Ölgerðin Egill Skallagrímsson (OLGERD) Q4 2025 earnings summary

Executive summary

• Revenue for 2024 reached 45.7 billion ISK, up 0.8% year-over-year, with Q4 revenue at 10.4 billion ISK, up 1.1% compared to Q4 2023.

• EBITDA for 2024 was 5.04 billion ISK, down 8.4% year-over-year; Q4 EBITDA rose 14% to 1.2 billion ISK.

• Net profit for 2024 was 2.4 billion ISK, a decrease of 26% year-over-year; Q4 net profit increased 7.4% to 0.5 billion ISK.

• Beer sales rose 7% in Q4 and 6% for the year, while coffee sales increased 12% due to price hikes; energy drinks declined 14%.

• Acquisitions of Gjaðarbakstur and Kjarna Vörur announced, expected to add significant revenue and EBITDA impact over ISK 1 billion annually.

Financial highlights

• Revenue grew by 0.8% year-over-year to 45.7 billion ISK; Q4 revenue up 1.1%.

• Annual EBITDA ISK 5.04 billion, down 8.4% year-over-year; net profit ISK 2.4 billion, down 26%.

• EBITDA margin for 2024 was 11.0%, down from 12.1% in 2023.

• Net profit margin declined to 5.3% in 2024 from 7.3% in 2023.

• Debt increased by ISK 1.7 billion due to investments and dividends; NIBD/EBITDA at 1.5x.

Outlook and guidance

• Management projects annual EBITDA of ISK 4.8–5.2 billion for 2025, excluding effects from new acquisitions.

• Modest growth expected in core business; significant uplift anticipated from Gjaðarbakstur and Kjarna Vörur once integrated.

• Market demand remains weak, especially in soft drinks; cautious outlook for the year.