Royal Unibrew (RBREW) Q4 2024 earnings summary

Executive summary

• Revenue exceeded DKK 15 billion in 2024, with EBIT up 20% year-over-year, driven by organic growth, acquisitions, and strong operational efficiency.

• The business nearly doubled in size over four years, expanding its multi-beverage platform across Northern and Western Europe.

• Growth was supported by commercial strategy, successful integration, and focus on high-potential categories.

• Strong free cash flow enabled a new DKK 250 million share buyback program and a proposed dividend of DKK 15 per share.

• Sustainability ambitions were raised, including SBTi target approval and new goals for water and packaging circularity.

Financial highlights

• Net revenue rose 16% to DKK 15,036m; EBIT up 20% to DKK 1,968m; EBIT margin improved to 13.1%.

• Organic volume grew 5%, organic net revenue slightly higher due to positive price mix.

• Free cash flow increased 26% to DKK 1,434m, supported by earnings growth and DKK 201m gain from sale of Polish shares.

• Net profit for 2024 was DKK 1,464m, up 34% year-over-year; adjusted EPS up 15%.

• NIBD/EBITDA improved to 2.2x from 2.9x; ROIC incl. goodwill rose to 12%.

Outlook and guidance

• 2025 guidance: net revenue growth of 5%-7% (including M&A), EBIT growth of 7%-13% (DKK 2,100–2,225m).

• Structural changes in Belgium, Luxembourg, and Finland to contribute ~2.5% to revenue growth.

• CapEx to be 7% of net revenue in 2025, with elevated levels also expected in 2026.

• Long-term EBIT growth target remains 6%-8% annually from 2026 onward.

• Net financial expenses expected around DKK 250m; effective tax rate ~22%.