Interim report
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RNS Number : 7564TUniphar PLC08 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 2026representing 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 thecontribution 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 centwith 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 yearcomparator, supported by continued progress across Global Sourcing and Pharma Services. Thedivision 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 demandacross core specialisms, portfolio expansion into new markets and continued enhancement of theproduct offering. § Uniphar Supply Chain & Retail delivered 5.6% organic gross profit growth, with the retail networkincreasing by 30 pharmacies to 512 in the period, and Wholesale maintaining strong volumegrowth.
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· Net bank debt increased in the period to €275.7m from €171.1m in December 2025, representing aleverage multiple of 2.4x. The increase primarily reflects the expected unwind of prior year working capitaltiming benefits in the Pharma division as previously indicated. This unwind results in a negative free cashflow conversion of 77.1% as at June 2026 (positive free cash flow conversion of 99.1% as at December2025). The Group retains a robust liquidity position and remains disciplined in its approach to capitalallocation. · 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 inIreland will now go live in February 2027, with a phased roll-out during H1 2027. The revised timelineallows for additional end-to-end testing and minimises execution risk during Supply Chain's operationalpeak 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 isreflective 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 andResponsible Sourcing Programmes. Current initiatives include a significant solar project supportingprogress towards the Group's 2030 SBTi-aligned Scope 1 and 2 emissions reduction targets, togetherwith continued supplier engagement through the responsible sourcing programme. · Uniphar has consistently deployed capital in a disciplined manner in both M&A and strategic investmentopportunities. M&A remains an objective of the Group in delivering its medium-term growth targets, withthe 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. Tradingcontinues to be robust, and the business is developing in line with our expectations. We expect to sustain thisprogress into the second half and remain on track to meet our growth objectives for each of our three divisionsfor the full year. We also remain confident in our ability to reach our €200m EBITDA target by 2028, with at least80% of growth expected to be organic." Analyst presentationA 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 detailsUniphar Group Tel: +353 (0) 1 428 7777 Tim Dolphin Chief Financial Officer Allan Smylie Head of Strategy and Investor Relations investor.relations@uniphar.ie 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.
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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 ourstakeholders and deliver long-term value. We continue to make progress across the Environmental, Social andGovernance 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 powerinstallation 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 developtargeted support. Strategic capital expenditure Uniphar's track record of investment in technology has been a critical enabler of the Group's transformationalgrowth 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 facilitytogether 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 extendedtimeline allows for additional end-to-end testing and minimises execution risk during the Group's seasonal peaktrading 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 isa 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 wehave achieved in continental Europe in recent years. Acquisitions and integration update Uniphar continues to evaluate potential acquisition opportunities and maintains an active pipeline ofopportunities 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 delivera 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 withexpectations. Outlook Uniphar remains well positioned to achieve continued gross profit growth in each division and is confident ofdelivering 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 bedelivered organically.
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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 adisciplined 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 controlsystems 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 CorporateGovernance Code Provision 29 requirements. The Board and Audit, Risk and Compliance Committee receiveregular 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 currentlyfacing the Group. The Group continues to actively assess changes in its external environment which couldchange 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 yearcomparator, 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 medicinesacross the globe. · Strategic investments in new UK and continental European hubs, announced in 2025, are on track asplanned 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
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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 Constantcurrency 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 growthof 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 demandremains strong for innovative medtech devices that improve patient outcomes, enhance the physician experienceand 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 manyof the world's top medical device manufacturers. The business is headquartered in Ireland with a pan-Europeanpresence 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 marketpositions in areas such as interventional cardiology and radiology, orthopaedics, ophthalmology, minimallyinvasive 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 recurringbusiness in Ireland provides a stable foundation while the UK and mainland Europe presents the most significantopportunities for future expansion. The division delivered growth in the period through a combination of strong execution in our core Irish market andcontinued momentum across international markets. Leveraging our established relationships with leadingmanufacturing partners, we successfully expanded the reach of our specialist product portfolio into new andexisting markets. Growth was supported by increased penetration within our core clinical specialisms, theintroduction of additional products from key supplier partners, and the acquisition of new customers across ourinternational footprint. These initiatives further enhance the division's diversified growth profile and reinforce itsposition 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 confidentin 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%
