Olvi (OLVAS) investor relations material

Executive summary

• Q1 began with strong volume and net sales growth, supported by acquisitions and new product launches, including 228 new products and a new soft drinks brand in Finland.

• Integration of three recent acquisitions is progressing, with synergies expected from 2027.

• New brewhouse in Iisalmi completed on schedule and operational, supporting capacity and exports.

• Net sales rose 11.4% year-over-year to EUR 147.9 million, with sales volume up 3.1% to 205.4 million litres.

• Operating result declined 14.5% to EUR 10.6 million, mainly due to Denmark's performance and acquisition-related depreciation.

Financial highlights

• Sales volume increased by 3.1% year-over-year, with new businesses contributing 4.1% growth.

• Net sales growth outpaced volume growth due to higher average sales prices, especially in new markets.

• Gross profit improved by 15.2% to EUR 62.6 million, with margin rising to 42.3% of net sales.

• Profit for the period fell 39.8% year-over-year to EUR 5.9 million; earnings per share dropped 40.3% to EUR 0.28.

• Operating cash flow improved due to better net working capital management, but cash flow from operating activities was EUR -10.2 million due to seasonal inventory build-up.

Outlook and guidance

• Profit guidance for the year remains EUR 84–92 million, with impacts from Iran and inflation hedged.

• Synergies from acquisitions and growth in new markets expected to materialize towards year-end and into 2027.

• Management remains cautiously optimistic despite market uncertainty, with focus on sustainable growth and efficiency.