Uniphar plc, the Irish provider of healthcare services and supply‑chain solutions, released preliminary first‑half 2026 results on 8 September. Adjusted earnings per share increased 11.2% year‑over‑year to €10.9 cents. Revenue reached €1.6 billion, while EBITDA rose 6.2% to €61.1 million, lifting the EBITDA margin to 3.8%.
Gross profit grew 7.7% to €236.5 million and return on capital employed improved to 14.7%, within the company’s 12‑15% target range. Free‑cash‑flow conversion was negative 77.1% as the group recorded a €47.0 million cash outflow, driven by €86.5 million of working‑capital demand and €36.6 million of capital spending. Net bank debt stood at €275.7 million, equivalent to 2.4 times EBITDA.
The performance was underpinned by 6.9% organic gross‑profit growth across divisions. The Pharma segment added €4 million, Medtech €5 million and Supply Chain & Retail €6 million, while acquisitions contributed €2 million offset by a €1 million foreign‑exchange headwind.
Uniphar Pharma generated €370 million in revenue and €69 million gross profit, posting 7.0% organic growth and a 3.8% EBITDA margin. The Medtech division posted €152 million revenue, €63 million gross profit (9.0% organic growth) and an EBITDA margin of 15.9%, with recurring services accounting for 87% of gross profit. Supply Chain & Retail recorded €1.069 billion revenue, €105 million gross profit (5.6% organic growth) and a 2.1% EBITDA margin; its retail network expanded by 30 stores to 512 pharmacies.
Capital investment continued with the launch of a 330,000‑sq‑ft LEED‑Gold distribution centre in Dublin (Greenogue 2), now slated for February 2027 and adding roughly €20 million to capital spend. Additional facilities include an 85,000‑sq‑ft BREEAM‑Excellent centre in Lelystad (operational 2025), a 65,000‑sq‑ft site in North Carolina (2024) and a 110,000‑sq‑ft centre in the UK Midlands (2026).
Management reaffirmed its €200 million EBITDA target for 2028, expecting at least 80% of the growth to be organic. CEO Ger Rabbette highlighted a six‑year EPS compound annual growth rate of 16% since the 2019 IPO, while CFO Tim Dolphin noted the current leverage and cash‑flow profile.
On the sustainability front, Morningstar Sustainalytics ranked Uniphar 8th among 621 global healthcare firms, CDP awarded a ‘B’ climate‑disclosure rating, and EcoVadis gave a ‘Committed’ rating in January 2026.
The shares opened at $4.23 after the announcement, up 1.32%, within a 52‑week range of $3.38 to $4.97.
