Uniphar (UPR) H2 2025 earnings summary

Executive summary

• Achieved revenue of €3.1bn, gross profit of €457.7m, and EBITDA of €130.9m for FY25, with strong organic growth across all divisions.

• EPS grew 21% to EUR 0.25, maintaining a six-year CAGR of 16% since IPO.

• Strategic investments in infrastructure, IT, and people to support long-term scaling and a 2028 EBITDA target of EUR 200 million.

• Maintained a diversified international presence, supporting 200 multinational manufacturers and delivering to 160+ countries.

• Focused on specialty products and expanding global commercialization capabilities, especially ex-U.S.

Financial highlights

• Revenue increased 11% to €3,074.7m compared to FY24.

• Gross profit rose 7% to €457.7m, with organic gross profit growth of 8.9%.

• EBITDA grew 6% to €130.9m, with organic EBITDA growth of 9%.

• Adjusted EPS increased from EUR 0.205 to EUR 0.248, up 21% year-over-year.

• Net bank debt/EBITDA at 1.6x, with net bank debt of €171.1m at year-end.

Outlook and guidance

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

• Free cash flow conversion expected to normalize to 60%-70% by 2028.

• Medium-term guidance includes ROCE of 12–15%, FCF conversion of 60–70% at €200m EBITDA, and net bank debt/EBITDA not to exceed 2.5x.

• Supply Chain & Retail guidance to be updated post-integration of new distribution center.

• Continued focus on organic growth, complemented by strategic M&A, especially in pharma.