Uniphar (UPR) H1 2025 earnings summary

Executive summary

• Achieved H1 2025 revenue of €1.5bn, gross profit of €219.7m (up 6.3%), and EBITDA of €57.5m (up 2.9%), with all divisions contributing to 8.1% organic gross profit growth and 21% adjusted EPS increase.

• Completed €35m share buyback, repurchasing 13.4m shares, supporting EPS growth; leverage maintained at 1.9x net bank debt/EBITDA.

• ROCE reached 15.5%, exceeding the 12-15% target range.

• Declared interim dividend of €0.0071 per share, up 6% from prior year, reflecting a progressive dividend policy.

• Continued strategic investments in technology, infrastructure, and people to support the €200m EBITDA target by 2028.

Financial highlights

• Revenue: €1,485.5m (+8.6% year-over-year); gross profit: €219.7m (+6.3%); EBITDA: €57.5m (+2.9%).

• Organic gross profit growth: 8.1% across all divisions; adjusted EPS: 9.8c (up from 8.1c); ROCE: 15.5%.

• Free cash flow conversion: 35.3% for H1 2025, with a target of 60%-70% by 2028.

• Net bank debt: €197.5m as of June 30, 2025; leverage at 1.9x.

• EBITDA margin at 3.9%; gross margin at 14.8%.

Outlook and guidance

• Targeting €200m EBITDA by 2028, with at least 80% of growth expected to be organic.

• Free cash flow conversion goal of 60-70% at €200m EBITDA.

• Net bank debt/EBITDA not to exceed 2.5x in the medium term.

• Expect organic EBITDA growth to accelerate in H2 due to investment phasing and revenue seasonality.

• Progressive dividend policy and continued share buybacks subject to market conditions.