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CVS Group (CVSG) investor relations material

CVS Group Investor Update summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Investor Update summary15 Oct, 2025

Financial performance and growth

  • Revenue increased by 5.4% to £673.2m, with adjusted EBITDA up 9.4% to £134.6m and margin rising to 20%.

  • Like-for-like sales growth was 0.2% for the year, rebounding in the second half after a weak start.

  • Free cash flow rose 22.2% to £72.2m, and operating cash conversion reached 76.9%, exceeding targets.

  • Net bank borrowings decreased to £131.4m, with leverage reduced to 1.18x, well below the 2x ceiling.

  • Adjusted EPS fell to 80.1p due to higher tax, depreciation, and finance costs.

Strategic initiatives and investments

  • Divested crematory business at a 10x EBITDA multiple, freeing capital for further investment.

  • Completed seven Australian acquisitions (15 sites) in FY25 and two more (8 sites) post year-end, expanding to 51 sites.

  • Capital expenditure totaled £33.2m, focused on facilities, equipment, and IT modernization.

  • Ongoing investment strategy targets £30–50m per year in CapEx and over £50m in acquisitions, mainly in Australia.

  • New cloud-based practice management system launched to enhance client experience and operational efficiency.

Market conditions and outlook

  • UK market saw initial softness but improved in the final quarter, with positive momentum into FY26.

  • Australian operations deliver strong like-for-like growth and EBITDA margins above 25%.

  • Sector remains resilient but not immune to consumer spending pressures; improvement seen as confidence returns.

  • Medium-term ambition is to achieve 4–8% like-for-like growth, supported by pricing, volume, and service expansion.

  • CMA investigation nearing conclusion, expected to unlock further UK acquisition opportunities.

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Frequently asked questions

CVS Group plc is an integrated veterinary services provider in the UK, known for its extensive operations across various segments. The company owns approximately 500 veterinary surgeries within the UK, Netherlands, and Republic of Ireland, catering to small animal, large animal, and equine specialisms. This includes small animal and equine referral practices. CVS Group's business model encompasses four main areas: veterinary practices, diagnostic laboratories, pet crematoria, and an e-commerce division. The company is headquartered in Diss, Norfolk, and its shares are listed on the London Stock Exchange.

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