Royal Unibrew (RBREW) Q1 2025 TU earnings summary

Executive summary

• Q1 2025 volume and net revenue were flat year-over-year, despite a week-long strike in Finland and later Easter timing shifting sales into Q2.

• EBIT grew 4% and EPS increased 25% year-over-year, with EBIT margin up 0.2 percentage points, reflecting operational improvements and efficiency initiatives.

• Western Europe and International segments showed strong growth, while Northern Europe declined due to strike and Easter timing.

• Full-year 2025 financial outlook reiterated, despite increased macroeconomic uncertainty.

Financial highlights

• Net revenue: DKK 3,206m, flat year-over-year; gross profit: DKK 1,284m, up DKK 42m; gross margin increased 1.2pp to 40%.

• EBIT: DKK 219m, up 4% year-over-year; EBIT margin at 6.8%.

• Free cash flow: DKK -543m, reflecting higher investments and inventory ahead of Q2 Easter sales.

• Dividend of DKK 15 per share approved, totaling DKK 750–753m cash outflow in Q2.

• Q1 is seasonally a small and cash-flow negative quarter.

Outlook and guidance

• Net revenue growth for 2025 expected at 5%-7%, including M&A, Benelux, and Minttu brand contributions.

• EBIT growth forecasted at 7%-13%, with EBIT expected between DKK 2,100–2,225m.

• Net financial expenses anticipated at DKK 250m; effective tax rate around 22%.

• CapEx projected at 7% of net revenue, including lease repayments.

• Guidance assumes stable demand, no major channel mix changes, and continued market share gains in growth categories.