Berentzen-Gruppe (BEZ) Q3 2026 earnings summary

Executive summary

• 9M revenue fell 9.9% YoY to €107.6m; adjusted EBIT, adjusted EBITDA and operating cash flow remained positive but were well below prior-year levels.

• FY 2026 earnings forecasts were confirmed unchanged from the Q2 update.

Financial highlights

• Total operating performance was €108.6m, down 11.3%; consolidated revenue excluding spirits tax was €107.6m, down 9.9%.

• Adjusted EBIT was €1.3m versus €5.6m; adjusted EBITDA was €7.9m versus €12.1m.

• Consolidated gross profit declined €6.2m; operating expenses fell €1.9m, mainly on lower other operating expenses and staff costs.

• Operating cash flow was €5.1m versus €9.6m; cash flow from operating activities was negative €9.5m, including a €14.6m working-capital cash outflow.

Outlook and guidance

• FY 2026 guidance remains unchanged: revenue €151.0m–€156.0m, EBIT €3.5m–€5.0m and EBITDA €12.4m–€13.9m.

• Forecast assumptions include positive earnings effects from German food-retail spirits stockpiling ahead of a possible alcohol-duty increase from Jan. 1, 2027.