2026 Interim Results

Uniphar PLC

08 September 2026

 

Uniphar plc

2026 Interim Results

Uniphar plc, an international diversified healthcare services business, announces its half year results for the six months ended 30 June 2026, delivering a strong performance with 6.9% organic³ gross profit growth and 11.2% adjusted EPS growth.

FINANCIAL HIGHLIGHTS

			Growth
Six months ended 30 June1	2026 €'000	2025 €'000	Reported	Constant currency2
Revenue	1,591,855	1,485,492	7.2%	7.4%
Gross profit	236,490	219,651	7.7%	8.2%
Uniphar Pharma	68,523	64,042	7.0%	8.0%
Uniphar Medtech	62,683	57,505	9.0%	9.8%
Uniphar Supply Chain & Retail	105,284	98,104	7.3%	7.3%
Gross profit margin (Group) %	14.9%	14.8%
EBITDA1	61,059	57,495	6.2%	6.5%
EBITDA margin	3.8%	3.9%
Operating profit	35,400	32,606	8.6%	8.8%
Profit before tax excluding exceptional items	31,146	28,704	8.5%	8.8%
Net bank debt1	(275,728)	(197,535)
Basic EPS (cent)	7.7	6.6	16.7%
Adjusted EPS (cent)1	10.9	9.8	11.2%

·      Gross profit growth of 7.7%, of which 6.9% is organic³ reflecting strong growth across all divisions.

·      Gross profit margin increased to 14.9% (June 2025: 14.8%).

·      EBITDA growth of 6.2% demonstrating the execution of our strategy in each division.

·      Adjusted EPS growth of 11.2% to 10.9 cent (June 2025: 9.8 cent).

·     Robust liquidity with net bank debt of €275.7m (December 2025: €171.1m) and leverage at 2.4x (December 2025: 1.6x). This increase principally reflects the expected unwind of prior year working capital timing benefits as previously indicated.

·    The Board has declared an interim dividend of €0.0074 per ordinary share for the period to 30 June 2026 representing an increase of 4.2% in the period (June 2025: €0.0071 per ordinary share).

·      EBITDA growth is set to accelerate in the second half of 2026; underpinned by strong trading momentum.

·      The Group is well positioned to deliver on Adjusted EPS expectations for the full year.

1.    Additional information are set out in Alternative Performance Measures (APMs) section.

2.    Constant currency growth is calculated by applying the prior period's actual exchange rate to the current period's result.

3.  Organic growth is calculated as the gross profit growth of the underlying business in the period adjusting for the contribution from acquisitions and disposals in the relevant period to ensure a like-for-like comparison.

STRATEGIC AND OPERATIONAL HIGHLIGHTS

·    The Group delivered a strong performance in the period with Adjusted EPS growth of 11.2% to 10.9 cent with each division delivering growth consistent with its strategic objectives.

·      The Group achieved organic gross profit growth of 6.9% with an increase in gross profit margin to 14.9%.

§    Uniphar Pharma delivered 7.0% organic gross profit growth against a strong prior year comparator, supported by continued progress across Global Sourcing and Pharma Services. The division remains confident in achieving double-digit organic gross profit growth for the full year.

§    Uniphar Medtech delivered 9.0% organic gross profit growth supported by broad-based demand across core specialisms, portfolio expansion into new markets and continued enhancement of the product offering.

§    Uniphar Supply Chain & Retail delivered 5.6% organic gross profit growth, with the retail network increasing by 30 pharmacies to 512 in the period, and Wholesale maintaining strong volume growth.

·      Net bank debt increased in the period to €275.7m from €171.1m in December 2025, representing a leverage multiple of 2.4x. The increase primarily reflects the expected unwind of prior year working capital timing benefits in the Pharma division as previously indicated. This unwind results in a negative free cash flow conversion of 77.1% as at June 2026 (positive free cash flow conversion of 99.1% as at December 2025). The Group retains a robust liquidity position and remains disciplined in its approach to capital allocation.

·      We continue to enhance our global capabilities, with the final phases of development of our state-of-the-art facilities in the Netherlands and UK completing in 2026. The new high-tech distribution facility in Ireland will now go live in February 2027, with a phased roll-out during H1 2027. The revised timeline allows for additional end-to-end testing and minimises execution risk during Supply Chain's operational peak trading period in Q4.

·      Return on capital employed (ROCE) for the rolling 12-month period was 14.7% (June 2025: 15.5%), remaining at the upper end of the Group's medium-term target of 12%-15%. The reported ROCE is reflective of strong profitability in the period combined with disciplined capital management.

·   Sustainability remains a key focus for the Group, with continued  progress across our Climate Change and Responsible Sourcing Programmes. Current initiatives include a significant solar project supporting progress towards the Group's 2030 SBTi-aligned Scope 1 and 2 emissions reduction targets, together with continued supplier engagement through the responsible sourcing programme.

·     Uniphar has consistently deployed capital in a disciplined manner in both M&A and strategic investment opportunities. M&A remains an objective of the Group in delivering its medium-term growth targets, with the Group continuing to maintain an active pipeline of opportunities.

Ger Rabbette, Uniphar Group Chief Executive Officer said:

"Uniphar has delivered a strong first half, with continued organic gross profit growth across the Group. Trading continues to be robust, and the business is developing in line with our expectations. We expect to sustain this progress into the second half and remain on track to meet our growth objectives for each of our three divisions for the full year. We also remain confident in our ability to reach our €200m EBITDA target by 2028, with at least 80% of growth expected to be organic."

Analyst presentation

A conference call for investors and analysts will be held at 09:00 (BST), today, 08 September 2026. Analysts and investors who wish to participate should visit www.uniphar.ie to register.

A copy of the presentation and announcement will be available on our website at the time of the call.

Contact details

Uniphar Group	Tel: [phone]
Tim Dolphin
Chief Financial Officer
Allan Smylie
Head of Strategy and Investor Relations	[e-mail]

About Uniphar plc

Headquartered in Dublin, Ireland, Uniphar is an international diversified healthcare services business servicing the requirements of more than 200 multinational pharmaceutical and medical technology manufacturers across three divisions - Uniphar Pharma, Uniphar Medtech and Uniphar Supply Chain & Retail. The Group is active in Europe, North America, APAC and MENA and delivers to 160+ countries.

The Company's vision is to improve patient access to pharmaco-medical products and treatments by enhancing connectivity between manufacturers and healthcare stakeholders. Uniphar represents a strong combination of scale, growth, and profitability.

Uniphar Pharma

Uniphar Pharma operates a global business with high-value services across the lifecycle of a pharmaceutical product. We enable pharma and biotech companies to bring innovative medicines to global markets and provide healthcare professionals with access to medicines they cannot source through traditional channels. Our strategy is to build a leading platform to provide the specialist support and expertise needed to improve access to these medicines.

Uniphar Medtech

Uniphar Medtech is a leading pan-European medical device distributor and solutions partner. The Group's strategy for Uniphar Medtech is to grow our service offering across Europe and expand our addressable market by serving new specialities and new manufacturers.

Uniphar Supply Chain & Retail

Uniphar Supply Chain & Retail is the leading pharmaceutical wholesaler in Ireland with a growing symbol group offering of retail pharmacies. The Group's strategy for Uniphar Supply Chain & Retail is to grow our wholesale market share, our symbol group network and our own brand, in-licenced and consumer products portfolio. 

Cautionary statement

This announcement contains certain projections and other forward-looking statements with respect to the financial condition, results of operations, businesses, and prospects of the Uniphar Group. These statements are based on current expectations and involve risk and uncertainty because they relate to events and depend upon circumstances that may or may not occur in the future. There are a number of factors which could cause actual results or developments to differ materially from those expressed or implied by these projections and forward-looking statements. Any of the assumptions underlying these projections and forward-looking statements could prove inaccurate or incorrect and therefore any results contemplated in the projections and forward-looking statements may not actually be achieved. Recipients are cautioned not to place undue reliance on any projections and forward-looking statements contained herein. Except as required by law or by any appropriate regulatory authority, the Uniphar Group undertakes no obligation to update or revise (publicly or otherwise) any projection or forward-looking statement, whether as a result of new information, future events or other circumstances.

Sustainability

Sustainability remains a key focus for the Group and is embedded in how we manage the business, support our stakeholders and deliver long-term value. We continue to make progress across the Environmental, Social and Governance pillars with particular focus on the topics identified as most material to the Group.

During the period we advanced our Climate Change and Responsible Sourcing Programmes. A solar power installation is planned for our new Irish distribution centre in the second half of 2026, supporting progress towards our 2030 SBTi-aligned Scope 1 and 2 emissions reduction targets.

Building on supplier sustainability work commenced in 2025, we continue to engage directly with selected key suppliers to identify common priorities, provide insights we have gained from our own experiences and develop targeted support.

Strategic capital expenditure

Uniphar's track record of investment in technology has been a critical enabler of the Group's transformational growth journey to date. Investing in modern infrastructure in strategic locations has driven the Group's ability to achieve growth at pace.

We are in the final stages of a multi-year strategic investment programme in our Irish-based distribution facility together with the technology platform to deliver the next phase of business growth. The new high-tech distribution facility in Ireland will go live in February 2027, with a phased roll-out during H1 2027. This extended timeline allows for additional end-to-end testing and minimises execution risk during the Group's seasonal peak trading period in the fourth quarter. Once operational, this investment will more than double current capacity levels in the Supply Chain & Retail division whilst enabling us to scale our Pharma platform. The investment is a key component in achieving our target of €200m EBITDA by 2028.

We continue to enhance our global capabilities with the final phases in our state-of-the-art facilities in the Netherlands and UK completing in 2026. These facilities will enable us to build on the successful growth we have achieved in continental Europe in recent years.

Acquisitions and integration update

Uniphar continues to evaluate potential acquisition opportunities and maintains an active pipeline of opportunities to further expand our capability and geographic reach. The Group maintains a disciplined approach to capital allocation and remains committed to ensuring capital is deployed in investments that deliver a Return on Capital Employed within our target range of 12% - 15% within three years.

