Vetoquinol (VETO) H2 2025 earnings summary

Executive summary

• Group sales reached €526 million in 2025, up 0.2% at constant exchange rates, with Essentials sales growing 4.1% at constant exchange rates and accounting for 64% of total sales.

• Essentials segment showed solid growth, while complementary products were rationalized, reducing complexity and improving product mix.

• U.S. operations returned to growth, driven by resolution of supply issues and a revitalized multichannel strategy.

• Net result, Group share was €57.3 million, representing 10.9% of sales, stable year-over-year.

• Business model resilience highlighted amid volatile currency and economic conditions.

Financial highlights

• EBIT before amortization of acquired assets was €92 million (17.4% of sales), up €2.5 million year-over-year.

• EBITDA rose to €113.9 million (21.7% of sales), up 9.3% year-over-year.

• Gross margin improved to 74.8% of sales, up from 72.0% in 2024, driven by Essentials and higher selling prices.

• Cash flow from operating activities was €72.1 million, down from €85.8 million in 2024; net cash position at year-end was €205.8 million.

• Proposed dividend of €0.93 per share.

Outlook and guidance

• Continued focus on Essentials growth, operational profitability, and cash generation, with geographic expansion planned.

• Active product launch program planned for 2026-2028.

• 2026 outlook remains cautious due to geopolitical and economic uncertainties, despite no direct exposure to conflict zones.