Olvi (OLVAS) investor relations material

Executive summary

• Maintained strong market positions and shares despite a 3.1% year-over-year decline in H1 2025 sales volume to 487.5 million litres, with non-alcoholic product sales increasing.

• Net sales remained stable at EUR 327.9 million, but operating result fell 8.2% to EUR 38.7 million due to lower volumes, higher costs, and increased investments in sales and marketing.

• Cold early-summer weather, weak consumer confidence, and economic and political uncertainty reduced demand, especially for beer and water.

• Investments in brands, media, logistics, and new product launches supported market position but pressured profitability.

• Delivery accuracy reached 98.6% in Finland during summer, supporting operational efficiency.

Financial highlights

• Q2 2025 sales volume down 3.3% year-over-year to 288.3 million litres; net sales flat at EUR 195.1 million, with improved average sales price.

• H1 2025 operating result EUR 38.7 million (-8.2% year-over-year); profit for the period EUR 27.2 million (-13.8%).

• Gross margin stayed flat or improved slightly to 41.0% in Q2 and 40.9% in H1.

• Cash flow affected by higher inventories and lower accounts receivable; green loan drawdown improved financing cash flow.

• Investments increased 40% year-over-year to EUR 20.8 million in H1 2025.

Outlook and guidance

• 2025 full-year operating result now estimated at EUR 82–86 million, narrowed from previous EUR 82–90 million range.

• Operating result expected to improve in H2, supported by normalized weather and cost-saving initiatives.

• Focus remains on improving operating result for the full year through operational efficiency and strategic investments.

• Market conditions expected to normalize in H2, with weather no longer a major burden.