Company Announcement No 43/2025 – August 26, 2025
Interim Report H1 2025
EBIT growth of 11% driven by solid topline growth
and margin expansion
Key Highlights H1 2025
• Reported volume and net revenue growth of 4%
• Reported EBIT increased by 11%, with an 80-bps margin expansion, driven by improved operational
efficiency
• Group performance was in line with our plans, despite a relatively cold weather in Q2 in our key
Finnish market. Good July weather in Finland closed part of the Q2 shortfall
• Very strong performance in Italy, France and the International segment
• Market share gains across most categories and geographies reflecting strong commercial
execution
• 18% EPS growth, driven by stronger profitability
• Cash flow for H1 2025 was in line with our plans, and a new share buy-back program of DKK 300m
is launched
• Financial outlook ranges narrowed – we now expect 5-6% net revenue growth (previously 5-7%)
and 8-12% EBIT growth (previously 7-13%) for full year 2025
CEO Lars Jensen comments
: "With 11% EBIT growth, we delivered a solid first-half performance in line with
our plans, supported by strong execution across most markets. While colder weather in Finland impacted
volumes in Q2, this was offset by strong performance in the Western Europe and International segment.
These results reflect the increasing geographical diversity of Royal Unibrew and reaffirm the strength of our
multi-beverage model. We continue to focus on our growth framework, prioritizing the development of key
brands while gradually reducing private label and other lower-margin businesses. With our strategic initiatives
progressing well, we remain confident to deliver within our updated full-year guidance ranges and drive long-
term shareholder value.”
Selected Financial Highlights and Ratios
mDKK
Q2
2025
Q2
2024
%
change
H1
2025
H1
2024
%
change
FY
2024
Volume (mHL)
5.1
4.8
7
8.8
8.4
4
17.4
Organic volume growth (%)
7
1
4
3
5
Net revenue
4,438
4,180
6
7,644
7,379
4
15,036
Organic
net revenue growth
(%)
5
4
3
6
6
EBITDA
917
821
12
1,308
1,197
9
2,634
EBITDA margin (%)
20.7
19.6
17.1
16.2
17.5
EBIT
740
656
13
959
866
11
1,968
Organic EBIT growth (%)
11
17
9
16
15
EBIT margin (%)
16.7
15.7
12.5
11.7
13.1
Free cash flow
1,001
1,041
-4
458
560
-18
1,434
ROIC incl. goodwill (%)*
12
12
12
Earnings per share
10.6
9.2
15
13.2
11.2
18
29.2
* Trailing 12 months.
ROYAL UNIBREW A/S H1 2025 INTERIM REPORT
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Royal Unibrew A/S · Faxe Allé 1 · DK-4640 Faxe · CVR no 41956712
Solid H1 2025 Performance
The Group delivered a solid performance in the first half of 2025, maintaining momentum in Q2.
Volumes increased organically by 4% to 8.8m hectoliters in H1 2025, driven by growth in the Western
Europe and International segments. Northern Europe saw a slight decline, primarily due to cold weather
in Finland during Q2. However, good July weather in Finland closed part of volume shortfall caused by
the weather in Q2.
Operating in a consumer environment that remains challenging, but broadly unchanged from 2024,
Royal Unibrew is estimated to have gained market share across most markets.
Net revenue reached DKK 7,644m, up 3% organically from H1 2024, with no material changes in
price/mix. Organic growth was primarily driven by our new activities in Belgium and Luxemburg (BeLux),
following the start of the PepsiCo partnership on October 1, 2024. BeLux contributed approximately
3.5% to the Group’s volume growth and 2.5% to net revenue growth in H1 and Q2 2025.
EBIT grew organically by 9% to DKK 959m, with the EBIT margin expanding by 80 basis points to 12.5%,
reflecting our ongoing efficiency initiatives. The positive margin development was achieved despite
increased investments in marketing activities during the period.
In the first half of 2025 Royal Unibrew continued to make progress on the ESG agenda, delivering
tangible results across key focus areas, with reduced Co2 intensity in production and improved safety
performance as notable achievements.
Q2 2025 Highlights
Organic volume growth accelerated to 7%, reaching 5.1m hectoliters. The higher growth rate in Q2 was
primarily driven by the timing of Easter, which fell in Q2 in 2025 and shifted some sales from Q1.
Additionally, a strike in Finland contributed to this shift, further moving sales from Q1 to Q2. Underlying
market trends remained largely unchanged between the quarters.
Net revenue rose organically by 5% to DKK 4,438m in the quarter. Approximately 2.5% of the growth
was attributable to the new BeLux activities.
EBIT increased organically by 11% to DKK 740m in Q2 2025, with a margin expansion of 100 basis
points to 16.7%.
Cash Flow and Balance Sheet
Free cash flow for the first half of 2025 amounted to DKK 458m, compared to DKK 560m in H1 2024.
The development was in line with our plans, supported by higher net profit for the period, but offset by
higher capex. Net working capital was reduced by DKK 81m compared to the same time last year, and
we expect a positive impact on cash flow from net working capital for the full year.
Net interest-bearing debt (NIBD) stood at DKK 6,374m at the end of H1 2025, up from DKK 5,848m at
the end of H1 2024. The increase was mainly attributable to the dividend payment in Q2 2025, whereas
in 2024, the dividend was postponed to the fourth quarter. Furthermore, NIBD was impacted by higher
capex and the ongoing share buy-back program.
The 12-month NIBD/EBITDA ratio was 2.3 at the end of H1 2025 in line with our target level.
ROYAL UNIBREW A/S H1 2025 INTERIM REPORT
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Royal Unibrew A/S · Faxe Allé 1 · DK-4640 Faxe · CVR no 41956712
Updated Financial Outlook for full-year 2025
Based on our performance in the first half of 2025 and our expectations for the remainder of the
year, we are narrowing the ranges the full-year financial outlook as follows
• Net revenue growth is now expected in the range of 5-6% (previously 5-7%)
• EBIT growth is expected in the range of 8-12% (was 7-13%)
These adjustments reflect broadly normal summer weather conditions across our markets, resulting in
no additional impact on activity levels. Additionally, revenue has been affected by a reduction in private
label production and adverse foreign exchange developments.
