Virbac Sa · EURONEXT:VIRP
Virbac Sa — H1 2026 Earnings Presentation
26 slides from Virbac Sa's earnings presentation, September 2026
Slide 1: 2026 half-year results & perspectives
2026 half-year results & perspectives September 2026
Slide 2: Disclaimer
DISCLAIMER This presentation contains forward-looking statements with respect to Virbac’s profitability and financial condition, business operations, projects and outlook. Although Virbac’s management believes that such forward-looking statements are based on reasonable assumptions, as made as of the
Slide 3: Presenters
2026 Half-Year Financial Results & Strategic Performance Execution & Guidance 2026 HALF-YEAR RESULTS & PERSPECTIVES Presenters Paul Martingell Habib Ramdani Chief executive officer Chief financial officer - Deputy CEO
Slide 4: 2026 half-year results & perspectives
STRATEGY EXECUTION & I PERSPECTIVES II FINANCIAL RESULTS VIRBAC 2026 HALF-YEAR III GUIDANCE & 2026 FINANCIAL CALENDAR RESULTS & PERSPECTIVES IV Q&A SESSION
Slide 5: Solid H1 2026 performance in line with our strategy
I. STRATEGY EXECUTION & PERSPECTIVES Solid H1 2026 performance in line with our strategy ● H1 Growth +7.4% (Revenue €768.0M), driven by Supercharge platforms growing double-digits ● Operating profit at 18.8% (+0.5ppt vs H1 2025), driven by a favorable product mix from our higher-margin 'Supercharge'
Slide 6: Virbac outperformed the market by 2 ppt in LTM March 2026
I. STRATEGY EXECUTION & PERSPECTIVES Virbac outperformed the market by 2 ppt in LTM March 2026 Virbac revenues grew by a CAGR of 8.3% from FY21 to FY25 (including petfood sales) Note: the chart above is based on an internal estimate of the market growth and does not include petfood revenues.
Slide 7: Strong revenue growth in all geographies
I. STRATEGY EXECUTION & PERSPECTIVES Strong revenue growth in all geographies €768.0m Actual Revenue 7.4% growth @CERS
Slide 8: Our 'Growing Together' Strategy 2030
I. STRATEGY EXECUTION & PERSPECTIVES Our ‘Growing Together’ Strategy 2030 Our unique Virbac people & culture; driven by Purpose & Performance Focus on Priority Innovation & Execute with Fund our Growth Drivers Critical Capabilities Excellence Growth Build leading positions, in i) Double-down on inno
Slide 9: 'Supercharge' platforms driving the growth
I. STRATEGY EXECUTION & PERSPECTIVES ‘Supercharge’ platforms driving the growth Ear Mobility Ruminants Otitis in dogs as common as allergies (1 in 5 The only 360° multi-modal mobility platform ITMS: #1 global market position. consultations during the season) and a growing combining weekly pain treat
Slide 10: From partnership to strategic acquisitions
I. STRATEGY EXECUTION & PERSPECTIVES From partnership to strategic acquisitions Virbac-compatible, high margin assets that complement our portfolio and offer significant potential for geographic expansion Porus-One: global distribution agreement Lystralin : initial distribution agreement with with a p
Slide 11: 2026 half-year results & perspectives
STRATEGY EXECUTION & I PERSPECTIVES II FINANCIAL RESULTS VIRBAC 2026 HALF-YEAR III GUIDANCE & 2026 FINANCIAL CALENDAR RESULTS & PERSPECTIVES IV Q&A SESSION
Slide 12: Key takeaways - 2026 half-year financials
II. FINANCIAL RESULTS Key takeaways - 2026 half-year financials €768.0m in HY26 €144.2m in HY26 €87.1m in HY26 (vs €135.0m in HY26) (vs €738.3m in HY25) (vs €82.2m HY26) +7.4% @CERS 18.8% margin @CERS + 5.9% compared to H1 2025 Revenue EBIT Adj. (+0,5 ppt vs HY25) Net result ● 7.4% annual revenue gro
