LAVAL, Québec, March 04, 2026 (GLOBE NEWSWIRE) -- Savaria Corporation (“Savaria”) (TSX: SIS), one of the global leaders in the accessibility industry, is pleased to announce its results for fiscal 2025.
Highlights – Q4 2025 compared toQ42024
- Revenue was $241.8M, up $18.4M or 8.3%.
- Operating income was $29.7M, up $8.0M or 36.6%, representing 12.3% of revenue compared to 9.7% in Q4 2024.
- Adjusted EBITDA* was $51.3M, up $8.4M or 19.7%, representing $0.71 per share, up $0.12.
- Adjusted EBITDA margin* stood at 21.2% up 200 bps compared to 19.2% in Q4 2024.
Highlights – Fiscal 2025 compared to2024
- Revenue was $913.5M, up $45.8M or 5.3%.
- Accessibility growth of 5.4% including growth of 7.4% in North America and 2.3% in Europe.
- Patient Care revenue increased by 4.8%.
- Gross profit was $353.8M, up $32.1M or 10.0%, representing 38.7% of revenue, an increase of 160 bps compared to 37.1% in 2024.
- Operating income was $105.4M, up $21.2M or 25.2%, representing 11.5% of revenue compared to 9.7% in 2024.
- Net earnings were $68.8M or $0.95 per share on a diluted basis, compared to $48.5M or $0.68 per share in 2024.
- Adjusted EBITDA* was $186.3M, up $25.0M or 15.5%, representing $2.59 per share, up $0.34.
- Adjusted EBITDA margin* stood at 20.4% up 180 bps compared to 18.6% in 2024.
- Accessibility adjusted EBITDA margin reached 22.3%.
- Patient Care adjusted EBITDA margin stood at 19.4%.
- Net debt* of $191.5M decreased from $262.7M as at December 31, 2024 with a ratio of net debt to adjusted EBITDA* of 1.03 in comparison to 1.63.
- Available funds* of $311.7M to support working capital, investments and growth opportunities.
| | Q4 | YTD |
| in thousands of dollars, except percentages and per-share amounts | 2025
| 2024
| Change | 2025
| 2024
| Change |
| Revenue | $ | 241,779 | | $ | 223,340 | | 8.3 | % | $ | 913,527 | | $ | 867,762 | | 5.3 | % |
| Gross profit | $ | 93,940 | | $ | 84,224 | | 11.5 | % | $ | 353,805 | | $ | 321,712 | | 10.0 | % |
| % of revenue | | 38.9 | % | | 37.7 | % | 120 bps | | 38.7 | % | | 37.1 | % | 160 bps |
| Operating income | $ | 29,735 | | $ | 21,772 | | 36.6 | % | $ | 105,380 | | $ | 84,137 | | 25.2 | % |
| Net earnings | $ | 20,505 | | $ | 14,333 | | 43.1 | % | $ | 68,770 | | $ | 48,510 | | 41.8 | % |
| Diluted net earnings per share | $ | 0.28 | | $ | 0.20 | | 40.0 | % | $ | 0.95 | | $ | 0.68 | | 39.7 | % |
| Adjusted net earnings* | $ | 26,095 | | $ | 19,269 | | 35.4 | % | $ | 86,892 | | $ | 64,795 | | 34.1 | % |
| Adjusted net earnings per share* | $ | 0.37 | | $ | 0.26 | | 42.3 | % | $ | 1.21 | | $ | 0.90 | | 34.4 | % |
| Adjusted EBITDA* | $ | 51,309 | | $ | 42,867 | | 19.7 | % | $ | 186,250 | | $ | 161,230 | | 15.5 | % |
| Adjusted EBITDA per share* | $ | 0.71 | | $ | 0.59 | | 20.3 | % | $ | 2.59 | | $ | 2.25 | | 15.1 | % |
| % of revenue | | 21.2 | % | | 19.2 | % | 200 bps | | 20.4 | % | | 18.6 | % | 180 bps |
*Non-IFRS measures are described and reconciled in sections 3, 6 and 8 of the MD&A.
