Virbac (VIRP) investor relations material

Executive summary

• Full-year 2025 revenue reached €1,465m, up 7.9% at constant exchange rates and scope (CERS) versus 2024, and 4.8% at actual rates due to currency headwinds, especially in Latin America, IMEA, and Pacific.

• Companion animal segment grew 10.9% and farm animal segment 6.1% at CERS, with strong volume/mix and price effects.

• Notable regional growth: USA +14.7% at CERS, IMEA +9.5%, Latin America +7.5%, Europe +7.5%, and Far East Asia +3.3% (excluding Sasaeah).

• Pacific region stable for the year but rebounded in Q4 2025 with +14% growth.

• Strategic acquisition of Thyronorm, a specialty feline health product, expected to be accretive to sales and EBITDA margin from Year 1.

Financial highlights

• Q4 2025 consolidated revenue was €362m, up 7.1% at CERS and 2.1% at actual rates compared to Q4 2024.

• Full-year revenue growth at CERS was 7.9%, with actual rate growth at 4.8%.

• Volume/mix effect contributed ~+5%, price increases ~+3%.

• Sasaeah (Japan) and Mopsan acquisitions contributed +0.8 and +0.6 percentage points to growth, respectively.

Outlook and guidance

• 2026 revenue growth expected between 5.5% and 7.5% at constant rates and scope, including Thyronorm acquisition.

• Adjusted recurring operating income (EBIT adjusted) expected around 17% of revenue at constant exchange rates.

• US tariffs estimated to impact results by approximately $4 million annually, fully integrated into 2026 outlook.