Vetoquinol (VETO) H2 2024 earnings summary

Executive summary

• Annual sales reached €539m, up 2.2% at constant exchange rates, with Essential products driving growth.

• Net income (Group share) was €58.7m, representing 10.9% of sales, up 5.6% year-over-year.

• EBITDA totaled €104.3m (19.3% of sales), with strong cash flow generation of €86m.

• Growth achieved despite US market challenges and portfolio simplification impacting sales by €8m.

• Board proposed a dividend of €0.89 per share for 2024.

Financial highlights

• Essential products sales rose 4.6% to €328m, now 61% of total sales, with higher gross margins.

• Group EBIT increased to €76.1m (14.1% of sales), up from €71.6m in 2023.

• Margin on purchases improved to 72.0% due to product mix and price increases.

• R&D expenses increased to €43.7m (8.1% of sales), reflecting commitment to innovation.

• Net cash position at year-end was €185.2m, up €55.2m from 2023.

Outlook and guidance

• Strategy focused on Essentials will continue in 2025, with attention to geopolitical uncertainties.

• Next financial update scheduled for Q1 2025 sales on April 24, 2025.