March 2026
First 6 months at Virbac & Strategic Execution
Financial Performance & Guidance
2025 FULL-YEAR RESULTS & PERSPECTIVES
Presenters
Paul Martingell
Chief executive officer
Habib Ramdani
Chief financial officer - Deputy CEO
VIRBAC
2025 FULL-YEAR RESULTS & PERSPECTIVESI
CEO's FIRST 6 MONTHS
II
STRATEGY EXECUTION & PERSPECTIVES
III
FINANCIAL RESULTS
IV
GUIDANCE & 2026 FINANCIAL CALENDAR
V
Q&A SESSION
First 6 months at Virbac…
VIRBAC
2025 FULL-YEAR RESULTS & PERSPECTIVESI
CEO's FIRST 6 MONTHS
II
STRATEGY EXECUTION & PERSPECTIVES
III
FINANCIAL RESULTS
IV
GUIDANCE & 2026 FINANCIAL CALENDAR
V
Q&A SESSION
2025 Full Year Results
Revenue €1,464.7M
EBIT Adjusted1 €234.4M
Net Income €150.5M
Operating cash2 €289.1M
1EBIT Adjusted (before amortizations) corresponds to "recurring operating income before amortization of assets arising from acquisitions".
2Operating 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).
Solid 2025 performance in line with our strategy
Continued strong financial performance & discipline
Solid volume/mix and price driven revenue growth of 7.9% at CERS
EBIT adjusted1 margin of 16.0% despite temporary industrial challenges
2026 guidance: Revenue growth between 5.5% and 7.5% at CERS
(incl. Thyronorm) and en EBIT Adjusted1 margin of around 17%.
Continuing investment for future
Record-high investments in R&D (€115m) for innovation
Record high CAPEX (€102m), and Quality investments for future capacity, agility and customer service
2025 was a landmark year for business development, culminating in a record 9 technology licensing agreements.
Executing our M&A strategy
Thyronorm acquisition in Dec25 (~€27M annual in-market revenue) complements the existing portfolio and is expected to be accretive to sales and EBITDA margin from 2026
The integration process of Sasaeah (Apr24) is on track, while
Mopsan (Dec24) is almost completed.
Virbac outperformed the market by 0.8 ppt in 2025
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.
Our 'Growing Together' Strategy 2030
Our unique Virbac people & culture; driven by Purpose & Performance
Focus on Priority Growth Drivers
Build leading positions, in areas of high unmet need, with superior products & experiences
'Supercharge' platforms driving growth
Innovation & Critical Capabilities
Double-down on innovation (R&D + BD&L)
Customer Obsessed,
Omnichannel vet recommendation
Customer Service
Step-change through innovation & omnichannel
Execute with Excellence
Commercial Excellence
Industrial Excellence
Digital, Data & AI Transformation
Partner of choice in Animal Health
Fund our Growth
Productivity
Revenue Growth Management
Smart Simplification
Drive GM% to support R&D / A&P + Profit
'Supercharge' platforms driving the growth
Reproduction
The only alternative to surgical castration, avoiding animal mutilation and behavior change
Today <1% of castrations are non-surgical
Dental
Still high unmet need and impact on pet/owner experience & Top5 reasons for Vet visits
Virbac #1 Vet Recommended Brand
Other 'supercharge' platforms :
Therapeutic/Medical petfood
An unmet market need for carnivorous diets offering true therapeutic and medical value
Only pharma company with nutrition as part of holistic animal health
Mobility, Ear, Endocrinology, Ruminants
Continuous in-house R&D and technology licensing efforts
R&D at Virbac€115.1M (vs. 108.7 in FY24)
R&D expenses
777 dedicated people
6 main R&D centers
Project pipeline for new products and geo-extensions
~ 40 Priority projects >€ 500M peak sales1
~ 100 Other projects
~ 60 Geo-extension projects
9 technology licensing deals signed in FY25
1Estimated peak sales, non-risk adjusted basis
Major new product launches in 2025
Farm Animals
The first medicalized pet food designed to treat chronic kidney disease in cats.