Following the acquisition of TouchStore in December 2025, the transaction continues to progress through the Competition and Consumer Protection Commission (CCPC) review process.

Current trading

Uniphar enters the second half of the year with strong trading momentum and is delivering in-line with expectations.

Outlook

Uniphar remains well positioned to achieve continued gross profit growth in each division and is confident of delivering on current market expectations for the full year.

The Group's ambition is to grow EBITDA to €200m by 2028 with at least 80% of that growth expected to be delivered organically.

The medium-term targets for organic gross profit growth are as follows:

·      Uniphar Pharma: Double digit

·      Uniphar Medtech: High-single digit

·      Uniphar Supply Chain & Retail: Low-single digit

M&A will continue to play an important role in Uniphar's growth strategy, and the Group continues to have a disciplined approach to capital allocation while managing an active pipeline of acquisition opportunities to further enhance the Group's growth potential.

Principal risks and uncertainties

The Board of Uniphar plc has overall responsibility for the Group's risk management and internal control systems which are designed to identify, manage and mitigate material risks the Group faces in pursuit of its strategic objectives. The Group continues to make good progress in its preparation for the new UK Corporate Governance Code Provision 29 requirements. The Board and Audit, Risk and Compliance Committee receive regular updates on readiness, and the Group remains on track to support its first Provision 29 declaration in respect of the 2026 financial year.

The principal risks and uncertainties facing the Group, as set out in the 2025 Annual Report on pages 58 to 61 (together with the principal mitigation measures), continue to be the principal risks and uncertainties currently facing the Group. The Group continues to actively assess changes in its external environment which could change its risk assessment and profile and actively manages all risks through its control and risk management process. A copy of the Annual Report is available from our website www.uniphar.ie.

Business Reviews

Uniphar Pharma

			Growth
Six months ended 30 June	2026 €'000	2025 €'000	Reported	Constant currency
Revenue	370,374	344,881	7.4%	8.0%
Gross profit	68,523	64,042	7.0%	8.0%
Gross profit margin %	18.5%	18.6%
EBITDA	13,987	13,456	3.9%	3.7%
EBITDA margin %	3.8%	3.9%

Performance

Uniphar Pharma delivered organic gross profit growth of 7.0% in the period, reflecting a strong trading performance across the division. EBITDA increased by 3.9% reflecting the underlying organic growth in gross profit and the incremental investment in specialist capabilities to further strengthen the division's client proposition.

Key highlights from the period include:

·    Organic gross profit growth of 7.0%, representing a strong performance against a strong prior year comparator, with both business units contributing positively to growth.

·      Gross profit margin remained stable at 18.5% (2025: 18.6%).

·   Global Sourcing performed well in the period, seeing continued demand for difficult-to-source medicines across the globe.

·   Strategic investments in new UK and continental European hubs, announced in 2025, are on track as planned to become fully operational in 2026.

Who we are

Uniphar Pharma provides access to difficult-to-source and innovative medicines and therapies in addition to working collaboratively with manufacturers to maximise the value of their assets across international healthcare markets. The division operates on a global scale, delivering integrated, high-value services throughout the life cycle of a pharmaceutical product - 'from molecule to market and beyond'. The division combines the strength of two complementary business units - Global Sourcing and Pharma Services.

Division review

Our Global Sourcing business is a leading global provider of unlicensed, difficult-to-source medicines and clinical supplies, serving manufacturers, and both primary and secondary care customers. Our unrivalled expertise in logistics, multi-territory regulatory knowledge and regulatory procedures together with strong relationships with pharma manufacturers, make our team a leading partner in its field. Performance in the period was in line with expectations, as our sourcing teams continued to navigate complex supply chains for vital products and ensured the continuity of supply to patients and clients around the globe.

The Pharma Services business delivers high-value services to pharma and biotech companies throughout the full product lifecycle, helping them overcome barriers to launch and commercialisation in their target markets. Our end-to-end service offering streamlines market entry and expands access for both healthcare providers and patients. Expanded Access Programs continue to act as a gateway to the broader suite of commercialisation services offered by the business. The division continues to invest in launch and commercialisation capabilities offering comprehensive and end-to-end services to pharma clients seeking to access markets including Europe, MENA and LATAM.

Outlook

Uniphar Pharma delivered a solid H1 2026 performance, with continued progress against its strategic objectives. Supported by ongoing demand in Global Sourcing, continued development of Pharma Services and investment in specialist capabilities, the division remains confident in achieving double-digit organic gross profit growth in 2026.

Uniphar Medtech

				Growth
Six months ended 30 June	2026 €'000	2025 €'000		Reported	Constant currency
Revenue	152,230	140,368		8.5%	9.1%
Gross profit	62,683	57,505		9.0%	9.8%
Gross profit margin %	41.2%	41.0%
EBITDA	24,142	21,657		11.5%	12.6%
EBITDA margin %	15.9%	15.4%

Performance

The division delivered an excellent performance in the period, with gross profit growth of 9.0% and EBITDA growth of 11.5%. Growth was broad-based across the division's core specialisms, supported by existing client demand, portfolio expansion into new markets, and continued enhancement of the product portfolio. Market demand remains strong for innovative medtech devices that improve patient outcomes, enhance the physician experience and deliver efficiencies for hospitals and payors.

Key highlights from the period include:

·      Gross profit growth of 9.0%, with gross profit margin stable at 41.2% (June 2025: 41.0%).

·      9.0% organic growth delivered by geographic expansion with existing suppliers and the rollout of new suppliers across established regions.

·      EBITDA growth of 11.5% in the period, all of which was delivered organically.

·      Broad-based growth in the period across specialisms supported by a scaling operating model.

Who we are

Uniphar Medtech is a leading European distributor of medical devices offering end-to-end solutions and specialist expertise across sales, marketing, servicing, quality, compliance, regulatory support, and market access for many of the world's top medical device manufacturers. The business is headquartered in Ireland with a pan-European presence and over half of our employees are clinically trained professionals who have the network and expertise to support healthcare professionals access the latest medical device technology.

Division review

Uniphar Medtech brings deep expertise across a diverse range of medical specialisms and holds leading market positions in areas such as interventional cardiology and radiology, orthopaedics, ophthalmology, minimally invasive surgery, diagnostic imaging, and connected care. These capabilities are underpinned by exclusive, long-standing relationships with some of the world's leading medical device manufacturers. Our strong and recurring business in Ireland provides a stable foundation while the UK and mainland Europe presents the most significant opportunities for future expansion.

The division delivered growth in the period through a combination of strong execution in our core Irish market and continued momentum across international markets. Leveraging our established relationships with leading manufacturing partners, we successfully expanded the reach of our specialist product portfolio into new and existing markets. Growth was supported by increased penetration within our core clinical specialisms, the introduction of additional products from key supplier partners, and the acquisition of new customers across our international footprint. These initiatives further enhance the division's diversified growth profile and reinforce its position as a trusted partner to both manufacturers and healthcare providers.

Outlook

Reflecting the strength of Uniphar Medtech's business model and growth pipeline, the division remains confident in delivering high single-digit organic gross profit growth in 2026.

Uniphar Supply Chain & Retail

			Growth
Six months ended 30 June	2026 €'000	2025 €'000	Reported	Constant currency
Revenue	1,069,251	1,000,243	6.9%	6.9%
Gross profit	105,284	98,104	7.3%	7.3%
Gross profit margin %	9.8%	9.8%
EBITDA	22,930	22,382	2.4%	2.4%
EBITDA margin %	2.1%	2.2%

Performance

The Supply Chain & Retail division provides a market-leading service offering and product range to our customers which is demonstrated by another period of growth. Each of the three components (Pre-wholesale, Wholesale and Retail) of the vertically integrated business grew in the period and continue to deliver on their objectives. EBITDA increased by 2.4% in the period, reflecting gross profit growth partially offset by continued investment as we enhance our service proposition across the division, together with inflation and statutory wage increases.

Key highlights from the period include:

·      7.3% gross profit growth, of which 5.6% is organic and 1.7% results from the acquisition of TouchStore in December 2025.

·      Gross profit margin remained consistent at 9.8% year on year, demonstrating the resilience of the business model.

·      Retail pharmacy network comprising of 512 stores supported, an increase of 30 stores year to date.

·      Strategic investment in the new Irish distribution facility progressing with the focus now on end-to-end performance testing with go-live planned for February 2027. 

Overview

Uniphar Supply Chain & Retail is the vertically integrated pharmaceutical distribution and retail pharmacy division of the Group. The division comprises Pre-wholesale, Wholesale and Retail pharmacy businesses that work together to supply medicines, consumer products and pharmacy services to our customers. Uniphar holds market leading positions in the wholesale and hospital supply markets in Ireland.

Supply Chain

The Supply Chain business plays a pivotal role in supporting patient health across Ireland by efficiently, reliably, and securely delivering critical medicines to pharmacies and hospitals. During the period, the business delivered a strong performance, achieving organic growth and expanding market share in the Wholesale market, which itself continues to grow. The Pre-wholesale business also performed well during the period, continuing to support key client partners and advance new business opportunities. Despite capacity constraints within the current infrastructure, the division continued to grow in the period. These constraints are being addressed with the commissioning of the new, state-of-the-art distribution facility, scheduled for go-live in February 2027. The build and fitout of this transformative facility are now complete, with HPRA (Health Products Regulatory Authority) audits completed. Current efforts are focused on end-to-end performance testing ahead of a phased go-live rollout. Once fully operational, the facility will mark a step-change for the Group, providing best-in-class capabilities and the potential to more than double existing volumes within a highly efficient operating environment.

