Olvi (OLVAS) Q2 2025 earnings summary

Executive summary

• Maintained strong market positions and shares despite a 3.1% year-over-year decline in sales volume to 487.5 million litres in H1 2025, with non-alcoholic product sales increasing.

• Net sales remained stable at EUR 327.9 million, but operating result fell 8.2% to EUR 38.7 million due to lower volumes, higher costs, and increased investments in sales and marketing.

• Cold, rainy weather and weak consumer confidence led to a 3.3% volume decline in Q2 and weighed on demand, especially for beer and water.

• Investments in brands, media, logistics, and new product launches supported market position but pressured profitability.

• 220 new products launched in H1, with delivery accuracy in Finland reaching 98.6% during summer.

Financial highlights

• Q2 2025 sales volume down 3.3% year-over-year to 288.3 million litres; net sales flat at EUR 195.1 million.

• H1 2025 operating result EUR 38.7 million (-8.2% year-over-year); profit for the period EUR 27.2 million (-13.8%).

• Gross margin stayed flat year-over-year in Q2, but improved slightly to 41.0% in Q2 and 40.9% in H1.

• Earnings per share EUR 1.30 in H1 2025, down from EUR 1.51 in H1 2024.

• Investments increased 40% year-over-year to EUR 20.8 million in H1 2025.

Outlook and guidance

• 2025 full-year operating result now estimated at EUR 82–86 million, narrowed from previous EUR 82–90 million range.

• Operating results expected to improve in H2, supported by normalized weather, cost-saving initiatives, and operational efficiency.