Virbac (VIRP) Q1 2026 TU earnings summary

Executive summary

• Q1 2026 revenue reached €384 million, up 7.7% at constant exchange rates and scope (CERS) compared to Q1 2025, and up 2.2% at actual rates due to currency headwinds.

• Growth was balanced across both companion animal (+9.9%) and farm animal (+8.4%) segments, with Supercharge platforms (excluding Thyronorm) growing around 15% at CERS.

• Exceptional growth in North America (+20.7% at CERS), solid expansion in International (+9.1%), and sustained momentum in Europe (+2.0%).

• Thyronorm acquisition contributed approximately 1 percentage point to overall growth.

Financial highlights

• Revenue for Q1 2026: €384 million, up 7.7% at CERS and 2.2% at actual rates year-over-year.

• Volume/mix effect contributed ~6% to growth, with price increases adding ~2%.

• Adjusted recurring operating income expected around 17% of revenue for 2026.

Outlook and guidance

• 2026 guidance unchanged: revenue growth expected between 5.5% and 7.5% at constant rates and scope.

• Adjusted recurring operating income (EBIT adjusted) to revenue ratio expected around 17%.

• Cash generation for 2026 projected at ~€80 million, with Capex spending around €125 million.

• Thyronorm acquisition included in organic perimeter, contributing ~1pt to revenue growth and ~0.5pt to EBIT adjusted.