High Coast Distillery (HIGHCO) investor relations material

Executive summary

• Achieved strong growth in a challenging whisky market, with net sales rising to 12.7 MSEK from 10.2 MSEK year-over-year.

• EBITDA improved to 3.8 MSEK (1.7 MSEK), and operating income reached 1.9 MSEK (-0.3 MSEK) compared to Q1 2025.

• Net income after financial items was 0.9 MSEK, a turnaround from -1.2 MSEK in the prior year.

• Cash flow was positive at 1.1 MSEK, reversing a negative -4.6 MSEK last year.

Financial highlights

• Net sales: 12.7 MSEK (up from 10.2 MSEK year-over-year).

• EBITDA: 3.8 MSEK (1.7 MSEK); Operating income: 1.9 MSEK (-0.3 MSEK).

• Net income after financial items: 0.9 MSEK (-1.2 MSEK); EPS: 0.13 SEK (-0.21 SEK).

• Cash flow: 1.1 MSEK (-4.6 MSEK); Investments in casks for maturation.

• Equity at period end: 126.1 MSEK; Net debt ratio: 29.2%; Equity ratio: 45%.

Outlook and guidance

• Market remains uncertain, but business model shows resilience and supports profitable growth.

• Production rate reduced from 200,000 LPA to 70,000 LPA annually to align with inventory and market demand.

• Focus on brand building and selective launches to drive demand and long-term value.