CVS Group (CVSG) Q2 2026 TU earnings summary

Executive summary

• Prospectus published for proposed admission to the Main Market of the London Stock Exchange, with trading on AIM to cease on 28 January 2026 and Main Market admission on 29 January 2026.

• No new funds will be raised; admission is via introduction of existing shares.

• Group operates c.470 veterinary practices in the UK and Australia, with additional laboratories and an online retail business.

Financial highlights

• Group revenue for H1 2026 increased 5.8% year-over-year to £356.9 million.

• Like-for-like sales rose 2.7% compared to H1 2025.

• Adjusted EBITDA grew 3.9% to £67.7 million, with a margin of 19.0% (down from 19.3%).

• £17.5 million invested in technology, clinical equipment, and practice refurbishments in H1 2026.

Outlook and guidance

• Board expects FY2026 results in line with expectations despite UK cost-of-living headwinds and low consumer confidence.

• Sector fundamentals remain strong; interim results for H1 2026 to be announced on 26 February 2026.