The consumer environment remains challenging but stable compared to 2024, and our assumptions in
this area remain unchanged.
Other assumptions for guidance are unchanged:
• Net financial expenses, excluding currency related losses or gains, of around DKK 250m
(2024: 301m)
• Effective tax rate of around 22% (2024: 21.5%)
• Capex in the range around 7% revenue (2024: 6%)
Share buy-back Program
A separate announcement about the launch of a new share buy-back program of up to DKK 300m is
issued today. The program will be concluded no later than December 19, 2025.
Conference Call
Investors and analysts can register for a conference call on August 27, 2025, at 09:00 am CEST at the
following links:
• Webcast: https://edge.media-server.com/mmc/p/anpe947s
• Telephone: https://register-conf.media-
server.com/register/BIac57eff270a245a4b206dc1d2f0f6b17
Financial Calendar for the Remainder of 2025
November 12, 2025: Trading Statement for January 1 – September 30, 2025
For Further Information on This Announcement:
• Media and Investor Relations: Flemming Ole Nielsen, +45 25 41 68 04,
flemming.nielsen@royalunibrew.com
ROYAL UNIBREW A/S H1 2025 INTERIM REPORT
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Royal Unibrew A/S · Faxe Allé 1 · DK-4640 Faxe · CVR no 41956712
Content
Review Page
Financial Highlights and Ratios 5
Financial Review 6
ESG Review 9
Market Segments 10
Forward-looking Statements 15
Management’s Statement 16
Financial Statements
Income Statement and Statement of Comprehensive Income 17
Balance Sheet 18
Cash Flow statement 19
Statement of Changes in Equity 20
Notes
1. Significant Accounting Policies; Accounting Estimates and Judgements 21
2. Adoption of New and Revised IFRSs 21
3. Risk Management 21
4. Assets and Derivative Financial Instruments Measured at Fair Value 21
5. Segment Reporting 22
6. Cash Flow Statement 23
7. Equity and Treasury Shares 23
8. Acquisition of Enterprises 24
9. Events After the Balance Sheet Date 24
Profile
Royal Unibrew is a leading regional multi-beverage company with strong local brand portfolios in
our main markets in the Nordic region, the Baltic countries, Italy, the Netherlands, France, and
Canada. In addition, our products are sold in more than 70 countries in the rest of the world.
We strive to offer our customers a broad portfolio of high-quality beverages, which
accommodate our consumers’ demands across a wide range of categories, including soft drinks,
beer, energy drinks, cider/RTD, malt beverages, juice, water, wine, and spirits.
Our business is based on a solid foundation of strong local brands. In our largest markets,
Denmark, Finland, the Baltic countries, Italy, the Netherlands, and Norway, our local brands are
accompanied by well-known international brands on license (such as PepsiCo and Heineken) and
trading brands (such as Diageo). In some of our smaller markets, like Canada and Sweden, our
offering consists of a mix of our own brands and agency brands.
We want to be THE PREFERRED CHOICE as a local beverage partner that challenges the status
quo by doing better every day in a fun, agile, and sustainable way, creating good and enjoyable
moments for our consumers.
ROYAL UNIBREW A/S H1 2025 INTERIM REPORT
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Royal Unibrew A/S · Faxe Allé 1 · DK-4640 Faxe · CVR no 41956712
Financial Highlights and Ratios
Q2
2025
Q2
2024
H1
2025
H1
2024
FY
2024
Volume (mHL)
5.1
4.8
8.8
8.4
17.4
Organic volume growth (%) 7 1 4 3 5
Income Statement (mDKK)
Net revenue
4,438 4,180 7,644 7,379 15,036
Organic net revenue growth (%)
5 4 3 6 6
Gross profit
1,991
1,886
3,275
3,128
6,388
Gross profit margin (%)
44.9
45.1
42.8
42.4
42.5
EBITDA
917
821
1,308
1,197
2,634
EBITDA
margin (%)
20.7 19.6 17.1 16.2 17.5
EBIT 740 656 959 866 1,968
Organic
EBIT growth (%) 11 17 9 16 15
EBIT margin (%)
16.7
15.7
12.5
11.7
13.1
Other financial income and expenses, net*
-78
-77
-133
-158
-97
Net profit for the period
530
458
657
559
1,464
Balance Sheet (mDKK)
Total assets
18,962 18,627 17,886
Capex
242 270 504 431 967
Equity
6,104 6,314 6,408
Net interest-bearing debt (NIBD)
6,374
5,848
5,696
Net working capital
-918
-837
-918
Invested Capital
13,702
13,352
13,296
Cash Flows (mDKK)
Cash flows from operating activities
1,212
1,311
931 980 2,189
Net investing activities and lease payments
-211
-270
-473 -420 -755
Free cash flow
1,001
1,041
458 560 1,434
Share Ratios (DKK)
Number of shares (million)
50.2
50.2
50.2
Earnings per share (EPS)**
10.6 9.2
13.2
11.2
29.2
Diluted earnings per share**
10.6 9.2
13.1
11.2
29.2
Dividend per share
15.0
Period
-end price per share
517.5 552.0 505.5
Financial Ratios
ROIC*
**
12 12 12
ROIC excl. goodwill***
19
19
19
Capex in % of net revenue
7
6
6
NIBD/EBITDA (times)*
**
2.3 2.4 2.2
Equity ratio
32 34 36
* Other financial income and expenses, net includes gain on sale of the polish shareholdings of DKK 204m in FY 2024
** Earnings per share (EPS) and diluted earnings per share adjusted for gain on sales of the Polish shareholdings in 2024
of DKK 204m amounts to DKK 25.1
*** Trailing 12 months.
Ratios included in the 'Recommendations and Financial Ratios' issued by the CFA Society Denmark have been
calculated accordingly.
