Olvi (OLVAS) Q1 2025 earnings summary

Executive summary

• Net sales rose 1.9% year-over-year to EUR 132.8 million, despite a 2.9% decline in sales volume to 199.2 million litres.

• Q1 is a seasonally small quarter focused on preparing for the summer, with innovative product launches and increased non-alcohol product sales.

• Market shares were maintained in main product categories despite intensified competition and soft demand.

• Sustainability efforts were highlighted, including recognition from Time Magazine and a CSRD-compliant Sustainability Statement.

• The new high-bay warehouse in Finland was completed, enhancing service levels for the upcoming busy season.

Financial highlights

• Adjusted EBIT increased 10.9% year-over-year to EUR 12.4 million, with profitability gains in Finland and Belarus offsetting declines in the Baltic Sea region.

• Gross profit increased 8.2% to EUR 54.3 million, representing 40.9% of net sales.

• Earnings per share improved to EUR 0.46, up 6.9% year-over-year.

• Investments nearly doubled to EUR 11.0 million, mainly in Finland and the Baltic Sea region.

• Operating cash flow was negative at -EUR 19.7 million due to seasonal inventory build-up.

Outlook and guidance

• Adjusted operating result for the full year 2025 is expected to be EUR 82–90 million; outlook unchanged.

• No segment-specific guidance provided; overall strategy and expectations remain unchanged.

• Management remains optimistic for the rest of 2025, expecting improvement in consumer purchasing power.

• Major investments in Finland, including a high-bay warehouse and brewhouse, are progressing on schedule.