Business
Virbac: 2025 annual results
A robust adjusted EBIT margin² of 16.3% at CERS, driven by solid organic revenue growth of 7.9% Solid 2025 dynamic with annual revenue up +7.9% at CERS; with strong momentum in key categories and countries. Volume/mix effect of ~+5%, completed by price increase of ~+3%Adjusted EBIT (before amortization of assets arising from acquisitions) margin of 16.3% at CERS despite: temporary shutdown of an antigen’s production site and higher inventory write-offs in FY25partially offset by a solid underlyi
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A robust adjusted EBIT margin² of 16.3% at CERS, driven by solid organic revenue growth of 7.9% 1 Change at constant exchange rates and scope corresponds to organic sales growth, excluding exchange rate variations by calculating the indicator for the current and prior periods using identical exchange rates (the exchange rate used is that of the prior period), and excluding material changes in scope by calculating the indicator for the current period based on the prior period's consolidation scope. This change is calculated on the actual scope, including scope impacts from acquisitions (Sasaeah company), for which the relevant indicator is calculated using the prior period's exchange rate. ²EBIT Adjusted (before amortizations) corresponds to "recurring operating income before amortization of assets arising from acquisitions". ³Net debt corresponds to current (€105.9 million) and non-current (€150.4 million) financial liabilities, as well as the lease liability related to the application of IFRS 16 (€39.0 million), less cash and cash equivalents (€122.5 million) as published in the statement of financial position. ⁴Operating cash flow corresponds to the EBIT adjusted before amortizations of asset arising from acquisitions (€234.4 million) restated for depreciation & provisions (€56.4m - amortizations from acquisitions adjusted), non-cash items (€1.2m), impacts related to disposals (€1.1m) and other non-current income & expenses (-€4.1m). The financial statements have been audited by the statutory auditors and were reviewed by the Board of Directors on March 17, 2026. The financial statements and the detailed presentation of the annual results are available on the corporate.virbac.com website. Paul Martingell, Chief Executive Officer statement: “Our 2025 performance perfectly illustrates the resilience and agility of the Virbac teams and model. We delivered solid organic growth of 7.9% and maintained a robust adjusted EBIT margin of 16.3% (at constant exchange rates and scope), despite some temporary headwinds. This financial strength, characterized by a strong cash generation power and low debt, has allowed us to accelerate our strategic investments: we reached record levels in R&D to support future innovations as well as in Capex to bolster our industrial transformation. The acquisition of Thyronorm further highlights our ability to seize targeted external growth opportunities to complete our portfolio in high unmet need areas. In the face of a continued unstable external environment, we enter 2026 with confidence. Our diverse portfolio and the exceptional commitment of our teams allow us to look forward with confidence and to continue our mission of advancing animal health.” Full year 2025 sales by geography For the full year 2025, revenue reached €1,465 million, compared to €1,397 million in 2024, representing an overall increase of +4.8%. Excluding currency effects, revenue delivered significant growth of +8.7%. At constant exchange rates and scope, growth for FY25 stands at +7.9%. The acquisition of Sasaeah (Japan, April 2024) contributed +0.8 percentage points to growth. The acquisition of Mopsan (Türkiye, Dec 2024) contributed +0.4 points; however, this impact was not excluded from the constant scope calculation as it was deemed non-material. Full year 2025 results EBIT Adjusted (before amortizations 2 ) stood at €234.4 million in FY25 compared to €231.8 million in FY24 The actual margin reached 16.0% in FY25 compared to 16.6% in FY24. After adjusting for a currency effect of -0.5 point and a scope effect of +0.2 point, the margin at constant exchange rate and scope amounts to 16.3% in FY25. The performance in 2025 is explained by a decrease in the gross margin (-0.7 point) and by controlled operating and R&D expenses (+0.1 point). Consolidated net income amounts to €150.5 million, an increase of 3.2% compared to 2024 Net debt as of Dec25, stands at €172.8 million relatively stable compared to Dec24 (€168.5m) The operating cash flow before interest and taxes increased to 289m€. The capex spending amounted to 102m€ essentially linked to our industrial transformation including a few new sites being built to support the future growth of the group. Working capital requirements benefited from an improvement in our inventory and contributed positively to the net free cash flow. All of these elements resulted in a solid cash generation of €93 million at constant exchange rates and scope, which enabled the €107.8* million acquisition of Thyronorm in December 2025, leaving a relatively stable net debt level at the end of 2025 compared to 2024. Key events of the period *Note: The €107.8m Thyronorm acquisition amount includes an €11.5m escrow payment. In accordance with our reporting standards, this is classified under other working capital rather than as a direct M&A investment. Guidance 2026 For the year 2026, we currently anticipate at constant rate and scope : In line with our reporting standards, the Thyronorm acquisition is included within the 2026 organic perimeter (constant scope) due to its materiality level. Consequently, the provided guidance accounts for Thyronorm’s contribution to both total revenue (~+1 pt of growth) and expected operating income (~+0.5 Ebit adjusted). As previously disclosed the direct impact of US tariffs is estimated as of today at approximately US$4 million annually. This impact is fully integrated into our 2026 outlook. Finally, at the next shareholders' meeting, a net dividend per share of €1.45 will be recommended for distribution for the 2025 fiscal year. ANALYSTS’ PRESENTATION – VIRBAC We will hold an analysts meeting on Wednesday, March 18, 2026 at 2:00 p.m. (Paris time - CET) in the Sainte-Cécile auditorium, 8 rue Sainte-Cécile, 75009 Paris (France) Participants may arrive 15 minutes before the start of the meeting. You may also attend the meeting using the webcast (audio + slides) available via the link below. Information for participants: Webcast access link: bit.ly/3Pc4jdM This access link is available on the corporate.virbac.com site, under the heading “Public releases.” This link allows participants to access the live and/or archived version of the webcast. You will be able to ask questions via chat (text) directly during the webcast or after watching the replay via the following email address: [email protected] . About Virbac - Caring for animals together At Virbac, we are constantly exploring new ways to prevent, diagnose and treat the majority of animal pathologies. We develop care, hygiene and nutrition products to offer complete solutions to veterinarians, farmers and pet owners around the world. Our purpose: advancing the health of animals with those who care for them every day, so we can all live better together. More information on corporate.virbac.com ANNEXES Attachment