Uniphar (UPR) H2 2025 TU earnings summary

Executive summary

• Achieved approximately 21% adjusted EPS growth in 2025, surpassing expectations, driven by strong trading, organic gross profit growth, lower finance costs, and share buy-back accretion.

• All divisions contributed to the fastest organic gross profit growth rate since IPO, with a six-year EPS CAGR of 16%.

Financial highlights

• Organic gross profit grew by about 9% year-over-year in 2025.

• Net Bank Debt/EBITDA was 1.5x at year-end, reflecting strong liquidity and favorable working capital movements.

• €35m share buy-back program contributed to EPS accretion.

Outlook and guidance

• Expects organic gross profit growth in 2026: double digit for Pharma, high single digit for Medtech, low single digit for Supply Chain & Retail.

• Confident in reaching €200m EBITDA target by 2028, with at least 80% of growth being organic.

• M&A remains a key growth strategy, with a disciplined approach to capital allocation and an active acquisition pipeline.