Virbac: 2025 annual results

Core Insights - The company achieved a robust adjusted EBIT margin of 16.3% at constant exchange rates and scope, driven by solid organic revenue growth of 7.9% in FY25 [1][5][10] Financial Performance - Revenues for FY25 reached €1,464.7 million, an increase of 4.8% compared to €1,397.4 million in FY24, with a significant growth of 8.7% at constant exchange rates [2][8] - Adjusted EBIT (before amortizations) was €234.4 million, reflecting a 1.1% increase from €231.8 million in FY24, with an actual margin of 16.0% [2][10] - Consolidated net income rose by 3.2% to €150.5 million from €145.8 million in FY24 [11][12] - Operating cash flow before interest and taxes increased to €289.1 million, up 3.1% from €280.3 million in FY24 [12][28] Growth Drivers - The company experienced strong momentum in key categories and regions, with North America showing exceptional growth of 14.7% at constant exchange rates, particularly in the Companion Animal segment [8][10] - The Companion Animal segment in Latin America grew by 13.0%, driven by strong performances in Mexico and Colombia [8] - The acquisition of Thyronorm, a specialty product for treating feline hyperthyroidism, is expected to enhance the company's portfolio and contribute positively to sales and EBITDA margin from Year 1 [15][17] Strategic Investments - The company has reached record levels in R&D and capital expenditures to support future innovations and industrial transformation [7][12] - The integration of recent acquisitions, including Sasaeah and Mopsan, is expected to contribute positively to growth, with Sasaeah adding 0.8 percentage points to growth in FY25 [8][14] 2026 Guidance - For FY26, the company anticipates revenue growth between 5.5% and 7.5% at constant rates and scope, with an adjusted EBIT margin expected around 17% [5][23][17]