Slide 13: FX headwinds in H1 2026 impacting revenues and EBIT Adjusted
II. FINANCIAL RESULTS FX headwinds in H1 2026 impacting revenues by €25.0m and EBIT Adjusted by €4.9M 1 EBIT(A): current operating profit before depreciation of assets arising from acquisitions
Slide 14: Revenue split companion animals vs farm animals
II. FINANCIAL RESULTS Revenue split companion animals vs farm animals FY25 Revenue €1,465m Note: in € million in actual rate; in % at constant exchange rates and scope
Slide 15: Revenue growth by segment (1/2)
II. FINANCIAL RESULTS Revenue growth by segment (1/2) COMPANION ANIMALS +10.0% GROWTH +7.4% at CERS at actual rates €79.8m €49.3m €134.9m €64.0m €35.8m €99.4m (+13.7%) (1.0%) (+23.4%) (-5.5%) (+5.2%) (+8.8%) Note: in € million - at constant exchange rates and scope - *Other includes Dental, Equine a
Slide 16: Revenue growth by segment (2/2)
II. FINANCIAL RESULTS Revenue growth by segment (2/2) FARM ANIMALS +6.7% GROWTH +2.0% at CERS at actual rates €68.0 m €51.3 m €66.3 m €64.5 m €30.4 m €18.1 m (+1.5%) (-4.5%) (+20.5%) (+8.1%) (17.1%) (-5.3%) Note: in € million - at constant exchange rates and scope - *Other cattle, pig and poultry pr
Slide 17: P&L Statement
II. FINANCIAL RESULTS P&L Statement Revenues Solid growth of 4.0%, adjusted from currency and scope impact the growth in FY27 is at 7.4% driven by both volume (+5.4%) and prices (+2%) EBIT adjusted (before amortizations) Increasing EBIT adjusted margin ratio at 18.8% from 18.3% in HY25 mainly suppor
Slide 18: Net FCF at €-7.2m in HY26, improved by 82% vs HY25
II. FINANCIAL RESULTS Net FCF stand at €-7.2 m in HY26 improved by 82% compared to HY25 and offset by usual working capital seasonality Note: in €m - 🡻/🡻% HY26 growth compared to HY25 - CIT & FR: Corporate Income Tax and Financial result - Dividends: dividends were paid on the 6 of July and amount…
Slide 19: Virbac's net debt as of Jun26 vs Dec25
II. FINANCIAL RESULTS Virbac’s net debt as of Jun26 vs Dec25 Strong cash Usual NWC generation seasonality in HY26 Ongoing major industrial projects Closing net debt at constant rate & scope +€196.4m (+€23.6m vs Dec25) Net debt situation of €195.9 million compared to €172.8 million as of Dec25 Net de
Slide 20: Consolidated balance sheet analysis
II. FINANCIAL RESULTS Consolidated balance sheet analysis Slight increase in net debt due to increasing Capex and NWC requirements (net debt to Equity ratio at 16.1% as of Jun25 vs 15.4% as of Dec25)
Slide 21: Shareholding structure as of Jun26
II. FINANCIAL RESULTS Shareholding structure as of Jun26 Number Voting of shares Rights 8 390 660
Slide 22: 2026 half-year results & perspectives
STRATEGY EXECUTION & I PERSPECTIVES II FINANCIAL RESULTS VIRBAC 2026 HALF-YEAR III GUIDANCE & 2026 FINANCIAL CALENDAR RESULTS & PERSPECTIVES IV Q&A SESSION
Slide 23: 2026 full year guidance
III. GUIDANCE & 2026 FINANCIAL CALENDAR 2026 full year guidance In line with our reporting standards, the Thyronorm acquisition is included within the 2026 organic perimeter (constant scope) due to its materiality level
Slide 24: 2026 Financial calendar
III. GUIDANCE & 2026 FINANCIAL CALENDAR 2026 Financial calendar October 19, 2026* Q3 sales January 19, 2027* Q4 full-year 2026 sales *after market close
Slide 25: 2026 half-year results & perspectives
STRATEGY EXECUTION & I PERSPECTIVES II FINANCIAL RESULTS VIRBAC 2026 HALF-YEAR III GUIDANCE & 2026 FINANCIAL CALENDAR RESULTS & PERSPECTIVES IV Q&A SESSION
Slide 26: 2025 full-year results & perspectives
2025 full-year results & perspectives March 2026