Royal Unibrew (RBREW) Q2 2025 earnings summary

Executive summary

• EBIT grew 11% in H1 2025, driven by 4% topline growth and margin expansion, with strong results in Western Europe, Italy, France, and International segments, despite cold weather in Finland impacting volumes.

• Geographic diversification, operational efficiency, and brand development contributed to growth and margin improvement.

• Launched a DKK 300 million share buyback program, maintaining robust cash flow and balance sheet.

• Market share gains achieved across most categories and geographies.

Financial highlights

• Net revenue rose 4% to DKK 7,644 million; organic net revenue growth at 3%.

• EBIT increased 11% to DKK 959 million, with margin up 80 bps to 12.5%.

• EPS grew 18% to DKK 13.2; net profit up 18% to DKK 657 million.

• Free cash flow at DKK 458 million, down from DKK 560 million due to higher capex.

• NIBD/EBITDA at 2.3x; capex at DKK 504 million, about 7% of net revenue.

Outlook and guidance

• Full-year 2025 net revenue growth expected at 5%-6% (previously 5%-7%), EBIT growth at 8%-12% (was 7%-13%).

• Guidance reflects normal summer weather, reduced private label production, and adverse FX effects.

• Net finance expenses expected around DKK 250 million, tax rate at 22%, and capex at 7% of net revenue.

• Consumer environment remains challenging but stable; weather impact normalized.