Bera (BERAHF) Q2 25/26 earnings summary

Executive summary

• Revenue for Q2 2025 reached 13.0 billion ISK, up 2.0% year-over-year, with EBITDA at 1.6 billion ISK, down 2.7%, and net profit at 0.9 billion ISK, down 5.9%.

• For the first six months of 2025, revenue was 24.6 billion ISK (+2.7%), EBITDA 2.6 billion ISK (-4.8%), and net profit 1.3 billion ISK (-11.1%).

• EBITDA was ISK 2,581 million, down ISK 130 million year-over-year, mainly due to lower Iceland Spring EBITDA and higher Collab marketing costs abroad.

• Equity increased by ISK 983 million during the period, with total assets at ISK 35.7 billion and equity at ISK 17.4 billion as of 31 August 2025.

• Continued international expansion of Collab, now marketed in Denmark, northern Germany, and soon Austria.

Financial highlights

• Gross margin for Q2 2025 was 34.1%, up 1.4 percentage points year-over-year.

• Wage ratio increased to 10.5% in Q2 2025 (+0.8 percentage points).

• For the first half, wage costs rose 11.1% year-over-year, driven by new labor agreements and increased headcount.

• EBITDA margin for the first half was 10.5%, down from 11.3% the previous year.

• Free cash flow for the period was ISK 49.99 million.

Outlook and guidance

• Management forecasts full-year 2025 EBITDA between 4.8 and 5.2 billion ISK, excluding acquisitions and with 354 million ISK investment in Collab export.

• Sales in the third quarter to date are up 13%, with continued growth in alcoholic beverages and strong HORECA performance.

• Collab expansion to Austria planned, with ongoing international marketing investments.

• Focus on sustainability, aiming for 95% renewable energy in 2025 and net-zero emissions by 2040.