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Gross profit margin % 9.8% 9.8% EBITDA 22,930 22,382 2.4% 2.4% EBITDA margin % 2.1% 2.2% PerformanceThe 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 thebusiness 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-endperformance 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 ChainThe 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 astrong performance, achieving organic growth and expanding market share in the Wholesale market, which itselfcontinues 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 currentinfrastructure, the division continued to grow in the period. These constraints are being addressed with thecommissioning 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) auditscompleted. Current efforts are focused on end-to-end performance testing ahead of a phased go-live rollout. Oncefully 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 formthe 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 Groupcontinues to develop its own-brand consumer products range that offers increased choice and value to ourcustomers. 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 organicgross profit growth for the full year. Financial Review Summary financial performance Growth Six months ended 30 June 2026€'000 2025€'000 Reported Constantcurrency 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%
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Revenue and Gross ProfitRevenue 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 targetedinvestments in overheads to drive future growth opportunities. Exceptional itemsExceptional costs net of tax in the period were €4.7m and primarily relate to strategic business transformationcosts (€4.0m) together with redundancy and restructuring costs (€0.9m). Further details are provided in Note 3. Earnings per shareBasic 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, adjustedearnings per share increased from 10.0 cent to 10.9 cent by applying the weighted average number of shares asat 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) 17,283Net cash outflow from investing activities (38,324) (21,632) Net cash (outflow)/inflow from financing activities (4,617) 23,106Foreign currency translation movement 235 (673) (Decrease)/Increase in cash and cash equivalents in the periodincluding foreign currency translation movement (95,686) 18,084 Movement in restricted cash - (59) Non-cash movement in borrowings (789) 1,793Cash 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 yearworking 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 divisionsresults 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 €27.5mis 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). TaxationThe 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 asa percentage of the profit before tax and exceptional items.
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Currency ExposureThe 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 localIncome 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 0.8420US Dollar 1.1667 1.0898Australian 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 theGroup's target range of 12% - 15%. A decrease of 0.8% since June 2025 (15.5%) reflects the ongoing strategiccapital investment. DividendsA 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 €0.0074per ordinary share. It is proposed to pay the dividend on 9 October 2026 to ordinary shareholders on theCompany'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 30June 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 bestof their knowledge and belief: a) the condensed consolidated interim financial statements comprising the Condensed Consolidated GroupIncome Statement, the Condensed Consolidated Group Statement of Comprehensive Income, theCondensed Consolidated Group Balance Sheet, the Condensed Consolidated Group Statement of Changes in Equity and the Condensed Consolidated Group Cash Flow Statement and related notes havebeen prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU, and areprepared 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 sixmonths 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 financialstatements 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:
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the Condensed Consolidated Group Balance Sheet as at 30 June 2026; the Condensed Consolidated Group Income Statement and Condensed Consolidated Group Statement ofComprehensive 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
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Notes: (a) The maintenance and integrity of the Uniphar plc's website is the responsibility of the directors; the workcarried out by the auditors does not involve consideration of these matters and, accordingly, the auditorsaccept no responsibility for any changes that may have occurred to the financial statements since theywere initially presented on the website. (b) Legislation in the Republic of Ireland governing the preparation and dissemination of financial statementsmay 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 Unau € Revenue 2 1,591,855 - 1,591,855 1,485,492 - 1,485 Cost of sales (1,355,365) - (1,355,365) (1,265,841) - (1,265 Gross profit 236,490 - 236,490 219,651 - 219 Operating costs* 4 (196,125) (5,396) (201,521) (181,344) (5,866) (187 Other operating income 431 - 431 165 - Operating profit 40,796 (5,396) 35,400 38,472 (5,866) 32 Finance cost 5 (10,176) - (10,176) (10,365) - (10 Finance income 5 526 - 526 597 - Profit before tax 31,146 (5,396) 25,750 28,704 (5,866) 22 Income tax expense 6 (6,477) 726 (5,751) (6,101) 756 (5 Profit for the financialperiod 24,669 (4,670) 19,999 22,603 (5,110) 17 Attributable to: Owners of the parent 19,993 17 Non-controlling interests 6 Profit for the financialperiod 19,999 17 Basic and dilutedearnings per share (incent) 7 7.7 *Comparative amountshave been re-presentedto combine Selling anddistribution costs andAdministrative expensesinto a single Operatingcosts 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)
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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
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Sharecapital Sharepremium Sharebased paymentreserve TreasuryShares Foreigncurrencytranslation reserve Revaluationreserve Credemre €'000 €'000 €'000 €'000 €'000 €'000 At 1 January 2025 21,841 176,501 5,936 - 8,102 700Profit for the financial period - - - - - -Other comprehensive expense: Movement in foreign currency translation reserve - - - - (9,931) -Transactions recognised directly in equity:Movements in share-based payment reserve - - 1,883 - - - Transfer on exercise, vesting or lapse of share-based payments - - (369) - - - Dividends paid (Note 8) - - - - - - Share buyback - repurchase of shares - - - (35,100) - -Share buyback - cancellation of shares (1,075) - - 35,100 - - At 30 June 2025 Unaudited 20,766 176,501 7,450 - (1,829) 700 At 1 January 2026 20,766 176,501 9,333 - (3,323) 700Profit for the financial period - - - - - - Other comprehensive income: Movement in foreign currency translation reserve - - - - 2,773 -Transactions recognised directly in equity: Movements in share-based payment reserve - - 1,883 - - -Dividends paid (Note 8) - - - - - -Purchase of non-controlling interest - - - - - - At 30 June 2026 Unaudited 20,766 176,501 11,216 - (550) 700 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
