XCSE:RBREW ESEF Annual Report
ROYAL UNIBREW A/S (XCSE:RBREW)
ESEF Annual Report
2026-09-02
For: 2026-06-30
View Original
Added on
September 18, 2026
Company Announcement No 43/2026 – August 17, 2026
Interim Report H1 2026
Profitable growth and market share gains
Key Highlights H1 2026
Net revenue growth of 4% (underlying) and continued market share gains
Growth lead by own brands
EBIT growth of 7% and 80bps margin expansion
10.7% EPS growth
Cash �low for H1 2026 in line with our plans, supporting continued shareholder returns
Full-year 2026 outlook reiterated
Lars Jensen, CEO of Royal Unibrew, comments: "In the �irst half of 2026, we delivered a solid commercial performance across our
markets, gaining market share in key categories. This performance re�lects the strength of our brands, targeted innovation and,
importantly, our close customer relationships and route-to-market capabilities. Despite increasing in�lationary pressure across several
cost categories, we delivered results in line with our expectations, while further improving pro�itability and maintaining strong
momentum in key growth categories and markets. With increasing EBIT margin, double digit growth in EPS, and increase in ROIC, we
remain on track to deliver on our �inancial objectives.”
Selected Financial Highlights and Raos
mDKK
Q2 2026
Q2 2025
% Change
H1 2026
H1 2025
% Change
FY 2025
Volume (million hectoliters)
5.1
5.1
-0.9
9.0
8.8
1.8
18.1
Organic volume growth (%)
-0.9
6.7
1.6
3.8
3.7
Net revenue*
4,426
4,438
-0.3
7,737
7,644
1.2
15,723
Organic net revenue growth (%)
-0.3
4.7
0.7
2.6
3.3
Gross pro�it
2,043
1,991
2.6
3,387
3,275
3.4
6,766
Gross margin (%)
46.1
44.9
43.8
42.8
43.0
EBITDA
949
917
3.5
1,417
1,308
8.4
2,931
EBITDA margin (%)
21.4
20.7
18.3
17.1
18.6
EBIT
753
740
1.8
1,026
959
7.0
2,202
Organic EBIT growth (%)
1.8
11.1
6.7
9.2
10.2
EBIT margin (%)
17.0
16.7
13.3
12.5
14.0
Free cash �low
903
1,001
-9.8
458
458
0.0
1,413
ROIC incl. goodwill (%)**
12.8
12.0
12.7
Earnings per share (diluted)
11.1
10.6
4.7
14.5
13.1
10.7
31.4
* Underlying net revenue growth was approximately 2.5% in Q2 2026 and 4% in H1 2026, excluding the planned exit from lower-margin
activities
** Trailing 12 months.
ROYAL UNIBREW HI 2026 TRADING STATEMENT
2
H1 2026: Strong Execuon Across Markets and Categories
The results for H1 2026 demonstrate the bene�its of our long-term strategic focus on pro�itable growth in attractive beverage
categories and our strong local brands. As expected, the timing of Easter in 2026 bene�ited Q1 and weighed on Q2, making the H1
2026 performance a more representative measure of the underlying business development
Volume growth reached 1.8% in H1 2026, while underlying net revenue growth was approximately 4%, excluding the planned exit
from lower-margin activities. Reported net revenue growth was 1.2%.
The International segment and Italy remained the strongest growth engines, while Northern Europe also contributed positively to
the growth in H1 2026.
EBIT in H1 2026 increased by 7.0% and the EBIT margin improved by 80 basis points, despite increasing in�lation across several cost
categories and continued long-term investments in our brands and commercial capabilities.
Free cash �low for H1 2026 was in line with the prior year and internal plans, while ROIC improved to 12.8%, re�lecting continued
focus on pro�itable growth, cost discipline, and capital ef�iciency.
Financial Outlook for Full-Year 2026 Reiterated
The �inancial outlook for full-year 2026 is reiterated. Organic EBIT growth for 2026 is expected to be in the range of 6-10%,
corresponding to EBIT of DKK 2,325 – 2,425m.
Net revenue is expected to be broadly on level with 2025, re�lecting continued growth in the beverage business, offset by the exit
from lower margin activities.
The underlying assumptions remain unchanged and are described in further detail on page 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, August 17, 2026.
The program will be concluded no later than December 18, 2026.
The latest share buy-back program, which was increased from DKK 400m to DKK 700m on April 30, 2026, was completed on August
14, 2026. Under the program, a total of 1,529,200 shares were repurchased at an average price of DKK 457.7 per share.
