CVS Group (CVSG) Q4 2026 TU earnings summary

Executive summary

• Revenue for the year grew 5.9% to £712.8m, with like-for-like growth of 2.1% despite a softer UK economic environment and weather-related appointment deferrals.

• Adjusted EBITDA reached £141.5m, with margin stable at ~20%, demonstrating resilience despite inflationary pressures.

• Australian operations expanded to 57 sites, now contributing 11% of group revenue and 16% of group EBITDA before central costs, with a strong pipeline for further acquisitions.

• A £50 million share buyback program was announced and is underway, reflecting confidence in future growth and undervaluation.

• Transition to the Main Market and FTSE 250 inclusion signal maturity and broader market visibility.

Financial highlights

• Net debt at year-end was £199.6m, with leverage at 1.63x, well below the 2x maximum target.

• Operating cash conversion consistently exceeded 70%, supporting both organic and inorganic growth.

• Six acquisitions in Australia (14 sites) completed for £45m initial consideration; two more signed.

• Capital investment, including maintenance CapEx, was £36.4m (about 5% of revenue), with ongoing CapEx expected at ~£30m per annum.

• Free cash flow for FY2025 was £72.2m; adjusted EPS for FY2025 was 80.1p.

Outlook and guidance

• Confident in returning to 4%-8% like-for-like growth, with higher price increases implemented post-CMA decision.

• Margin guidance remains at 19%-23%, with current performance at ~20% despite inflation.

• Australia expected to deliver significant EBITDA growth, with a target of £105–£135m in time.

• Robust pipeline for further acquisitions in Australia and plans to resume accretive UK acquisitions.

• Full-year results to be announced in September, with further details on performance and dividend.