Uniphar reports double-digit earnings growth
By Josh White
Date: Tuesday 24 Feb 2026
(Sharecast News) - Uniphar reported double-digit earnings growth for 2025 on Tuesday, with organic gross profit increasing at its fastest rate since IPO and adjusted earnings per share up 21%, as the group reiterated confidence in its medium-term EBITDA target.
For the year ended 31 December, revenue rose 11% to €3.07bn, or 11.1% on a constant currency basis.
Gross profit increased 7% to €457.7m, representing 7.3% growth at constant currency, with organic gross profit growth of 8.9%.
The AIM-traded firm said its gross profit margin was 14.9%, compared with 15.4% in 2024.
By division, Uniphar Pharma delivered gross profit of €131.9m, up 8.5% reported and 9.4% at constant currency, with organic growth of 15.5% driven by global sourcing and clinical trial supply.
Uniphar Medtech reported gross profit of €120.4m, up 10.5% reported and 10.7% constant currency, with organic growth of 10.5% supported by geographic expansion and supplier rollout.
It said the Uniphar Supply Chain & Retail division generated gross profit of €205.4m, up 4.2%, reflecting volume growth in supply chain and an expansion of the retail pharmacy network by 37 stores to 482.
EBITDA increased 6% to €130.9m, or 5.9% at constant currency, with organic EBITDA growth of 9% following the disposal of Inspired Health in 2024.
Its EBITDA margin was 4.3%, compared with 4.5% a year earlier.
Operating profit declined 6.2% to €76.9m.
Profit before tax excluding exceptional items rose 17.4% to €71.8m.
Adjusted earnings per share rose 21% to 24.8 euro cents from 20.5 cents, reflecting improved trading, lower finance costs and the accretive impact of a €35m share buyback completed during the year, under which 13.4 million shares were repurchased.
Basic EPS was 19.5 cents, down from 23.5 cents.
Net bank debt increased to €171.1m from €147.7m, with leverage at 1.6x EBITDA, compared with 1.5x in 2024.
The group reported free cash flow conversion of 99.1%.
A total dividend of €5.2m, or €0.0202 per share, was proposed for the year, up 5.2% per share.
That comprised an interim dividend of €1.8m, or 0.71 cents per share, paid in October, and a final dividend of €3.4m, or 1.31 cents per share, subject to shareholder approval.
During the year, Uniphar extended the maturity of its revolving credit facility to August 2029 and placed a new five-year €150m term loan with options to extend by a further two years.
The group also advanced strategic investments, including a new high-tech distribution facility in Ireland scheduled to commence phased operations in mid-2026, and completed the acquisition of TouchStore to enhance its digital offering in pharmacy.
"I am pleased with the results the group delivered in 2025, achieving our fastest rate of organic gross profit growth since IPO at 8.9%, alongside adjusted EPS growth of 21%," said chief executive Ger Rabbette.
"Over the past six years, we have delivered excellent compound annual adjusted EPS growth of 16%.
"These results reflect the successful execution of our strategy across all divisions and our continued ability to scale and generate sustainable growth.
"We remain confident of achieving our target of €200m EBITDA by 2028 with at least 80% of that growth being delivered organically."
Uniphar said it entered 2026 with strong trading momentum and expected continued strong organic gross profit growth in line with its medium-term guidance, remaining on track to deliver €200m of EBITDA by 2028, with at least 80% of that growth expected to be organic.
At 1224 GMT, shares in Uniphar were up 0.03% at 348.11p.
Reporting by Josh White for Sharecast.com.
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