Uniphar, listed under ticker UPR, reported first-half 2026 results on a call held around September 2026, covering January 1 to June 30, 2026. Adjusted earnings per share rose 11.2% to EUR 0.109 from EUR 0.098 a year earlier. Gross profit increased 7.7% to EUR 236.5 million, with organic growth of 6.9%, while EBITDA climbed 6.2% to EUR 61.1 million. Return on capital employed was 14.7%, inside the company's 12%-15% medium-term target range.
Free cash flow was negative EUR 47 million, with a conversion rate of -77.1%, which management attributed to working-capital timing effects and an unwind in Uniphar Pharma. Net bank debt rose to EUR 275.7 million from an opening balance of EUR 171.1 million, leaving leverage at 2.4 times EBITDA. First-half capital spending was EUR 36.6 million, including strategic investments in facilities and systems. Management reiterated its medium-term target of EUR 200 million in EBITDA by 2028.
Uniphar Pharma generated gross profit of EUR 69 million, up 7% organically, on a revenue base of EUR 370 million. EBITDA was EUR 14 million, up 3.9%, with a margin of 3.8%. The division is expected to deliver double-digit growth for full-year 2026.
Uniphar Medtech reported gross profit of EUR 63 million, up 9% organically. The segment said the profit was 87% recurring and represented 27% of group gross profit. EBITDA was reported as EUR 24 million, while CFO Tim Dolphin cited EUR 34.1 million, up 11.5%, with margin rising to 15.9%. Gross profit margin was 41.2%. Management expects high single-digit growth to continue, in a European medtech distribution market valued at more than EUR 60 billion and growing at a 3%-4% compound annual rate.
Uniphar Supply Chain & Retail produced gross profit of EUR 105 million, up 10% reported and 5.6% organically, on a revenue base of EUR 1.1 billion. EBITDA was reported as EUR 23 million, or EUR 22.9 million, up 2.4%, with a margin of 2.1%. The group operates the largest pharmacy network in the country, with 512 owned or franchised stores, and added 30 pharmacies during the period.
Uniphar said adjusted EPS has grown at a 16% compound annual rate since its 2019 IPO. CEO Ger Rabbette said the company has delivered a six-year EPS CAGR of 16% and noted that 85% of the global development pipeline is in the hands of small and emerging biotech companies. Chief Commercial Officer Brian O'Shaughnessy said the business has been repositioned toward higher-margin, more specialized services, with strong demand for its high-value, flexible model in Uniphar Pharma services and global sourcing.
The go-live timeline for Greenogue 2, the company's flagship distribution center in Ireland, was extended to February 2027 to reduce execution risk during the busy fourth quarter. The project will require approximately EUR 20 million of incremental capital spending. Other locations referenced included Lelystad in the Netherlands, North Carolina in the U.S. and the U.K.
Shares were trading at $4.23, up 1.32% from the previous close of $4.18. The stock was approximately 25.1% above its 52-week low of $3.38 and 14.9% below its 52-week high of $4.97. Other executives participating in the call included Allan Smylie, head of strategy and investor relations, and Dermot Ryan, chief operating officer. Analysts mentioned in the transcript included Colin Grant of Davy, Charles Weston of RBC Capital Markets, Kane Slutzkin of Deutsche Bank, Christian Glennie of Stifel and Sam England of Berenberg.
