terms of net debt to EBITDA ratio, we believe that we are still on the safe side, very safe side, I would say, between 1.7 to 2, below two.

That will be all in terms of the results for 2025, financial results for 2025.

We are ready to move to a Q&A session. First question concerns the deficit in the budgeting from the National Health Fund.

Will it impact your revenue in MLT? Can it translate to your liquidity, some liquidity problems, for instance, not yours, but liquidity problems for the National Health Fund?

As we said, since we have no direct financing from the National Health Fund, it's nonexistent. Second question, Bartek, I believe commented on it, but we'll still ask this question.

Did new two programs, My Health and Cervical Cancer Prevention Program, is their weight higher than the 40 Plus Program?

We believe that the weight is still lower, and despite the increases that we reported, it is pretty flat for the My Health Program, Moje Zdrowie Program in Polish, compared to last year. The second program, that is the Cervical Cancer Prevention Program, the increase is reported at the level of teens, we expect that those programs will reach the 40 Plus Program.

We have to remind you that the 40 Plus Program's results were high at the end of the year, but if we analyze it throughout the year for the three years of this program, then it might look like what we have now. Maybe it's even better, but we did not analyze it.

As a rule, from the analytical and strategic perspective, we just replaced those programs in the long term. The publicly available information suggests that the Moje Zdrowie, My Health Program has a greater potential than the 40 Plus Program.

As Mrs. Swadźba said, we do not see any spectacular growth yet.

The public potential might be higher, but as we suggested from the very beginning, the margin is also shared with doctors. We sell in B2B to doctors before we would sell it to the National Health Fund, you have to remember about that as well.

Another question concerns SAP deployment. What was the weight of SAP deployment in the costs of the fourth quarter, and will it impact your figures for the first quarter in 2026?

The implementation of SAP is our capex, basically. Therefore, we reported higher capex figures on IT in 2025.

Also on the opex side, those costs are not very high, we can talk about quite a moderate impact or slight, negligible impact on our costs in 2025. As for 2026, we are stabilizing this system, we can see some costs, but we do not see them yet.

We will know more after the stabilization phase. In 2026, we do not plan any savings due to the deployment of 2020 of SAP in 2025.

I believe that we will see the impact in 2027 due to automation and also the support of certain AI programs and tools, and we believe it will increase our profitability and margins, but only in 2027, not yet in 2026. We have a lot of questions on the outlook for 2026.

Will you see higher growth of B2B or B2C in your laboratories?

As a rule, we believe that the growth will be comparable. In the last 18 months, we had higher growth in B2B, but in the third quarter or even earlier, we plan to start the Profilaktyka Plus Program, we hope that B2C sales will increase as well, as we will encourage a large group of patients to take care of their health and use more preventive tests than now.

The next question concerns outlook for recurring EBITDA margin. You talked about close to 2025.

Are you talking about 24.3 or 26?

The difference is small, it's difficult to put it precisely, be it 24.6 or 24.3.

We have a number of questions on DI, I'll try to recap them. Bartek talked about it already, but it is worthwhile to maybe repeat it.

What is the impact of the January reduction in prices? What is your assessment on the changes in regulations on the above-limit items, and what you expect that business to look like in 2026?

What are your potential acquisitions? What is the outlook for 2026 for DI?

The January reductions, as we said, were pretty sensible or reasonable, we had it under control as a rule. Obviously, it impacted our final result by around 5%, but those regulations that concerned the above level, that is over 50% price, we consider it to be very stupid.

This is a policy of the state that is self-contradictory. The National Health Fund wants, or the politicians want to take care of our health, they want to take care of the preventive programs, while cutting the financing.

We saw quite a solid profitability figures, but we do not see any profitability figures over 50%. We consider it to be scandalous and very negative, and we blocked the above-limit tests, and this has a major negative impact on our patients.

As we said, the queues are longer. People need to wait until 2027 to get their tests.

Obviously, we see that there is a shock therapy effect. Maybe the state would draw from this decision.

The payments to radiologists, or the financing of payments to radiologists, will be impacted. We are optimizing our slots, we see it as an opportunity.

As Bartek said, this is not a big piece of that pie for us, and we think that 2026 is not the year that we will have a lot of M&As for companies that cooperate with the National Health Fund. It's not that they will go bankrupt, but their results will be lower, we have to wait for the stabilization of this program.

Our revenue will grow anyway, and we think that our EBITDA margin and our sales figures will be impacted negatively, but we do not see it as a disaster. In the long term, this will be our opportunity, but not in 2026 yet.

Our results for 2026 will not be better, but they might be better in the longer term. Your outlook for the costs in terms of your lines and the pressure, where we will see the lowest pressure and the highest pressure in this year?

I believe that third-party services would be a positive surprise. They will go down in terms of costs.

In terms of our highest costs, these are the remaining employee benefit costs. They will grow, because we do not see an amendment to the act on the minimum wage in medical services, but this is expected in our business plan.

This is no surprise. The surprise was that it was postponed until January next year, but our situation is stable in terms of both our electricity costs and also reagent costs.

The only area where we see a major growth are fuels, fuels for vehicles used by our couriers, but I do not think that it is a major impact for DI or MLT, we see it as long-term trends. There are certain trends that need to be offset by our operational actions or movements or approaches.

We are preparing ourselves for 2027. X-Lab will be deployed, IT will be stabilized in terms of SAP, we will have certain excellence in SAP, and we hope that we have more AI tools, for instance, in DI that will go live.

We also have a new concept, Orchestra, that is AI that orchestrates or manages other AI tools, an umbrella AI to manage certain smaller programs in order to drive our profitability. We will improve the cost efficiency of our business, and the results will be seen in 2027.

So, 2026 will be a year of our stable results for both revenue and costs, but in 2027, we plan to improve our excellence operationally. The last question concerns the loss of contracts with Enel-Med and the expected opening of laboratories in Lux Med, will it impact the volume in laboratories for Diagnostyka?

As far as Lux Med is concerned, their announcement concerns the end of this year, but I believe that the impact will be negligible or even zero. As far as Enel-Med is concerned, I believe that this decision, which was not well thought out, it might not have an impact on their operations, we'll see.

If it's successful and the contract is taken over with no problems, then it will mean that the number or the volume of tests will be lower for us. We'll have to make up for it, offset this trend, but yes, it will impact the volumes, sales, and the figures.

I'm not sure if Bartek is able to give us any figure here, it will happen as of May this year.

I do not remember such a case in the past. The largest client is represent below 5% of our turnover, it is not a dramatic impact for us.

It's not negligible, but it's not dramatic. Thank you very much for taking part in this earnings call.

If you have any more questions, please contact our investor relations. Thank you very much.

Thank you.