Conference Call
Investors and analysts can register for a conference call on August 18, 2026, at 09:00 am CEST at the following links:
Webcast: https://edge.media-server.com/mmc/p/rzvp6uv7
Phone: https://register-conf.media-server.com/register/BI401e7338d8f841b19bd257c97d13ab78
Financial Calendar for the Remainder of 2026
• November 11, 2026: Trading Statement Q3 2026
For Further Informaon on This Announcement:
• Investor Relations:
Flemming Ole Nielsen, +45 25 41 68 04, Fl[email protected]
• Media Relations:
Michelle Nørrelykke Hindkjær, +45 25 64 34 31, press@royalunibrew.com
ROYAL UNIBREW HI 2026 TRADING STATEMENT
3
Financial Highlights and Raos
Q2
2026
Q2
2025
H1
2026
H1
2025
FY
2025
Sales volume (million hectoliters)
Organic volume growth (%)
5.1
-0.9
5.1
6.7
9.0
1.6
8.8
3.8
18.1
3.7
Income statement (mDKK)
Net revenue
4,426
4,438
7,737
7,644
15,723
Organic net revenue growth (%)
-0.3
4.7
0.7
2.6
3.3
Gross pro�it
2,043
1,991
3,387
3,275
6,766
Gross pro�it margin (%)
46.1
44.9
43.8
42.8
43.0
EBITDA
949
917
1,417
1,308
2,931
EBITDA margin (%)
21.4
20.7
18.3
17.1
18.6
EBIT
753
740
1,026
959
2,202
Organic EBIT growth (%)
1.8
11.1
6.7
9.2
10.2
EBIT margin (%)
17.0
16.7
13.3
12.5
14.0
Other �inancial income and expenses, net
-64
-78
-119
-133
-254
Net pro�it for the period
537
530
707
657
1,560
Balance sheet (mDKK)
Total assets
19,263
18,962
18,269
CAPEX
198
242
450
504
1,007
Equity
6,211
6,104
6,713
Net interest-bearing debt (NIBD)
6,610
6,374
5,730
Net working capital
-888
-918
-1,076
Invested Capital
13,996
13,702
13,655
Cash �lows (mDKK)
Cash �lows from operating activities
1,100
1,212
908
931
2,385
Net investing activities and lease payments
-198
-211
-450
-473
-972
Free cash �low
903
1,001
458
458
1,413
Share ratios (DKK)
Number of shares (million)
49.3
50.2
50.2
Earnings per share (EPS)
11.1
10.6
14.5
13.2
31.4
Diluted earnings per share
11.0
10.6
14.5
13.1
31.3
Dividend per share
16.0
Period-end price per share
431.4
517.5
574.5
Financial ratios (%)
ROIC*
12.8
12.0
12.7
ROIC excl. goodwill*
20.4
19.2
20.6
CAPEX in % of net revenue
5.8
6.6
6.4
NIBD/EBITDA (times)*
2.2
2.3
2.0
Equity ratio
32
32
37
* Trailing 12 months.
Ratios included in the 'Recommendations and Financial Ratios' issued by the CFA Society Denmark have been calculated accordingly.
ROYAL UNIBREW HI 2025 TRADING STATEMENT
3
ROYAL UNIBREW HI 2026 TRADING STATEMENT
4
Financial Review
Business Development
mDKK
Q2
2025
Q2
2025
%
change
H1
2026
H1
2025
%
change
FY
2025
Volumes (mHL)
5.1 5.1 -0.9 9.0 8.8 1.8 18.1
Organic volume growth (%)
-0.9
6.7
1.6
3.8
3.7
Net revenue
4,426
4,438
-0.3
7,737
7,644
1.2
15,723
Organic net revenue growth (%)
-0.3
4.7
0.7
2.6
3.3
Gross pro�it
2,043
1,991
2.6
3,387
3,275
3.4
6,766
Gross margin
(%) 46.1 44.9 43.8 42.8 43.0
H1 2026 was characterized by continued solid commercial execution across our markets, resulting in market share gains in most
markets and pro�itable growth. We saw good performance in key strategic categories, mainly driven by the strength of our own
brands.
As always, the full H1 performance provides a more representative view of the development in our business than the quarterly
growth rates, as the timing of Easter impacts seasonal sales. In 2026, Q1 bene�ited from earlier Easter compared to last year, while
this effect reversed in Q2.
Group volumes increased by 1.8% to 9.0m hectoliters in H1 2026 (Q2 2026: -0.9%). Growth in H1 2026 was led by the International
segment, while Northern Europe also contributed positively to the growth across markets. Volumes in Western Europe declined,
re�lecting a selective approach to low/no-margin promotional activity in the Netherlands, while our own brands in Italy continued to
perform strongly.
In the �irst half of 2026, net revenue increased by 1.2% to DKK 7,737m (Q2 2026: -0.3%). Net revenue was negatively impacted by
the planned exit from low-margin businesses, mainly in Northern Europe. Adjusted for this effect, net revenue increased by
approximately 4% in H1 2026 (Q2 2026: approximately 2.5%).
