Harboes Bryggeri (HARB) investor relations material

Executive summary

• Net revenue for 2025/26 was mDKK 1,742, down 4% year-over-year, mainly due to lower private label sales in Germany and the Americas, partially offset by growth in own brands and the Ingredients segment.

• EBITDA reached mDKK 129 (margin 7.4%), compared to mDKK 142 (margin 7.8%) last year, impacted by higher administrative costs and ERP investments.

• Strategic focus shifted towards own brands, with own brand revenue in Beverages rising to 57% of segment revenue, up from 51% last year.

• Major investments were made in new production lines in Denmark and Germany to enhance efficiency and future growth.

• The company maintained strong market positions in Denmark, with growth in non-alcoholic beers and soft drinks, and continued expansion in export markets, especially Africa and the Americas.

Financial highlights

• Net revenue: mDKK 1,742 (2024/25: mDKK 1,823), down 4% year-over-year.

• EBITDA: mDKK 129 (2024/25: mDKK 142); EBITDA margin: 7.4%.

• Profit before tax: mDKK 38 (2024/25: mDKK 56).

• Net result after tax: mDKK 27 (2024/25: mDKK 47).

• Free cash flow: mDKK -59 (2024/25: mDKK -13).

• Equity: mDKK 787 as of 30 April 2026 (2024/25: mDKK 768).

• Dividend per share: DKK 2.00 (unchanged year-over-year).

Outlook and guidance

• 2026/27 EBITDA expected in the range of mDKK 130-160; profit before tax expected at mDKK 30-60.

• Growth anticipated in own brands, supported by innovation, marketing, and expanded distribution in Denmark and export markets.

• German volumes expected to rise under new private label contracts with improved margins.

• Ingredients segment expected to continue positive development with new products and customers.

• Key risk: volatility in sea freight costs and ongoing intense competition.