Virbac (VIRP) H1 2025 TU earnings summary

Executive summary

• First half 2025 revenue reached €738.3M, up 5.6% at constant exchange rates and scope year-over-year.

• Second quarter revenue was €363.1M, a 6.4% increase at constant exchange rates and scope compared to Q2 2024.

• Organic growth was driven by both volume (~2.1 pts) and price (~3.5 pts) increases.

Financial highlights

• First half revenue grew 5.0% overall and 7.8% excluding exchange rate effects compared to H1 2024.

• Sasaeah acquisition in Japan contributed 2.2 points to growth; Mopsan acquisition in Türkiye added 0.6 points.

• Adjusted EBIT margin expected to remain around 16% for 2025 at constant scope.

Outlook and guidance

• Revenue growth at constant exchange rates and scope projected between 4% and 6% for 2025.

• Sasaeah acquisition expected to add 1 point to 2025 growth; operating income impact broadly neutral.

• Cash position forecasted to improve by €80M in 2025, excluding acquisitions.

• Moderate impact anticipated from potential US customs tariffs due to increased local US production.