Across our markets, we remain focused on the product categories de�ined in our Growth Category Framework, which in in H1 2026
accounted for approximately 62% of net revenue. Growth in H1 2026 was primarily driven by our own brands, led by Faxe Kondi,
Ceres, and Faxe Beer, supported by targeted innovation and strong commercial execution.
Gross pro�it increased by 3.4% to DKK 3,387 in in H1 2026 (Q2 2026: 2.6%). This was driven by revenue growth and our continued
focus on margin management and pro�itable growth. The gross pro�it margin expanded by 100 basis points to 43.8% in H1 2026,
supported by ef�iciencies and the exit from lower-margin businesses.
Driven by ongoing geopolitical developments, H1 2026 was characterized by in�lationary pressure across energy, raw materials,
consumables, and transport/distribution. While hedging instruments and contractual price agreements mitigated most of this
volatility, certain cost elements remained exposed to market �luctuations.
Cost Base and Profitability
mDKK
Q2
2026
Q2
2025
%
change
H1
2026
H1
2025
%
change
FY
2025
Sales and distribution exp.
1,059 1,018 4.0 1,913 1,842 3.9 -3,638
Administrative expenses
231
233
-0.8
448
474
-5.6
-926
In H1 2026, sales and distribution expenses increased by 3.9% compared to the same period last year and represented 24.7% of net
revenue, up from 24.1% in H1 2025. The increase re�lects continued investments in sales and marketing, particularly behind our
own brands, re�lecting our strategic focus on strengthening the long-term competitiveness of our brand portfolio and supporting
sustainable growth across the business.
ROYAL UNIBREW HI 2026 TRADING STATEMENT
5
Within distribution, our recent investments in logistics facilities delivered ef�iciency gains, primarily from Q2 2026. These gains were
partly offset by increasing transport costs, mainly due to increased fuel surcharges.
Administrative expenses declined 5.6% in H1 2026 compared to the same period last year, re�lecting our continued focus on
ef�iciency and cost discipline.
mDKK
Q2
2026
Q2
2025
%
change
H1
2026
H1
2025
%
change
FY
2025
EBITDA
949 917 3.5 1,417 1,308 8.4 2,931
EBIT
753
740
1.8
1,026
959
7.0
2,202
Organic EBIT growth (%)
1.8
11.1
6.7
9.2
10.2
Net �inancial expenses
-64
-78
-17.9
-119
-133
-10.5
-254
EBITDA rose by 8.4% to DKK 1,417m in the �irst half of 2026 with the EBITDA margin improving by 120 basis points to 18.3%.
EBIT increased by 7.0% to DKK 1,026m in H1 2026, with organic EBIT growth of 6.7%. The EBIT margin expanded by 80 basis points
to 13.2%, re�lecting broad-based improvements across the business. While all business segments delivered EBIT growth in H1 2026,
the Western Europe segment was the main growth driver.
The margin improvements are in line with our strategic ambitions and re�lect our continued focus on operational ef�iciency across
the Group.
Net �inancial expenses were DKK 119m in H1 2026 (H1 2025: DKK 133m) and were in line with our expectations.
mDKK
Q2
2026
Q2
2025
%
change
H1
2026
H1
2025
%
change
FY
2025
Pro�it before tax
689 680 1.2 907 844 7.5 1,966
Tax on pro�it
-152
-150
1.0
-200
-187
6.9
-406
Net pro�it for the period
537
530
1.3
707
657
7.6
1,560
Earnings per share (DKK)
11.1
10.6
4.7
14.5
13.2
9.8
31.4
Tax expenses were DKK 200m in H1 2026, and the effective tax rate of 22% was in line with our expectations.
Driven by both higher earnings and a lower number of shares following share buy-backs, diluted EPS increased by 10.7% to DKK
14.5 in H1 2026 (H1 2025: DKK 13.1).
Cash Flow
mDKK
H1
2026
H1
2025
% change
FY
2025
Cash �low from operating activities
908 931 -2.5 2,385
CAPEX (including repayment on leasing facilities)
450
504
-10.5
1,007
Free cash �low
458 458 0.0 1,413
Cash �low from operating activities amounted to DKK 908m in the �irst half of 2026, compared to DKK 931m in the same period last
year. While net pro�it was higher in H1 2026, this was offset by a less favorable development in net working capital compared to the
strong improvement in H1 2025.
CAPEX, including lease repayments, totaled DKK 450m (H1 2025: DKK 504m) and was in line with our internal plans.
Free cash �low for the �irst half of 2026 amounted to DKK 458m, on level with the prior-year period.
