- H1 2026 delivered a robust revenue growth of +7.4% and an adjusted EBIT margin2 of 18.8% at CERS:
- Revenue growth is coming from both segments : companion animal +10.0% and farm animal +6.7% with a strong contribution from our Supercharge platforms (excl. Thyronorm) which increased by around +12% at CERS
- Solid volume/mix effect of ~+5.4%, completed by price increase of ~+2%
- Operating margin increased by 0.5ppt compared to H1 2025 driven by a favorable mix effect on the gross margin partially offset by higher operating expenses due to H1/H2 phasing effects.
- Consolidated net income increased by +5.9% to €87.1 million
- Net Debt as of June 2026 up to €196 million compared to €173m as of December 2025 mainly driven by usual working capital requirement seasonality
- 2026 guidance confirmed at the upper end of the range: the strong performance achieved in the first half of the year positions us to target the upper end of our initial revenue growth range (5.5% to 7.5% at CERS) and an adjusted recurring operating income margin of around 17% at CERS
| in €m | HY26 | HY25 | Évolution |
| Revenues | 768.0 | 738.3 | 4.0 % |
| Change at constant exchange rates1 | 7.4 % | ||
| Change at constant exchange rates and scope1 | 7.4 % | ||
| EBIT Adjusted (before amortizations2) | 144.2 | 135.0 | 6.8% |
| as a % of revenue | 18.8% | 18.3% | 0.5 p.p |
| as a % of revenue at constant rates | 18.8% | na | na |
| as a % of revenue at constant exchange rates and scope | 18.8% | na | na |
| Amortization of intangible assets from acquisitions | (5.3) | (2.6) | 103.0 % |
| EBIT Adjusted | 138.8 | 132.4 | 4.9 % |
| Non-recurring (expenses) and income | (5.6) | - | - |
| EBIT | 133.3 | 132.4 | 0.7 % |
| Consolidated net income | 87.1 | 82.2 | 5.9 % |
| Other financial indicators | |||
| Shareholders’ equity - Group share | 1 217.1 | 1 065.1 | 14.3 % |
| Net debt3 | 195.9 | 172.8 | 13.4 % |
| Operating cash flow before interest and taxes4 | 173.0 | 164.0 | 5.5 % |
1Change at constant exchange rates and scope corresponds to organic sales growth, excluding exchange rate variations by calculating the indicator for the current and prior periods using identical exchange rates (the exchange rate used is that of the prior period), and excluding material changes in scope by calculating the indicator for the current period based on the prior period's consolidation scope. No material scope changes impacted H1 2026 compared to H1 2025. Due to its low materiality, the Thyronorm acquisition has been included in the 2026 organic scope (constant perimeter).
²EBIT Adjusted (before amortizations) corresponds to "recurring operating income before amortization of assets arising from acquisitions".
³Net debt corresponds to current (€111.5 million) and non-current (€213.5 million) financial liabilities, as well as the lease liability related to the application of IFRS 16 (€42.0 million), less cash and cash equivalents (€171.1 million) as published in the statement of financial position.
⁴Operating cash flow corresponds to the EBIT adjusted before amortizations of asset arising from acquisitions (€144.2 million) restated for depreciation & provisions (€24.5m - amortizations from acquisitions adjusted), non-cash items (€0.9m) and impacts related to disposals (€3.4m).
The financial statements have been audited by the statutory auditors and were reviewed by the Board of Directors on September 17, 2026. The financial statements and the detailed presentation of the annual results are available on the corporate.virbac.com website.
Paul Martingell, Chief Executive Officer statement
“Virbac delivered a strong first half, marked by +7.4% organic growth and an 18.8% operating margin, demonstrating our teams' ability to turn our commitment to animal health into tangible value. This performance reflects the scaling power of our 'Supercharge' platforms and the seamless integration of Thyronorm. Guided by our 'Growing Together' 2030 strategy, we are fully on track to achieve our full-year guidance."