ROYAL UNIBREW A/S H1 2025 INTERIM REPORT
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Royal Unibrew A/S · Faxe Allé 1 · DK-4640 Faxe · CVR no 41956712
Financial Review
mDKK
Q2
2025
Q2
2024
%
change
H1
2025
H1
2024
%
Change
FY
2024
Volumes (mHL)
5.1
4.8
7
8.8
8.4
4
17.4
Organic volume growth (%)
7
1
4
3
5
Net revenue
4,438
4,180
6
7,644
7,379
4
15,036
Organic net revenue growth (%)
5
4
3
6
6
Gross profit
1,991
1,886
6
3,275
3,128
5
6,388
Business Development
During the first half of 2025, our markets continued to reflect the same trends observed in 2024–most
notably, a challenging consumer environment, particularly in Northern Europe. Under these conditions,
we delivered solid performance and achieved market share gains across most of our markets.
Weather conditions have a significant impact on consumer demand for beverages during the high
season months, both in the on-trade and off-trade channels. May 2025 was colder than usual across
our main markets, whereas June temperatures were more in line with seasonal norms and warmer than
last year. Based on this, we estimate that weather impact was neutral in Q2 2025, except for Finland
where both May and June were significantly colder months than average, impacting consumption
negatively. Better July weather in Finland closed a part of the shortfall in H1.
Group volumes increased by 4% to 8.8m hectoliters in H1 2025 (Q2 2025: 7%). Growth in H1 2025 was
led by the Western Europe and International segments, whereas volumes in Northern Europe declined
slightly in line with general market development. The higher growth rate observed in the second
quarter was primarily attributable to the timing of Easter, while underlying market trends remained
broadly consistent across both quarters.
In the first half of 2025, net revenue increased by 4% to DKK 7,644m (Q2 2025: 6%). This growth was
largely in line with volume development, reflecting a stable price/mix effect at Group level. Net revenue
for H1 2025 includes a DKK 73m contribution from acquisitions. Adjusted for this, organic net revenue
growth for the period was 3%.
Organic growth in H1 2025 was primarily driven by our new activities in BeLux, following the start of the
PepsiCo partnership on October 1, 2024. BeLux contributed approximately 3.5% to the Group’s volume
growth and 2.5% to net revenue growth in both Q2 and H1 and 2025.
Gross profit increased by 5% to DKK 3,275m in H1 2025 (Q2 2025: 6%). The growth was mainly driven by
revenue growth and continued focus on margin management and efficiency improvements. The gross
profit margin increased by 40 basis points to 42.8% in H1 2025.
Earnings and profitability
mDKK
Q2
2025
Q2
2024
%
change
H1
2025
H1
2024
%
change
FY
2024
Sales and distribution exp.
1,018
1,003
1
1,842
1,819
1
-3,626
Administrative expenses
233
227
3
474
443
7
-794
In H1 2025, sales and distribution expenses increased by 1% compared to the same period last year.
However, as a percentage of net revenue, these expenses declined by 50 basis points to 24.1%. While
we continue to invest more in sales and marketing to support our growth ambitions, we are also seeing
positive effects from our ongoing efficiency initiatives, such as in logistics.
Administrative expenses increased by 7% in H1 2025 compared to the same period last year. The
increase was primarily driven by our new activities in BeLux and costs related to IT integration
initiatives.
ROYAL UNIBREW A/S H1 2025 INTERIM REPORT
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Royal Unibrew A/S · Faxe Allé 1 · DK-4640 Faxe · CVR no 41956712
mDKK
Q2
2025
Q2
2024
%
change
H1
2025
H1
2024
%
change
FY
2024
EBITDA
917
821
12
1,308
1,197
9
2,634
EBIT
740
656
13
959
866
11
1,968
Organic EBIT growth (%)
11
17
9
16
15
Net financial expenses
-78
-77
1
-133
-158
-16
-97
EBITDA rose by 9% to DKK 1,308m in the first half of 2025 (Q2 2025: 12%), with the EBITDA margin
improving by 90 basis points to 17.1%.
EBIT increased by 11% to DKK 959m in H1 2025 (Q2 2025: 13%), with organic EBIT growth of 9%. The
EBIT margin expanded by 80 basis points to 12.5%. In line with net revenue development, EBIT growth
in the first half was driven by the Western Europe and International segments.
The margin improvements are in line with our strategic ambitions and reflect our continued focus on
operational efficiency, as well as the positive effects of the ongoing optimization of acquired companies.
Net financial expenses were DKK 133m in H1 2025 (H1 2024: DKK 158m) and were in line with our
expectations.
mDKK
Q2
2025
Q2
2024
%
change
H1
2025
H1
2024
%
change
FY
2024
Profit before tax
680
578
18
844
704
20
1,865
Tax on profit
-150
-120
25
-187
-145
29
-401
Net profit for the period
530
458
16
657
559
18
1,464
Earnings per share (DKK)
10.6
9.2
15
13.2
11.2
18
29.2
Tax expenses were DKK 187m in H1 2025. This corresponds to an effective tax rate of 22% in line with our
expectations.
Driven by the higher net profit, earnings per share increased by 18% to DKK 13.2 in H1 2025 (H1 2024: DKK
11.2).
Balance Sheet
mDKK
H1
2025
H1
2024
%
change
FY
2024
Total assets
18,962
18,627
2
17,886
Net working capital
-918
-837
10
-918
Net interest-bearing debt (NIBD)
6,374
5,848
9
5,696
NIBD/EBITDA (trailing 12 months)
2.3
2.4
-4
2.2
Invested capital
13,702
13,352
3
13,296
ROIC% (trailing 12 months)
12
12
12
ROIC, excluding goodwill % (trailing 12 months)
19
19
19
Net working capital improved compared to last year and stood at DKK -918m by the end of H1 2025
compared to DKK -837m by the end of H1 2024.
Net interest-bearing debt (NIBD) amounted to DKK 6,374m at the end of H1 2025, up from DKK 5,696m at
year-end 2024. The higher debt was mainly due to dividend payment of DKK 753m in Q2 2025, whereas in
2024, the dividend was postponed to the fourth quarter. In addition, NIBD was impacted by the ongoing
share buy-back program and higher capex level.
