Olvi (OLVAS) Q3 2025 earnings summary

Executive summary

• Net sales and sales volume in Q3 remained at the previous year's level, with Q3 net sales at EUR 186.2 million, up 0.7% year-over-year, but results were below expectations due to weak market demand and unfavorable weather, especially in the Baltics and Belarus.

• Market shares were maintained or increased in key segments, with notable gains in non-alcoholic categories and a 3% market share increase in beer in Latvia.

• Strategic investments in brands, operations, and acquisitions continued, with a focus on product portfolio optimization and operational efficiency to support long-term growth.

• Profitability improved at the gross margin level, but operating result and net profit declined year-over-year due to lower sales volumes and higher costs.

Financial highlights

• Q3 net sales were EUR 186.2 million, up 0.7% year-over-year; 9M net sales EUR 514.1 million, up 0.8%.

• Gross margin improved to 43.0% in Q3 and 41.7% for 9M, reflecting better relative profitability.

• Q3 operating result down 9.8% to EUR 27.0 million; 9M operating result down 8.8% to EUR 65.7 million.

• EBIT in the Baltic Sea region declined 31% year-over-year, with the largest drops in Denmark, Latvia, and Lithuania.

• Q3 profit for the period down 12.7% to EUR 20.5 million; 9M profit down 13.3% to EUR 47.7 million.

Outlook and guidance

• 2025 operating result guidance revised to EUR 80–84 million (previously EUR 82–86 million) due to weak summer demand and ongoing uncertainty.

• Management is confident in delivering a strong Q4, with expenses more focused in earlier quarters and internal cost controls supporting profitability.

• Profitability in Latvia and Lithuania is expected to recover, with improvements already seen in September.