Delivering our 2030 Strategy
In H1 2026, our Supercharge platforms grew by 12% at constant exchange rates (excl. Thyronorm), driven by exceptional performance in our Mobility and Ruminants ranges. The integration of Thyronorm strengthened our Endocrinology Supercharge platform, contributing an additional 3.7 percentage points to overall Supercharge platform growth.
The Group continues to execute its strategic industrial transformation plan. Key ongoing CapEx projects, including the new Vaccines Production Plant, Petfood Facility, Logistics Center, and the Suprelorin Manufacturing Transfer in France, remain fully on track. Concurrently, our global COGS efficiency program, now in its third year, continues to deliver strong results, driving gross margin expansion and effectively offsetting ongoing inflationary pressures.
In line with our strategic roadmap to acquire high-margin, complementary specialty assets, Virbac signed two strategic commercial distribution agreements this year, both featuring defined pathways toward asset or company acquisition:
- Porus-One: Distribution agreement with a purchase option for the Porus-One parent company. This carbon-based uremic toxin binder is complementing our current chronic kidney disease range in cats. Virbac commercialization is planned for 2027.
- Vetcare: Initial distribution agreement transitioning into a Marketing Authorization (MA) acquisition. Featuring a finrozole-based solution for managing heat in female dogs, this asset strengthens Virbac's reproduction portfolio, with launch planned for 2027.
Half-year 2026 sales by geography
First-half consolidated revenue amounted to €768 million, representing strong growth of +7.4% at constant exchange rates and scope compared to H1 2025. At actual rates first-half growth amounted to 4.0% due to currency headwinds. All regions delivered a solid performance in the first half of the year despite some localised operational challenges.
| in €m consolidated not audited | 2026 | 2025 | Actual rates | Change at CER2 | Change at CERS3 |
| Europe | 314 | 299 | 5.0 % | 6.5 % | 6.5 % |
| North America | 103 | 100 | 3.1 % | 10.1 % | 10.1 % |
| International | 351 | 339 | 3.4 % | 7.5 % | 7.5 % |
| Revenue | 768 | 738 | 4.0 % | 7.4 % | 7.4 % |
- Europe (+6.5% at CERS): First-half revenue growth was mainly driven by the companion animal segment (+7.2% at CER), primarily fueled by our petfood and endocrinology ranges following the Thyronorm acquisition, alongside our other 'Supercharge' platforms. Meanwhile, the farm animal segment grew by +3.1% at CER, led by our cattle vaccine and nutritional portfolios. While H1 revenues for France and Belgium were flat year-over-year due mainly to Q1 supply constraints, our other European markets delivered strong growth. This performance was led by Germany (cattle vaccines) and the UK (endocrinology), and further bolstered by performance in Turkey, which accounted for one-third of our total growth.
- North America (+10.1% at CERS): First-half revenues were primarily driven by strong growth across our 'Supercharge' platforms—such as Mobility, Dental, and Ear care—complemented by the endocrinology range from our Thyronorm acquisition. This performance was partially offset by temporary regulatory hurdles in our toll manufacturing business and supply constraints within the farm animal segment. Excluding distributor-level inventory movements (which had a favorable impact on H1 growth) and toll manufacturing activities, underlying organic growth remains around 10%.
- International (+7.5% at CERS): IMEA (India, Middle East & Africa) and Latin America delivered impressive double-digit growth in the first half of the year. This performance was driven by both the companion animal segment—primarily led by petfood, dental, and vaccine ranges—and the farm animal segment, fueled by cattle nutritionals and vaccines. Far East Asia also expanded during the period, driven by strong results in Japan and China. Conversely, the Pacific region faced headwinds due to intense competition in Australia, which was only partially offset by a solid performance in New Zealand.
