Harboes Bryggeri (HARB) Q4 2025 earnings summary

Executive summary

• Achieved growth in own brands in Denmark and export markets, offsetting declines from opting out of low-margin private label contracts in Germany.

• Major investments in production and supply chain, including a new line in Skælskør, to support future growth and efficiency.

• Strategic focus on brand development, consumer proximity, and sustainability integration.

• EBITDA and profit before tax met revised guidance but were below initial expectations due to higher costs and lower volumes.

Financial highlights

• Net revenue for 2024/25 was DKK 1,823 million, up slightly from DKK 1,817 million the previous year.

• EBITDA was DKK 142 million (margin 7.8%), down from DKK 158 million (margin 8.7%) year-over-year.

• Profit before tax was DKK 56 million, compared to DKK 68 million last year.

• Free cash flow was negative at DKK -13 million, compared to DKK 55 million last year.

• Investments in tangible assets totaled DKK 116 million, mainly for production upgrades.

• Equity increased to DKK 770 million, with a solvency ratio of 54%.

Outlook and guidance

• 2025/26 EBITDA expected in the range of DKK 130–160 million; profit before tax DKK 30–60 million.

• Continued intense competition and price pressure anticipated.

• Growth expected in Denmark and export markets, with further decline in German private label volumes.

• Ongoing investments in efficiency and production upgrades planned.