Words from the Executive Chairman and from the President & CEO
“Our two-year transformation program –Savaria One – finished at the end of 2025 and our goals were largely met. Our revenue grew to $914 million and adjusted EBITDA finished at $186 million, resulting in an adjusted EBITDA margin of 20.4%. But even more important are the investments we made in people, processes, and products, because these improvements brought cultural change and provide us long-term benefits. Our employees have adopted new, best practices to their daily life. By embracing the initiatives that comprised Savaria One, they continue to work on making improvements across virtually all areas of the company. I couldn’t be happier and prouder of our employees for their great contributions to our success over the past two years. They have surely provided us a deeply rooted foundation for future growth,” said Marcel Bourassa, Executive Chairman.
“Our fourth quarter results delivered a number of “bests” for Savaria, including the title as our “best quarter ever”. We also delivered our best revenue growth quarter for Accessibility in Europe at 9%, and a solid 10% growth in revenue in our Patient Care segment. This resulted in an overall best quarter for adjusted EBITDA per share of $0.71. Beyond that, our good results helped us reduce our net debt-to-adjusted EBITDA ratio to 1.03, giving us ample room for strategic acquisitions. Operationally, we have several hundred process improvement initiatives ongoing. Even though we faced some threats of trade issues in 2025, we forged ahead and worked our plan. We move into 2026 with a stronger team than ever,” said Sébastien Bourassa, President and CEO.
Fourth Quarter Results - Q4 2025 compared to Q4 2024
REVENUE
Revenue reached $241.8M, up $18.4M or 8.3%. The increase was mainly due to organic growth of 5.2% combined with a positive foreign exchange impact of 2.5%. The revenue contribution from the acquisition of Western Elevator Ltd. contributed 0.6% growth.
- Accessibility segment (76% of Q4-25 revenue): Revenue was $183.4M, an increase of $13.2M or 7.7%.
- Patient Care segment (24% of Q4-25 revenue): Revenue was $58.3M, an increase of $5.3M or 10.0%.
OPERATING INCOME
Operating income was $29.7M, up $8.0M or 36.6%, representing an operating margin of 12.3% compared to 9.7% in Q4 2024.
ADJUSTED EBITDA
Adjusted EBITDA and adjusted EBITDA margin was $51.3M and 21.2%, respectively, compared to $42.9M and 19.2% for Q4 2024.
- Accessibility segment: Adjusted EBITDA and adjusted EBITDA margin was $42.9M and 23.4%, respectively, compared to $33.3M and 19.6% for Q4 2024.
- Patient Care segment: Adjusted EBITDA and adjusted EBITDA margin stood at $11.3M and 19.4%, respectively, compared to $12.2M and 23.1% for Q4 2024.
Twelve-Month Results - YTD 2025 compared to YTD 2024
REVENUE
The Corporation generated revenue of $913.5M, up $45.8M or 5.3%. The increase is mainly due to organic growth of 1.9% and a positive foreign exchange impact of 2.7%. The net acquisition impact of 0.7% was driven by the acquisition of Western and Matot and was partially offset by the divestitures of Van-Action and Freedom Motors.
OPERATING INCOME
Operating income was $105.4M, up $21.2M or 25.2%, representing an operating margin of 11.5% compared to 9.7% in 2024.
ADJUSTED EBITDA
Adjusted EBITDA and adjusted EBITDA margin stood at $186.3M and 20.4%, respectively, compared to $161.2M and 18.6% in 2024.
LIQUIDITY AND CAPITAL RESOURCES
Savaria generated $138.1M of cash from operations which was primarily used to invest in capital projects, business acquisitions, repay debt and pay interest and dividends.
As at December 31, 2025, the Corporation had a net debt of $191.5M and a ratio of net debt to adjusted EBITDA of 1.03 compared to 1.63 as of December 31, 2024.
