Harboes Bryggeri (HARB) Q3 2025 earnings summary

Executive summary

• Revenue grew 3% year-over-year in Q3 2024/25 to 435 mDKK, driven by strong performance in Denmark and Ingredients, but profitability declined due to higher production, sales, and distribution costs.

• EBITDA margin fell to 6.8% in Q3 from 8.2% a year earlier, and full-year guidance was revised downward due to continued cost pressures and a challenging start to Q4.

• Management remains confident that current challenges are temporary and expects efficiency improvements from recent investments in production capacity.

Financial highlights

• Q3 2024/25 revenue: 435 mDKK (+3% year-over-year); 1-3Q revenue: 1,409 mDKK (+4%).

• Q3 EBITDA: 29 mDKK (down from 35 mDKK last year); 1-3Q EBITDA: 123 mDKK (up from 120 mDKK).

• Q3 net income: 5.7 mDKK (down from 9.7 mDKK last year); 1-3Q net income: 44.4 mDKK (up from 40.5 mDKK).

• Q3 EBIT margin: 2.1% (down from 3.4%); Q3 EBITDA margin: 6.8% (down from 8.2%).

• Investments in Q3 totaled 92 mDKK, mainly in green energy and new production facilities.

Outlook and guidance

• Full-year 2024/25 EBITDA now expected at 140-150 mDKK (previously 160-180 mDKK); pre-tax profit expected at 50-60 mDKK (previously 70-90 mDKK).

• Ongoing uncertainty around raw material, packaging, energy, and freight costs.

• Management expects continued high costs and margin pressure in Q4 but sees long-term targets unchanged.