ROYAL UNIBREW HI 2026 TRADING STATEMENT
6
Balance Sheet and ROIC
mDKK
H1
2026
H1
2025
% change
FY
2025
Total assets
19,263 18,962 1.6 18,269
Net interest-bearing debt (NIBD)
6,610
6,374
3.7
5,730
NIBD/EBITDA, trailing 12 months (times)
2.2
2.3
2.0
Invested capital
13,996
13,702
2.1
13,655
ROIC% (trailing 12 months)
12.8
12.0
12.7
ROIC, excluding goodwill % (trailing 12 months)
20.4
18.7
20.6
Net interest-bearing debt amounted to DKK 6,610m at the end of H1 2026 (H1 2025: DKK 6,374m). The 12-month NIBD/EBITDA
ratio was 2.2 at the end of H1 2026, and in line with our target level.
Net interest-bearing debt increased compared with both H1 2025 and year-end 2025. The increase primarily re�lects higher share
buy-backs, which amounted to DKK 544m in H1 2026 (H1 2025: DKK 191m). The development relative to year-end 2025 also
re�lects the normal seasonality of the business, with cash �low typically strongest in the second half of the year.
ROIC on a 12-months basis was 12.8%, up from 12.0% for the same period last year. This development is in line with our ambition to
gradually improve ROIC.
Full Year Outlook 2026
The �inancial outlook for full-year 2026 is reiterated.
Organic EBIT growth for 2026 is expected to be in the range of 6-10%, corresponding to EBIT of DKK 2,325 – 2,425m compared with
DKK 2,202m in 2025.
Net revenue for 2026 is expected to be broadly on level with 2025, re�lecting continued growth in our beverage business, offset by
the exit from the snack category and other lower margin activities.
The guidance is based on the assumption of a continued challenging consumer environment across our markets. The guidance range
re�lects ongoing macroeconomic uncertainty and pressure on consumers’ discretionary spending power as well as other
uncertainties. The key factors in�luencing pro�itability are changes in consumer sentiment and channel mix, changes in competitive
environment, and weather conditions during the peak season.
The macroeconomic and geopolitical environment has become more uncertain following recent developments, increasing the risk of
volatility in both commodity costs and consumer sentiment. A portion of the Group’s expected raw materials and energy
consumption for 2026 is covered by hedging instruments and price agreements, providing partial protection against cost volatility.
We monitor the situation closely across our markets and expect to manage the remaining impact through our continued focus on
operational ef�iciencies across the supply chain and through improvements in net revenue per hectoliter.
Other relevant assumptions (unchanged):
• No material M&A impact
• Net �inancial expenses, excluding currency-related losses or gains, of around DKK 250m (2025: DKK 254m)
• Effective tax rate of around 22% (2025: 20.7%)
• CAPEX of around 7% of net revenue (2025: 6.4%)
Changes to PepsiCo Partnership
On 21 April 2026, we announced that Royal Unibrew’s partnership agreements with PepsiCo in Denmark, Finland, and the Baltics
will not be renewed upon their expiry at the end of 2028. Until then, the partnership in Northern Europe will continue unchanged.
The partnership with PepsiCo in BeNeLux remains unchanged.
For further information, please refer to Company Announcement No. 17/2026.
ROYAL UNIBREW HI 2026 TRADING STATEMENT
7
Market Segments
Northern Europe
mDKK
Q2
2026
Q2
2025
% change
H1
2026
H1
2025
% change
FY
2025
Volumes (mHL)
3.1 3.1 -1.9 5.4 5.2 2.6 11.0
Organic volume growth (%)
-1.9
1.1
2.3
-2.9
-0.8
Net revenue
2,850
2,931
-2.8
4,975
4,972
0.1
10,440
Organic net revenue growth (%)
-2.8
0.1
-0.7
-2.6
0.0
EBIT
646
632
2.1
1,518
Organic EBIT growth (%)
1.6
-2.5
2.1
EBIT margin (%)
13.0
12.7
14.5
The Northern Europe segment comprises our multi-beverage businesses in Denmark (incl. German border trade) Finland, Norway,
Sweden, and the Baltic countries. In H1 2026, Northern Europe accounted for 60% of the Group's volumes (H1 2025: 59%) and 64%
of the Group's net revenue (H1 2025: 64%).
In Northern Europe, volume growth was 2.3% organically in H1 2026, while volumes declined by 1.9% in Q2. The quarterly
development was affected by the timing of Easter, while volumes in Q2 2026 bene�ited from more favorable weather conditions than
in the same period last year, when temperatures were below seasonal norms.
Organic net revenue growth was -0.7% in H1 2026 (Q2 2026: -2.8%). Revenue development was impacted by the planned exit from
lower-margin business and selected non-core activities. Excluding these effects, organic revenue growth was approximately 5%.
