Berentzen-Gruppe (BEZ) Q2 2025 earnings summary

Executive summary

• First half of 2025 saw challenging market conditions, especially in Germany, with declining consumer sentiment and significant revenue drops in the spirits market.

• Marketing investments in core brands led to market share gains in food retail, but discount retail underperformed, impacting overall brand development.

• Mio Mio brand achieved 13.2% revenue growth year-over-year, offsetting some negative impacts from the sale of the Grüneberg site in non-alcoholic beverages.

• Strong performance in higher-value private label spirits, with over 10% revenue growth compared to the prior year.

• Consolidated profit improved to EUR 0.6 million from a loss of EUR -2.9 million year-over-year, mainly due to lower interest expenses and absence of exceptional effects.

Financial highlights

• Consolidated revenues (excl. alcohol tax) fell 9.6% year-over-year to EUR 79.9 million.

• EBITDA declined 21.0% to EUR 7.4 million; EBIT dropped 37.5% to EUR 3.2 million.

• Contribution margin after marketing budgets decreased 15.2% to EUR 29.2 million.

• Operating cash flow was EUR 6.4 million, down 14.1% year-over-year.

• Equity ratio increased to 36.4% from 33.1% year-over-year.

Outlook and guidance

• 2025 full-year guidance revised: revenues expected between EUR 172.0–178.0 million, EBIT EUR 8.0–9.5 million, EBITDA EUR 16.9–18.4 million.

• Management anticipates second-half revenues and earnings to match strong prior-year levels, driven by marketing initiatives.

• Cash flows and financial position expected to remain solid; equity ratio and dynamic gearing ratio forecasts unchanged.