Vetoquinol (VETO) Q3 2025 TU earnings summary

Executive summary

• Nine-month sales reached €384.2 million, down 3.5% on a reported basis and 1.3% at constant exchange rates compared to the previous year.

• Essential products accounted for 64% of sales, showing growth of 2.7% at constant exchange rates and 1.1% on a reported basis.

• Net negative currency impacts totaled €8.9 million in the Americas and Asia-Pacific/Rest of World, and €7.7 million from product range simplification in Europe.

Financial highlights

• Q3 2025 sales were €126.5 million, down 5.3% on a reported basis and 1.8% at constant exchange rates year-over-year.

• Free cash flow generation remained strong, with improved working capital.

• Operating profitability stayed high for the first nine months, consistent with the first half of 2025.

Outlook and guidance

• Supply flow frictions from internalizing manufacturing are expected to fade in Q4, supporting sales recovery.

• Next financial update scheduled for January 29, 2026, covering annual sales.