Vetoquinol (VETO) H1 2025 earnings summary

Executive summary

• Group sales reached €258 million for H1 2025, down 2.6% year-over-year, mainly due to negative foreign exchange and product simplification impacts.

• Essentials product line grew 4.2% at constant exchange rates, now representing over 64% of sales and offsetting declines in complementary products.

• Net income rose 5.3% to €25.1 million, with a reduced effective tax rate of 30.2%.

• EBITDA increased to €53 million (20.4% margin), up from €45 million (17.0%) in H1 2024.

• Integration of Drontal® and ProfenderⓇ is in its final phase, with full production transfer expected by year-end.

Financial highlights

• Essentials sales grew 4.2% at constant exchange rates, reaching €165 million and representing 64.2% of total sales.

• Gross margin improved to 75.8% of sales, up from 72.3% in H1 2024, driven by product mix and price increases.

• Operating income (ROC) rose to €34.9 million (13.5% of sales), up from €32 million (12.1%).

• Net financial result was €1.0 million, down from €2.0 million, due to negative FX impacts.

• Earnings per share increased to €2.13 from €2.01.

Outlook and guidance

• Continued focus on Essentials product growth and operational profitability, with finalization of Drontal® and ProfenderⓇ integration expected by end of 2025.

• The group expects continued development through growth in essential products and strategic regions, but remains cautious due to economic, regulatory, and inflationary uncertainties.

• External growth opportunities remain a strategic priority amid an uncertain geopolitical and economic environment.