The 12-month NIBD/EBITDA ratio was 2.3 at the end of H1 2025 in line with our target level.
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ROIC was 12%, in line with the same period last year, and is expected to gradually improve in the coming
years.
We expect the acquisitions in Norway and BeNeLux to deliver cash ROIC of 10% in 2026. Cash ROIC is
calculated as net profit before amortizations, expressed as a percentage of the net cash paid for the
acquired companies.
Cash Flow
mDKK
H1
2025
H1
2024
%
change
FY
2024
Cash flow from operating activities
931
980
-5
2,189
Capex (including repayment on leasing facilities)
504
431
17
967
Free cash flow
458
560
-18
1,434
Cash flow from operating activities amounted to DKK 931m in the first half of 2025, compared to DKK
980m in H1 2024. Although net profit was higher this year, the operating cash flow was impacted by a less
favorable development in net working capital compared to the strong improvement seen in H1 2024. Net
working capital was reduced by DKK 81m compared to the same time last year, and we expect a positive
impact on cash flow from net working capital for the full year.
Capex, including lease repayments, totaled DKK 504m (H1 2024: DKK 431m) in line with our expectations at
approximately 7% of net revenue. The increase reflects planned investments in production capacity and
capabilities.
Cash flow from investing activities was also affected by acquisitions amounting to DKK 167m and a DKK
31m dividend received from the liquidation of a subsidiary in Greenland.
Free cash flow for the first half of 2025 amounted to DKK 458m, compared to DKK 560m in H1 2024.
Full year outlook 2025
Based on our performance in the first half of 2025 and our expectations for the remainder of the year,
we are narrowing the ranges the full-year financial outlook as follows:
• Net revenue growth is now expected in the range of 5-6% (previously 5-7%)
• EBIT growth is expected in the range of 8-12% (was 7-13%)
The adjustments reflect broadly normal summer weather conditions across our markets, resulting in no
additional impact on activity levels. Additionally, revenue has been affected by a reduction in private label
production and adverse foreign exchange developments.
The consumer environment remains challenging but stable compared to 2024, and our assumptions in this
area remain unchanged.
Growth rates reflect the total growth, including impact from Minttu-transaction in Finland and new
activity in BeLux.
Other assumptions for guidance are unchanged:
• Net financial expenses, excluding currency related losses or gains, of around DKK 250m (2024:
DKK 301m)
• Effective tax rate of around 22% (2024: 21.5%)
• Capex in the range around 7% revenue (2024: 6%). Capex includes repayment on leasing
facilities
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Royal Unibrew A/S · Faxe Allé 1 · DK-4640 Faxe · CVR no 41956712
ESG Highlights
In the first half of 2025, Royal Unibrew continued to make progress on its ESG agenda, delivering
tangible results across key focus areas:
Our Consumers
We expanded our portfolio of alcohol-free variants across several brands, while sugar reduction
remains a key priority in all categories—supporting informed consumer choices. Via our marketing
activities we support growth in the low/no categories, in line with our overall growth framework.
Our Products
Climate action
We achieved a 4.2% reduction in Scope 1 and 2 market-based CO₂ emissions compared to H1 2024.
With production volumes up by 4% year-over-year, this improvement reflects lower CO₂ intensity,
driven by higher productivity and our transition to renewable energy.
Furthermore, we have strengthened collaboration with suppliers to improve Scope 3 data quality and
to identify new levers for emission reductions—supporting our 60% reduction target by 2030 and net-
zero ambition by 2040.
Sustainable Agriculture
In Finland, we launched our first beer brewed entirely from certified sustainable barley grown with
regenerative practices near our site in Lahti. The barley is cultivated using nutrients from our own spent
grain and yeast, closing the loop in a circular, local system.
Water Stewardship
We have set a water usage target of maximum 2.5 hl/hl by 2030 and our initiatives are already
delivering results, with a 6% reduction in water usage and intensity compared to last year. At our San
Giorgio site in Italy, efficiency gains were achieved through capex (e.g., a state-of-the-art pasteurizer)
and innovative process improvements.
Our people
We recorded a 40% reduction in lost-time incident frequency, marking a significant improvement in
safety performance. This reflects our ongoing investment in preventive measures, employee training,
and a stronger safety culture across all our sites.
These achievements underscore our commitment to building a more sustainable, safe, and responsible
business—delivering long-term value to all our stakeholders.
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Royal Unibrew A/S · Faxe Allé 1 · DK-4640 Faxe · CVR no 41956712
Market Segments
Northern Europe
mDKK
Q2
2025
Q2
2024
%
change
H1
2025
H1
2024
%
change
FY
2024
Volumes (mHL)
3.1
3.1
2
5.2
5.4
-2
11.0
Organic volume growth (%)
1
-1
-3
0
2
Net revenue
2,931
2,878
2
4,972
5,039
-1
10,274
Organic net revenue growth (%)
0
0
-3
2
3
EBIT
632
635
0
1,454
Organic EBIT growth (%)
-2
0
1
EBIT margin (%)
12.7
12.6
14.2
The Northern Europe segment comprises our multi-beverage businesses in Denmark (incl. German border
trade) Finland, Norway, Sweden, and the Baltic countries. In H1 2025, Northern Europe accounted for 59%
of the Group's volumes (H1 2024: 63%) and 65% of the Group's net revenue (H1 2024: 68%).
In Northern Europe, volumes declined organically by 3% in H1 2025 while Q2 2025 saw a 1% increase. The
higher growth in the second quarter was primarily due to the timing of Easter.
In our main markets, May 2025 was characterized by below-average temperatures, while June returned
to more typical seasonal levels—except in Finland, where June also remained unusually cold. However, good
July weather in Finland closed parts of the volume shortfall caused by the weather in Q2.
Net revenue decreased organically by 3% to DKK 4,972m in H1 2025. In Q2 2025, net revenue was flat
year-over-year and was impacted by the same factors as mentioned for volume. The price/mix in the
segment was adversely impacted by a negative country mix, as the Baltic countries achieved growth, while
Finland saw declining volumes. Net revenue for H1 2025 includes a DKK 62m contribution from
acquisitions.