Retail

Our Retail pharmacy business comprises 512 pharmacies that are owned, franchised or supported by the Group. The business operates across four brands - Hickey's, McCauley, Allcare and Life Pharmacy - and together form the largest pharmacy group in Ireland. The Retail business performed well in the period across prescriptions and services, notwithstanding some softness in demand for discretionary purchases among consumers. The Group continues to develop its own-brand consumer products range that offers increased choice and value to our customers. Following the acquisition of TouchStore in December 2025, the transaction continues to progress through the Competition and Consumer Protection Commission (CCPC) review process.

Outlook

Supply Chain & Retail continues to deliver sustained growth and is confident of delivering mid-single digit organic gross profit growth for the full year.

Financial Review

Summary financial performance

			Growth
Six months ended 30 June	2026 €'000	2025 €'000	Reported	Constant currency
IFRS measures
Revenue	1,591,855	1,485,492	7.2%	7.4%
Gross profit	236,490	219,651	7.7%	8.2%
Operating profit	35,400	32,606	8.6%	8.8%
Basic EPS (cent)	7.7	6.6	16.7%
Alternative performance measures
Gross profit margin	14.9%	14.8%
EBITDA	61,059	57,495	6.2%	6.5%
EBITDA margin	3.8%	3.9%
Adjusted EPS (cent)	10.9	9.8	11.2%
Net bank debt	(275,728)	(197,535)
Leverage multiple	2.40x	1.90x
Return on capital employed	14.7%	15.5%

Revenue and Gross Profit

Revenue for the period increased by 7.2% with growth ranging from 6.9% to 8.5% across the three divisions. Gross profit increased by 7.7% of which 6.9% is organic when the impact of prior year acquisitions is reflected.  Gross profit margin increased to 14.9% (14.8% June 25).

Divisional gross profit

					Growth
Six months ended 30 June		2026 €'000	2025 €'000		Reported			Constant  Currency
Uniphar Pharma		68,523	64,042		7.0%			8.0%
Uniphar Medtech		62,683	57,505		9.0%			9.8%
Uniphar Supply Chain & Retail		105,284	98,104		7.3%			7.3%
		236,490	219,651		7.7%			8.2%

EBITDA

An increase of 6.2% in EBITDA (€3.6m) to €61.1m is reflective of revenue and gross profit growth with targeted investments in overheads to drive future growth opportunities.

Exceptional items

Exceptional costs net of tax in the period were €4.7m and primarily relate to strategic business transformation costs (€4.0m) together with redundancy and restructuring costs (€0.9m). Further details are provided in Note 3.

Earnings per share

Basic earnings per share grew by 16.7% from 6.6 cent to 7.7 cent reflecting an increase in the profit attributable to owners of €2.5m in the period. The weighted average number of shares in the period is 259,574,298 (June 2025: 264,105,298), reflecting the full impact of the share buyback programme completed in March 2025.

Adjusted earnings per share has increased by 11.2% from 9.8 cent to 10.9 cent. On a like-for-like basis, adjusted earnings per share increased from 10.0 cent to 10.9 cent by applying the weighted average number of shares as at June 2026 to both periods. The weighted average number of shares has decreased by 1.7% reflecting the impact of the share buyback programme completed in March 2025.

Cash flow and net bank debt

Six months ended 30 June	2026 €'000	2025 €'000
Net cash (outflow)/inflow from operating activities	(52,980)	17,283
Net cash outflow from investing activities	(38,324)	(21,632)
Net cash (outflow)/inflow from financing activities	(4,617)	23,106
Foreign currency translation movement	235	(673)
(Decrease)/Increase in cash and cash equivalents in the period including foreign currency translation movement	(95,686)	18,084
Movement in restricted cash	-	(59)
Non-cash movement in borrowings	(789)	1,793
Cash flow from movement in borrowings	(8,114)	(69,677)
Movement in net bank debt	(104,589)	(49,859)

A decrease of €95.7m in cash in the six months to 30 June 2026 is reflective of the partial unwind of prior year working capital timing benefits in the Pharma Services business together with continued capital investment. The unwind of the Pharma working capital benefits together with further investment in working capital across divisions results in a €53.0m cash outflow in operating activities.

The net cash outflow from investing activities of €38.3m primarily consists of capital investments of which €27.5m is strategic in nature primarily relating to the investment in a new distribution facility and ERP system.

The net cash outflow from financing activities of €4.6m is primarily attributable to net inflows from borrowings of €8.1m partly offset by lease payments of €8.9m and dividends of €3.4m.

The movement in working capital together with the strategic capital investment is reflected in an increase of €104.6m in the Group's net bank debt to €275.7m at June 2026 (€171.1m at December 2025).

Taxation

The tax expense excluding exceptional items in the period is €6.5m resulting in an effective tax rate of 20.8% (June 25: 21.3%). The effective tax rate is calculated as the pre-exceptional income tax expense for the period as a percentage of the profit before tax and exceptional items.

Currency Exposure

The Group's expansion into new geographies, and the continued growth in existing geographies operating outside of the Eurozone, results in the primary foreign exchange exposure for the Group being the translation of local Income Statements and Balance Sheets into Euro for consolidation purposes.

On a constant currency basis, revenue increased by 7.4% vs. 7.2% reported growth, gross profit increased 8.2% vs. 7.7% reported growth and operating profit increased by 8.8% vs. 8.6% reported growth.

	H1 2026	H1 2025
	Average	Average
GBP	0.8672	0.8420
US Dollar	1.1667	1.0898
Australian Dollar	1.6605	1.7204
Swedish Krona	10.786	11.094

Return on capital employed

Return on capital employed (ROCE) for the rolling 12-month period is 14.7% which is at the upper end of the Group's target range of 12% - 15%. A decrease of 0.8% since June 2025 (15.5%) reflects the ongoing strategic capital investment.

Dividends

A final dividend of €3.4m relating to 2025 was declared and paid in May 2026 (May 2025: €3.2m). Continuing with the Board's commitment to a progressive dividend policy, the Board declared a 2026 interim dividend of €0.0074 per ordinary share. It is proposed to pay the dividend on 9 October 2026 to ordinary shareholders on the Company's register on 18 September 2026.

In accordance with company law and IFRS, these dividends have not been provided for in the Balance Sheet at 30 June 2026.

Statement of Directors' responsibilities

The Directors confirm to the best of their knowledge that the condensed consolidated interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting, as adopted by the EU, and to the best of their knowledge and belief:

a)  the condensed consolidated interim financial statements comprising the Condensed Consolidated Group Income Statement, the Condensed Consolidated Group Statement of Comprehensive Income, the Condensed Consolidated Group Balance Sheet, the Condensed Consolidated Group Statement of Changes in Equity and the Condensed Consolidated Group Cash Flow Statement and related notes have been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU, and are prepared in order to comply with the Euronext Growth Market Rule Book and AIM Rules for Companies;

b)   the interim results include a fair review of the important events that have occurred during the first six months of the financial year and their impact on the condensed consolidated interim financial statements for the half year ended 30 June 2026.

On behalf of the Board

M. Pratt                                     G. Rabbette

7 September 2026

Independent review report to Uniphar plc

Report on the condensed consolidated interim financial statements

Our conclusion

We have reviewed Uniphar plc's condensed consolidated interim financial statements (the "interim financial statements") in the 2026 Interim results of Uniphar plc for the six month period ended 30 June 2026 (the "period").

Based on our review, nothing has come to our attention that causes us to believe that the interim financial statements are not prepared, in all material respects, in accordance with International Accounting Standard 34, 'Interim Financial Reporting', as adopted by the European Union.

The interim financial statements comprise:

the Condensed Consolidated Group Balance Sheet as at 30 June 2026;

the Condensed Consolidated Group Income Statement and Condensed Consolidated Group Statement of Comprehensive Income for the period then ended;

the Condensed Consolidated Group Statement of Changes in Equity for the period then ended;

the Condensed Consolidated Group Cash Flow Statement for the period then ended; and

the explanatory notes to the interim financial statements.

The interim financial statements included in the 2026 Interim results have been prepared in accordance with International Accounting Standard 34, 'Interim Financial Reporting', as adopted by the European Union.

As disclosed in note 1 to the interim financial statements, the financial reporting framework that has been applied in the preparation of the full annual financial statements of the group is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the European Union.

Basis for conclusion

We conducted our review in accordance with International Standard on Review Engagements (Ireland) 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' ("ISRE (Ireland) 2410") issued for use in Ireland. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures.

A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (Ireland) and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We have read the other information contained in the 2026 Interim results and considered whether it contains any apparent misstatements or material inconsistencies with the information in the interim financial statements.

Conclusions relating to going concern

Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis for conclusion section of this report, nothing has come to our attention to suggest that the directors have inappropriately adopted the going concern basis of accounting or that the directors have identified material uncertainties relating to going concern that are not appropriately disclosed.

This conclusion is based on the review procedures performed in accordance with ISRE (Ireland) 2410. However future events or conditions may cause the group to cease to continue as a going concern.

Responsibilities for the interim financial statements and the review

Our responsibilities and those of the directors

The 2026 Interim results, including the interim financial statements, is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the 2026 Interim results in accordance with the International Accounting Standard 34, 'Interim Financial Reporting', as adopted by the European Union. In preparing the 2026 Interim results including the interim financial statements, the directors are responsible for assessing the group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or to cease operations, or have no realistic alternative but to do so.

Our responsibility is to express a conclusion on the interim financial statements in the 2026 Interim results based on our review. Our conclusion, including our Conclusions relating to going concern, is based on procedures that are less extensive than audit procedures, as described in the Basis for conclusion paragraph of this report. This report, including the conclusion, has been prepared for and only for the company for management purposes and for no other purpose. We do not, in giving this conclusion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

PricewaterhouseCoopers

Chartered Accountants

7 September 2026

Dublin

Notes:

(a)  The maintenance and integrity of the Uniphar plc's website is the responsibility of the directors; the work carried out by the auditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have occurred to the financial statements since they were initially presented on the website.