Outlook
As Savaria One successfully concludes, we remain focused on continuous improvement to ensure we are the partner of choice for our customers and dealer partners, while delivering strong and sustainable returns for our shareholders. Savaria One was centered on driving operational excellence and efficiency across the organization, creating a stronger and more agile foundation for the business.
Building on that foundation, the next phase of our Strategic Plan will focus on accelerating growth by expanding our market opportunities, deepening customer relationships, and further strengthening our competitive position. At our upcoming Investor Day in April, we will outline this next chapter in greater detail and provide more specific guidance for the coming fiscal years.
We are energized by Savaria’s continued evolution and confident that our growth plan will further enhance our position as one of the global leaders in our markets while creating sustainable long-term value for all stakeholders.
Environmental, Social and Governance (“ESG”) Values
Savaria is one of the global leaders in the accessibility industry, committed to reducing its environmental impact while upholding strong social and governance practices. Responsible environmental and social conduct across the organization underpins sustainable growth and long-term value creation. Savaria embeds ESG considerations into its business through product innovation that supports accessibility, ongoing efforts to improve operational efficiency and resource use, and active engagement with employees and stakeholders.
Advancing ESG priorities requires a long-term, collaborative approach, grounded in clear actions, disciplined planning, and a continued focus on transparency. Consistent with this commitment, Savaria published its 2025 ESG Report on March 4, 2026, which provides enhanced sustainability-related disclosures and an update on the Company’s ESG priorities, strategy, and ongoing initiatives. The report is available in the Investors section of our website at savaria.com.
Savaria Corporation (savaria.com) is one of the global leaders in the accessibility industry. It provides accessibility solutions for the physically challenged to increase their comfort, their mobility and their independence. Its product line is one of the most comprehensive on the market. Savaria designs, manufactures, distributes and installs accessibility equipment, such as elevators for home and commercial use, stairlifts for straight and curved stairs, vertical and inclined wheelchair lifts and dumbwaiters. In addition, Savaria manufactures and markets a comprehensive selection of pressure management products, medical beds, as well as an extensive line of medical equipment and solutions for the safe movement of patients, such as transfer, lifting and repositioning aids. The Corporation operates a sales network of dealers worldwide and direct sales offices in North America, Europe (UK, Netherlands, Switzerland, Italy, Germany, Poland and Czech Republic) and Australia. Savaria employs approximately 2,550 people globally and its plants are located across Canada, the United States, Mexico, Europe and China.
Compliance with International Financial Reporting Standards (“IFRS”)
The information appearing in this press release has been prepared in accordance with IFRS. However, Savaria uses EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted EBITDA per share, adjusted net earnings, adjusted net earnings per share, available funds, net debt and ratio of net debt to adjusted EBITDA for analysis purposes to measure its financial performance. These measures have no standardized definitions in accordance with IFRS and are therefore regarded as non-IFRS measures. These measures may therefore not be comparable to similar measures reported by other companies. Additional details for these non-IFRS measures can be found in sections 3, 6 and 8 of Savaria’s MD&A, which is posted on Savaria’s website at savaria.com, and filed with SEDAR+ at sedarplus.ca. Reconciliation of adjusted net earnings and adjusted EBITDA with net earnings is presented in the section below.
Forward-Looking Statements
This press release includes certain statements that are “forward-looking statements” within the meaning of the securities laws of Canada. Any statement in this press release that is not a statement of historical fact may be deemed to be a forward-looking statement. When used in this press release, the words “believe”, “could”, “should”, “intend”, “expect”, “estimate”, “assume” and other similar expressions are generally intended to identify forward-looking statements. It is important to know that the forward-looking statements in this document describe the Corporation’s expectations as at the date hereof, which are not guarantees of future performance of Savaria or its industry, and involve known and unknown risks and uncertainties that may cause Savaria’s or the industry’s outlook, actual results or performance to be materially different from any future results or performance expressed or implied by such statements. The Corporation’s actual results could be materially different from its expectations if known or unknown risks affect its business, or if its estimates or assumptions turn out to be inaccurate.
