CVS Group (CVSG) Q4 2025 TU earnings summary

Executive summary

• FY25 adjusted EBITDA for continuing operations aligns with market consensus, reflecting stable performance despite softer UK market conditions.

• Revenue grew 5.4% year-over-year to £673.2m, with like-for-like sales up 0.2%; growth improved in the final quarter.

• Expansion in Australia accelerated, with seven practice acquisitions completed and further growth expected.

• Disposal of Crematoria operations generated £42.4m, reducing leverage and providing capital for further investment.

Financial highlights

• Adjusted EBITDA for continuing operations expected at approximately £134m, up from £123.0m in FY24.

• Adjusted EBITDA margin improved to around 20% from 19.3% year-over-year.

• Net bank borrowings reduced to £131.4m as of 30 June 2025, with leverage at approximately 1.2x.

• Capital expenditure was £33.2m, at the lower end of guidance.

Outlook and guidance

• Strong long-term sector fundamentals, including increased pet population and advancements in clinical care.

• Well positioned for further inorganic revenue and adjusted EBITDA growth, especially in Australia.

• Confident in delivering attractive shareholder value growth despite UK economic uncertainty.