(b)  Legislation in the Republic of Ireland governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Condensed Consolidated Group Income Statement

for the six months ended 30 June 2026

		Six months ended 30 June 2026							Six months ended 30 June 2025
	Notes	Pre- exceptional Unaudited €'000			Exceptional (Note 3) Unaudited €'000	Total Unaudited €'000			Pre- exceptional Unaudited €'000	Exceptional (Note 3) Unaudited €'000	Total Unaudited €'000
Revenue	2	1,591,855			-	1,591,855			1,485,492	-	1,485,492
Cost of sales		(1,355,365)			-	(1,355,365)			(1,265,841)	-	(1,265,841)
Gross profit		236,490			-	236,490			219,651	-	219,651
Operating costs*	4	(196,125)			(5,396)	(201,521)			(181,344)	(5,866)	(187,210)
Other operating income		431			-	431			165	-	165
Operating profit		40,796			(5,396)	35,400			38,472	(5,866)	32,606
Finance cost	5	(10,176)			-	(10,176)			(10,365)	-	(10,365)
Finance income	5	526			-	526			597	-	597
Profit before tax		31,146			(5,396)	25,750			28,704	(5,866)	22,838
Income tax expense	6	(6,477)			726	(5,751)			(6,101)	756	(5,345)
Profit for the financial period		24,669			(4,670)	19,999			22,603	(5,110)	17,493
Attributable to:
Owners of the parent						19,993					17,473
Non-controlling interests						6					20
Profit for the financial period						19,999					17,493
Basic and diluted earnings per share (in cent)	7					7.7					6.6
*Comparative amounts have been re-presented to combine Selling and distribution costs and Administrative expenses into a single Operating costs line item.

Condensed Consolidated Group Statement of Comprehensive Income

for the six months ended 30 June 2026

		Six months ended 30 June 2026 Unaudited €'000	Six months ended 30 June 2025 Unaudited €'000
Profit for the financial period		19,999	17,493
Other comprehensive income/(expense):
Items that may be reclassified to the Income Statement:
Unrealised foreign currency translation adjustments		2,773	(9,931)
Total comprehensive income for the financial period		22,772	7,562
Attributable to:
Owners of the parent		22,766	7,542
Non-controlling interests		6	20
Total comprehensive income for the financial period		22,772	7,562

Condensed Consolidated Group Balance Sheet

as at 30 June 2026

ASSETS	Notes	30 June 2026 Unaudited €'000	31 December 2025 Audited €'000
Non-current assets
Intangible assets - goodwill	9	502,663	499,567
Intangible assets - other assets	9	110,904	93,573
Property, plant and equipment, and right-of-use assets	10	312,240	301,162
Investment property	11	2,620	-
Financial assets - investments in equity instruments		25	25
Deferred tax assets	6	11,626	7,679
Other receivables		1,201	1,332
Total non-current assets		941,279	903,338
Current assets
Inventory		308,438	295,276
Trade and other receivables		325,717	348,170
Corporation tax		1,238	1,543
Cash and cash equivalents		88,011	183,697
Restricted cash		235	235
Total current assets		723,639	828,921
Total assets		1,664,918	1,732,259
EQUITY
Capital and reserves
Called up share capital presented as equity	12	20,766	20,766
Share premium		176,501	176,501
Share-based payment reserve		11,216	9,333
Other reserves		1,285	(1,488)
Retained earnings		216,655	199,889
Attributable to owners		426,423	405,001
Attributable to non-controlling interests	13	-	165
Total equity		426,423	405,166
LIABILITIES
Non-current liabilities
Borrowings	14	350,110	355,071
Deferred contingent consideration	15	967	955
Provisions		1,042	930
Lease obligations	16	137,518	135,285
Total non-current liabilities		489,637	492,241
Current liabilities
Borrowings	14	13,864	-
Deferred contingent consideration	15	6,203	9,285
Lease obligations	16	19,444	22,334
Trade and other payables		709,347	803,233
Total current liabilities		748,858	834,852
Total liabilities		1,238,495	1,327,093
Total equity and liabilities		1,664,918	1,732,259

Condensed Consolidated Group Statement of Changes in Equity

for the six months ended 30 June 2026

                                 Other Reserves

	Share capital	Share premium	Share based payment reserve	Treasury Shares	Foreign currency translation reserve	Revaluation reserve	Capital redemption reserve	Retained earnings	Attributable to non- controlling interests	Total Equity
	€'000	€'000	€'000	€'000	€'000	€'000	€'000	€'000	€'000	€'000
At 1 January 2025	21,841	176,501	5,936	-	8,102	700	60	188,615	126	401,881
Profit for the financial period	-	-	-	-	-	-	-	17,473	20	17,493
Other comprehensive expense:
Movement in foreign currency translation reserve	-	-	-	-	(9,931)	-	-	-	-	(9,931)
Transactions recognised directly in equity:
Movements in share-based payment reserve	-	-	1,883	-	-	-	-	-	-	1,883
Transfer on exercise, vesting or lapse of share-based payments	-	-	(369)	-	-	-	-	369	-	-
Dividends paid (Note 8)	-	-	-	-	-	-	-	(3,245)	-	(3,245)
Share buyback - repurchase of shares	-	-	-	(35,100)	-	-	-	-	-	(35,100)
Share buyback - cancellation of shares	(1,075)	-	-	35,100	-	-	1,075	(35,100)	-	-
At 30 June 2025 Unaudited	20,766	176,501	7,450	-	(1,829)	700	1,135	168,112	146	372,981
At 1 January 2026	20,766	176,501	9,333	-	(3,323)	700	1,135	199,889	165	405,166
Profit for the financial period	-	-	-	-	-	-	-	19,993	6	19,999
Other comprehensive income:
Movement in foreign currency translation reserve	-	-	-	-	2,773	-	-	-	-	2,773
Transactions recognised directly in equity:
Movements in share-based payment reserve	-	-	1,883	-	-	-	-	-	-	1,883
Dividends paid (Note 8)	-	-	-	-	-	-	-	(3,398)	-	(3,398)
Purchase of non-controlling interest	-	-	-	-	-	-	-	171	(171)	-
At 30 June 2026 Unaudited	20,766	176,501	11,216	-	(550)	700	1,135	216,655	-	426,423

Condensed Consolidated Group Cash Flow Statement

for the six months ended 30 June 2026

	Notes	Six months ended 30 June 2026 Unaudited €'000	Six months ended 30 June 2025 Unaudited €'000
Operating activities
Cash (outflow)/inflow from operating activities	17	(30,999)	35,214
Interest paid		(9,802)	(8,994)
Interest received		526	597
Interest paid on lease liabilities	16	(3,598)	(3,405)
Corporation tax payments		(9,107)	(6,129)
Net cash (outflow)/inflow from operating activities		(52,980)	17,283
Investing activities
Payments to acquire property, plant and equipment - Maintenance		(4,005)	(5,408)
Payments to acquire property, plant and equipment - Strategic projects		(15,008)	(2,797)
Receipts from disposal of property, plant and equipment		275	130
Payments to acquire intangible assets - Maintenance		(5,064)	(3,056)
Payments to acquire intangible assets - Strategic projects		(12,512)	(10,529)
Payment of deferred and deferred contingent consideration		(2,010)	-
Payments on prior year acquisitions		-	(15)
Receipts on prior year disposals		-	43
Net cash outflow from investing activities		(38,324)	(21,632)
Financing activities
Proceeds from borrowings		15,000	71,750
Repayment of borrowings		(20,750)	-
Share buyback - Repurchase of shares		-	(35,100)
Increase/(decrease) in invoice discounting facilities		13,864	(2,073)
Movement in restricted cash		-	59
Payment of dividends	8	(3,398)	(3,245)
Principal element of lease payments	16	(8,920)	(8,285)
Acquisition of further equity of subsidiaries		(413)	-
Net cash (outflow)/inflow from financing activities		(4,617)	23,106
(Decrease)/Increase in cash and cash equivalents in the period		(95,921)	18,757
Foreign currency translation of cash and cash equivalents		235	(673)
Opening balance cash and cash equivalents		183,697	102,992
Closing balance cash and cash equivalents	18	88,011	121,076

Notes to the Consolidated Financial Statements

1. General information

Basis of preparation

The condensed consolidated interim financial statements of Uniphar plc and its subsidiaries (the 'Group') have been prepared in accordance with IAS 34, Interim Financial Reporting, as endorsed by the European Union. 

The financial information in the condensed interim consolidated financial statements has been prepared on a basis consistent with that adopted for the year ended 31 December 2025. During the period, the Group revised the presentation of expenses in the income statement to align more closely with how operating costs are managed and performance is assessed. Selling and distribution costs and Administrative expenses, previously presented separately, are now combined within Operating costs. Further analysis of operating costs by nature is provided in Note 4. This presentation change has no impact on the recognition or measurement of any item, or on the Group's reported revenue, gross profit, operating profit, profit for the period, financial position or earnings per share. Comparative amounts for the six months ended 30 June 2025 have been reclassified on a consistent basis in accordance with IAS 1. The accounting policies applied in the interim financial statements are the same as those applied in the 2025 Annual Report with the exception of the new investment property policy as detailed in Note 11.

The Group's auditors have reviewed, not audited, the condensed consolidated interim financial statements contained in this report. These interim financial statements are prepared in order to comply with the Euronext Growth Market Rule Book and AIM Rules for Companies and are not statutory financial statements as they do not include all of the information required for full annual financial statements and should be read in conjunction with the Uniphar Group Annual Report (statutory financial statements) for the year ended 31 December 2025. The audit report on those statutory financial statements was unqualified and did not contain any matters to which attention was drawn by way of emphasis.

The preparation of interim financial statements in compliance with IAS 34 requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the interim financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The areas involving a high degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in the Group's Annual Report for the year ended 31 December 2025 in Note 1 on page 134 - 135.

