Pet Service Holding NV Reports 2025 Half-Year Results Marked by 14% Organic Growth and Continued Expansion in the European Pet Market

Regulatory News:

Pet Service Holding NV (“PSH”) (Paris:ALPET), active in the European market for veterinary products, animal healthcare, and premium pet supplies, today announces its half-year results for 2025. PSH achieved 14% organic revenue growth while gross margins were under pressure in the context of continued investments in growth and integration.

2025 half-year results

In € thousand	H1 - 2025	H1 - 2024
Turnover	7,039	6,165
o/w sale medicine registration	148	0
Gross margin(1)	2,101	2,229
Gross margin (in % of sales)	31%	36%
EBITDA	(262)	69
EBIT	(480)	(115)
Net result after tax	(560)	(264)
Cash Balance	683	1,751

⁽¹⁾ Gross margin is calculated excluding consultancy and revenues from licenses

14% organic growth

Revenue in the first half of 2025 increased by more than 14% to €7.0 million (H1 2024: €6.2 million), driven by higher sales volumes in both online platforms and wholesale activities. In addition, newly introduced veterinary medicine licenses contributed €0.15 million to revenue, underlining PSH’s efforts to further diversify its product offering. Gross margins are under pressure, at 31% as a percentage of sales (H1 2024: 36%) due to changes in the product mix, inflationary pressures and higher procurement costs.

Operating expenses and investments in growth

Operating expenses rose by 11% to €2.0 million (H1 2024: €1.8 million), mainly due to higher sales and marketing expenses related to new product launches and brand awareness campaigns across Western Europe. Payroll expenses increased by 31% to €0.55 million (H1 2024: €0.42 million), reflecting the expansion of sales and logistics teams to support ongoing growth. Depreciation and amortisation amounted to €0.22 million (H1 2024: €0.18 million), following continued investment in digital infrastructure and logistics optimisation.