EBIT in Northern Europe increased to DKK 646m in H1 2026 from DKK 632m in H1 2025. The EBIT margin improved to 13.0% from
12.7% in H1 2025.
Denmark
In Denmark, we gained market share across most categories in H1 2026, driven by strong performances in CSD, beer, enhanced
beverages, and RTD/cider.
Within CSD, growth was led by Faxe Kondi, supported by strong brand investments, focused commercial execution, and the launch of
new �lavors. Within the beer category, we achieved growth across our portfolio, with Royal and Heineken as the main contributors,
despite a declining overall beer market.
RTD remained the fastest-growing beverage category, with both Shaker and the recently launched Royal Club delivering double-digit
growth. Within enhanced beverages, Faxe Kondi Booster continued to gain market share in the energy category, while Egekilde
delivered solid growth within waters, supported by several new product launches.
Finland
In H1 2026, our Finnish business achieved growth in both volume and net revenue, supported by strong commercial execution.
Weather conditions in Finland normalized compared to the colder conditions seen in May and June last year. The market, however,
continues to be characterized by low consumer con�idence and a competitive pricing environment.
Market shares were �lat or slightly up across categories, with the best performance within the water and RTD categories, supported
by innovation and new product launches in both categories. Within RTD, growth has been driven by hard seltzers and cocktails,
while the long drink category, where we hold a leading position, declined. While we gained share in the overall RTD category, this
shift has negatively weighed on price/mix, as growth has moved into more mainstream RTD products.
Norway
In Norway, we continued the commercial momentum from 2025 and achieved growth in both the RTD/cider and beer categories. We
saw improving momentum in the spirits and wine categories, despite a challenging market for higher-alcohol beverages.
ROYAL UNIBREW HI 2026 TRADING STATEMENT
8
Alongside our strong portfolio of alcoholic beverages in Norway, we aim to develop our offerings within soft drinks. In H1 2026, we
continued the rollout of Faxe Kondi in Norway, which continues to gain traction in the market, supported by our sponsorship of the
Uno-X Mobility Cycling Team. In June 2026, we announced an expansion of our partnership with Schweppes International Limited
and entered into a long-term license agreement for Dr Pepper® in Norway. We already carry the Dr Pepper brand as trading
products, but from 2027 we will locally produce, distribute, market, and sell the products.
Balcs
Like other markets, the Baltic countries continued to be affected by geopolitical uncertainty and soft consumer sentiment in the �irst
half of 2026. These markets were also impacted by higher excise duties on beer and the introduction of sugar tax on CSD. Long-term
consumer trends continued, with demand shifting between categories, including declining beer consumption and growth in energy
drinks and RTD.
We continued to execute our multi-beverage strategy and achieved growth across most categories and sales channels. The strongest
growth drivers were beer, RTD, and enhanced beverages, including energy drinks. CSD was impacted by a competitive pricing
environment, but overall, we maintained CSD market share across the Baltics.
Original Long Drink from Finland and our beer and cider brands performed well in the Baltics, demonstrating the strength of Royal
Unibrew’s own brands.
ROYAL UNIBREW HI 2026 TRADING STATEMENT
9
Western Europe
mDKK
Q2
2026
Q2
2025
% change
H1
2026
H1
2025
% change
FY
2025
Volumes (mHL)
1.5 1.5 0.3 2.7 2.7 -2.7 5.5
Organic volume growth (%)
0.3
15.8
-2.7
15.3
10.2
Net revenue
1,099
1,056
4.1
1,906
1,884
1.2
3,741
Organic net revenue growth (%)
4.1
17.7
1.1
15.7
12.2
EBIT
260
218
19.4
480
Organic EBIT growth (%)
19.6
33.4
55.9
EBIT margin (%)
13.6
11.6
12.8
Western Europe comprises our multi-niche businesses in the Netherlands, Belgium, Luxembourg, Italy, and France. In H1 2026, the
segment accounted for 30% of the Group's volumes (H1 2025: 31%) and 25% of the Group's net revenue (H1 2025: 25%).
Volumes declined organically by 2.7% in H1 2026 (Q2 2026: 0.3%) while organic net revenue growth was 1.1% in H1 2026 (Q2
2026: 4.1%).
Overall, our commercial and operational performance in Western Europe was in line with our plans. Italy continued to gain market
share and was the main growth driver in the segment. This was partly offset by lower volume and net revenue in the Netherlands
following the deliberate reduction of low- and no-margin promotional activities as part of our revised commercial strategy.
Organic EBIT growth was 19.6%, with EBIT increasing to DKK 260m in H1 2026 (H1 2025: DKK 218m). The EBIT margin improved
to 13.6% (H1 2025: 11.6%), mainly driven by the continued strong performance in Italy and improved pro�itability in the
Netherlands.
