Olvi (OLVAS) Q1 2025 earnings summary

Executive summary

• Q1 results were broadly in line with expectations, with net sales rising 1.9% year-over-year to EUR 132.8 million, despite a 2.9% decline in sales volume to 199.2 million litres and soft demand.

• Adjusted operating result improved by 10.9% to EUR 12.4 million, with profitability gains in Finland and Belarus offsetting declines in the Baltic Sea region.

• Market shares were maintained or increased in main categories, supported by 90 new product launches and growth in non-alcoholic and HoReCa channels.

• Sustainability efforts were highlighted, including a new sustainability statement and recognition by Time Magazine, with a CSRD-compliant statement published in the 2024 Annual Report.

• The new high-bay warehouse in Finland was completed and commissioned, enhancing service levels for the peak season.

Financial highlights

• Net sales rose 1.9% to EUR 132.8 million, adjusted EBIT increased 10.9% to EUR 12.4 million, and gross profit grew 8.2% to EUR 54.3 million.

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

• Investments nearly doubled to EUR 11 million, mainly in Finland and the Baltic Sea region.

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

• Equity ratio improved to 61.8%, with cash and cash equivalents at EUR 34.7 million.

Outlook and guidance

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

• No segment-specific guidance provided; major investments in Finland will continue, with most of the EUR 45 million spend occurring in 2025.

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