Half-year 2026 results
EBIT Adjusted (before amortizations2) stood at €144.2 million in HY26 compared to €135.0 million in HY25
The actual margin reached 18.8% in HY26 compared to 18.3% in HY25. The performance in HY26 is explained by an increase in the gross margin (+1ppt) combined with lower R&D expenses in percentage of revenue (+0.8ppt) partially offset by increasing other operating expenses (-1.3ppt):
- The gross margin improvement is primarily attributable to a favorable product mix (including the impact of Thyronorm) supported by a solid volume (~+5.4%) and price evolution (~+2%) as well as a base effect linked to one-off negative impact observed last year.
- Operating expenses (before R&D) increased in percentage of revenue (+1.3ppt) in H1 mainly due to a phasing of expenditures more concentrated in the first half compared to 2025, a few one-off expenses incurred during the first half (incl. costs linked to product discontinuation and third party payment following litigation settlement) partially counterbalanced by R&D, which declined as a percentage of revenue (-0.8 ppt). We expect these items to normalize on a full-year basis.
Consolidated net income €87.1 million, an increase of 5.9% compared to H125
- Amortization charges on intangible assets from acquisitions increased from €2.6 million to €5.3 million, a rise mainly due to the integration of the Thyronorm acquisition completed in December 2025.
- Non-recurring expenses at €5.6 million in H1 2026 composed of (i) an asset impairment of €4.6 million resulting from the strategic discontinuation of a product range, and (ii) an inventory write-down of €1 million linked to exceptional damages. Discussions with insurers regarding potential claims recovery remain ongoing.
- Net financial expense decreased to €3.2 million, compared to €8.5 million in H1 2025, and mainly included foreign exchange loss of €1.5 million, supplemented and the cost of financial debt of €2.2 million.
- Corporate income tax increased to €43.1 million compared to €41.8 million in H1 2025 in line with the level of activity. The effective tax rate remained relatively stable compared to the same period last year.
- Net income - Group share stands at €87.4 million, an increase of 6% compared to the previous year (€82.4 million).
Net debt as of June 2026 increased to €196 million compared to €173 million as of December 2025
This change is mainly explained by the usual seasonal effect on working capital requirements (€79.8 million). Our capex spendings in H1 2026 amounted to €57.3 million essentially linked to our industrial transformation with an additional €5 million payment for an option to acquire a cat specialty product.
Key Events of the period
Virbac announces the appointment of Dr. Éline Maldepuech, Medical Doctor, INSEAD MBA graduate and granddaughter of the Group's founder, as Censeur of the Board of Directors, effective September 17, 2026.
Guidance 2026 confirmed, at the upper end of the range
While our full-year 2026 guidance remains unchanged, our strong first-half momentum (+7.4% growth) positions us to target the upper end of our revenue growth range of 5.5% to 7.5% at constant rates and scope, with an adjusted recurring operating income expected around 17% at CERS. Cash generation remains unchanged and is expected at approximately +€80m, after Capex spending of around €125m.
In line with our reporting standards, the Thyronorm acquisition is included within the 2026 organic perimeter (constant scope) due to its low level of materiality. Consequently, our guidance accounts for Thyronorm’s contribution to both total revenue (~+1 percentage point of growth) and expected operating income (~+0.5 adjusted Ebit) on a full year basis.
In light of the evolving geopolitical situation in the Middle East, Virbac remains mobilized to effectively assess and manage its operational and financial exposure. Total full-year revenue from countries directly at risk represents less than 0.5% of our global revenue. To date, supply chain disruptions remain limited and manageable within our current stock policy. We are also closely monitoring inflationary trends, including energy costs. Supported by our energy hedging strategy and proactive management, we do not currently anticipate any material impact that would necessitate a revision of our outlook
ANALYSTS’ PRESENTATION – VIRBAC
We will hold an analysts meeting on Friday, September 18 2026 at 2:00 pm (Paris time - CET)
You may also attend the meeting using the webcast (audio + slides) available via the link below.