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(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 thepresentation of expenses in the income statement to align more closely with how operating costs are managedand 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 inNote 4. This presentation change has no impact on the recognition or measurement of any item, or on the Group'sreported 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 inaccordance with IAS 1. The accounting policies applied in the interim financial statements are the same as thoseapplied 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 statementscontained 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 notinclude all of the information required for full annual financial statements and should be read in conjunction withthe 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 attentionwas drawn by way of emphasis. The preparation of interim financial statements in compliance with IAS 34 requires management to make estimatesand assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets andliabilities 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 ofjudgement or complexity, or areas where assumptions and estimates are significant to the financial statements aredisclosed 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 interimfinancial 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 controlsan entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity andhas 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 at4045 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 basisof accounting. The Directors have made appropriate enquiries and carried out a thorough review of the Group'sforecasts, 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 tradingperformance and potential business risk. The forecasts indicate significant liquidity headroom will be maintainedabove 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. Thebanking 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 loanmatures in August 2030, with two one-year extension options available to extend the maturity to August 2032.Therepayments on the term loan commence in 2028. Having regard to the factors outlined above, the Directors have a reasonable expectation that the Group hasadequate 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 isappropriate 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 suchmatters which require either a provision or contingent liability disclosure in the financial statements.
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New Standards, Amendments, and Interpretations The following standards and interpretations are effective for the Group from 1 January 2026 but do not have amaterial 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 June2026 reporting periods and have not been adopted by the Group. - Amendments to IFRS 9 and IFRS 7 - Amendments to the classification and measurement ofFinancial 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 FinancialStatements 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 financialstatements. However, its impacts on presentation and disclosure are expected to be significant, in particular thoserelated 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 financialstatements. The remaining standards are not expected to have a material effect on the results or financial positionof 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. Theoperating segments are based on the Group's management and internal reporting structures. Geographical analysisThe Group operates in three principal geographical regions being Ireland, the Netherlands and the UK. The Groupalso 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'smanagement structure and the way the financial information is regularly reviewed by the Group's Chief OperatingDecision 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 pharmaceuticalproduct. The business enables pharma and biotech companies to bring innovative medicines to global marketsand 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
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improve access to these medicines. The division operates through its Global Sourcing and Pharma Servicesbusiness units; · Uniphar Medtech provides outsourced services, specifically sales, distribution and support services to medicaldevice 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. Unipharoperates a network of pharmacies under the Hickey's, McCauley, Allcare and Life brands. Additionally, throughthe 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 fromoperations. UnipharPharma UnipharMedtech Uniphar SupplyChain & 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 3,372Strategic 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 costsProfessional 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 acquisitionsinto the expanded Group. Such costs include those associated with winding-down and exiting facilities acquiredthrough 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 arisingon reorganisations and restructuring Group businesses. Strategic business transformationStrategic business transformation costs relate to investments in building the platform required to support theGroup'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 andcommissioning activities, project initiation costs, and relocation expenses. The facility is expected to becomeoperational in February 2027, with a phased rollout planned throughout H1 2027. Strategic business
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transformation costs also include expenses related to a long-term incentive plan designed to support thedevelopment 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 12,888Staff costs 115,518 102,618Other 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 2,239Interest payable on borrowings and invoice discounting facilities 7,832 7,606Unwinding 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
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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 (May2025: €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 toordinary 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 BalanceSheet at 30 June 2026. 9. Intangible assets Goodwill €'000 Trademark& licenses€'000 Computersoftware€'000 Technologyassets€'000 Brandnames€'000 Customerrelationships€'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
