Harboes Bryggeri (HARB) Q2 2025 earnings summary

Executive summary

• Revenue grew 4% year-over-year to 974 mDKK in H1 2024/25, with EBITDA up to 94 mDKK from 85 mDKK and pre-tax profit rising 28% to 51 mDKK, driven by commercial progress and efficiency gains.

• Both Beverage and Ingredients segments contributed to growth, with new product launches and expanded distribution as key drivers.

• Market share in Denmark reached a record high, supported by targeted marketing and product innovation.

• A major investment in a new production line is underway, expected to deliver synergies and sustainability improvements.

Financial highlights

• H1 2024/25 revenue: 974 mDKK (+4% YoY); EBITDA: 94 mDKK (vs. 85 mDKK); EBIT: 55 mDKK (vs. 46 mDKK); pre-tax profit: 51 mDKK (vs. 40 mDKK); net profit: 39 mDKK (vs. 31 mDKK).

• Q2 2024/25 revenue: 472 mDKK (+5% YoY); EBITDA: 42 mDKK (vs. 35 mDKK); pre-tax profit: 20 mDKK (vs. 13 mDKK).

• EBITDA margin improved to 8.8% in Q2 (from 7.8% YoY); ROIC rose to 7.8% (from 5.9%).

• Net interest-bearing debt at 142 mDKK, up 58 mDKK YoY; free cash flow for H1 was -5 mDKK.

Outlook and guidance

• Full-year 2024/25 guidance narrowed to EBITDA of 160–180 mDKK and pre-tax profit of 70–90 mDKK, reflecting strong H1 results and unchanged assumptions.

• Continued focus on commercial growth, efficiency, and investments in technology and sustainability.