EBIT in Northern Europe totaled DKK 632m in H1 2025, in line with the prior year. The EBIT margin
improved slightly to 12.7% (H1 2024: 12.6%), despite the weather-driven decline in Finland and one-off
costs in Norway related to the closure of the Sarpsborg site.
Denmark
In Denmark, we gained value market share across most categories in H1 2025, driven primarily by
strong performances in CSD, beer, energy drinks, and RTD/Cider.
Within CSD, growth was led by our Faxe Kondi brand. As for the beer market, we achieved value growth
across our beer brands, with Royal and Heineken as the main contributors, despite a declining overall
beer market.
The energy drinks category continues to show strong growth, and our Faxe Kondi Booster brand
continued to gain market share and was the brand in the category with the highest growth in H1 2025.
Overall, our Danish organization delivered volumes and net revenue slightly above H1 2024. At the same
time, we are realizing efficiency improvements in the supply chain and sourcing areas, supported by our
enhanced production capacity.
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Finland
The Finnish market continues to be affected by low consumer confidence, which has particularly impacted
the on-trade market and created pressure on pricing in the off-trade. Additionally, May and June were
characterized by significantly colder weather than the previous year, contributing to a general decline in
consumer demand.
In H1 2025, both volumes and net revenue declined by a mid-single-digit percentage. EBIT also
decreased, as fixed cost structures cannot be adjusted quickly enough to offset a weather-driven drop in
revenue.
We maintained our overall market share in Finland during H1 2025; however, our product mix was
negatively impacted by the poor weather, especially in Q2. The long drinks category, in which we are
market leaders, is highly weather-sensitive and experienced a significant decline during the period.
Despite the challenges, we gained share in the RTD and water categories, and in the CSD category, our
Jaffa brand gained market share.
A sector-wide strike at the end of Q1 2025 temporarily disrupted production and sales. However, the lost
volumes recovered in April, and the strike had no material impact on H1 results.
The acquisition of Pernod Ricard’s portfolio of local brands in Finland, including Minttu liqueur, was
completed in Q1 2025, and the company was formally integrated into the Group as of February 28, 2025.
The integration is progressing according to plan, and Minttu and the other newly acquired brands
contributed positively to performance in H1 2025.
Norway
The Norwegian market continues to be impacted by lower consumer confidence, which is putting
pressure on overall demand. Additionally, a shift in volumes to the Swedish border trade contributed to
a slight decline in both volumes and net revenue in H1 2025.
In a challenging environment, we continue to gain market share in the cider and RTD categories. While
beer market share declined slightly in H1 2025, we are now seeing improved performance, driven by
the draft and lite beer categories. Momentum is also improving in the spirits and wine categories.
During H1 2025, our Norwegian activities were integrated into Royal Unibrew’s SAP platform. As
expected, the integration led to higher administrative expenses during the period. The organization is
now in the optimization phase, focusing on streamlining workflows and enhancing system utilization
post-deployment.
As part of our ongoing efforts to optimize our production setup in Norway, we announced the closure
of the brewery in Sarpsborg by the end of 2025. This follows the earlier closure of our Kristiansand site
and supports our strategy to consolidate production, with the Bergen brewery becoming our main
production site in Norway. In connection with the planned closure of the Sarpsborg brewery, costs
related to severance pay totaling approximately DKK 10m were expensed in H1 2025.
While EBIT in Norway for H1 2025 was negatively impacted by these one-off factors, performance
remains on track and we remain confident in achieving our target of 10% cash ROIC by 2026.
ROYAL UNIBREW A/S H1 2025 INTERIM REPORT
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Royal Unibrew A/S · Faxe Allé 1 · DK-4640 Faxe · CVR no 41956712
Baltics
In the Baltics, volumes were flat or slightly declining during H1 2025. We achieved market share gains in
Latvia and Estonia, while maintaining our value market share in Lithuania.
The strongest growth drivers were beer, RTD, cider, and enhanced beverages, whereas the CSD category
declined, primarily due to colder weather in Q2.
Overall, the Baltic region delivered low single-digit growth in net revenue, with an even stronger increase in
profit contribution. Supported by a continued focus on operational efficiency and cost control, this
translated into EBIT growth and margin improvement.
Western Europe
mDKK
Q2
2025
Q2
2024
%
change
H1
2025
H1
2024
%
change
FY
2024
Volumes (mHL)
1.5
1.3
16
2.7
2.4
16
5.0
Organic volume growth (%)
16
4
15
6
7
Net revenue
1,056
889
19
1,884
1,619
16
3,316
Organic net revenue growth (%)
18
14
16
18
14
EBIT
218
163
34
309
Organic EBIT growth (%)
33
82
59
EBIT margin (%)
11.6
10.1
9.3
Western Europe comprises our multi-niche businesses in the Netherlands, Belgium, Luxembourg, Italy,
and France. In H1 2025, the segment accounted for 31% of the Group's volumes (H1 2024: 28%) and
25% of the Group's net revenue (H1 2024: 22%).
Volumes increased organically by 15% in H1 2025. While Easter timing had a positive impact, the trends
were largely similar in Q2 2025. The new activities in BeLux accounted for 13% of the volume growth in
both H1 and Q2. Italy delivered strong growth within our own brands during H1; however, total volume
remained flat due to the discontinuation of private label production to free up capacity at the brewery
in San Giorgio.
Net revenue in Western Europe increased organically by 16% to DKK 1,884m in H1 2025. Organic net
revenue growth was 18% in Q2 2025, supported by Easter timing and positive price/mix development.
New activities in BeLux accounted for 12% of net revenue growth in both H1 and Q2 2025,
while Italy and France also delivered strong performances.
EBIT in Western Europe increased organically by 33%, totaling DKK 218m in H1 2025 (H1 2024; DKK
163m). The EBIT margin improved to 11.6 % (H1 2024: 10.1%), driven by strong contributions from Italy
and France, while BeLux is diluting the earnings and average margins.
