Royal Unibrew (RBREW) Q1 2025 TU earnings summary

Executive summary

• Q1 2025 volume and net revenue were flat compared to Q1 2024, despite a week-long strike in Finland and later Easter timing shifting sales into Q2.

• EBIT grew 4% and EPS increased 25% year-over-year, with EBIT margin up 0.2 percentage points.

• Strong performance in Western Europe and International segments, while Northern Europe declined.

• Full-year 2025 financial outlook reiterated, despite increased macroeconomic uncertainty.

Financial highlights

• Net revenue: DKK 3,206m, flat year-over-year.

• Gross profit rose by DKK 42 million to DKK 1,284 million, with margin up 1.2pp to 40%.

• EBIT reached DKK 219 million (up 4%), with EBIT margin at 6.8%.

• Free cash flow was DKK -543 million, reflecting higher investments and inventory ahead of Q2 Easter sales.

• EPS: DKK 2.5, up 25% year-over-year.

Outlook and guidance

• Net revenue growth for 2025 expected at 5%-7%, including M&A, Benelux, and Minttu contributions.

• EBIT growth forecasted at 7%-13%, with reported EBIT between DKK 2,100-2,225 million.

• Net financial expenses anticipated at DKK 250 million; effective tax rate around 22%.

• CapEx projected at 7% of net revenue, including lease repayments.

• Guidance assumes stable demand, no major channel mix changes, and continued market share gains in growth categories.