The Group's interim financial statements are prepared for the six-month period ended 30 June 2026. The interim financial statements incorporate the Company and all of its subsidiary undertakings. A subsidiary undertaking is consolidated by reference to whether the Group has control over the subsidiary undertaking. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity.

Uniphar plc is incorporated in the Republic of Ireland under registration number 224324 with a registered office at 4045 Kingswood Road, Citywest Business Park, Co. Dublin, D24 V06K.

Going Concern

The Group Condensed Consolidated Interim Financial Statements have been prepared on the going concern basis of accounting. The Directors have made appropriate enquiries and carried out a thorough review of the Group's forecasts, projections, and available banking facilities taking account of committed outflows including contingent consideration and committed capital expenditure. Consideration was also given to possible changes in trading performance and potential business risk. The forecasts indicate significant liquidity headroom will be maintained above the Group's borrowing facilities and applicable financial covenants will be met throughout the period.

The Group has a robust capital structure with strong liquidity supported into the future by the banking facility. The banking facility consists of a revolving credit facility ('RCF') of €400m with a maturity date of August 2029 and a term loan of €150m together with an additional uncommitted accordion facility of €150m. The amortising term loan matures in August 2030, with two one-year extension options available to extend the maturity to August 2032.The repayments on the term loan commence in 2028.

Having regard to the factors outlined above, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future, being a period of 12 months from the date of approval of these interim financial statements. As a result, the Directors consider that it is appropriate to continue to adopt the going concern basis in preparing the interim financial statements.

Other Matters

From time to time, in the normal course of business, the Group can be subject to claims from various parties. Having considered the status of such matters as at 30 June 2026, the Directors are satisfied that there are no such matters which require either a provision or contingent liability disclosure in the financial statements.

New Standards, Amendments, and Interpretations

The following standards and interpretations are effective for the Group from 1 January 2026 but do not have a material effect on the results or financial position of the Group:

-     Amendments to IAS 21 - Lack of Exchangeability;

-     Annual Improvements to IFRS Accounting Standards - Volume 11; and

-     Amendments to IFRS 9 and IFRS 7 - Contracts Referencing Nature-dependent Electricity.

New Standards and Interpretations not yet adopted

Certain new accounting standards and interpretations have been published that are not mandatory for 30 June 2026 reporting periods and have not been adopted by the Group.

-  Amendments to IFRS 9 and IFRS 7 - Amendments to the classification and measurement of Financial Instruments;

-     IFRS 19 - Subsidiaries without Public Accountability: Disclosures;

-     IFRS 18 - Presentation and Disclosure in Financial Statements.

The Group continues to advance with the implementation of IFRS 18 - Presentation and Disclosure in Financial Statements and is well progressed with the adoption impact assessment. The Group is not seeking to early adopt this new standard. IFRS 18 is not expected to impact the recognition or measurement of items in the financial statements. However, its impacts on presentation and disclosure are expected to be significant, in particular those related to the classification of income and expenses into operating, investing and financing categories on the face of the income statement and providing management-defined performance measures within the financial statements. The remaining standards are not expected to have a material effect on the results or financial position of the Group.

2. Revenue

	H1 2026 €'000	H1 2025 €'000
Revenue	1,591,855	1,485,492

	H1 2026	H1 2025
	€'000	€'000
Uniphar Pharma	370,374	344,881
Uniphar Medtech	152,230	140,368
Uniphar Supply Chain & Retail	1,069,251	1,000,243
Total Revenue	1,591,855	1,485,492

Segmental information

Segmental information is presented in respect of the Group's geographical regions and operating segments. The operating segments are based on the Group's management and internal reporting structures.

Geographical analysis

The Group operates in three principal geographical regions being Ireland, the Netherlands and the UK. The Group also operates in several other European countries, the US and Asia Pacific region which are not material for separate identification.

The following is a geographical analysis presented in accordance with IFRS 8 "Operating Segments" which requires disclosure of information about the country of domicile (Ireland) and countries with material revenue.

	H1 2026	H1 2025
	€'000	€'000
Ireland	1,207,009	1,133,543
The Netherlands	138,515	106,423
UK	87,672	104,497
Rest of the World (ROW)	158,659	141,029
	1,591,855	1,485,492

Operating segments

IFRS 8 "Operating Segments" requires the reporting information for operating segments to reflect the Group's management structure and the way the financial information is regularly reviewed by the Group's Chief Operating Decision Maker (CODM), which the Group has defined as the Board of Directors.

The Group operates with three divisions: Uniphar Pharma, Uniphar Medtech and Uniphar Supply Chain & Retail. These divisions align to the Group's operational and financial management structures:

·      Uniphar Pharma operates a global business with high-value services across the lifecycle of a pharmaceutical product. The business enables pharma and biotech companies to bring innovative medicines to global markets and provide healthcare professionals with access to medicines they cannot source through traditional channels. Our strategy is to build a leading platform to provide the specialist support and expertise needed to improve access to these medicines. The division operates through its Global Sourcing and Pharma Services business units;

·    Uniphar Medtech provides outsourced services, specifically sales, distribution and support services to medical device manufacturers. The business is headquartered in Ireland with a presence across European markets, in addition to a facility in the US to support clients seeking to access the North American market; and

·     Uniphar Supply Chain & Retail provides both pre-wholesale and wholesale distribution of pharmaceutical, healthcare and animal health products to pharmacies, hospitals and veterinary clinics in Ireland. Uniphar operates a network of pharmacies under the Hickey's, McCauley, Allcare and Life brands. Additionally, through the extended Uniphar symbol group, the business provides services and supports that help independent community pharmacies to compete more effectively.

Operating segments results

The Group evaluates performance of the operational segments on the basis of gross profit and EBITDA from operations.

	Uniphar Pharma	Uniphar Medtech	Uniphar Supply Chain & Retail	Total
	Six months ended 30 June 2026
	€'000	€'000	€'000	€'000
Revenue	370,374	152,230	1,069,251	1,591,855
Gross profit	68,523	62,683	105,284	236,490
EBITDA	13,987	24,142	22,930	61,059
	Six months ended 30 June 2025
	€'000	€'000	€'000	€'000
Revenue	344,881	140,368	1,000,243	1,485,492
Gross profit	64,042	57,505	98,104	219,651
EBITDA	13,456	21,657	22,382	57,495

Assets and liabilities are reported to the Board at a Group level and are not reported on a segmental basis.

3. Exceptional charge

	H1 2026	H1 2025
	€'000	€'000
Professional fees including acquisition costs	442	148
Acquisition integration costs	-	738
Redundancy and restructuring costs	893	3,372
Strategic business transformation	3,952	1,349
Other exceptional costs	109	259
Exceptional charge recognised in operating profit	5,396	5,866
Exceptional credit recognised in income tax expense	(726)	(756)
Total exceptional charge	4,670	5,110

Professional fees including acquisition costs

Professional fees including acquisition costs are primarily costs relating to transactions under consideration in the period. Professional fees also include legal costs relating to the defence of a legal claim.

Acquisition integration costs 

Acquisition integration costs in the prior period primarily relate to costs incurred on the integration of acquisitions into the expanded Group. Such costs include those associated with winding-down and exiting facilities acquired through acquisitions in addition to professional fees incurred to optimise the integration of recent acquisitions.

Redundancy and restructuring costs

Redundancy and restructuring costs include redundancy, ex-gratia and termination costs and other costs arising on reorganisations and restructuring Group businesses.

Strategic business transformation

Strategic business transformation costs relate to investments in building the platform required to support the Group's next phase of growth. During H1 2026, expenditure primarily comprised costs associated with the development of a new high-tech distribution facility in Ireland, including dual running costs, setup and commissioning activities, project initiation costs, and relocation expenses. The facility is expected to become operational in February 2027, with a phased rollout planned throughout H1 2027. Strategic business transformation costs also include expenses related to a long-term incentive plan designed to support the development and growth of a strategically important business in the US market.

Exceptional credit recognised in income tax

The tax credit recognised in the tax expense is the tax impact of the components of the exceptional charge listed above.

4. Operating costs before exceptional items

	H1 2026	H1 2025
	€'000	€'000
Amortisation	3,860	3,363
Depreciation	13,195	12,888
Staff costs	115,518	102,618
Other operating costs	63,552	62,475
Total operating costs before exceptional items	196,125	181,344

5. Finance cost and Finance income

	H1 2026	H1 2025
	€'000	€'000
Finance cost
Interest on lease obligations (Note 16)	2,145	2,239
Interest payable on borrowings and invoice discounting facilities	7,832	7,606
Unwinding of discount applicable to deferred contingent consideration	158	499
Unwinding of discount applicable to long term incentive programme	41	21
Total finance cost	10,176	10,365
Finance income
Interest income	(526)	(597)
Total finance income	(526)	(597)
Net finance cost and income	9,650	9,768

Finance costs do not include capitalised borrowing costs of €2,240,000 (H1 2025: €1,738,000) on qualifying assets included within Intangible assets (Note 9) and Property, plant and equipment (Note 10). Interest is capitalised at the Group's weighted average interest rate for the period.

6. Taxation

Income tax expense

Income tax expense is recognised based on management's estimate of the weighted average effective income tax rate expected for the full financial year taking into account financial performance in the various tax jurisdictions that the Group operates in. In addition to the Republic of Ireland, the Group has operations in the overseas tax jurisdictions of the UK, Germany, the Netherlands, the Nordics, Switzerland, USA and the Asia Pacific region. The effective income tax rate before exceptional items for the period ended 30 June 2026 was 20.8% (2025: 21.3%). The full year effective income tax rate for 2025 was 18.8%.

Effective 1 January 2024, Ireland adopted the OECD International Base Erosion and Profit Shifting (BEPS) Pillar Two Agreement whereby in scope multinational groups with revenues in excess of €750m pay a minimum rate of 15% corporation tax in every jurisdiction in which they operate.

