Vetoquinol (VETO) Q1 2026 TU earnings summary

Executive summary

• First quarter 2026 sales reached €125 million, down 4.3% on a reported basis and nearly flat (-0.3%) at constant exchange rates compared to Q1 2025.

• Excluding exchange rate effects and product line simplification, sales grew 1.2% year-over-year.

• Essential products accounted for 66.3% of total sales, with stable performance at constant exchange rates.

• U.S. business rebounded strongly, with sales up 15.6% at constant exchange rates.

• 2026 is positioned as a transition year, with a slowdown in product line streamlining and preparations for new product launches in 2027.

Financial highlights

• Q1 2026 sales: €125 million, compared to €130.6 million in Q1 2025.

• Exchange rates negatively impacted sales by €5.2 million, mainly in the U.S. and India.

• Essential products sales: €83 million, stable at constant exchange rates.

• Companion animal products contributed €93 million (71% of sales); farm animal products €38 million.

Outlook and guidance

• 2026 expected to be a transition year, with business activity affected by ongoing product line simplification and unstable geopolitical environment.

• Preparation underway for the launch of new Essentials in 2027.