Royal Unibrew (RBREW) Q3 2025 TU earnings summary

Executive summary

• Achieved organic revenue growth of over 3% in the first nine months of 2025, outperforming European peers and gaining market share, with a strategic focus on growth categories and operational efficiency.

• EBIT grew 15% in Q3 2025, with margin expansion and strong commercial execution, especially in Finland and Western Europe.

• Earnings per share increased by up to 22% in Q3 and 20% year-to-date; free cash flow developed in line with plans.

• Strategy includes exiting low-margin businesses and enhancing operational efficiency, with growth segments now covering 60% of revenue.

Financial highlights

• Net revenue increased by 5.3% in Q3 (4.3% organically); gross profit grew by 5.9%.

• EBIT margin expanded to 18.1% in Q3 and 14.5% year-to-date; EBIT up 15.1% in Q3.

• Adjusted net profit up 18% year-on-year in Q3 and year-to-date, excluding a prior year tax-free gain.

• Operating cash flow year-to-date was DKK 1,724 million, up 18% from last year.

• Free cash flow reached DKK 973 million year-to-date, slightly down due to one-off proceeds in 2024 and higher CapEx.

Outlook and guidance

• Full-year EBIT growth expected at the high end of the 8%-12% range.

• Full-year net revenue growth guidance maintained at 5%-6%, with Q4 expected to accelerate.

• CapEx projected at 7% of revenue for 2025 and 2026, returning to 5% thereafter.

• Exiting low-margin snacks business in 2026 will reduce group revenue by 3.5% but not impact EBIT or volumes.

• Consumer environment remains challenging but stable; no material changes in assumptions for the remainder of the year.