Royal Unibrew (RBREW) investor relations material

Executive summary

• Achieved 11% EBIT growth and margin expansion in H1 2025, driven by strong Western Europe and International segments, despite weather-related headwinds in Finland.

• Geographic diversification and operational efficiency supported growth and market share gains across most categories and geographies.

• EPS increased 18% year-over-year, reflecting higher profitability and efficiency.

• Launched a DKK 300 million share buyback program and maintained a robust balance sheet.

• Maintained or gained market share in most categories and geographies, despite challenging consumer environment.

Financial highlights

• Net revenue grew 4% to DKK 7,644 million in H1 2025; organic net revenue growth at 3%.

• EBIT up 11% to DKK 959 million, with margin expanding by 80 bps to 12.5%.

• EPS increased 18% to DKK 13.2; net profit up 18% to DKK 657 million.

• Free cash flow at DKK 458 million, down from DKK 560 million last year due to higher CapEx.

• EBITDA grew 9% to DKK 1,308 million, margin up 90 bps to 17.1%.

Outlook and guidance

• Full-year 2025 net revenue growth expected at 5–6% (narrowed from 5–7%), EBIT growth at 8–12% (from 7–13%).

• Guidance reflects normal summer weather, minor negative impact from Finland, reduced private label production, and adverse FX effects.

• Net financial expenses expected at DKK 250 million, tax rate at 22%, CapEx at 7% of net revenue.

• Consumer environment remains challenging but stable; weather impact normalized.