Olvi (OLVAS) Q2 2025 earnings summary

Executive summary

• Investments in brands, media, and store presence, along with 220 new product launches and strong operational readiness, maintained or increased market share in key categories despite a 3.1% year-over-year decline in sales volume to 487.5 million litres in H1 2025, driven by cold, rainy weather and weak consumer confidence.

• Non-alcoholic product sales grew, delivery accuracy in Finland reached 98.6% during summer, and average sales price improved.

• Investments in brand visibility, logistics, and new product launches supported market position but pressured profitability.

• Market share gains in water in Finland and beer in Latvia, with Joli Cola market share tripling in Denmark.

• Cold, rainy weather and weak consumer confidence led to a 3.3% volume decline in Q2.

Financial highlights

• Q2 2025 sales volume was 288.3 million litres, down 3.3% year-over-year; net sales were €195.1 million, up 0.2%; EBIT was €26.3 million, down 15.1%.

• January–June 2025 sales volume was 487.5 million litres, down 3.1%; net sales were €327.9 million, up 0.9%; EBIT was €38.7 million, down 8.2%.

• Earnings per share for January–June was €1.30, compared to €1.51 last year.

• Operating cash flow for the period was €12.8 million, down from €26.0 million; investments increased 40% year-over-year to €20.8 million.

• Gross margin improved slightly to 41.0% in Q2 and 40.9% in H1.

Outlook and guidance

• 2025 full-year operating result now estimated at EUR 82–86 million, narrowed from previous EUR 82–90 million range.

• Operating results expected to improve in H2, supported by normalized weather, cost-saving initiatives, and operational efficiency.

• Confidence in delivering full-year growth versus last year remains.