Harboes Bryggeri (HARB) Q1 26/27 earnings summary

Executive summary

• Revenue grew by 5% year-over-year, driven by strong performance in Germany and export markets.

• Earnings declined due to higher-than-expected distribution and procurement costs, with EBIT halved compared to last year.

• Both Beverage and Ingredients segments delivered volume and revenue growth.

• Management maintains full-year guidance despite Q1 margin pressure.

Financial highlights

• Net revenue increased to 482 mDKK from 461 mDKK year-over-year.

• EBIT fell to 11 mDKK from 21 mDKK; pre-tax profit dropped to 7 mDKK from 19 mDKK.

• EBITDA margin decreased to 6.6% from 9.0% year-over-year.

• Free cash flow improved to 52 mDKK from 33 mDKK.

• Net interest-bearing debt rose to 291 mDKK, up 130 mDKK year-over-year.

Outlook and guidance

• Full-year EBITDA expected at 130–160 mDKK; pre-tax profit forecast at 30–60 mDKK.

• Growth anticipated in focus markets, especially Germany and Ingredients.

• Continued investment in sales, marketing, and production efficiency planned.