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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Berentzen-Gruppe
Berentzen-Gruppe (BEZ) investor relations material
Berentzen-Gruppe Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary22 Oct, 2026
Executive summary
9M revenue fell 9.9% YoY to €107.6m; adjusted EBIT, adjusted EBITDA and operating cash flow remained positive but were well below prior-year levels.
FY 2026 earnings forecasts were confirmed unchanged from the Q2 update.
Financial highlights
Total operating performance was €108.6m, down 11.3%; consolidated revenue excluding spirits tax was €107.6m, down 9.9%.
Adjusted EBIT was €1.3m versus €5.6m; adjusted EBITDA was €7.9m versus €12.1m.
Consolidated gross profit declined €6.2m; operating expenses fell €1.9m, mainly on lower other operating expenses and staff costs.
Operating cash flow was €5.1m versus €9.6m; cash flow from operating activities was negative €9.5m, including a €14.6m working-capital cash outflow.
Outlook and guidance
FY 2026 guidance remains unchanged: revenue €151.0m–€156.0m, EBIT €3.5m–€5.0m and EBITDA €12.4m–€13.9m.
Forecast assumptions include positive earnings effects from German food-retail spirits stockpiling ahead of a possible alcohol-duty increase from Jan. 1, 2027.
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Latest events from Berentzen-Gruppe
- Revenue and profit fell sharply in H1 2026, prompting a downward revision of full-year guidance.BEZ
Q2 2026 - Q1 2026 saw lower revenue and profit, but full-year outlook and financing remain stable.BEZQ1 2026
- 2025 profit rebounded despite lower revenues, with innovation and financial strength supporting 2026 growth.BEZQ4 2025
- Revenue and profit declined year-over-year; outlook lowered amid challenging market conditions.BEZQ3 2025
- Revenue and earnings declined, but profit turned positive and outlook remains cautiously optimistic.BEZQ2 2025
- Adjusted EBIT and EBITDA surged despite stable revenues and one-off impairment losses.BEZQ3 2024
- Profitability surged in H1 2024 despite flat sales, with Grüneberg divestment set to lift margins.BEZQ2 2024
- Revenue down 4.7% in Q1 2025; outlook for full year remains positive despite market volatility.BEZQ1 2025
- Record EBIT and margin gains in 2024 set the stage for double-digit growth in 2025.BEZQ4 2024
Berentzen-Gruppe
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