Uniphar Plc (LSE:UPR) reported an 11% increase in adjusted earnings per share for the first half of 2026, alongside higher revenue and EBITDA, while net debt increased following working capital movements and capital investment.
Adjusted earnings per share rose to 10.9 cents from 9.8 cents a year earlier. Basic earnings per share increased 16.7% to 7.7 cents.
Revenue for the six months ended 30 June increased 7.2% to €1.59 billion, while gross profit rose 7.7% to €236.5 million. Organic growth accounted for 6.9% of the increase in gross profit.
EBITDA increased 6.2% to €61.1 million and operating profit rose to €35.4 million from €32.6 million in the prior-year period.
Net Bank Debt Rises to €275.7 Million
Net bank debt increased to €275.7 million at the end of June from €171.1 million at 31 December 2025.
Uniphar attributed the increase primarily to the expected reversal of working capital timing benefits in its Pharma Services business and further strategic capital expenditure.
The group recorded an operating cash outflow of €53 million during the first half, while free cash flow conversion was negative 77.1%.
Leverage stood at 2.40 times rolling 12-month adjusted EBITDA, compared with 1.90 times at June 2025.
Return on capital employed for the rolling 12-month period was 14.7%, within Uniphar’s target range of 12% to 15%.
Medtech EBITDA Increases 11.5%
Medtech recorded a 9.0% increase in gross profit to €62.7 million, while EBITDA rose 11.5% to €24.1 million. Uniphar said both increases were entirely organic and were supported by geographic expansion and new supplier relationships.
The Pharma division generated gross profit of €68.5 million, representing organic growth of 7%, supported by demand in Global Sourcing.
Supply Chain & Retail, Uniphar’s largest division by revenue, generated €1.07 billion of revenue and increased gross profit by 7.3% to €105.3 million.
Organic growth contributed 5.6% to the division’s gross profit increase, with a further 1.7% coming from the acquisition of TouchStore in December 2025.
Uniphar also expanded its pharmacy network by 30 stores to 512 during the period.
Irish Distribution Facility Launch Moves to February 2027
Uniphar said its new Irish distribution facility is now scheduled to become operational in February 2027 rather than during 2026.
The company plans a phased rollout during 2027 to allow additional end-to-end testing and reduce execution risk during the fourth-quarter peak trading period.
The facility forms part of Uniphar’s plans to reach its target of €200 million in EBITDA by 2028.
Chief Executive Ger Rabbette said the group remained “confident in our ability to reach our €200m EBITDA target by 2028, with at least 80% of growth expected to be organic.”
Uniphar Raises Interim Dividend 4.2%
The board declared an interim dividend of €0.0074 per ordinary share, an increase of 4.2% from €0.0071 a year earlier.
The dividend is scheduled to be paid on 9 October 2026.
Uniphar continues to target €200 million of EBITDA by 2028, with management expecting at least 80% of the growth required to reach that target to be organic.
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