Italy
In Italy, the �irst half of 2026 was characterized by continued momentum, where we delivered high single-digit growth in a relatively
�lat market. Our beer brands Ceres and Faxe performed strongly, while our soft drink portfolio under the Crodo range also delivered
growth and market share gains in Italy and across European export markets. As most export sales are reported in the International
segment, the full impact of this growth is not re�lected in Western Europe.
The development re�lects the strength of our brand portfolio and strong commercial execution across both off- and on-trade
channels. Performance was supported by new pack formats tailored to different channels and consumer occasions, as well as brand
extensions with new �lavors and variants, further strengthening our market relevance.
Netherlands
In the Netherlands, both volumes and net revenue declined in H1 2026 compared to the same period last year. This re�lects the
continued execution of our revised commercial strategy, implemented in Q3 2025, with a focus on margin improvement through
price/pack optimization and the deliberate deselection of selected low-margin promotions.
The strategy has led to a more pro�itable sales mix and improved revenue quality. Supported by a more ef�icient organization and
continued cost focus, the business in the Netherlands remains on track and is developing in line with our plans.
France
In France, we continued to expand our energy brand Crazy Tiger and the Lorina lemonade brand through focused brand activation,
optimization of our price-pack architecture, and expansion into new consumption occasions.
BeLux
In BeLux, we made progress in line with our plans during H1 2026. We have increased our market share, driven by the PepsiCo
portfolio and supported by the good performance of our own brands, especially Crodo.
We continued to focus on optimizing price/pack architecture, further developing customer relationships and in-store execution.
Furthermore, we insourced can production to our production site in Netherlands during H1 2026. In line with our expectations,
BeLux did not contribute to earnings in H1 2026; however, we remain con�ident that our strategic initiatives and strong local
engagement will drive long-term value creation.
ROYAL UNIBREW HI 2026 TRADING STATEMENT
10
Internaonal
mDKK
Q2
2026
Q2
2025
% change
H1
2026
H1
2025
% change
FY
2025
Volumes (mHL)
0.5 0.5 1.2 0.9 0.8 11.0 1.6
Organic volume growth (%)
1.2
19.9
11.0
15.5
16.2
Net revenue
477
451
5.8
856
788
8.7
1,542
Organic net revenue growth (%)
5.8
9.0
8.7
9.2
6.6
EBIT
138
122
13.4
239
Organic EBIT growth (%)
13.4
55.3
14.2
EBIT margin (%)
16.1
15.5
15.5
The International segment includes our export business outside the Northern and Western Europe segments. Our main export
markets are in Africa, North America, and Central/Eastern Europe. International accounted for 10% of the Group’s volumes and 11%
of net revenue in H1 2026, both shares were on level with same period last year.
The International segment achieved 11.0% organic volume growth in H1 2026 (Q2 2026: 1.2%). The growth over the �irst six
months of 2026 was on level with the sell-out growth across our markets.
The International segment continues to be a strong growth engine for the Group. However, quarterly growth rates can be affected by
�luctuations in inventory levels among external distribution partners as well as the timing of individual larger shipments. The
modest volume growth in Q2 2026 should be seen in the context of the inventory build-up in the U.S. during the same period last
year, driven by tariff-related uncertainty.
Net revenue increased organically by 8.7% to DKK 856m (Q2 2026: 5.8%). The price/mix was negatively impacted by country mix
effects, due to continued strong growth in the Africa region, which typically carries lower gross-margins due to our distributor-based
model with a low local cost base.
From a category and brand perspective, growth in International was driven by beer (Faxe Beer), CSD (Crodo) and malt beverages
(Vitamalt and Supermalt). In addition, our Canadian operations showed good momentum in H1 2026, driven by Amsterdam craft
beer and our restaurant business.
EBIT increased organically by 13.4% to DKK 138m, and the EBIT margin improved signi�icantly to 16.1% (H1 2025: 15.5%),
re�lecting strong cost discipline and the operational leverage embedded in our business model. This was despite higher logistics
costs related to the geopolitical situation in the Middle East.
.
