Nokian Panimo (BEER) H1 2025 earnings summary

Executive summary

• Sales volume grew 5.5% to 4.37 million liters in a declining market, increasing market share in all product categories.

• Revenue rose 5.5% year-over-year to €6.18 million, driven by successful product launches and volume growth.

• EBITDA margin declined to 14.7% (from 21.9%) due to weak demand from a cold, rainy early summer and costs related to equipment maintenance and external warehousing.

• Net result was -€889k (vs. €650k), impacted by €1.34 million in one-time IPO-related financial expenses; comparable net result was €362k.

• Major events included IPO on Nasdaq First North, completion of a new logistics center, and launch of the Keisari Long Drink product family.

Financial highlights

• Revenue: €6.18 million (+5.5% year-over-year).

• EBITDA: €909k (-29% year-over-year), margin 14.7%.

• Operating profit: €547k (-42% year-over-year), margin 8.9%.

• Net result: -€889k (vs. €650k), EPS: -€0.11 (vs. €0.11).

• Comparable net result: €362k (-44% year-over-year).

Outlook and guidance

• Full-year 2025 revenue expected to grow from 2024 (€11.9 million), with EBITDA margin of 18–21% (2024: 22%).

• Guidance supported by capacity expansion, new product launches, and cost efficiency measures.

• Long-term targets: €20 million revenue by 2029 and >18% annual EBITDA margin.