CVS Group (CVSG) Trading Update summary

Trading performance and financial highlights

• Group sales rose 5.7% and adjusted EBITDA increased 6.2% in the four months to 31 October 2025 compared to the prior year.

• Like-for-like sales grew approximately 2.5% year to date, showing positive momentum.

• Healthy Pet Club membership reached 520,000, up 2.6% over twelve months, driven by new client transitions.

• £11.5m invested year-to-date in practice upgrades, relocations, equipment, and technology.

• Leverage stood at 1.27x, well below the target of less than 2.0x, supporting ongoing investments and buybacks.

Strategic initiatives and acquisitions

• Two Australian acquisitions added nine practice sites for A$48.8m/£23.6m, expanding to 52 sites in Australia.

• Sufficient scale in Australia now enables purchasing synergies and a strong pipeline for further acquisitions.

• Ongoing £20m share buyback programme supported by strong operating cash conversion.

Regulatory and market developments

• CMA's provisional decision on the UK veterinary market investigation brings more certainty; final decision expected Spring 2026.

• Engagement with CMA continues, with commitment to implement remedies once finalized.