Uniphar (UPR) H1 2026 TU earnings summary

Executive summary

• Achieved approximately 11% adjusted EPS growth in H1 2026, meeting expectations, driven by strong trading and around 7% organic gross profit growth.

• All three divisions—Pharma, Medtech, and Supply Chain & Retail—delivered solid organic gross profit growth, with Pharma and Medtech achieving high single-digit growth and Supply Chain & Retail mid-single-digit growth.

• Maintains strong liquidity, with Net Bank Debt/EBITDA at 2.4x at June 2026, reflecting expected working capital movements.

Financial highlights

• Adjusted EPS grew by about 11% year-over-year in the first half of 2026.

• Organic gross profit increased by approximately 7% compared to the same period last year.

Outlook and guidance

• Trading momentum remains strong entering H2 2026, with full-year expectations unchanged.

• New high-tech distribution facility in Ireland to go live in February 2027, with phased rollout in H1 2027; project requires incremental €20m capital expenditure.

• Revised facility timeline defers depreciation and amortisation, benefiting FY 2026 adjusted EPS.

• Confident in reaching €200m EBITDA target by 2028, with at least 80% of growth expected to be organic.