Information for participants:
Webcast access link: Link
This access link is available on the corporate.virbac.com site, under the heading “Public releases.” This link allows participants to
access the live and/or archived version of the webcast.
You will be able to ask questions via chat (text) directly during the webcast or after watching the replay via the following email
address: finances@virbac.com.
About Virbac - Caring for animals together
At Virbac, we are constantly exploring new ways to prevent, diagnose and treat the majority of animal pathologies. We develop care, hygiene and nutrition products to offer complete solutions to veterinarians, farmers and pet owners around the world. Our purpose: advancing the health of animals with those who care for them every day, so we can all live better together.
More information on corporate.virbac.com
ANNEXES
1. Income statement of the period
| in €k | HY26 | HY25 | Variance |
| Net sales | 767 951 | 738 276 | 4.0% |
| Raw materials and consumables used | -242 929 | -240 856 | |
| External expenses | -134 161 | -131 601 | |
| Personnel expenses | -210 967 | -200 677 | |
| Taxes and duties | -9 980 | -9 741 | |
| Depreciation and provisions | -25 557 | -28 037 | |
| Other operating income and expenses | -158 | 7 652 | |
| Current operating profite before depreciation of assets arising from acquisitions | 144 199 | 135 016 | 6.8% |
| Depreciations of intangible assets arising from acquisitions | -5 350 | -2 635 | |
| Operating profit from ordinary activities | 138 849 | 132 381 | 4.9% |
| Other non-recurring income and expenses | -5 570 | - | |
| Operating profit | 133 279 | 132 381 | 0.7% |
| Financial income and expense | -3 245 | -8 492 | |
| Profit before tax | 130 033 | 123 889 | 5.0% |
| Income tax expense | -43 088 | -41 763 | |
| Share in earnings - Equity method | 172 | 113 | |
| Net income of consolidated entities | 87 117 | 82 239 | 5.9% |
| attributable to owners of the parent company | 87 373 | 82 408 | 6.0% |
| attributable to non-controlling interests | -255 | -169 | 50.6% |
2. Statement of financial position
| in €k | Jun26 | Dec25 |
| Goodwill | 290 339 | 356 055 |
| Intangible assets | 320 035 | 231 080 |
| Tangible assets | 452 368 | 424 129 |
| Right of use | 40 650 | 37 623 |
| Other financial assets | 52 385 | 45 123 |
| Share in companies accounted for by the equity method | 3 643 | 3 374 |
| Deferred tax assets | 25 508 | 24 891 |
| Non-current assets | 1 184 927 | 1 122 276 |
| Inventories and work in progress | 402 508 | 378 791 |
| Trade receivables | 236 463 | 201 154 |
| Other financial assets | 1 517 | 3 668 |
| Other receivables | 83 828 | 85 777 |
| Cash and cash equivalents | 171 050 | 122 500 |
| Current assets | 895 367 | 791 891 |
| Assets classified as held for sale | - | - |
| Assets | 2 080 294 | 1 914 167 |
| Share capital | 10 488 | 10 488 |
| Reserves attributable to the owners of the parent company | 1 206 627 | 1 114 702 |
| Equity attributable to the owners of the parent company | 1 217 115 | 1 125 190 |
| Non-controlling interests | -469 | -208 |
| Equity | 1 216 646 | 1 124 982 |
| Deferred tax liabilities | 72 790 | 50 408 |
| Provisions for employee benefits | 21 717 | 21 153 |
| Other provisions | 8 233 | 7 901 |
| Lease obligations | 30 146 | 27 646 |
| Other financial liabilities | 213 458 | 150 410 |
| Other payables | 10 204 | 15 358 |
| Non-current liabilities | 356 548 | 272 876 |
| Other provisions | 746 | 1 371 |
| Trade payables | 161 368 | 170 842 |