ROYAL UNIBREW HI 2026 TRADING STATEMENT
11
Forward-looking Statements
This interim report contains forward
-looking statements, including statements about the Group’s sales, revenue, earnings, spending,
margins, cash �lows, 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 unc
ertainties that could cause
the Group’s actual results, performance or industry results to differ materially from the results expressed or implied in suc
h forward-
looking statements. Royal Unibrew assumes no obligation to update or adjust any such forward
-looking statements to re�lect 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: econo
mic and
political uncertainty (including interest rates and exchange rates), �inancial 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 industr
y 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 result
s 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 HI 2026 TRADING STATEMENT
12
Management's Statement
Ex
ecuve Management
Bo
ard of Directors
ROYAL UNIBREW HI 2026 TRADING STATEMENT
13
Consolidated
Income Statement
mDKK
Q2
2026
Q2
2025
H1
2026
H1
2025
FY
2025
Net revenue
Production costs
-2,383
-2,447
-4,350
-4,369
-8,957
Gross pro�it
Sales and distribution expenses
-1,059 -1,018 -1,913 -1,842 -3,638
Administrative expenses
-231
-233
-448
-474
-926
EBIT
Income after tax from investments in associates
Financial income
Financial expenses
-66
-83
-125
-146
-280
Pro�it before tax
Tax on the pro�it for the period
-152
-150
-200
-187
-406
Net pro�it for the period
Earnings per share (DKK)
Earnings per share (DKK) adjusted
Diluted earnings per share (DKK)
Diluted earnings per share (DKK) adjusted
mDKK
Q2
2026
Q2
2025
H1
2026
H1
2025
FY
2025
Net pro�it for the period
Other comprehensive income
Items that may be reclassi�ied to the income
statement:
Exchange adjustments of foreign group enterprises
-17
-94
-5
Value adjustment of hedging instruments
-42
-9
-48
Tax on value adjustment of hedging instruments
-1
Total
-50
-101
-39
Other comprehensive income after tax
ROYAL UNIBREW HI 2025
TRADING STATEMENT
13
ROYAL UNIBREW HI 2026 TRADING STATEMENT
14
Consolidated balance sheet
Assets
mDKK
June 30,
2026
June 30,
2025
December 31,
2025
NON-CURRENT ASSETS
G
oodwill
Intangible assets
Property, plant and equipment
Other non-current investments
Non-Current Assets
CURRENT ASSETS
Inventories
Receivables
Prepayments
Cash and cash equivalents
Current Assets
Assets
Liabilies and Equity
mDKK
June 30,
2026
June 30,
2025
December 31,
2025
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
Corporation tax
Other payables
Current liabilities
Liabilities
Liabilities and equity
ROYAL UNIBREW HI 2025 TRADING STATEMENT
14
ROYAL UNIBREW HI 2026 TRADING STATEMENT
15
Consolidated
Cash Flow Statement
mDKK
Q2
2026
Q2
2025
H1
2026
H1
2025
FY
2025
Net pro�it for the period
Adjustments for non
-cash operating items 424 396 731 670 1,406
Change in working capital
-225
-70
Received �inancial income
Paid �inancial expenses
-64
-80
-119
-141
-268
Financial expenses related to leasing
-2
-3
-5
-6
-12
Corporation tax paid
-60
-62
-187
-192
-461
Cash �lows from operating activities
Dividend received from associates
Sale of property, plant and equipment
Purchase of property, plant and equipment
-157
-187
-356
-408
-797
Purchase of intangible assets
-11
-7
-22
-11
-44
Acquisition of enterprises, net
-2
-167
-167
Cash receipts from sales of equity instruments of
other entities
Development on �inancial asset investment
-42
Cash �lows from investing activities
-158
-162
-409
-538
-954
Proceeds from borrowings
Repayment of borrowings
-56
-324
-56
-755
-887
Repayment on leasing facilities
-38
-49
-83
-88
-177
Dividend paid to shareholders
-777
-749
-777
-749
-749
Purchase of shares for treasury
-414
-147
-544
-191
-550
Cash �lows from �inancing activities
-927
-1,069
-547
-428
-1,454
Change in cash and cash equivalents
Cash and cash equivalents at beginning of period
Exchange adjustment
-2
-3
Cash and cash equivalents end of period
Free cash �low
Cash �low from operating activities
Net cash used in investing activities excl. acquisition
of enter
prises -159 -162 -367 -385 -795
Payment of lease liabilities
-38
-49
-83
-88
-177
Free cash �low
ROYAL UNIBREW HI 2025 TRADING STATEMENT
15
ROYAL UNIBREW HI 2026 TRADING STATEMENT
16
Consolidated Statement
of Changes in Equity
January 1 – June 30, 2026
mDKK
Share
Capital
Total other
reserves*
Retained
earnings
Proposed
dividend
Total
Equity on December 31, 2025
Changes in equity in H1, 2026
Net pro�it for the period
Other comprehensive income
Tax on other comprehensive income
Total comprehensive income
Reduction of share
capital and share premium -1 -29 30
Dividends paid to shareholders
-803
-777
Purchase shares for treasury
-544 -544
Share-based payments
Total shareholders
-1
-29
-468
-803
-1,301
Total change in equity
January 1 - June 30, 2026
-1
-803
-502
Equity on June 30, 2026
* Comprise share premium account, translation reserve and hedging reserves.
