Pet Service Holding: Net Loss Widens in First Half, €3.5 to 4 Million Capital Raise in Preparation
Pet Service Holding published its half-year accounts on 30 October 2026, in which two trends coexist: operating profitability is improving and the net loss is widening. At the same time, the group confirmed its annual revenue target of approximately €17 to 18 million.
For the company, listed on Euronext Growth Paris, the immediate issue concerns its balance sheet: its shareholders' equity was negative by €819k as at 30 June 2026. Management is preparing a bond conversion and a private placement targeting gross proceeds of €3.5 to 4 million, with the aim of bringing equity back into positive territory before the end of the year.
Gross Margin at 35% and Positive Operating EBITDA of €30k
Revenue for the first half of 2026 amounted to €7,364k, compared with €7,039k a year earlier. Merchandise sales rose by 4.6%. The comparison period included €148k of revenue related to drug registration, which was nil this year.
Gross margin rose from €2,290k to €2,587k, representing 35% of sales compared with 33% in the first half of 2025. Operating activities generated a positive EBITDA of €30k, compared with €16k a year earlier.
According to the company, this performance was achieved despite the loss of a significant portion of prescription veterinary medicine sales, a consequence of regulations as interpreted by the Dutch authority NVWA. Growth at other online platforms, the first contribution from Petlux and a better sales mix offset a significant part of this shortfall.
Net Loss of €908k and Negative Equity to Be Strengthened
At group level, holding company costs decreased from €278k to €256k. Consolidated EBITDA thus remained negative, at -€226k compared with -€262k a year earlier. The net loss, however, widened to -€908k, compared with -€560k in the first half of 2025.
The company partly explains this result by holding company costs, financial charges, depreciation and amortisation, and costs related to the development and integration of the group. Cash stood at €1,404k as at 30 June 2026, compared with €683k a year earlier.
To strengthen the balance sheet, Pet Service Holding is preparing the conversion into shares of approximately €1.025 million of convertible bonds before the end of the year. The group is also working on a share issue by private placement, coordinated by NPEX, with a target gross proceeds of €3.5 to 4 million.
If both transactions are completed, pro forma shareholders' equity would reach approximately €3.7 to 4.2 million, before issue costs, future results and other changes. The final timing and amount depend on the success of the financing and on the group's operating performance.
The group has also initiated legal proceedings against the sellers and former shareholders of Asklepios B.V. (the company operating Pharmacy4Pets, among others), over statements it considers to have been inaccurate at the time of the disposal. The claims total approximately €2.07 million, excluding statutory interest. Only €240k has been recognised as a receivable, the outcome remaining uncertain according to the company.
€17 to 18 Million Target Confirmed for 2026, Ambition of €50 Million in 2029-2030
Pet Service Holding has confirmed its aim of achieving revenue of approximately €17 to 18 million in 2026. Chief Executive Officer Ron van Veldhoven bases this target on the trend observed in the second half. The resumption of Royal Canin deliveries in October 2026, initially through Budget Pets, opens up additional commercial opportunities, according to the company.
The acquisition of the RHR Cat-Trees business in July 2026 included stock with an original purchase value of approximately €1 million, acquired for €325k. The group expects approximately €2 million in gross sales from this stock over 2026 and 2027 combined.
Management estimates the annual revenue potential of its five business divisions at more than €20 million, which could be reached over a full financial year in 2027, excluding acquisitions.
The discount brand Budget Pets, whose first store opened in Bussum in July 2026, plans to open a second outlet in Arnhem-Noord during the first week of December.
The Arnhem-Noord store, with a surface area of over 500 m², is located in a shopping centre that welcomes approximately 1.6 million visitors per year.
According to the company, it could generate approximately €1.5 million in annual revenue once fully operational. The group aims for at least 15 stores in the Netherlands, then 50, with Belgium and Germany under consideration.
Finally, the group has set itself the ambition of achieving consolidated revenue of at least €50 million in 2029-2030. The company specifies that this objective expressly depends on the success of the planned share issue, sufficient financing, and commercial and operational execution.
