Harboes Bryggeri (HARB) Q1 25/26 earnings summary

Executive summary

• Revenue declined by 8% year-over-year to 461 mDKK, mainly due to a strategic reduction in low-margin private label sales in Germany and lower export volumes.

• Share of own brands in Beverage segment increased by 6%, with own brand sales up 11%, especially in Denmark.

• EBITDA margin was 9.0%, below the 10% target, and EBIT was 21 mDKK, both lower than last year.

• Investments in new production lines in Denmark and Germany aim to improve efficiency and support future growth.

Financial highlights

• Net revenue: 461 mDKK (down 8% year-over-year).

• EBITDA: 41 mDKK (down from 52 mDKK last year); EBIT: 21 mDKK (down from 33 mDKK).

• Net income: 13.7 mDKK (down from 23.2 mDKK).

• Free cash flow improved to 33 mDKK from 15 mDKK last year.

• Net interest-bearing debt increased to 161 mDKK, up 33 mDKK year-over-year due to investments.

Outlook and guidance

• Full-year guidance maintained: EBITDA of 130–160 mDKK and pre-tax profit of 30–60 mDKK.

• Strategic focus remains on own brands, efficiency, and cost adaptation, especially in Germany.

• Continued investments in production and supply chain to drive efficiency and cost savings.