Ölgerðin Egill Skallagrímsson (OLGERD) Q2 2026 earnings summary

Executive summary

• Revenue for Q2 2025 reached 13.0 billion ISK, up 2.0% year-over-year, with EBITDA at 1.6 billion ISK, down 2.7%, and net profit at 0.9 billion ISK, down 5.9%.

• For the first six months of 2025, revenue was 24.6 billion ISK (+2.7%), EBITDA 2.6 billion ISK (-4.8%), and net profit 1.3 billion ISK (-11.1%).

• Gross margin improved to 34.2% (+0.8 percentage points), while the wage ratio increased to 11.6% (+0.9 percentage points).

• Domestic operations showed EBITDA growth, but international operations, especially due to U.S. tariffs and foreign market investments, negatively impacted results.

• Equity increased by 983 million ISK during the period, with total assets at 35.7 billion ISK and equity at 17.4 billion as of 31 August 2025.

Financial highlights

• EBITDA margin for the half-year was 10.5%, with a 130 million ISK decrease mainly due to weaker international performance.

• Gross margin for Q2 2025 was 34.1%, up 1.4 percentage points year-over-year.

• Operating expenses rose by over 600 million ISK, mainly from increased payroll and expansion in retail and service divisions.

• Net interest-bearing debt at period end was 7,237 million ISK, down 209 million from the start of the year.

• Free cash flow for the period was 49.99 million ISK.

Outlook and guidance

• Q3 product sales are up 13% so far, with continued strong growth in beer and hospitality segments.

• EBITDA guidance for the year remains at 4.8–5.2 billion ISK, excluding effects from recent acquisitions and with 354 million ISK investment in Collab export.

• Collab expansion to Austria planned, with ongoing international marketing investments.

• Acquisitions of Geðabakstur and Kerfnabörn expected to close by November/December, with integration plans underway.

• Focus on sustainability, aiming for 95% renewable energy in 2025 and net-zero emissions by 2040.