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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 areborrowing 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 incircumstances 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 valueless costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at thelowest 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 31December 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 Tot €'000 €'000 €'000 €'000 €'000 €'000 €'000 €'0 Cost At 1 January 2026 235,607 36,450 101,717 19,214 9,241 8,180 11,456 421,8 Foreign exchangemovement 390 85 258 45 28 10 1 8 Additions 6,900 527 16,547 427 313 1,241 2,143 28,0 Disposals/retirements (5,289) - (117) - (298) (1,973) (516) (8,19 Transfer to InvestmentProperty (4,094) - - - - - - (4,09 At 30 June 2026 233,514 37,062 118,405 19,686 9,284 7,458 13,084 438,4 AccumulateddepreciationAt 1 January 2026 60,414 10,815 23,886 9,636 5,314 3,911 6,727 120,7 Foreign exchangemovement 108 38 28 41 14 7 - 2 Charge for the period 7,324 1,187 2,144 1,089 638 1,176 950 14,5 Disposals/retirements (5,289) - (74) - (284) (1,801) (284) (7,73 Transfer to InvestmentProperty (1,462) - - - - - - (1,46 At 30 June 2026 61,095 12,040 25,984 10,766 5,682 3,293 7,393 126,25 Net book value At 31 December 2025 175,193 25,635 77,831 9,578 3,927 4,269 4,729 301,1 At 30 June 2026 172,419 25,022 92,421 8,920 3,602 4,165 5,691 312,24 Reconciliation toBalance SheetProperty, plant andequipment 31,619 25,022 91,540 8,920 3,602 108 5,691 166,5 Right-of-use assets 140,800 - 881 - - 4,057 - 145,7 Net book value at 30 June2026 172,419 25,022 92,421 8,920 3,602 4,165 5,691 312,24 Included in property, plant and equipment are assets under construction to the net book value of €87,881,000 (31December 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.
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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 followinga 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 lessaccumulated 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) Limitedresulting in the entity becoming a wholly owned subsidiary of the Group. Total consideration was €1,658,000, ofwhich €413,000 (Note 15) was paid in the period. The remaining balance of €1,245,000 (Note 15) has beenpresented 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 June2026 €'000 31 December2025 €'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). Borrowingunder 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 amortisingterm 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.
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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 securityBank 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 certainsubsidiary 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 contingentconsideration liability at 30 June 2026 is €7,170,000 (31 December 2025: €10,240,000). Estimation and judgementis 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 BalanceSheet 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
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(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 categoryThe accounting policies for financial instruments have been applied to the line items below: Financialassets atFVOCI* Financialassets atamortised cost Total Fairvalue €'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
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* Fair value through other comprehensive income. ** Excluding non-financial assets. Financialliabilities atFVTPL*** Financialliabilities atamortised cost Total Fairvalue €'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 ChiefFinancial Officer (CFO), reviews and determines the major methods and assumptions used in estimating the fairvalues of the financial assets and liabilities which are set out below: Investments in equity instrumentsInvestments in equity instruments are measured at fair value through other comprehensive income (FVOCI). Trade and other receivables/trade and other payablesFor 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 threemonths, the carrying amount is deemed to reflect fair value. Interest-bearing loans and borrowingsFor 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 flowsdiscounted at appropriate market interest rates (level 2) effective at the Balance Sheet date and adjusted formovements in credit spreads. Deferred acquisition considerationDiscounted 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 reflectthe fair value. Deferred contingent considerationThe fair value of the deferred contingent consideration is calculated by discounting the expected future payment tothe 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 onmanagement's best estimates of the expected future cash outflows using current budget forecasts. The provisionfor 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 hierarchyThe 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)
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There were no transfers between the fair value levels for recurring fair value measurements during the period. TheGroup's policy is to recognise transfers into and transfers out of fair value hierarchy levels as at the end of thereporting period. Level 1: The fair value of financial instruments traded in active markets is based on quoted market prices at theend 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 isincluded in level 2. Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is includedin 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 inunlisted 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 managementThe Group's operations expose it to various financial risks. The Group has a risk management programme in placewhich 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 allfinancial risk management information and disclosures required in the annual financial statements; they should beread 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 respectof 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 thepurchase price allocation is continuing. No adjustments to the provisional fair values have been recognised duringthe 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 InformationALTERNATIVE 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 bothinternally, and to shareholders and other external users. The Group believes that the presentation of these APMsprovides useful supplemental information which, when viewed in conjunction with IFRS financial information, provides stakeholders with a more meaningful understanding of the underlying financial and operatingperformance of the Group and its divisions. These measurements are also used internally to evaluate the historicaland planned future performance of the Group's operations. None of these APMs should be considered as an alternative to financial measurements derived in accordance withIFRS. 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.
