Antibiotice Iasi forecasts a 4.41% decline in revenue against the previous year, compared to a 5.21% increase projected in its budget, and the operating margin stands at 11.08%, below the 17% target.
The debt-to-EBITDA is seen at 3.92x, almost double against the projected level of 2.18x. Research and Development (R&D) costs exceeded forecasts, reaching RON23.3 million, compared with an anticipated level of RON20 million. Investments in fixed capital, or Capital Expenditure (CapEx), stood at RON89.3 million, compared to the predicted level of RON75 million. The net profit margin is seen at 7.9%, slightly below the budgeted level of 8%, as per a synthesis by BT Capital Partners.
Despite the operational performance below expectations, the company’s management proposes a dividend distribution rate of 90%, significantly above the budgeted rate of 50%. Net profit for the fourth quarter of 2025 is yet to be reported and released on February 26, 2026.
Should the net profit of the first three quarters of the year plus the profit of the fourth quarter of 2024 be taken into account, it results a net profit of roughly RON54.6 million. By applying the proposed rate of 90%, the distributed amount would near RON50 million.
Considering that the number of shares issued hits 671 million, the gross dividend would reach RON0.07, which, relative to the current prices of a share, equals a yield of roughly 3%. The high distribution rate is partly offset by the negative result of RON16 million recorded in the third quarter, which lowered the actual yield.
Antibiotice shares have traded 2% lower over the last 12 months, triggering a market capitalization of roughly RON1.6 billion.