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Virbac SA (VIRP) investor relations material
Virbac SA H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary15 Sep, 2025
Executive summary
Revenue for H1 2025 reached €738.3 million, up 5.0% year-over-year, with 5.6% organic growth at constant rates and scope, and 2.2% M&A contribution from Sasaeah; strong performances in most regions except Pacific.
New CEO Paul Martingell appointed, emphasizing continuity and execution; Habib Ramdani returned to CFO and deputy CEO roles.
Strategic focus remains on innovation, acquisitions, and competitiveness, with a target of 20% EBIT adjusted margin by 2030.
Net income was €82.2 million, down from €94.9 million in H1 2024, mainly due to margin pressure, higher financial charges, and FX losses.
Integration of Sasaeah (Japan) and Mopsan (Turkey) progressing well, both exceeding revenue expectations.
Financial highlights
Adjusted EBIT for H1 2025 was €135 million (18.3% of revenue), down 2.4 points YoY at constant exchange rates, impacted by higher inventory write-offs, temporary production shutdowns, and FX.
Net debt increased to €201.4 million, mainly due to higher CapEx, seasonal working capital needs, and dividend payments.
CapEx nearly doubled YoY to €53.9 million, focused on major industrial investments and transformation projects.
Net cash flow generation was €97.4 million, down 16% from H1 2024, reflecting increased CapEx and working capital.
Net free cash flow was -€41.1 million, reflecting higher CapEx and working capital needs.
Outlook and guidance
Full-year 2025 guidance confirmed: revenue growth of 4%-6% at constant rates and scope, with Sasaeah adding 1 point; adjusted EBIT margin expected around 16%.
CapEx expected above €100 million for 2025 and 2026, supporting ongoing industrial projects.
Cash position projected to improve by €80 million in 2025, excluding acquisitions.
Moderate impact anticipated from US customs tariffs, with most US revenue shifting to local production.
Strategic target of 20% EBIT adjusted margin by 2030 reaffirmed.
Explain HY25 EBIT margin decline drivers
Which regions faced specific challenges in HY25?
Mitigation strategy for potential US tariffs
How will Paul Martingell shape 2030-2035 strategy?
What drives H2 EBIT margin recovery to 16%?
Expected impact of high CapEx on future margins?
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Frequently asked questions
French Animal Health
Virbac is a French veterinary pharmaceutical company with multinational operations. The company focuses on developing, producing, and marketing a wide range of drugs and vaccines to improve the health and well-being of pets and livestock. Their product portfolio covers various areas, including parasitology, dermatology, dental care, antibiotics, and nutrition for animals. It is headquartered in Carros, France, and its shares are traded on the XPAR.
From a Small Clinic to a Global Giant
What would go on to become a global company and one of the largest companies in worldwide animal health was started as a veterinary office in a mall in Nice, France. Its founders, veterinarians Pierre-Richard Dick and Max Rombi sold the office after a few years and started to focus solely on medications and drugs for pets. This is something that helped Virbac establish itself, as most other similar companies at the time focused on livestock. During the 1970s, the company expanded by opening subsidiaries in several countries, and Virbac of today is a truly global company. Today, the company produces products and medications for both companion animals and livestock, and a large majority of its revenue is generated outside of France. Some other large companies operating in the sector include Zoetis and Elanco.
Pet Health
Their portfolio includes a variety of pharmaceuticals, vaccines, and nutritional supplements designed for both dogs and cats. Key product categories encompass flea and tick control, dental care, dermatology, and kidney health, along with a broad spectrum of vaccines to prevent common infectious diseases. Additionally, Virbac provides nutritional supplements that support overall pet wellness, aimed at reducing issues like joint health and digestion.
Products for Livestock
Virbac's product range in the livestock sector encompasses a comprehensive array of health solutions, targeting cattle, sheep, pigs, and poultry. Their portfolio includes vaccines and parasiticides, essential in controlling internal and external parasites that can affect animal health and productivity. Virbac also produces products for reproductive health and nutrition.
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