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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 & AdjustedEBITDA Earnings before exceptional items, netfinance expense, income tax expense,depreciation, intangible assets amortisation and share-based paymentexpense. Earnings before exceptional items, netfinance expense, income tax expense, depreciation, intangible assetsamortisation and share-based paymentexpense, adjusted for the impact of IFRS 16 and the pro-forma EBITDA ofacquisitions. EBITDA provides management with anassessment of the underlying tradingperformance of the Group and excludes transactions that are not reflective of theongoing operations of the business, allowingcomparison of the trading performance of the business across periods and/or with otherbusinesses. Adjusted EBITDA is used for leveragecalculations. Net bank debt Net bank debt represents the net total of current and non-current borrowings, cashand cash equivalents, and restricted cashas presented in the Group Balance Sheet. Net bank debt is used by management as an input into the Group's current leveragecalculation which management will considerwhen evaluating investment opportunities, potential acquisitions, and internal resourceallocation. Net debt Net debt represents the total of net bank debt, plus current and non-current leaseobligations as presented in the GroupBalance Sheet. Net debt is used by management as it gives a complete picture of the Group's debtincluding the impact of lease liabilitiesrecognised under IFRS 16. Leverage Net bank debt divided by rolling 12 monthsadjusted EBITDA. Leverage is used by management toevaluate the Group's ability to cover its debts.This allows management to assess the abilityof the company to use debt as a mechanism to facilitate growth. Adjustedoperating profit This comprises of operating profit asreported in the Group Income Statement before amortisation of acquired intangibleassets and exceptional items (if any). Adjusted operating profit is used to assessthe underlying operating performance excluding the impact of non-operationalitems. This is a key measure used bymanagement to evaluate the businesses' operating performance. Adjustedearnings per share & Like-for-Like adjustedearnings pershare This comprises of profit for the financialperiod attributable to owners of the parent as reported in the Group IncomeStatement before exceptional items (ifany), amortisation of acquisition related intangibles (and tax thereon) and share-based payment expense, divided by theweighted average number of shares in issue in the period. Like-for-like adjusted earnings per share is calculated for both the current and priorperiod by dividing the profit of the relevantperiod attributable to owners of the parent as reported in the Group IncomeStatement before exceptional items (if any)and amortisation of acquisition related intangibles (and tax thereon) and share-based payment expense, by the weightedaverage number of shares in issue in the current period. Adjusted EPS is used to assess the after-taxunderlying performance of the business in combination with the impact of capitalstructure actions on the share base. This is akey measure used by management to evaluate the businesses operatingperformance, generate future operatingplans, and make strategic decisions. Like-for-like adjusted EPS is used to assess the after-tax underlying performance of thebusiness assuming a constant share base. Free cashflow conversion Free cash flow conversion is calculated asEBITDA, less investment in working capital, less maintenance capitalexpenditure, less principal and interestpayments on leases, and foreign exchange translation adjustment, divided by EBITDA. Free cash flow represents the fundsgenerated from the Group's ongoing operations. These funds are available forreinvestment, and for future acquisitions aspart of the Group's growth strategy. A high level of free cash flow conversion is key tomaintaining a strong, liquid Balance Sheet. Return on capitalemployed(ROCE) ROCE is calculated as the 12 months rolling operating profit before the impact ofexceptional costs and amortisation ofacquisition related intangibles, expressed This measure allows management to monitor business performance, review potentialinvestment opportunities and the allocation ofinternal resources.
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Definition Why we measure it as a percentage of the adjusted averagecapital employed for the same period. Theaverage capital employed is adjusted to ensure the capital employed ofacquisitions and divestments completedduring the period are appropriately time apportioned. 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
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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 andequipment - 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 formershareholders of acquired companies, or other similar financial liabilities, are excluded from the movement inpayables 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
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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 adjustedaverage capital employed) Capitalemployed CompletionDate Adjustment €'000 €'000 TouchStore 9,943 Dec 2025 - Adjustment for acquisition - Note B: Adjustment for divestments (2025 adjustedaverage capital employed) Capitalemployed CompletionDate 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 areappropriately time apportioned to align with the corresponding periods for adjusted operating profit. Theseadjustments 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. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authorityto act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this informationmay apply. For further information, please contact rns@lseg.com or visit www.rns.com. RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the informationcontained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. Forfurther information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy. END