The Uniphar Group is in scope for Pillar Two tax obligations. The Pillar Two legislation sets out a detailed and highly complex set of rules on how to calculate the 15% effective tax rate. As a result of these complexities, the accounting effective tax rate is not always indicative of the effective tax rate as calculated under Pillar Two. The Group continues to monitor changes in tax law, and it is expected that Pillar Two will not have a material impact on the Group's tax expense. The Group expects that top up taxes will not be required either because temporary safe harbour provisions can continue to be relied upon or because the jurisdictional effective tax rate under GloBE (Global Anti Base Erosion) rules will exceed 15%.

Deferred tax asset

The increase in the deferred tax asset primarily reflects the Group's expected utilisation of tax relief associated with interest payments at the parent company and tax losses incurred across the Group in various tax jurisdictions.

The movement reflects timing issues as the Group will have the opportunity to surrender components of its deferred tax asset against corporation tax liabilities of profitable companies when it files its jurisdictional 2025 corporation tax returns in the six months ending 31 December 2026. 

The Directors expect that the Group's net deferred tax asset will be recoverable against future taxable income over the medium term.

7. Earnings per share

Basic and diluted earnings per share for the six months ended 30 June have been calculated by reference to the following:

	H1 2026	H1 2025
Profit for the financial period attributable to owners (€'000)	19,993	17,473
Weighted average number of shares ('000)	259,574	264,105
Dilutive effect of options ('000)	94	-
Denominator of Diluted Earnings per Share ('000)	259,668	264,105
Earnings per ordinary share (in cent):
-     Basic	7.7	6.6
-     Diluted	7.7	6.6

Adjusted earnings per share has been calculated by reference to the following:

	H1 2026	H1 2025
	€'000	€'000
Profit for the financial period attributable to owners	19,993	17,473
Exceptional charge recognised in operating profit (Note 3)	5,396	5,866
Exceptional credit recognised in income tax (Note 3)	(726)	(756)
Share-based payments expense	1,883	1,883
Amortisation of acquisition related intangibles (Note 9)	1,886	1,710
Tax credit on acquisition related intangibles	(189)	(189)
Profit after tax excluding exceptional items	28,243	25,987
Weighted average number of shares in issue in the period ('000)	259,574	264,105
Dilutive effect of options ('000)	94	-
Denominator of Diluted Adjusted Earnings per Share ('000)	259,668	264,105
Adjusted basic and diluted earnings per ordinary share (in cent)	10.9	9.8

8. Dividends

A final dividend of €3.4m (€0.0131 per ordinary share) relating to 2025 was declared and paid in May 2026 (May 2025: €3.2m). Continuing with the Board's commitment to a progressive dividend policy, the Board declared a 2026 interim dividend of €0.0074 per ordinary share. It is proposed to pay the dividend on 9 October 2026 to ordinary shareholders on the Company's register on 18 September 2026.

In accordance with company law and IFRS, the 2026 interim dividends have not been provided for in the Balance Sheet at 30 June 2026.

9. Intangible assets

		Goodwill €'000		Trademark & licenses €'000		Computer software €'000	Technology assets €'000		Brand names €'000	Customer relationships €'000	Total €'000
Cost
At 1 January 2026		518,276		200		107,733	9,511		22,185	3,014	660,919
FX movement		3,096		-		39	70		-	93	3,298
Additions		-		49		21,120	-		-	-	21,169
Disposals/retirements		-		-		(712)	-		-	-	(712)
At 30 June 2026		521,372		249		128,180	9,581		22,185	3,107	684,674
Accumulated Amortisation
At 1 January 2026		18,709		184		34,067	2,901		8,904	3,014	67,779
FX movement		-		-		22	65		-	93	180
Amortisation		-		6		1,968	777		1,109	-	3,860
Disposals/retirements		-		-		(712)	-		-	-	(712)
At 30 June 2026		18,709		190		35,345	3,743		10,013	3,107	71,107
Net book amounts
At 31 December 2025		499,567		16		73,666	6,610		13,281	-	593,140
At 30 June 2026		502,663		59		92,835	5,838		12,172	-	613,567

Included in computer software are assets under construction with a net book value of €76,447,000 (31 December 2025: €56,802,000). Amortisation has not commenced on these assets. Included in the cost of additions are borrowing costs in computer software amounting to €1,090,000.

Reconciliation to Balance Sheet	30 June	31 December
	2026	2025
	€'000	€'000
Intangible assets- goodwill	502,663	499,567
Intangible assets- other assets	110,904	93,573
Intangible assets total	613,567	593,140

Impairment testing of goodwill

Goodwill is not amortised, but it is tested for impairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired. An impairment loss is recognised for the amount by which the carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (CGUs).

There is no material change to the circumstances that existed at 31 December 2025 and consequently no impairment indicators were identified. The Group's annual impairment assessment will be performed at 31 December 2026.

10.  Property, plant and equipment, and right-of-use assets

	Land and buildings	Leasehold improvements	Plant and equipment	Fixtures and fittings	Computer equipment	Motor vehicles	Instruments	Total
	€'000	€'000	€'000	€'000	€'000	€'000	€'000	€'000
Cost
At 1 January 2026	235,607	36,450	101,717	19,214	9,241	8,180	11,456	421,865
Foreign exchange movement	390	85	258	45	28	10	1	817
Additions	6,900	527	16,547	427	313	1,241	2,143	28,098
Disposals/retirements	(5,289)	-	(117)	-	(298)	(1,973)	(516)	(8,193)
Transfer to Investment Property	(4,094)	-	-	-	-	-	-	(4,094)
At 30 June 2026	233,514	37,062	118,405	19,686	9,284	7,458	13,084	438,493
Accumulated depreciation
At 1 January 2026	60,414	10,815	23,886	9,636	5,314	3,911	6,727	120,703
Foreign exchange movement	108	38	28	41	14	7	-	236
Charge for the period	7,324	1,187	2,144	1,089	638	1,176	950	14,508
Disposals/retirements	(5,289)	-	(74)	-	(284)	(1,801)	(284)	(7,732)
Transfer to Investment Property	(1,462)	-	-	-	-	-	-	(1,462)
At 30 June 2026	61,095	12,040	25,984	10,766	5,682	3,293	7,393	126,253
Net book value
At 31 December 2025	175,193	25,635	77,831	9,578	3,927	4,269	4,729	301,162
At 30 June 2026	172,419	25,022	92,421	8,920	3,602	4,165	5,691	312,240
Reconciliation to Balance Sheet
Property, plant and equipment	31,619	25,022	91,540	8,920	3,602	108	5,691	166,502
Right-of-use assets	140,800	-	881	-	-	4,057	-	145,738
Net book value at 30 June 2026	172,419	25,022	92,421	8,920	3,602	4,165	5,691	312,240

Included in property, plant and equipment are assets under construction to the net book value of €87,881,000 (31 December 2025: €71,997,000). Depreciation has not commenced on these assets. Included in the cost of additions are borrowing costs in assets amounting to €1,150,000.

11. Investment property

	Land	Building	Total
	€'000	€'000	€'000
Cost
At 1 January 2026	-	-	-
Reclassification from Property, Plant and Equipment	1,053	1,579	2,632
At 30 June 2026	1,053	1,579	2,632
Accumulated depreciation
At 1 January 2026	-	-	-
Charge for the period	-	12	12
At 30 June 2026	-	12	12
Net book value
At 30 June 2026	1,053	1,567	2,620

During the period, a property was reclassified from property, plant and equipment to investment property following a change in use, as the property is now held to generate rental income. In accordance with IAS 40, the Group has elected to apply the cost model for investment property. Accordingly, the property is recognised at cost less accumulated depreciation and impairment losses and continues to be carried at its historical Group carrying value. This building is depreciated over its remaining useful life of 22 years.

12. Called up share capital

	30 June 2026
	€'000
Authorised:
453.2 million (31 December 2025: 453.2 million) ordinary shares of 8c each	36,256
16.0 million (31 December 2025: 16.0 million) "A" ordinary shares of 8c each	1,280
	37,536
Movement in the period in issued share capital presented as equity
		2026 €'000
Allotted, called up and fully paid ordinary shares
At 1 January - 259,574,298 ordinary shares of 8c each	20,766
At 30 June - 259,574,298 ordinary shares of 8c each	20,766
Total allotted share capital:
At 30 June 2026 - 259,574,298 (31 December 2025: 259,574,298) ordinary shares	20,766

13. Non-controlling interests

On 27th February 2026, the Group acquired the remaining 4.29% shareholding in Macromed (UK) Limited resulting in the entity becoming a wholly owned subsidiary of the Group. Total consideration was €1,658,000, of which €413,000 (Note 15) was paid in the period. The remaining balance of €1,245,000 (Note 15) has been presented within Trade and other payables at 30 June 2026 as settlement is expected by the end of 2026.

14.  Borrowings

Bank loans are repayable in the following periods:

	30 June 2026 €'000	31 December 2025 €'000
Amounts falling due within one year	13,864	-
Amounts falling due between one and five years	350,110	355,071
	363,974	355,071

The Group's total bank loans at 30 June 2026 were €363,974,000 (31 December 2025: €355,071,000). Borrowing under invoice discounting (recourse) as at the balance sheet date was €13,864,000 (31 December 2025: €nil).

The Group's bank debt facility comprises of a revolving credit facility ('RCF') of up to €400m, a five-year amortising term loan of €150m (with two one-year extension options) and an additional uncommitted accordion facility of €150m. The repayments on the term loan commence in 2028.

At 30 June 2026, the Group's revolving credit facility loans in use were subject to an interest margin of +1.90% (December 2025: +1.90%) on inter-bank interest rates (EURIBOR, GBP SONIA and USD SOFR).

Bank security

Bank overdrafts (including invoice discounting) and bank loans of €363,974,000 (31 December 2025: €355,071,000) are secured by cross guarantees and fixed and floating charges from the Company and certain subsidiary undertakings.

