Bera (BERAHF) investor relations material

Executive summary

• Revenue increased by 7% year-over-year to ISK 49,040 million, with EBITDA at ISK 5,007 million, down 1% from the previous year.

• Net profit after tax was ISK 2,139 million, a 12% decrease year-over-year, mainly due to challenging performance in the export segment and one-off costs.

• The acquisition of Gæðabakstur and Kjarnavörur in December 2025 contributed positively to sales and EBITDA in Q4.

• Major organizational restructuring was implemented, including the creation of a new beverage subsidiary and a name change for the parent company.

Financial highlights

• Gross margin improved by 10.4% year-over-year.

• EBITDA margin was 10.2%, and EBIT margin was 7.6%.

• Net interest-bearing debt increased by ISK 6.9 billion to ISK 13.1 billion, mainly due to acquisitions.

• Equity ratio declined to 41.7% at year-end.

• Free cash flow was negative ISK 4,985 million, reflecting significant investment activity.

Outlook and guidance

• Management expects continued focus on core operations and efficiency gains from recent restructuring.

• No dividend will be paid for the year, with profits retained for further investment and strengthening the balance sheet.