Harboes Bryggeri (HARB) Q3 25/26 earnings summary

Executive summary

• 3rd quarter showed continued growth in Beverages Denmark and Ingredients, but overall results missed expectations due to lower export sales and higher maintenance and project costs.

• Strategic focus remains on own brands, cost adjustments in Germany, and investments in supply chain efficiency.

• Geopolitical uncertainty, especially in the Middle East, is impacting order intake and freight costs.

Financial highlights

• Net revenue for Q3 fell 8% to 399 mDKK; for the first nine months, revenue declined 7% to 1,306 mDKK year-over-year.

• Q3 EBITDA was 22 mDKK (down from 29 mDKK last year); nine-month EBITDA was 99 mDKK (down from 123 mDKK).

• Result before tax for Q3 was -1 mDKK (vs. 8 mDKK last year); for nine months, 30 mDKK (vs. 58 mDKK last year).

• EBITDA margin in Q3 was 5.5% (vs. 6.8% last year).

• Free cash flow after nine months was 10 mDKK, up from -81 mDKK last year.

Outlook and guidance

• Full-year 2025/26 guidance narrowed to EBITDA of 130–140 mDKK and pre-tax profit of 30–40 mDKK.

• Ongoing uncertainty due to geopolitical risks and volatile freight costs.