Netherlands
In H1 2025, we achieved growth in both volume and revenue and kept market shares stable in a
growing market. This development reflects the impact of our commercial agenda set in 2024, and it is
encouraging to see the organization contributing to growth following the acquisition of Vrumona in
2023.
With a strengthened off-trade sales force focused on executing in-store and strong brands in the
portfolio, our Dutch organization is well positioned for continued progress. We have also enhanced our
production capabilities, hereby enabling more efficient operations and supporting future growth.
ROYAL UNIBREW A/S H1 2025 INTERIM REPORT
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Royal Unibrew A/S · Faxe Allé 1 · DK-4640 Faxe · CVR no 41956712
Alongside our strong presence in the soft drinks market, we entered the RTD segment in H1 2025
through the acquisition of the GIG brand.
Overall, developments in the Netherlands are progressing in line with our plans and we remain confident
in achieving our target of 10% cash ROIC by 2026.
Italy
In Italy, we maintained the strong momentum from 2024, delivering robust growth and gaining
substantial market share. Both our beer brands (Ceres Strong Ale and Faxe) and soft drinks (Crodo
range) continued to perform well across all channels, reflecting the strength of our portfolio and
commercial execution. The branded portfolio grew double-digit in H1 in both volume and value.
In H1 2025, we reduced the share of private label production as demand for our own brands increased.
This shift has contributed positively to our price/mix and reflects the growing consumer preference for
our branded offerings.
France
In France, we continued to grow value market shares for both Lorina (lemonade) and Crazy Tiger
(energy), driven by category growth and focus on new drinking occasion for both brands, alongside
effective execution. In Q2 2025, favorable weather conditions further boosted demand-particularly for
Lorina.
In addition, price/mix developed positively throughout H1 2025, reflecting improved product mix and
price/pack architecture.
BeLux
Since taking over the activities in October 2024, we have focused on building commercial momentum—
an effort that naturally takes time. We are progressing in line with our internal plans and estimate that
we have maintained our value market share in BeLux during the first half of 2025.
It is promising to see how quickly our local team has embraced the Royal Unibrew way of working,
laying a strong foundation for future growth. While the turnaround nature of the business means that
BeLux is expected to be loss making in 2025, we are confident that our strategic initiatives and local
engagement will drive long-term value creation.
ROYAL UNIBREW A/S H1 2025 INTERIM REPORT
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Royal Unibrew A/S · Faxe Allé 1 · DK-4640 Faxe · CVR no 41956712
International
mDKK
Q2
2025
Q2
2024
%
change
H1
2025
H1
2024
%
change
FY
2024
Volumes (mHL)
0.5
0.4
20
0.8
0.7
16
1.4
Organic volume growth (%)
20
27
16
35
22
Net revenue
451
414
9
788
721
9
1,446
Organic net revenue growth
(%)
9
23
9
29
24
EBIT
122
79
54
209
Organic EBIT growth (%)
55
218
178
EBIT margin (%)
15.5
11.0
14.5
The International segment, which includes our export and licensing business outside Northern and
Western Europe, accounted for 10% of the Group’s volumes in H1 2025 (H1 2024: 9%) and 10% of net
revenue (H1 2024: 10%).
The segment maintained strong momentum, delivering 16% organic volume growth in H1 2025, with Q2
growth reaching 20%. Current sell-out trends have accelerated to low teen growth, while the remaining
volume uplift is primarily attributable to inventory build-up in the Americas, aimed at reducing the
short-term impact of increased tariffs.
Net revenue increased organically by 9% to DKK 788m, with a similar growth rate in Q2. The price/mix
was negatively impacted by unfavorable currency developments and country mix effects, due to
strong growth in Africa–a region which typically carries lower gross-margins due to our distributor-
based model with a low local cost base.
Category growth in International was primarily driven by Faxe beer, malt beverages such as Vitamalt,
and CSD – particularly the Crodo range.
EBIT increased organically by 55% to DKK 122m, and the EBIT margin improved significantly to 15.5%
(H1 2024: 11.0%), reflecting strong cost discipline and the operational leverage embedded in our
business model.
ROYAL UNIBREW A/S H1 2025 INTERIM REPORT
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Royal Unibrew A/S · Faxe Allé 1 · DK-4640 Faxe · CVR no 41956712
Forward-looking statements
This interim report contains forward-looking statements, including statements about the
Group’s sales, revenue, earnings, spending, margins, cash flows, inventories, products,
actions, plans, strategies, objectives and guidance with respect to the Group’s future
operating results. Forward-looking statements include, without limitation, any statement
that may predict, forecast, indicate or imply future results, performance or achievements,
and may contain the following words or phrases “believe, anticipate, expect, estimate,
intend, plan, project, will be, will continue, likely to result, could, may, might”, or any variations
of such words or other words with similar meanings. Any such statements involve known
and unknown risks, estimates, assumptions and uncertainties that could cause the Group’s
actual results, performance or industry results to differ materially from the results
expressed or implied in such forward-looking statements. Royal Unibrew assumes no
obligation to update or adjust any such forward-looking statements to reflect actual results,
changes in assumptions or changes in other factors affecting such forward-looking
statements.
Some important risk factors that may have direct bearing on the Group’s actual results
include, but are not limited to: economic and political uncertainty (including interest rates
and exchange rates), financial and regulatory developments, development in the demand
for the Group’s products, introduction of and demand for new products, changes in the
competitive environment and the industry in which the Group operates, changes in
consumer preferences, increasing industry consolidation, the availability and pricing of raw
materials and packaging materials, cost of energy, production- and distribution-related
issues, information technology failures, breach or unexpected termination of contracts,
price reductions resulting from market-driven price reductions, determination of fair value
in the opening balance sheet of acquired entities, litigation, pandemic, environmental issues
and other unforeseen factors.
New risk factors may emerge in the future, which the Group cannot predict. Furthermore,
the Group cannot assess the impact of each factor on the Group’s business or the extent
to which any individual risk factor, or combination of factors, may cause results to differ
materially from those contained in any forward-looking statement. Accordingly, forward-
looking statements should not be relied on as a prediction of actual results.