A change affecting an assumption can also have an impact on other interrelated assumptions, which could increase or diminish the effect of the change. As a result, the Corporation cannot guarantee that any forward-looking statement will materialize and, accordingly, the reader is cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements do not take into account the effect that transactions or special items announced or occurring after the statements are made may have on the Corporation’s business. For example, they do not include the effect of sales of assets, monetizations, mergers, acquisitions, other business combinations or transactions, asset write-downs or other charges announced or occurring after forward-looking statements are made.
Unless otherwise required by applicable securities laws, Savaria disclaims any intention or obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise. The foregoing risks and uncertainties include the risks set forth under “Risks and Uncertainties” in Savaria’s latest Annual MD&A as well as other risks detailed from time to time in reports filed by Savaria with securities regulators in Canada.
Results webcast and conference call on March 5, 2026, at 8:30 a.m. (EST)
Savaria will host a conference call on Thursday, March 5th at 8:30 a.m. Eastern Standard Time with financial analysts to discuss results of the period ended December 31, 2025. Investors and members of the media are invited to participate on a listen-only basis.
Conference call access:
To register: https://register-conf.media-server.com/register/BI11584c57606d4117a7bc686702e48569
Webcast (en): https://edge.media-server.com/mmc/p/gd2pkz3c
Link to the replay of the webcast will be available on the Corporation’s website at savaria.com.
Reconciliation of adjusted net earnings and adjusted EBITDA with net earnings is provided below. Complete financial statements and the management’s report for fiscal 2025 will be available shortly on Savaria’s website and on SEDAR+ sedarplus.ca.
Reconciliation of adjusted net earnings* and adjusted EBITDA* with net earnings
| | Q4 | YTD |
| in thousands of dollars, except per-share amounts | | 2025 | | | 2024 | | | 2025 | | | 2024 | |
| Net earnings | $ | 20,505 | | $ | 14,333 | | $ | 68,770 | | $ | 48,510 | |
| Strategic initiatives expenses | | 4,701 | | | 5,520 | | | 18,650 | | | 21,579 | |
| Other expenses | | 1,803 | | | 949 | | | 4,614 | | | 569 | |
| Income tax related to strategic initiatives and other expenses | | (914 | ) | | (1,533 | ) | | (5,142 | ) | | (5,863 | ) |
| Adjusted net earnings* | $ | 26,095 | | $ | 19,269 | | $ | 86,892 | | $ | 64,795 | |
| Adjusted net earnings per share* | $ | 0.37 | | $ | 0.26 | | $ | 1.21 | | $ | 0.90 | |
| Income tax related to strategic initiatives and other expenses | | 914 | | | 1,533 | | | 5,142 | | | 5,863 | |
| Income tax expense | | 4,480 | | | 5,033 | | | 21,493 | | | 17,155 | |
| Depreciation of fixed assets | | 2,895 | | | 2,510 | | | 10,861 | | | 9,368 | |
| Depreciation of right-of-use assets | | 3,450 | | | 3,194 | | | 13,243 | | | 11,690 | |
| Amortization of intangible assets | | 7,798 | | | 8,205 | | | 30,448 | | | 31,131 | |
| Net finance costs | | 4,750 | | | 2,406 | | | 15,117 | | | 18,472 | |
| Stock-based compensation | | 927 | | | 717 | | | 3,054 | | | 2,756 | |
| Adjusted EBITDA* | $ | 51,309 | | $ | 42,867 | | $ | 186,250 | | $ | 161,230 | |
| Adjusted EBITDA per share* | $ | 0.71 | | $ | 0.59 | | $ | 2.59 | | $ | 2.25 | |
| Diluted weighted average number of shares | | 72,441,988 | | | 72,357,117 | | | 72,025,611 | | | 71,651,011 | |
*Non-IFRS measures are described and reconciled in sections 3, 6 and 8 of the MD&A.
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