Harboes Bryggeri (HARB) Q2 2026 earnings summary

Executive summary

• Sales of own brands grew, especially in Denmark, with a 3% increase in Beverage segment revenue for own brands year-over-year, while private label volumes were deliberately reduced due to unsatisfactory profitability.

• Overall results aligned with expectations, and full-year guidance is maintained.

• Strategic focus included new product launches, marketing, and supply chain investments, including a new production line in Germany.

Financial highlights

• Net revenue for H1 2025/26 fell 6% year-over-year to 908 mDKK.

• EBITDA was 77 mDKK, down from 94 mDKK in the prior year period.

• Profit before tax was 31 mDKK, compared to 51 mDKK in H1 2024/25.

• Q2 revenue declined 5% to 447 mDKK, with EBITDA at 36 mDKK (down from 42 mDKK) and profit before tax at 12 mDKK (down from 20 mDKK).

• Free cash flow for H1 was 31 mDKK, up 21 mDKK year-over-year due to lower investment outflows.

Outlook and guidance

• Full-year 2025/26 guidance is unchanged: EBITDA of 130–160 mDKK and profit before tax of 30–60 mDKK.

• Continued focus on own brands, innovation, and efficiency, with expected ongoing decline in German private label sales.