ROYAL UNIBREW A/S H1 2025 INTERIM REPORT
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Royal Unibrew A/S · Faxe Allé 1 · DK-4640 Faxe · CVR no 41956712
Management’s Statement
Executive Management
Board of Directors
ROYAL UNIBREW A/S H1 2025 INTERIM REPORT
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Royal Unibrew A/S · Faxe Allé 1 · DK-4640 Faxe · CVR no 41956712
Consolidated Income Statement
mDKK
Q2
2025
Q2
2024
H1
2025
H1
2024
FY
2024
Net revenue
Production costs
-2,447
-2,294
-4,369
-4,251
-8,648
Gross profit
Sales and distribution expenses
-1,018
-1,003
-1,842
-1,819
-3,626
Administrative expenses
-233
-227
-474
-443
-794
EBIT
Income after tax from investments in
associates
-2
-5
-6
Financial income
Financial expenses
-83
-84
-146
-170
-326
Profit before tax
Tax on the profit for the period
-150
-120
-187
-145
-401
Net profit for the period
Earnings per share (DKK)
Earnings per share (DKK) adjusted*
Diluted earnings per share (DKK)
Diluted earnings per share (DKK) adjusted*
* Earnings per share FY-24 are adjusted for gain on sales of the polish shareholdings (DKK 204).
mDKK
Q2
2025
Q2
2024
H1
2025
H1
2024
FY
2024
Net profit for the period
Other comprehensive income
Items that may be
reclassified to the
income statement:
Exchange adjustment of foreign group
Enterprises
-94
-5
-40
-107
Value adjustment of hedging instruments
-9
-48
Tax on value adjustment of hedging
instruments
-3
-5
-7
Total
-101
-39
-5
-101
Total comprehensive income
ROYAL UNIBREW A/S H1 2025 INTERIM REPORT
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Royal Unibrew A/S · Faxe Allé 1 · DK-4640 Faxe · CVR no 41956712
Consolidated balance sheet
Assets
mDKK
June 30
2025
June 30
2024
Dec. 31
2024
NON-CURRENT ASSETS
Intangible assets
Property, plant and equipment
Investments in associates
Other non-current investments
Non-current assets
CURRENT ASSETS
Inventories
Receivables
Prepayments
Cash and cash equivalents
Current assets
Assets
Liabilities and equity
mDKK
June 30
2025
June 30
2024
Dec. 31
2024
EQUITY
Share capital
Other reserves
Retained earnings
Proposed dividend
Equity
LIABILITIES
Non-current liabilities
Deferred tax
Mortgage debt
Credit institutions
Non-current liabilities
Current liabilities
Mortgage debt
Credit institutions
Trade payables
Provisions
Corporation tax
Other payables
Current liabilities
Liabilities
Liabilities and equity
ROYAL UNIBREW A/S H1 2025 INTERIM REPORT
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Royal Unibrew A/S · Faxe Allé 1 · DK-4640 Faxe · CVR no 41956712
Consolidated Cash Flow Statement
mDKK
Q2
2025
Q2
2024
H1
2025
H1
2024
FY
2024
Net profit for the period
Adjustments for non-cash operating items:
Change in working capital
-70
Received financial income
Paid financial expenses
-80
-81
-141
-165
-304
Financial expenses related to leasing
-3
-3
-6
-5
-11
Corporation tax paid
-62
-47
-192
-170
-384
Cash flows from operating activities
Dividend received from associates
Sale of property, plant and equipment
Purchase of property, plant and equipment
-187
-232
-408
-352
-761
Purchase of intangible assets
-7
-11
-58
Acquisition of enterprises, incl. adjustments
-2
-167
-80
Sale of equity instruments in other entities
Development on financial asset investment
Cash flows from investing activities
-162
-198
-538
-301
-651
Proceeds from borrowings
Repayment of borrowings
-324
-1,177
-755
-1,236
-1,350
Repayment on leasing facilities
-49
-40
-88
-83
-166
Dividend paid to shareholders
-749
-749
-726
Acquisition of shares for treasury
-147
-191
Cash flows from financing activities
-1,069
-1,217
-428
-692
-1,491
Change in cash and cash equivalents
-19
-105
-35
-13
Cash and cash equivalents at beginning of
period
Exchange adjustment
-3
-2
-1
Cash and cash equivalents end of period
Free cash flow
Cash flow from operating activities
Net cash used in investing activities
-162
-230
-385
-337
-589
Payment of lease liabilities
-49
-40
-88
-83
-166
Free cash flow
ROYAL UNIBREW A/S H1 2025 INTERIM REPORT
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Royal Unibrew A/S · Faxe Allé 1 · DK-4640 Faxe · CVR no 41956712
Consolidated Statement of Changes in Equity
January 1 – June 30, 2025
mDKK
Share
Capital
Total
other
reserves*
Retained
earnings
Proposed
dividend
Total
Equity on December 31, 2024
Changes in equity in H1, 2025
Net profit for the period
Other comprehensive income
-53
-53
Tax on other comprehensive income
Total comprehensive income
-39
Dividends paid to shareholders
-753
-749
Purchase shares for treasury
-191
-191
Share-based payments
Total shareholders
-169
-753
-922
Total change in equity
January 1 - June 30, 2025
-39
-753
-304
Equity on June 30, 2025
* Comprise share premium account, translation reserve and hedging reserves
As of June 30, 2025, the share capital amounts to DKK 100,400,000 (unchanged from 2024), divided into shares of
DKK 2 each.
January 1 – June 30, 2024
mDKK
Share
Capital
Total
other
reserves*
Retained
earnings
Proposed
dividend
for the
year
Total
Equity on December 31, 2023
Changes in equity in H1, 2024
Net profit for the period
Correction previous period
-15
Other comprehensive income
Tax on other comprehensive income
-5
-5
Total comprehensive income
-20
Dividends paid to shareholders
Share-based payments
Total shareholders
Total change in equity
January 1 - June 30, 2024
-20
Equity on June 30, 2024
* Comprise share premium account, translation reserve and hedging reserves
ROYAL UNIBREW A/S H1 2025 INTERIM REPORT
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Royal Unibrew A/S · Faxe Allé 1 · DK-4640 Faxe · CVR no 41956712
Notes to the Interim Report
Note 1 Significant Accounting Policies: Accounting Estimates and Judgments
The Interim Report is presented in accordance with IAS 34 “Interim Financial Reporting” as adopted
by the EU and additional Danish disclosure requirements for interim financial reporting of listed
companies.
