Uniphar (UPR) H1 2026 earnings summary

Executive summary

• Delivered strong H1 2026 results with 7.2% revenue growth to €1.59bn, 7.7% gross profit growth to €236.5m, and 6.2% EBITDA growth to €61.1m, with all divisions contributing robust organic growth.

• Adjusted EPS increased by 11.2% to 10.9 cent; ROCE reached 14.7%, within the 12%-15% target range.

• Strategic investments in infrastructure and technology are underway to support long-term growth and scalability.

• On track to achieve €200 million EBITDA by 2028, with at least 80% of growth expected to be organic, driven by organic growth and selective M&A.

Financial highlights

• Revenue rose to €1,591.9m, gross profit to €236.5m, and EBITDA to €61.1m, with gross profit margin stable at 14.9%.

• Adjusted EPS up 11.2% to 10.9 cent; basic EPS up 16.7% to 7.7 cent.

• Net bank debt at €275.7m, leverage at 2.4x, reflecting working capital unwind and capital investment.

• Free cash flow conversion was -77.1% for H1 2026 due to working capital timing, but five-year average is 65%.

• Interim dividend of €0.0074 per share declared, up 4.2%.

Outlook and guidance

• Confident in double-digit Pharma growth for the full year, high single-digit MedTech growth, and mid-single digit Supply Chain & Retail growth.

• EBITDA growth expected to accelerate in H2 2026; on track for €200m EBITDA by 2028, with FCF conversion expected to normalize to 60%-70%.

• Net bank debt/EBITDA to remain below 2.5x in the medium term.

• M&A remains a strategic enabler, with focus on Pharma and MedTech platforms.