Bera (BERAHF) Q4 23/24 earnings summary

Executive summary

• FY2023 sales rose 18% to ISK 45.4bn, EBITDA increased 21% to ISK 5.5bn and net profit grew 33% to ISK 3.3bn.

• Q4 sales increased 16% to ISK 10.3bn and EBITDA rose 16% to ISK 1.0bn, while quarterly profit fell 16% to ISK 0.4bn.

Financial highlights

• FY2023 revenue was ISK 45.375bn, up ISK 6.937bn YoY; Iceland Spring contributed ISK 2.243bn and 6 percentage points of growth, while underlying growth was ~12%.

• FY2023 EBITDA increased ISK 944m to ISK 5.504bn; EBIT rose 21% to ISK 4.472bn and net income increased 33% to ISK 3.304bn.

• Q4 revenue was ISK 10.323bn, up 16%; EBITDA reached ISK 1.025bn, up 16%, while net income was ISK 422m, down 16% YoY.

Outlook and guidance

• FY2024 EBITDA guidance is ISK 5.5–5.9bn, including ISK 200m of negative EBITDA impact from export investments; excluding that impact, guidance is ISK 5.7–6.1bn.

• Iceland Spring FY2024 EBITDA is forecast at $3.25m; outlook was described as good despite fewer units sold in 2023 YoY.

• Post-period sales were up 5% YoY, with continued focus on higher-margin products; Collab exports were expected to have a negative operating impact during FY2024.

• FY2024 capital expenditure is forecast at ISK 1.617bn, including increased beer capacity, a wastewater treatment plant and continued warehouse automation.