15. Deferred contingent consideration

	2026
	€'000
At 1 January 2026	10,240
Utilised during the year	(2,010)
Acquisition of further equity of subsidiaries (Note 13)	(413)
Reclassification to deferred acquisition consideration (Note 13)	(1,245)
Unwinding of discount	158
Foreign currency movement	440
At 30 June 2026	7,170
Current	6,203
Non-current	967
Total deferred contingent consideration	7,170

Deferred contingent consideration represents the present value of deferred contingent acquisition consideration which will become payable based on pre-defined performance thresholds being met. The deferred contingent consideration liability at 30 June 2026 is €7,170,000 (31 December 2025: €10,240,000). Estimation and judgement is exercised in determining the liability indicating that the final liability may be different to the amount provided.

16. Leases

(i) Amounts recognised in the Balance Sheet

The Balance Sheet shows the following amounts relating to leases:

	30 June 2026	31 December 2025
	€'000	€'000
Right-of-use assets:
Buildings	140,800	140,435
Plant and equipment	881	1,016
Motor vehicles	4,057	4,085
Net book value of right-of-use assets	145,738	145,536
Lease liabilities:
Current	19,444	22,334
Non-current	137,518	135,285
Total lease liabilities	156,962	157,619

Right-of-use assets are included in the line 'Property, plant and equipment and right-of-use assets' on the Balance Sheet and are presented in Note 10.

Additions to the right-of-use assets during the period ended 30 June 2026 were €8,280,000 (30 June 2025: €12,339,000).

Lease liabilities are presented separately on the face of the Balance Sheet.

(ii) Amounts recognised in the Income Statement:

The Income Statement shows the following amounts relating to leases:

	H1 2026	H1 2025
	€'000	€'000
Buildings	6,700	6,668
Plant and equipment	233	213
Motor vehicles	1,125	1,163
Right-of-use assets depreciation charge	8,058	8,044
Interest expense on lease liabilities (Note 5)	2,145	2,239
Total interest expense in respect of lease liabilities	2,145	2,239

(iii) Amounts recognised in the Cash Flow Statement:

The Cash Flow Statement shows the following amounts relating to leases:

	H1 2026	H1 2025
	€'000	€'000
Interest on lease obligations	3,598	3,405
Principal repayments	8,920	8,285
Total cash outflow in respect of leases	12,518	11,690

17. Reconciliation of operating profit to cash flow from operating activities

	H1 2026	H1 2025
	€'000	€'000
Operating profit before exceptional items	40,796	38,472
Cash related exceptional items	(5,086)	(4,320)
	35,710	34,152
Add back non-cash and/or non-operating expenses:
Depreciation (Note 10 & Note 11)	14,520	13,777
Amortisation (Note 9)	3,860	3,363
Changes in working capital:
Increase in inventories	(13,162)	(16,802)
Decrease/(Increase) in receivables	22,586	(99,446)
(Decrease)/Increase in payables	(96,204)	98,314
Other:
Share-based payment expense	1,883	1,883
Foreign currency translation adjustments	(192)	(27)
Cash (outflow)/ inflow from operating activities	(30,999)	35,214

18. Analysis of net debt

	30 June 2026	31 December 2025	30 June 2025
	€'000	€'000	€'000
Cash and cash equivalents	88,011	183,697	121,076
Restricted cash	235	235	235
Total cash	88,246	183,932	121,311
Bank loans repayable within one year	(13,864)	-	(7,243)
Bank loans repayable after one year	(350,110)	(355,071)	(311,603)
Bank loans	(363,974)	(355,071)	(318,846)
Net bank debt	(275,728)	(171,139)	(197,535)
Current lease obligations (Note 16)	(19,444)	(22,334)	(18,937)
Non-current lease obligations (Note 16)	(137,518)	(135,285)	(138,988)
Lease obligations	(156,962)	(157,619)	(157,925)
Net debt	(432,690)	(328,758)	(355,460)

19. Financial instruments

Financial instruments by category

The accounting policies for financial instruments have been applied to the line items below:

	Financial assets at FVOCI*	Financial assets at amortised cost	Total	Fair value
	€'000	€'000	€'000	€'000
Financial assets
30 June 2026:
Investments in equity instruments	25	-	25	25
Trade and other receivables **	-	295,583	295,583	295,586
Cash and cash equivalents	-	88,011	88,011	88,011
Restricted cash	-	235	235	235
	25	383,829	383,854	383,857

*      Fair value through other comprehensive income.

**     Excluding non-financial assets.

	Financial liabilities at FVTPL***	Financial liabilities at amortised cost	Total	Fair value
	€'000	€'000	€'000	€'000
Financial liabilities
30 June 2026:
Borrowings	-	363,974	363,974	363,974
Deferred acquisition consideration	-	1,245	1,245	1,245
Trade and other payables ****	-	682,086	682,086	682,086
Deferred contingent consideration	7,170	-	7,170	7,170
Lease liabilities	-	156,962	156,962	156,962
	7,170	1,204,267	1,211,437	1,211,437

***   Fair value through profit and loss.

****  Excluding non-financial liabilities.

Measurement of fair values

In the preparation of the financial statements, the Group finance department, which reports directly to the Chief Financial Officer (CFO), reviews and determines the major methods and assumptions used in estimating the fair values of the financial assets and liabilities which are set out below:

Investments in equity instruments

Investments in equity instruments are measured at fair value through other comprehensive income (FVOCI).

Trade and other receivables/trade and other payables

For receivables and payables with a remaining life of less than 12 months or demand balances, the carrying value less impairment provision where appropriate, is deemed to reflect fair value.

Cash and cash equivalents, including short-term bank deposits

For short-term bank deposits and cash and cash equivalents, all of which have a maturity of less than three months, the carrying amount is deemed to reflect fair value.

Interest-bearing loans and borrowings

For floating rate interest-bearing loans and borrowings with a contractual repricing date of less than six months, the nominal amount is deemed to reflect fair value. For loans with repricing dates of greater than six months, the fair value is calculated based on the present value of the expected future principal and interest cash flows discounted at appropriate market interest rates (level 2) effective at the Balance Sheet date and adjusted for movements in credit spreads.

Deferred acquisition consideration

Discounted cash flow method was used to capture the present value of the expected future economic benefits that will flow out of the Group arising from the deferred acquisition consideration, the present value is deemed to reflect the fair value.

Deferred contingent consideration

The fair value of the deferred contingent consideration is calculated by discounting the expected future payment to the present value. The expected future payment represents the deferred contingent consideration which would become payable based on pre-defined performance thresholds being met and is calculated based on management's best estimates of the expected future cash outflows using current budget forecasts. The provision for deferred contingent consideration is principally in respect of acquisitions completed from 2022 to 2025.

The significant unobservable inputs are:

·      Expected future profit forecasts which have not been disclosed due to their commercial sensitivities; and

·      Risk adjusted discount rate of between 2.5% and 3.5% (December 2025: between 2.5% and 3.5%).

Management has performed a sensitivity analysis by applying reasonably possible changes to the above inputs; however, it has been concluded these potential changes in key assumptions are not expected to have a material effect.

Fair value hierarchy

The following table sets out the fair value hierarchy for financial instruments which are measured at fair value.

	Level 1	Level 2	Level 3	Total
	€'000	€'000	€'000	€'000
Recurring fair value measurements
At 30 June 2026
Investments in equity instruments	-	-	25	25
Deferred contingent consideration	-	-	(7,170)	(7,170)
	-	-	(7,145)	(7,145)

There were no transfers between the fair value levels for recurring fair value measurements during the period. The Group's policy is to recognise transfers into and transfers out of fair value hierarchy levels as at the end of the reporting period.

Level 1: The fair value of financial instruments traded in active markets is based on quoted market prices at the end of the reporting period. The quoted market price used for financial assets held by the Group is the current bid price. These instruments are included in level 1.

Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.

Fair value measurements using significant unobservable inputs (level 3)

The following table presents the changes in level 3 items for the period ended 30 June 2026:

	Shares in unlisted companies	Deferred  contingent consideration	Total
	€'000	€'000	€'000
At 1 January 2026	25	(10,240)	(10,215)
Utilised during the period	-	2,010	2,010
Acquisition of further equity of subsidiaries	-	413	413
Reclassification to deferred acquisition consideration	-	1,245	1,245
Unwinding of discount*	-	(158)	(158)
Foreign currency movement	-	(440)	(440)
At 30 June 2026	25	(7,170)	(7,145)

* These amounts have been charged to the Income Statement in finance costs.

Financial risk management

The Group's operations expose it to various financial risks. The Group has a risk management programme in place which seeks to limit the impact of these risks on the financial performance of the Group and it is the Group's policy to manage these risks in a non-speculative manner.

The Group has exposure to the following risks from its use of financial instruments: credit risk, liquidity risk, currency risk, interest risk and price risk. The condensed consolidated financial statements do not include all financial risk management information and disclosures required in the annual financial statements; they should be read in conjunction with the Group's 2025 Annual Report.

20. Acquisitions of subsidiary undertakings

The initial assessment of the fair values of the major classes of assets acquired and liabilities assumed in respect of the Touchstore Limited acquisition in 2025 were performed on a provisional basis. The fair values attributed to the assets acquired and liabilities assumed in respect of the TouchStore acquisition remain provisional as the purchase price allocation is continuing. No adjustments to the provisional fair values have been recognised during the period.

21. Events after the reporting period

There were no material events subsequent to 30 June 2026 that would require adjustment to or disclosure in this report.

22. Approval by the Board of Directors

The Directors approved the interim financial statements on 7 September 2026.

Additional Information

ALTERNATIVE PERFORMANCE MEASURES

The Group reports certain financial measurements that are not required under IFRS. These key alternative performance measures (APMs) represent additional measures in assessing performance and for reporting both internally, and to shareholders and other external users. The Group believes that the presentation of these APMs provides useful supplemental information which, when viewed in conjunction with IFRS financial information, provides stakeholders with a more meaningful understanding of the underlying financial and operating performance of the Group and its divisions. These measurements are also used internally to evaluate the historical and planned future performance of the Group's operations.

