Financial Performance - The company reported revenues of €738.3 million for the first half of 2025, representing a 5.0% increase compared to €702.9 million in the same period of 2024. At constant exchange rates, revenue growth was 7.8% [1][7] - Current operating profit before amortization of assets from acquisitions decreased to €135.0 million, down 10.2% from €150.4 million in the first half of 2024, resulting in a margin of 18.3% of revenue [1][9] - Consolidated net income fell to €82.2 million, a decrease of 13.3% compared to €94.9 million in the first half of 2024 [1][10] Growth Drivers - The integration of Sasaeah, acquired in April 2024, contributed 2.2 percentage points to revenue growth. Organic growth at constant exchange rates and scope reached 5.6%, driven by a volume increase of approximately 2.1 points and price growth of about 3.5 points [7][8] - Regional performance varied, with Europe achieving a notable growth of 7.1% at constant exchange rates, particularly in Western Europe with a 9.4% increase, while North America grew by 5.9% [8] Financial Outlook - The company confirmed its 2025 revenue growth target of 4% to 6% at constant rates and scope, with the Sasaeah acquisition expected to contribute an additional 1 percentage point to growth [3][13] - The ratio of adjusted recurring operating income to revenue is anticipated to stabilize around 16% for 2025, reflecting ongoing investments in R&D [3][13] Debt and Cash Flow - As of June 30, 2025, net debt was reported at €201.4 million, a reduction of 21.0% from €254.9 million in the previous year [1][12] - Operating cash flow before interest and taxes was €164.0 million, down 5.0% from €172.6 million in the first half of 2024 [1][5]

Core Insights - The company reported a consolidated revenue of €738.3 million for the first half of 2025, reflecting a growth of +5.0% compared to the same period in 2024, with a significant increase of +7.8% when excluding exchange rate effects [3][9] - The second quarter revenue reached €363.1 million, marking a +6.4% increase at constant exchange rates and scope compared to Q2 2024, driven by strong performance in the companion animal segment and various geographical regions [2][9] - The company anticipates revenue growth for 2025 to be between 4% and 6% at constant exchange rates and scope, with the Sasaeah acquisition expected to contribute an additional 1 point of growth [7][8] Revenue Performance - In the first half of 2025, the companion animal segment grew by +7.1% at constant exchange rates, supported by strong sales in dental, dermatology, and pet food products [6] - The farm animal segment showed growth of +5.1% at constant exchange rates, primarily driven by the ruminant segment [6] - Revenue growth varied by region, with Europe achieving +7.1%, North America +5.9%, Latin America +8.2%, and IMEA +8.2%, while the Pacific region experienced a decline of -7.9% [4][5][11] Geographical Insights - Europe recorded a notable growth of +7.1% at constant exchange rates, with Western Europe increasing by +9.4% and Central and Eastern Europe by +27.4% [4][10] - North America achieved a growth of +5.9%, driven by specialty and dental products for companion animals, despite a temporary inventory effect [5][10] - The IMEA region showed the strongest growth at +11.0%, primarily in the livestock segment, with India and the MEA region contributing significantly [2][5] Future Outlook - The company expects to improve its cash position by €80 million in 2025, excluding potential acquisitions [7] - The impact of potential increases in US customs tariffs is anticipated to be moderate, with a significant portion of US revenue expected to come from local production [8] - The company plans to continue increasing R&D investments as a percentage of revenue, which will represent approximately +0.3 percentage points compared to 2024 [7]