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.

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.

• 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.
 

                                                                               ANNEXES

1 Income statement of the period

2. Statement of financial position

3. Statement of Cash flow

4. Reconciliation tables for alternative performance indicators
 
     4.1. Net Debt

 

   4.2.    Operating cash flow before interest and taxes

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