The Annual Report for 2024 provides the full description of accounting policies significant to the
Financial Statements.
Accounting Estimates and Judgments
The preparation of interim financial reporting requires that management make accounting estimates
and judgments, which affect the application of accounting policies and recognized assets, liabilities,
income, and expenses. Actual results may deviate from these estimates.
Note 2 Adoption of New and Revised IFRSs
Royal Unibrew has adopted all new or revised and amended International Financial Reporting
Standards (IFRSs) and interpretations (IFRIC) issued by IASB and endorsed by the EU effective for
the financial year 2025. It is assessed that the revisions and amendments have not had a material
impact on the consolidated financial statements.
Note 3 Risk Management
Royal Unibrew’s principal risks and the external factors that may affect Royal Unibrew are provided in
the Annual Report 2024. These are unchanged for the first half year of 2025.
Note 4 Assets and Derivative Financial Instruments Measured at Fair Value
mDKK
June 30,
2025
June 30,
2024
December 31,
2024
Derivative financial instruments
-28
41
17
Derivative financial instruments are classified as level-2 instruments in the IFRS fair value hierarchy.
The determined fair value of derivative financial instruments is based on observable market data such
as yield curves or forward rates.
The fair value of the total debt is assessed to correspond to carrying amount.
ROYAL UNIBREW A/S H1 2025 INTERIM REPORT
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Royal Unibrew A/S · Faxe Allé 1 · DK-4640 Faxe · CVR no 41956712
Notes to the Interim Report
Note 5 Segment Reporting
The Group’s results break down as follows in segments:
H1 2025
mDKK
Northern
Europe
Western
Europe
International
Unallocated
Total
Net revenue
4,972
1,884
788
7,644
Total expenses
-4,340
-1,666
-666
-13
-6,685
EBIT
632
218
122
-13
959
Sales (mHL)
5.3
2.7
0.8
8.8
H1 2024
mDKK
Northern
Europe
Western
Europe
International
Unallocated
Total
Net revenue
5,039
1,619
721
7,379
Total expenses
-4,403
-1,456
-643
-11
-6,513
EBIT
636
163
78
-11
866
Sales (mHL)
5.3
2.4
0.7
8.4
FY 2024
mDKK
Northern
Europe
Western
Europe
International
Unallocated
Total
Net revenue
10,274
3,316
1,446
15,036
Total expenses
-8,820
-3,007
-1,237
-4
-13,068
EBIT
1,454
309
209
-4
1,968
Sales (mHL)
11.0
5.0
1.4
17.4
ROYAL UNIBREW A/S H1 2025 INTERIM REPORT
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Royal Unibrew A/S · Faxe Allé 1 · DK-4640 Faxe · CVR no 41956712
Notes to the Interim Report
Note 6 Cash Flow Statement
mDKK
H1
2025
H1
2024
FY
2024
Adjustments for non-cash operating items
Financial income
-13
-12
-229
Financial expenses
146
170
326
Amortization of intangible assets
58
39
106
Depreciation of property, plant and equipment
290
292
560
Tax on profit for the period
187
145
401
Income from investments in associates
-18
5
6
Profit and loss from sale of property, plant and equipment
2
0
0
Share-based payments and remuneration
18
12
23
Total
670
651
1,193
Note 7 Equity and Treasury Shares
Treasury shares held by the Parent company:
Number
% of capital
Portfolio at January 1, 2025
143,948
0.3
Additions
371,307
0.7
Shares used as share-based payments
-9,596
0.0
Portfolio at June 30, 2025
505,659
1.0
Number
% of capital
Portfolio at January 1, 2024
146,952
0.3
Additions
0
0.0
Shares used as share-based payments
-3,004
0.0
Portfolio at June 30, 2024
143,948
0.3
Shares were bought as an element in the optimization of Royal Unibrew's capital structure. It is the
intention to cancel the shares bought back to the extent that they are not to be used for share-based
payment.
Basis of calculation of earnings per share
H1 2025
H1 2024
The Parent Company shareholders' share of profit for the year
amounted to (mDKK)
657
559
The average number of treasury shares amounted to
(number, DKK 2 each)
253,574
145,200
The average number of shares in circulation amounted to (number)
49,728,780
49,894,363
The average number of shares in circulation incl restricted shares
amounted to (number)
49,946,426
50,053,821
Cost of share buy-backs during H1 (mDKK)
191
0
ROYAL UNIBREW A/S H1 2025 INTERIM REPORT
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Royal Unibrew A/S · Faxe Allé 1 · DK-4640 Faxe · CVR no 41956712
Note 8 Acquisition of Enterprises
Acquisition of Pernod Ricard Finland OY (“Minttu”)
In October 2024, Royal Unibrew signed the agreement to acquire Pernod Ricard’s entire portfolio of
local brands with their related production facility in Turku, Finland. The brand portfolio includes Minttu
peppermint liqueur, which is an iconic brand and must-have stock in Finland and Scandinavia. The
agreement was closed on February 28, 2025. The acquisition is in line with the Group’s overall strategy.
The transaction perimeter comprises the legal entity Pernod Ricard Finland OY as well as transfer of
beverage brands owned by Pernod Ricard Denmark A/S and The Absolut Company AB produced at the
Turku production facility in Finland. Assets acquired primarily consists of the trademark Minttu as well
as the production facility located in Turku, Finland. No goodwill has been recognized in the transaction.
The acquisition has been included in the consolidated financial statements of Royal Unibrew as of
the date of acquisition.
IFRS 3 disclosures have not been provided as the impact is considered
immaterial.
Note 9 Events After the Balance Sheet Date
No events have occurred in the period from the balance sheet date until the presentation of the
financial statements that materially affect the assessment of the parent company's financial
statements.