CVS Group (CVSG) H1 2026 Pre Recorded earnings summary

Executive summary

• Revenue increased 5.8% year-over-year to £356.9m, with like-for-like sales up 2.7% and growth across all divisions despite UK market softness.

• Adjusted EBITDA rose 3.9% to £67.7m, maintaining a 19.0% margin, within the 19%-23% target range.

• Free cash flow grew 16.2% to £34.4m, supported by strong operating cash conversion of 75%.

• Completed step up from AIM to Main Market in January 2026, with FTSE250/index inclusion expected in March.

• Launched new CVS Vets consumer brand and rebranded 60 practices, with continued investment in facilities, equipment, and technology.

Financial highlights

• Revenue reached £356.9m, up 5.8% year-over-year, with like-for-like sales growth of 2.7%.

• Adjusted EBITDA increased to £67.7m from £65.1m, margin at 19.0%.

• Adjusted EPS rose to 40.2p, up 5.8% year-over-year.

• Net bank borrowings at £160.2m, leverage at 1.41x, well below the 2.0x ceiling.

• £17.5m invested in capital expenditure; £23.3m spent on acquisitions.

Outlook and guidance

• Trading remains in line with market expectations, with continued momentum into H2 2026.

• Confident in delivering further growth despite short-term UK headwinds, supported by strong balance sheet and free cash flows.

• Short-term expansion focus on Australia, with strong acquisition pipeline and further acquisitions completed in H2 2026.

• Potential for further UK acquisitions post-CMA investigation.