A medicated collar providing long-lasting protection against external parasites in dogs and cats
Suigen cough
Companion Animals
Vikaly
Prevexto
Swine respiratory vaccine that provides robust protection against coughing and respiratory infections
Intramar
Intramammary treatment to combat clinical mastitis and protect udder health in dairy herds
Trilotab
Therapeutic solution for the treatment of the Cushing's syndrome (end of 2024)
Ursolyx
An innovative soft chew designed to combat muscle atrophy
Multimin Boost
Injectable trace mineral to boost immunity and reproductive performance in cattle and sheep during critical production phases
Programmatic M&A: Scaling Our Impact
M&A Targets focus Virbac-compatible, high margin assets that complement our portfolio
and offer significant potential for geographic expansion
Virbac power
Strong balance sheet and the agility to move fast with a structured M&A Team
Thyronorm Acquisition
Perfect fit for Virbac: specialty product with differentiated liquid form
Key geographies covered: the product is commercialized in Europe and USA
Growing market:
rising number of household cats and longer lifespan
Accretive deal:
on Sales and EBIT margin
£100m transaction with €27m in market sales
4 strategic and actionable priorities
Act for Animals
Investing in responsible R&D and setting high standards for animal welfare.
Act for People
Fostering safety, equity diversity and inclusion to build a fulfilling and engaging work environment.
Act for Society
Ensuring business Ethics, responsible purchasing, volunteer and foundation programs.
Act for Planet
Minimizing our environmental footprint via progressive climate transition and resources optimization.
Continued focus on Sustainable Value Creation
Revenue
Consistently outperforming the market growth rate
Programmatic M&A
To further support our 2030 strategic priorities & guidance
Margin
Commitment to 20% Adjusted EBIT margin by 2030
Cash Focus
Operational & NWC efficiency to drive cash generation
VIRBAC
2025 FULL-YEAR RESULTS & PERSPECTIVESI
CEO's FIRST 6 MONTHS
II
STRATEGY EXECUTION & PERSPECTIVES
III
FINANCIAL RESULTS
IV
GUIDANCE & 2026 FINANCIAL CALENDAR
V
Q&A SESSION
Key takeaways - FY25 financials
€1464.7m in FY25
(vs €1397.4m in FY24)
Revenue +8.7% @CER EBIT Adj.
€234.4m in FY25
(vs €231.8m in FY24)
16,5% margin @CER
(-0,1 ppt vs FY24)
Net result
€150.5m in FY25
(vs €145.8m FY24)
7.9% annual revenue growth at constant scope and rate
Solid 2025 dynamic, across geographies
0.8% M&A contribution from Sasaeah acquisitions
Robust 16.3% adjusted EBIT margin
at constant scope and rate
Strong FX impact
Temporary industrial challenges
Partially offset by improved operating expense to revenue ratio
● + 3.2% net result compared to 2024
Lower other non recurring expenses
€3.5 million (vs €10.4 million in 2024)
Partially offset by higher corporate income taxed (+4.8m)
Other financial indicators
Net cash flow generation of €188.0m in FY25 vs €206.0m in FY24. The decrease is mainly due FX impacts
Capex at €102.1m in FY25 vs €80.4m in FY24 driven by ongoing major industrial investments
Working capital requirements decreased by €6.7 million in FY25 driven by increasing efforts on our inventory levels
Net debt stand at €172.8m as of Dec25 stable vs 2024 mainly impacted by Capex and the Thyronorm acquisition
Strong revenue growth in all geographies to the exception of the Pacific
Actual Revenue
€1,465m
growth @CERS
7.9%
1EBIT(A): current operating profit before depreciation of assets arising from acquisitions
III. FINANCIAL RESULTS AND GUIDANCE
Strong FX headwinds in 2025 impacting revenues by €54.3m and EBIT Adjusted by €16.4M
III. FINANCIAL RESULTS AND GUIDANCE
Revenue split companion animals vs farm animals
FY25
Revenue
€1,465m
Note: in € million in actual rate; in % at constant exchange rates and scope
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