| Lease obligations | 11 878 | 11 325 |
| Other financial liabilities | 111 518 | 105 881 |
| Other payables | 221 590 | 226 890 |
| Current liabilities | 507 100 | 516 309 |
| Liabilities | 2 080 294 | 1 914 167 |
3. Statement of cash flow
| in €k | HY26 | HY25 |
| Consolidated result for the period | 87 117 | 82 239 |
| Elimination of share from companies' profit accounted for by the equity method | -172 | -113 |
| Elimination of depreciations & provisions | 35 383 | 31 076 |
| Elimination of deferred tax change | -698 | -130 |
| Elimination of gains and losses on disposals | 3 405 | 96 |
| Other income and expenses with no cash impact | 4 830 | -15 814 |
| Net cash flow | 129 865 | 97 353 |
| Net financial interests paid | 2 181 | 2 761 |
| Income tax accrued for the period | 43 793 | 41 960 |
| Net cash flow before financial interests & income tax | 175 838 | 142 075 |
| Effect of net change in inventories | -16 757 | -10 531 |
| Effect of net change in trade receivables | -30 887 | -36 972 |
| Effect of net change in trade payables | -5 726 | 289 |
| Income tax paid | -32 644 | -41 275 |
| Effect of net change in other receivables and payables | -37 556 | -25 939 |
| Effect of change in working capital requirements | -123 570 | -114 428 |
| Net cash flow generated by operating activities | 52 268 | 27 646 |
| Acquisitions of intangible assets | -6 223 | -4 719 |
| Acquisitions of tangible assets | -51 094 | -49 137 |
| Disposals of intangible and tangible assets | 49 | 52 |
| Change in financial assets | -4 677 | -600 |
| Change in debts relative to acquisitions | - | - |
| Acquisitions of subsidiaries or activities | - | - |
| Disposals of subsidiaries or activities | - | - |
| Dividends received | - | - |
| Net cash flow allocated to investing activities | -61 946 | -54 404 |
| Dividends paid to the owners of the parent company | -0 | -12 148 |
| Dividends paid to the non-controlling interests | -3 | 0 |
| Change in treasury shares | - | - |
| Transactions between the Group and owners of non-controlling interests | - | - |
| Increase/decrease of capital | - | - |
| Cash investments | - | - |
| Debt issuance | 85 587 | 89 633 |
| Repayments of debt | -33 346 | -52 703 |
| Repayments of lease obligation | -6 701 | -6 591 |
| Net financial interests paid | -2 181 | -2 761 |
| Net cash flow from financing activities | 43 356 | 15 430 |
| Change in cash position | 33 678 | -11 327 |
4. Reconciliation tables for alternative performance indicators
4.1. Net Debt
| in €k | Jun26 | Dec25 |
| Loans | 302 232 | 248 694 |
| Bank overdrafts | 13 616 | 1 165 |
| Accrued interests not yet matured | 48 | 38 |
| Lease obligation [IFRS16] | 42 024 | 38 971 |
| Employee profit sharing | 1 642 | 1 719 |
| Currency and interest rate derivatives | 3 592 | 809 |
| Other | 3 845 | 3 866 |
| Other financial liabilities | 366 999 | 295 262 |
| Cash | 112 617 | 99 932 |
| Cash equivalents | 58 433 | 22 568 |
| Cash & cash equivalents | 171 050 | 122 500 |
| Net financial debt | 195 949 | 172 762 |
4.2. Operating cash flow before interest and taxes
| in €k | HY26 | HY25 |
| Current operating profit before depreciation of assets arising from acquisitions | 144 199 | 135 016 |
| Elimination of depreciations & provisions | 24 462 | 28 441 |
| Elimination of gains and losses on disposals | 3 405 | 96 |
| Other income & expenses with no cash impact | 934 | 412 |
| Current operating cash flow | 173 000 | 163 964 |
| Other non-current income & expenses | 0 | 0 |
| Operating cash flow | 173 000 | 163 964 |
Attachment
