Vetoquinol (VETO) H1 2026 earnings summary

Executive summary

• Sales reached €259.3 million for H1 2026, up 3.4% at constant exchange rates and 0.7% on a reported basis compared to H1 2025.

• Essentials products drove growth, accounting for €169 million (65% of sales), up 3.7% at constant exchange rates, with strong performance in the U.S. market.

• Net income rose 22% year-over-year to €30.5 million, representing 11.8% of sales.

• EBITDA reached €53.9 million (20.8% of sales), up from €52.6 million (20.4%) in H1 2025.

• U.S. market sales surged 13.1% in USD, reaffirming its position as the largest market.

Financial highlights

• Gross margin improved to 77.1% of sales, up from 75.8% in H1 2025, driven by product mix and price increases.

• EBIT before amortization of acquired assets was €44.8 million (17.3% of sales), up from 16.2% in H1 2025.

• Operating income (ROC) was €39.2 million (15.1% of sales), up from €34.9 million (13.5%) in H1 2025.

• Cash flow from operating activities surged to €38.6 million from €12.4 million in H1 2025.

• Cash and cash equivalents stood at €223 million as of June 2026.

Outlook and guidance

• Several new product launches are planned as future growth drivers.

• The U.S. market has returned to growth, aided by supply chain normalization.

• Solid fundamentals and financial structure support continued development and external growth ambitions.

• The company remains cautious due to economic, regulatory, and inflationary uncertainties.

• Geopolitical and economic context remains uncertain, with minimal direct impact from the Middle East conflict.