Vetoquinol (VETO) H2 2024 earnings summary

Executive summary

• Group sales reached €539 million, up 2.2% at constant exchange rates year-over-year, with Essentials products driving growth.

• Essentials product line grew 4.6% at constant exchange rates, outpacing the market.

• High operating profitability and solid cash generation were maintained, with EBITDA at €104.3 million (19.3% of sales) and net income (Group share) at €58.7 million, up 5.6%.

• U.S. business declined 6.9% due to market weakness, distributor actions, and supply chain issues.

• Board proposed a dividend of €0.89 per share for 2024.

Financial highlights

• Essential products sales rose 4.6% to €328 million, now 61% of total sales, with higher gross margins.

• EBITDA was €104.3 million, representing 19.3% of sales.

• Net income (Group share) increased by 5.6% to €58.7 million.

• Operating income rose 4.1% to €77.3 million; EBIT increased to €76.1 million (14.1% of sales).

• Net cash position at year-end was €185.2 million, up €55.2 million from 2023.

Outlook and guidance

• Continued growth expected in Essentials products, with strategy focused on Essentials into 2025.

• Focus on operating profitability and cash generation.

• External growth opportunities being pursued.

• Uncertain geopolitical and economic context noted.

• Next financial update scheduled for Q1 2025 sales on April 24, 2025.