Nokian Panimo (BEER) H1 2025 earnings summary

Executive summary

• Revenue and sales volume grew by 5.5% year-over-year in H1 2025, reaching €6.18 million and 4.37 million liters, despite a challenging market due to a cold early summer.

• Market share increased across all product categories, with strong growth in soft drinks and new alcoholic mixed drinks.

• Listed on First North in April; the IPO was oversubscribed, raising €8.5 million in net proceeds (€10 million gross) for growth investments.

• New logistics center completed in May, supporting future growth and operational efficiency.

• Launched the Keisari Long Drink product family, well received by consumers.

Financial highlights

• H1 2025 revenue: €6.18 million, up 5.5% year-over-year.

• H1 2025 sales volume: 4.37 million liters, up 5.5% year-over-year.

• Gross profit increased by 9.7% to €3.74 million; gross margin at 60.6% (vs. 58.2%).

• EBITDA decreased by 29% to €909,300; EBITDA margin fell to 14.7% from 21.9%.

• Net result was -€889k (vs. €650k), impacted by €1.34 million in one-time IPO-related financial expenses; comparable net result was €362k.

Outlook and guidance

• Full-year 2025 revenue expected to grow, with EBITDA margin guidance of 18–21%.

• Investments in capacity, new product launches, and cost efficiency measures support the outlook.

• H1 EBITDA margin below full-year guidance due to one-off costs related to logistics center and maintenance.

• July 2025 saw record monthly sales volume, up 19.4% year-over-year.

• Long-term targets: €20 million revenue by 2029 and >18% annual EBITDA margin.