Strong First-Half Financial Results
Uniphar Reports Higher First-Half Profit and €1.59 Billion Revenue on Strong Organic Growth
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Key Points
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Uniphar’s EBITDA rose 6.2% to €61.1 million, while operating profit increased to €35.4 million from €32.6 million a year earlier.
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The increase in net debt was accompanied by a €53 million operating cash outflow, negative free-cash-flow conversion of 77.1% and leverage of 2.40 times rolling 12-month adjusted EBITDA, versus 1.90 times in June 2025.
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Medtech gross profit rose 9% to €62.7 million and EBITDA increased 11.5% to €24.1 million; Uniphar said both gains were entirely organic and supported by geographic expansion and new supplier relationships.
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Supply Chain & Retail generated €1.07 billion in revenue and gross profit of €105.3 million, with 5.6% organic growth supplemented by 1.7% from the December 2025 acquisition of TouchStore.
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Uniphar’s new high-tech distribution facility in Ireland is scheduled to go live in February 2027, with a phased rollout planned during the first half of that year.
Uniphar, the Dublin-based healthcare distributor, posted stronger first-half results on solid organic growth across all three divisions. Revenue climbed 7.2% to €1.59 billion, pretax profit rose roughly 8% to €31.1 million, and adjusted earnings per share jumped 11% to 10.9 cents, according to Investors Chronicle. The company raised its interim dividend 4.2% to 0.74 cents per share and expects momentum to accelerate in the second half.
Uniphar remains on track to hit its €200 million EBITDA target by 2028, with at least 80% of that growth expected to come organically, MarketScreener reported. The company is investing heavily in new high-tech distribution facilities across the Netherlands, UK, and Ireland to support future expansion.
Across-the-board growth in all three business divisions
Pharma, Medtech, and Supply Chain & Retail all grew organically during the first half. Pharma posted 7% organic growth, Medtech achieved 9% organic gains, and Supply Chain & Retail grew 5.6% on an organic basis, according to Kalkine Media. Medtech was the standout performer, with gross profit rising 9% to €62.7 million and EBITDA increasing 11.5% to €24.1 million, entirely driven by organic expansion and new supplier relationships.
Supply Chain & Retail generated €1.07 billion in revenue and €105.3 million in gross profit. This division's 5.6% organic growth was supplemented by 1.7% contribution from the TouchStore acquisition completed in December 2025, MarketScreener noted. The division remains the company's largest revenue contributor by far.
Leverage rises as Uniphar invests in new facilities
Net debt increased to approximately €276 million, driven largely by working-capital movements and strategic capital investment. Leverage climbed to 2.40 times rolling 12-month adjusted EBITDA, up from 1.90 times in June 2025, according to Kalkine Media. The company posted a €53 million operating cash outflow and negative free-cash-flow conversion of 77.1%.
Uniphar is constructing a new high-tech distribution facility in Ireland scheduled to go live in February 2027. A phased rollout is planned for the first half of 2027. Similar facilities are also under development in the Netherlands and UK, representing significant capital expenditure to support long-term growth.
EBITDA growth accelerates as company eyes 2028 target
Uniphar's EBITDA rose 6.2% to €61.1 million in the first half, while operating profit increased to €35.4 million from €32.6 million a year earlier. Gross profit grew 7.7% across the group, MarketScreener reported. Management expects trading momentum and EBITDA growth to pick up pace in the second half of 2026.
The company remains confident about reaching its €200 million EBITDA target by 2028, with at least 80% expected to be organic growth. This guidance assumes the facility investments come online as planned and new supplier relationships continue to drive revenue in Medtech. The dividend increase signals management's confidence in cash generation ahead.
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