None of these APMs should be considered as an alternative to financial measurements derived in accordance with IFRS. The APMs can have limitations as analytical tools and should not be considered in isolation or as a substitute for an analysis of results as reported under IFRS.

The principal APMs used by the Group, together with reconciliations where the APMs are not readily identifiable from the financial statements, are as follows:

	Definition	Why we measure it
EBITDA & Adjusted EBITDA	Earnings before exceptional items, net finance expense, income tax expense, depreciation, intangible assets amortisation and share-based payment expense. Earnings before exceptional items, net finance expense, income tax expense, depreciation, intangible assets amortisation and share-based payment expense, adjusted for the impact of IFRS 16 and the pro-forma EBITDA of acquisitions.	EBITDA provides management with an assessment of the underlying trading performance of the Group and excludes transactions that are not reflective of the ongoing operations of the business, allowing comparison of the trading performance of the business across periods and/or with other businesses. Adjusted EBITDA is used for leverage calculations.
Net bank debt	Net bank debt represents the net total of current and non-current borrowings, cash and cash equivalents, and restricted cash as presented in the Group Balance Sheet.	Net bank debt is used by management as an input into the Group's current leverage calculation which management will consider when evaluating investment opportunities, potential acquisitions, and internal resource allocation.
Net debt	Net debt represents the total of net bank debt, plus current and non-current lease obligations as presented in the Group Balance Sheet.	Net debt is used by management as it gives a complete picture of the Group's debt including the impact of lease liabilities recognised under IFRS 16.
Leverage	Net bank debt divided by rolling 12 months adjusted EBITDA.	Leverage is used by management to evaluate the Group's ability to cover its debts. This allows management to assess the ability of the company to use debt as a mechanism to facilitate growth.
Adjusted operating profit	This comprises of operating profit as reported in the Group Income Statement before amortisation of acquired intangible assets and exceptional items (if any).	Adjusted operating profit is used to assess the underlying operating performance excluding the impact of non-operational items. This is a key measure used by management to evaluate the businesses' operating performance.
Adjusted earnings per share & Like-for-Like adjusted earnings per share	This comprises of profit for the financial period attributable to owners of the parent as reported in the Group Income Statement before exceptional items (if any), amortisation of acquisition related intangibles (and tax thereon) and share-based payment expense, divided by the weighted average number of shares in issue in the period. Like-for-like adjusted earnings per share is calculated for both the current and prior period by dividing the profit of the relevant period attributable to owners of the parent as reported in the Group Income Statement before exceptional items (if any) and amortisation of acquisition related intangibles (and tax thereon) and share-based payment expense, by the weighted average number of shares in issue in the current period.	Adjusted EPS is used to assess the after-tax underlying performance of the business in combination with the impact of capital structure actions on the share base. This is a key measure used by management to evaluate the businesses operating performance, generate future operating plans, and make strategic decisions. Like-for-like adjusted EPS is used to assess the after-tax underlying performance of the business assuming a constant share base.
Free cash flow conversion	Free cash flow conversion is calculated as EBITDA, less investment in working capital, less maintenance capital expenditure, less principal and interest payments on leases, and foreign exchange translation adjustment, divided by EBITDA.	Free cash flow represents the funds generated from the Group's ongoing operations. These funds are available for reinvestment, and for future acquisitions as part of the Group's growth strategy. A high level of free cash flow conversion is key to maintaining a strong, liquid Balance Sheet.
Return on capital employed (ROCE)	ROCE is calculated as the 12 months rolling operating profit before the impact of exceptional costs and amortisation of acquisition related intangibles, expressed as a percentage of the adjusted average capital employed for the same period. The average capital employed is adjusted to ensure the capital employed of acquisitions and divestments completed during the period are appropriately time apportioned.	This measure allows management to monitor business performance, review potential investment opportunities and the allocation of internal resources.

EBITDA

		H1 2026	H1 2025
		€'000	€'000
Operating profit	Income Statement	35,400	32,606
Exceptional charge recognised in operating profit	Note 3	5,396	5,866
Amortisation	Note 9	3,860	3,363
Depreciation	Note 10 & 11	14,520	13,777
Share-based payment expense		1,883	1,883
EBITDA		61,059	57,495
Adjust for the impact of IFRS 16		(10,151)	(10,286)
Adjusted EBITDA		50,908	47,209

Net bank debt

		30 June 2026	31 December 2025	30 June 2025
		€'000	€'000	€'000
Cash and cash equivalents	Balance Sheet	88,011	183,697	121,076
Restricted cash	Balance Sheet	235	235	235
Bank loans repayable within one year	Balance Sheet	(13,864)	-	(7,243)
Bank loans repayable after one year	Balance Sheet	(350,110)	(355,071)	(311,603)
Net bank debt		(275,728)	(171,139)	(197,535)

Net debt

		30 June 2026	31 December 2025	30 June 2025
		€'000	€'000	€'000
Net bank debt	APMs	(275,728)	(171,139)	(197,535)
Current lease obligations	Balance Sheet	(19,444)	(22,334)	(18,937)
Non-current lease obligations	Balance Sheet	(137,518)	(135,285)	(138,988)
Net debt		(432,690)	(328,758)	(355,460)

Leverage

		30 June 2026	31 December 2025	30 June 2025
		€'000	€'000	€'000
Net bank debt	APMs	(275,728)	(171,139)	(197,535)
Rolling 12 months adjusted EBITDA		114,743	110,599	103,916
Leverage (times)		2.40	1.55	1.90

Adjusted operating profit

		H1 2026	H1 2025
		€'000	€'000
Operating profit	Income Statement	35,400	32,606
Amortisation of acquisition related intangibles	Note 9	1,886	1,710
Exceptional charge recognised in operating profit	Note 3	5,396	5,866
Adjusted operating profit		42,682	40,182

Adjusted earnings per share

	H1 2026	H1 2025
	€'000	€'000
Adjusted earnings per share has been calculated by reference to the following:
Profit for the financial period attributable to owners	19,993	17,473
Exceptional charge recognised in operating profit (Note 3)	5,396	5,866
Exceptional credit recognised in income tax (Note 3)	(726)	(756)
Share-based payments expense	1,883	1,883
Amortisation of acquisition related intangibles (Note 9)	1,886	1,710
Tax credit on acquisition related intangibles	(189)	(189)
Profit after tax excluding exceptional items	28,243	25,987
Weighted average number of shares in issue in the period (000's)	259,574	264,105
Dilutive effect of options (000's)	94	-
Denominator of diluted earnings per ordinary share (000's)	259,668	264,105
Adjusted Basic and Diluted Earnings per Ordinary Share (in cent)
Basic	10.9	9.8
Diluted	10.9	9.8
Like-for-like weighted average number of shares (000's)	259,574	259,574
Like-for-like adjusted earnings per ordinary share (in cent)	10.9	10.0

Free cash flow conversion

		Six months ended 30 June 2026	Year ended 31 December 2025	Six months ended 30 June 2025
		€'000	€'000	€'000
EBITDA	APMs	61,059	130,909	57,495
Increase in inventories	Note 17	(13,162)	(93,559)	(16,802)
Decrease/ (Increase) in receivables	Note 17	22,586	(98,381)	(99,446)
(Decrease)/ Increase in payables	Note 17	(96,204)	237,082	98,314
Foreign currency translation adjustments	Note 17	(192)	457	(27)
Payments to acquire property, plant and equipment - Maintenance	Cash Flow	(4,005)	(9,771)	(5,408)
Payments to acquire intangible assets - Maintenance	Cash Flow	(5,064)	(15,291)	(3,056)
Payments on leases - principal and interest	Note 16	(12,518)	(23,084)	(11,690)
Free Cash Flow		(47,500)	128,362	19,380
Settlement of acquired:
Settlement of acquired financial liabilities*		450	1,342	892
Free cash flow		(47,050)	129,704	20,272
EBITDA		61,059	130,909	57,495
Free cash flow conversion		(77.1%)	99.1%	35.3%

*The adjustment to free cash flow ensures that payments made after an acquisition to settle loans with former shareholders of acquired companies, or other similar financial liabilities, are excluded from the movement in payables in the free cash flow conversion calculation.

Return on capital employed

	30 June 2026 €'000	30 June 2025 €'000	30 June 2024 €'000
Rolling 12 months operating profit	79,669	82,369	71,928
Adjustment for 12 months exceptional costs	14,087	4,806	8,205
Acquisition related 12 months intangible amortisation	3,547	3,432	3,411
Adjusted 12 months rolling operating profit	97,303	90,607	83,544
Total equity	426,423	372,981	350,187
Net bank debt	275,728	197,535	143,609
Deferred contingent consideration	7,170	39,107	68,489
Deferred acquisition consideration	1,245	-	-
Total capital employed	710,566	609,623	562,285
Average capital employed	660,095	585,954
Adjustment for acquisitions/divestments (Note A / B below)	-	-
Adjusted average capital employed	660,095	585,954
Return on capital employed	14.7%	15.5%
Note A: Adjustment for acquisitions (2026 adjusted average capital employed)	Capital employed	Completion Date	Adjustment
	€'000		€'000
TouchStore	9,943	Dec 2025	-
Adjustment for acquisition			-
Note B: Adjustment for divestments (2025 adjusted average capital employed)	Capital employed	Completion Date	Adjustment
	€'000		€'000
Inspired Insight, LLC	21,834	Dec 2024	-
Adjustment for divestment			-

The adjustment ensures that the capital employed of acquisitions and divestments completed during the period are appropriately time apportioned to align with the corresponding periods for adjusted operating profit. These adjustments include cash consideration, deferred and deferred contingent consideration, debt acquired/disposed, cash acquired/disposed, and any cash impact of shareholder loans or other similar financial liabilities repaid post-acquisition.

 

END