Labiana Health obtained a consolidated net profit of 0.93 million euros in the first half of 2026, which represents a decline of 48.9% compared to the 1.82 million recorded in the same period of the previous year. This decrease is due to the recognition of 3.5 million euros in extraordinary and non-recurring financial expenses related to the cancellation of its previous financing with Miralta/Blantyre, according to the company.
The Spanish pharmaceutical group, specialized in medications for animal and human health and listed on BME Growth, achieved a turnover of 41.26 million euros between January and June, 5.2% more than in the first half of 2025.
The adjusted gross operating result (Ebitda) increased by 10.2%, reaching 8.2 million euros, while the gross margin improved by 9.2%. Meanwhile, the adjusted net operating result (Ebit) stood at 6.19 million euros, representing an increase of 14.2%.
The gross margin on sales rose to 62.4%, compared to 60.2% in the first half of 2025, and the adjusted Ebitda margin reached 19.9%, above the 19% recorded a year earlier.
ANIMAL HEALTH DRIVES REVENUES
The Animal Health division consolidated itself as the main driver of the group, with revenues of 20.77 million euros, 9.6% more, which accounts for 50.3% of the consolidated turnover.
Within this area, sales of the company's own medication catalog surged by 21.4%, reaching 7.45 million euros, while the development and manufacturing activity for third parties (CDMO) grew by 4%.
The Human Health division increased its turnover by 1.1%, reaching 20.49 million euros, supported by a 3.1% advance in the business for third parties. In contrast, sales of proprietary medications fell by 2.5%, mainly affected by the deferral in the distribution of profits in Canada.
By geographical areas, sales in Spain increased by 11.3%, while in the rest of the world they skyrocketed by 30.9%. The European Union, excluding Spain, recorded a growth of 2.5% and remained the group's main market, concentrating 60.3% of consolidated revenues.
On the operational front, supplies increased by 6.3% in a context of rising raw material and packaging material costs. Meanwhile, personnel expenses rose by 11.3% due to the increase in the workforce and salary updates.
The company has indicated that the improvement in the gross margin was conditioned, among other elements, by a higher volume of production and by the positive variation of inventories associated with the preparation of orders for the second semester.
REDUCES NET DEBT BY 6.8%
In the financial sphere, Labiana closed in February a new syndicated financing of up to 37 million euros, led by Deutsche Bank, and subsequently canceled the previous financing with Miralta/Blantyre. According to the group, this operation eliminates the PIK interest from the previous structure.
The gross financial debt stood at 35.96 million euros, 1.9% less than at the end of 2025, while the net financial debt was reduced by 6.8%, to 28.66 million.
As a result, the net financial debt to adjusted EBITDA ratio for the last twelve months fell to 2.30 times, compared to the 2.63 times recorded in December 2025.
The capital increase carried out during the semester also contributed to strengthening the balance sheet, raising net equity to 11.15 million euros, compared to the 4.76 million recorded at the end of the previous fiscal year.
The CEO of Labiana, Manuel Ramos, has highlighted that the results reflect "the continuity of growth" and the improvement of operational profitability, while the capital increase and the new financing have allowed for strengthening the financial structure and reducing leverage.
Ramos also pointed out that the group obtained 22 new marketing authorizations in animal and human health, which contribute to expanding its product portfolio and its international presence.