Harboes Bryggeri (HARB) Q1 2025 earnings summary

Executive summary

• Revenue grew 3% year-over-year to 502 mDKK in Q1 2024/25, driven by strong performance in Denmark and export markets.

• EBITDA increased to 52 mDKK from 50 mDKK, and pre-tax profit rose 11% to 31 mDKK.

• Market share gains in Denmark for both beer and soft drinks, with successful product launches and expanded distribution.

• Export sales benefited from intensified sales and marketing, while German sales declined due to strategic exit from low-margin private label contracts.

• Ingredients segment saw double-digit growth in both Denmark and export, with new product launches and customer gains.

Financial highlights

• Net revenue: 502 mDKK (+3% year-over-year); Denmark +10%, Export +7%, Germany -4%.

• EBITDA: 52 mDKK (up from 50 mDKK); EBIT: 33 mDKK (up from 31 mDKK); Net income: 23 mDKK (up from 21 mDKK).

• EBITDA margin: 10.4% (vs. 10.3% last year); EBIT margin: 6.6% (vs. 6.3%).

• Free cash flow: 1.4 mDKK; net interest-bearing debt: 128 mDKK (up 14 mDKK year-over-year).

• Investments in Q1: 20 mDKK, with full-year capex expected at 155 mDKK.

Outlook and guidance

• Full-year 2024/25 guidance maintained: EBITDA 150–190 mDKK, pre-tax profit 60–100 mDKK.

• Continued focus on margin improvement, especially in Germany, and leveraging expanded distribution in Denmark.

• Ongoing uncertainty regarding input costs, especially freight, and supply chain risks.