Animalcare Group (ANCR) Trading update summary

Financial performance and trading highlights

• Revenue increased 20% to approximately £89.1m, with organic growth of 2% and significant contribution from Randlab integration.

• Underlying EBITDA grew by about 50% to £17.6m, driven by high-margin products and Randlab's impact.

• Cash conversion was strong at around 80%, and net debt remained stable at £9.1m, with leverage well below 1.0x EBITDA.

• Companion Animal and Equine segments showed robust growth, with Equine now representing 24% of group revenues.

• Financial position supports continued investment in strategic growth drivers.

Strategic execution and growth initiatives

• Successfully integrated Randlab, enhancing both revenue and EBITDA.

• Advanced R&D pipeline with five key projects, including the VHH NGF antibody programme and a new licence for equine biologics.

• Made a 25% strategic equity investment in In Vetro Pty Ltd to strengthen Asia-Pacific presence.

• Committed to investing about 5% of revenue annually in innovation from 2026.

Outlook and upcoming events

• Entered 2026 with positive momentum, aiming to accelerate sustainable growth through portfolio optimisation, innovation, and selective M&A.

• Plans to provide further insight into growth strategies at a Capital Markets Event on 4 March 2026.

• Confident in addressing evolving demands of the global veterinary market with a scalable platform and strong balance sheet.