Royal Unibrew (RBREW) Q4 2024 earnings summary

Executive summary

• Achieved record financial results in 2024, nearly doubling size over four years, with 16% revenue growth to DKK 15,036m and 20% EBIT growth, driven by commercial strategy, operational efficiency, and successful acquisitions across Northern and Western Europe.

• Free cash flow increased 26% to DKK 1,434m, supporting a DKK 250 million share buyback program and maintaining a solid financial position.

• Continued focus on integration of acquisitions, sustainability with updated ESG targets and SBTi approval, and expansion of the multi-beverage platform.

Financial highlights

• Organic volume growth of 5% and organic net revenue growth of 6%; total volume up 23% and revenue up 16% including acquisitions.

• EBIT margin improved to 13.1%, with adjusted EBIT margin up 100 bps; net profit up 34% to DKK 1,464m, adjusted EPS up 15%.

• Free cash flow rose to DKK 1,434m, up 26% year-over-year, reducing net interest-bearing debt to DKK 5.7 billion and financial gearing to 2.2x.

• Net financial expenses benefited from DKK 201 million tax regained from Polish share sale.

Outlook and guidance

• 2025 guidance: net revenue growth of 5%-7% (including M&A), EBIT growth of 7%-13% (DKK 2,100–2,225m), and EBIT margin and ROIC expected to increase.

• CapEx expected at 7% of net revenue in 2025, with elevated levels into 2026 for capacity and capability investments.

• Long-term EBIT growth target remains 6%-8% annually from 2026 onward.