Royal Unibrew (RBREW) Q2 2026 earnings summary

Executive summary

• Strategy focused on partnerships, growth categories, own brand development, and operational efficiency, with increased emphasis on Italy and international markets.

• H1 2026 delivered 7% EBIT growth, 10.7% EPS growth, and market share gains led by own brands and innovation.

• Robust cash flow and balance sheet supported shareholder returns, including a new DKK 300 million share buy-back program.

• Full-year 2026 guidance reiterated, with continued focus on profitable growth, efficiency, and innovation.

• Profitability and cash flow remained strong despite inflationary pressures and planned exits from lower-margin activities.

Financial highlights

• H1 2026 net revenue rose 1.2% to DKK 7,737m; underlying growth was 4% excluding low-margin exits.

• Gross profit increased 3.4% to DKK 3,387m; gross margin expanded to 43.8%.

• EBIT up 7% to DKK 1,026m; EBIT margin up 80bps to 13.3%.

• Net profit for H1 2026 was DKK 707m, up 7.6% year-over-year; diluted EPS DKK 14.5, up 10.7%.

• Free cash flow stable at DKK 458m; CAPEX at DKK 450m (5.8% of net revenue), expected to rise in H2.

Outlook and guidance

• Full-year 2026 organic EBIT growth expected at 6–10%, corresponding to EBIT of DKK 2,202–2,425m.

• Full-year EPS growth expected to exceed 10%; CAPEX for 2026 expected at around 7% of net revenue.

• Net revenue for 2026 expected broadly in line with 2025, reflecting growth offset by exit from lower-margin activities.

• Cost inflation and geopolitical volatility remain risks, but hedging and pricing initiatives are expected to mitigate impacts.

• Guidance assumes continued challenging consumer environment and macroeconomic uncertainty.