As of June 30, 2026, the share capital amounts to DKK 98,600,000 (June 30, 2025, DKK 100,400,000 ), divided into shares of DKK 2
each. Please refer to note 7 for further information concerning the capital reduction.
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 pro�it for the period
Other comprehensive income
-53
-53
Tax on other comprehensive income
Total comprehensive income
-39
Dividends paid to shareholders
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.
ROYAL UNIBREW HI 2025 TRADING STATEMENT
16
ROYAL UNIBREW HI 2026 TRADING STATEMENT
17
Notes to the Interim Report
Note 1 Significant accounng policies; accounng esmates, 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 �inancial reporting of listed companies.
The Annual Report for 2025 provides the full description of accounting policies signi�icant to the Financial Statements.
Accounng esmates and judgments
The preparation of interim �inancial 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 Adopon 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 �inancial year 2026. It is assessed that the revisions and amendments
have not had a material impact on the consolidated �inancial 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 2025.
These are unchanged for the �irst half year of 2026.
Note 4 Assets and derivave financial instruments, fair value adjustments
mDKK
H1
2026
H1
2025
% change
Adjustment of derivative �inancial instruments
0
-28
-100.0
Derivative �inancial instruments are classi�ied as level-2 instruments in the IFRS fair value hierarchy. The determined fair value of
derivative �inancial 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 HI 2025 TRADING STATEMENT
17
ROYAL UNIBREW HI 2026 TRADING STATEMENT
18
Notes to the Interim Report
Note 5 Segment reporng
The Group’s results by segment were as follows:
H1 2026
mDKK
Northern
Europe
Western
Europe
International
Unallocated
Total
Net revenue
4,975 1,906 856 7,737
Total expenses
-4,329
-1,646
-718
-18
-6,711
Earnings before interest and tax (EBIT)
646
260
138
-18
1,026
Sales (million hectoliters)
5.4
2.7
0.9
9.0
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
Earnings before interest and tax (EBIT)
632
218
122
-13
959
Sales (million hectoliters)
5.3
2.7
0.8
8.8
FY 2025
mDKK
Northern
Europe
Western
Europe
International
Unallocated
Total
Net revenue
10,440 3,741 1,542 15,723
Total expenses
-8,922
-3,261
-1,303
-35
-13,521
Earnings before interest and tax (EBIT)
1,518
480
239
-35
2,202
Sales (million hectoliters)
11.0
5.5
1.6
18.1
Note 6 Cash flow statement
mDKK
H1
2026
H1
2025
FY
2025
Adjustments for non-cash operating items
Financial income
-6
-13
-26
Financial expenses
124
146
280
Amortization of intangible assets
65
58
120
Depreciation of property, plant and equipment
326 290 614
Tax on pro�it for the period
200 187 406
Income from investments in associates
-18 -18
Pro�it and loss from sale of property, plant and equipment
2 2 -5
Share
-based payments and remuneration 20 18 35
Total
731
670
1,406
ROYAL UNIBREW HI 2025 TRADING STATEMENT
18
ROYAL UNIBREW HI 2026 TRADING STATEMENT
19
ROYAL UNIBREW HI 2026 TRADING STATEMENT
20
Notes to the Interim Report
Note 7 Share capital and treasury shares
mDKK
Number
% of capital
Treasury shares held by the Parent company:
Portfolio at January 1, 2026
1,199,542
2.4
Additions
1,219,000
2.5
Capital reductio
n -900,000 -1.8
Shares used as share-based payments
-46,154
-0.1
Portfolio at June 30, 2026
1,472,388
3.0
Number
% of capital
Treasury shares held by the Parent company:
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
Treasury 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.
On 29 April 2026, Royal Unibrew A/S decreased its share capital by nominally DKK 1,800,000 from nominally DKK 100,400,000 to
nominally DKK 98,600,000 through cancellation of 900,000 treasury shares of nominally DKK 2 each. The share capital of the
Company amounts to DKK 98,600,000 divided into shares of DKK 2.00 or multiples hereof.
H1 2026
H1 2025
Basis of calculation of earnings per share
The Parent Company shareholders' share of pro�it for the year amounted to (mDKK)
707
657
The average number of treasury shares amounted to (number, DKK 2 each)
1,463,677
253,574
The average number of shares in circulation amounted to (number)
48,420,290
49,728,780
The average number of shares in
circulation, incl. restricted shares amounted to (number) 48,661,324 49,946,426
Cost of share buy
-backs during H1 (mDKK) 544 191
Note 8 Events aer the balance sheet date
No events have occurred in the period from the balance sheet date until the presentation of the Interim Report for H1 2026 that
materially affect the assessment of the �inancial position.
ROYAL UNIBREW HI 2025 TRADING STATEMENT
20