Overview
Uniphar PLC (ISE:UPR) on Tuesday released full-year 2025 results that showed material improvements across profitability and leverage metrics. Organic gross profit rose 9% - the fastest pace since the company went public. Adjusted earnings per share expanded by roughly 21%, a performance that exceeded both the company's internal outlook and the market consensus of 14%.
Drivers of outperformance
Management attributed the stronger-than-expected adjusted EPS primarily to lower finance costs and the effects of a completed share buyback. During the reporting period the company finished a €35 million buyback program, which contributed to EPS upside alongside reduced interest expense.
Working capital movements also played a notable role. Net bank debt to EBITDA ended the year at 1.5x - materially below analysts' projections of 2.2x - supported by timing benefits in working capital. The company's net debt position was roughly €90 million lower than forecasts, a difference the company linked to those same working capital dynamics.
Guidance and divisional outlook
Uniphar reiterated its target of achieving €200 million EBITDA by 2028. That goal incorporates an anticipated €20 million contribution from mergers and acquisitions. Looking nearer term, the company confirmed divisional organic gross profit growth expectations for 2026: Uniphar Pharma is targeting double-digit growth, Uniphar Medtech is aiming for high single-digit growth, and Uniphar Supply Chain & Retail is expected to deliver low single-digit growth.
Operational programs
Management also reiterated that progress on key operational investments is proceeding as planned. At a recent conference in January, they confirmed that work on a new logistics centre and an upgraded ERP system remains on track for a summer launch.
Takeaway
The results show a combination of organic performance and capital management that together improved profitability and lowered leverage versus market expectations. The company maintains multi-year EBITDA goals while setting clear divisional growth targets for 2026. Working capital timing and completed buybacks were important contributors to the year-end financial position.