Royal Unibrew (RBREW) Q4 2025 earnings summary

Executive summary

• Achieved 5% revenue growth and 12% EBIT growth in 2025, both at the upper end of guidance, with EBIT margin expanding by 90 bps to 14%.

• Margin expansion driven by operational efficiency and cost discipline across all markets.

• Strong cash generation and balance sheet enabled shareholder returns, including share buybacks and a new program running until mid-August 2026.

• Performance was broad-based across all segments, supported by category focus and operational efficiency.

• Continued progress on sustainability and employee safety initiatives.

Financial highlights

• Net revenue reached DKK 15,723m, up 5% year-over-year; organic revenue growth was 3%.

• EBIT increased 12% to DKK 2,202m, with EBIT margin rising to 14.0% from 13.1%.

• Gross profit margin improved to 43.0% from 42.5% year-over-year; gross profit up 6%.

• Adjusted EPS increased by 25% year-over-year, excluding 2024 shareholding sales.

• Free cash flow (excluding equity sales) increased 13% to DKK 1,378m; underlying free cash flow up 12% after adjusting for 2024 asset sales.

Outlook and guidance

• 2026 organic EBIT growth guidance set at 6%-10%, above long-term target of 6%-8%.

• Net revenue for 2026 expected to be broadly in line with 2025, reflecting exit from lower-margin activities (3.5% revenue reduction, no EBIT or volume impact).

• CapEx expected at 7% of net revenue in 2026, with some investment delays into 2027.

• Net financial expenses guided at DKK 250 million; effective tax rate at 22%.

• Continued focus on operational efficiency, innovation, and alignment with consumer trends.