Bera (BERAHF) Q4 24/25 earnings summary

Executive summary

• Revenue for 2024 reached 45.7 billion ISK, up 0.8% year-over-year, with Q4 revenue at 10.4 billion ISK, up 1.1% compared to Q4 2023.

• EBITDA for 2024 was 5.0 billion ISK, down 8.4% year-over-year; Q4 EBITDA rose 14% to 1.2 billion ISK.

• Net profit for 2024 was 2.4 billion ISK, a decrease of 26.3% year-over-year; Q4 net profit increased 7.4% to 0.5 billion ISK.

• Gross margin remained stable at 33.5% for 2024, with a slight increase of 0.1 percentage points.

• Operating performance in Q4 improved, with higher EBITDA and net profit compared to the same quarter last year.

Financial highlights

• Revenue grew by 0.8% year-over-year to 45.7 billion ISK; Q4 revenue up 1.1%.

• EBITDA margin for 2024 was 11.0%, down from 12.1% in 2023.

• Net profit margin declined to 5.3% in 2024 from 7.3% in 2023.

• Gross margin for 2024 was 33.5%, up 0.1 percentage points year-over-year.

• Net interest-bearing debt (NIBD) increased to 5.8 billion ISK, with NIBD/EBITDA at 1.5x.

Outlook and guidance

• Management forecasts 2025 EBITDA in the range of 4.8–5.2 billion ISK, excluding acquisitions and with 354 million ISK investment in Collab export.

• Revenue up 2% in the first quarter of 2025; alcoholic beverage sales continue to grow.

• Integration of Gæðabakstur and Kjarnavörur expected to contribute to revenue from mid-2025.