Royal Unibrew A/s · OMXCOP:RBREW
Royal Unibrew A/s — Q1 2026 Earnings Presentation
19 slides from Royal Unibrew A/s's earnings presentation, Apr 29, 2026
Slide 1: Partnership change and Q1 2026 Trading Update
Partnership change and Q1 2026 Trading Update Copyright © Royal Unibrew. All rights reserved. By Lars Jensen (CEO) & Lars Vestergaard (CFO) 1
Slide 2: Disclaimer
This presentation 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 sta
Slide 3: Agenda
• Changes to PepsiCo partnership Agenda • Q1 trading statement • Q&A Copyright © Royal Unibrew. All rights reserved. 3
Slide 4: Changes to PepsiCo partnership
• Northern European partnership with PepsiCo to end in 2028 (Denmark incl. border trade, Finland and the Baltics) • PepsiCo partnership in BeNeLux will continue after 2028 • Royal Unibrew’s multi-beverage strategy remains unchanged • The affected business represents approximately 13% of current net
Slide 5: Royal Unibrew's demonstrated growth core remains intact
Royal Unibrew’s demonstrated growth core remains intact Multi- Growth Strong Close Partner- Innovation beverage categories local customer ships and agility focus focus brands relations Copyright © Royal Unibrew. All rights reserved. 5
Slide 6: Royal Unibrew's growth category framework: Own local brands are central
Royal Unibrew’s growth category framework: Own local brands are central across categories Low/no sugar Enhanced Ready-to-drink Premium CSD beverages (RTD) beverages Copyright © Royal Unibrew. All rights reserved. 6
Slide 7: Own, strong and local brands deliver unsurpassed growth and EBIT margins
Selected examples: Royal Unibrew’s own, strong and local brands deliver unsurpassed growth and EBIT margins 14% annual CAGR 14% annual CAGR 6% annual CAGR Index Index 214 225 Index Index Index 140 Index 100 100 100 2019 2025 2019 2025 2019 2025 Copyright © Royal Unibrew. All rights reserved. net rev
Slide 8: EBIT scenario (illustrative)
EBIT scenario (illustrative) Organic growth Transition year Organic growth 6-8% Transition cost Copyright © Royal Unibrew. All rights reserved. - - + + + + EBIT EBIT EBIT Pepsi Scale loss Underlying Accelerate Efficiencies EBIT Organic EBIT 2026 2027 2028 partnership and organic own brands and cost
Slide 9: Q1 2026 Trading Statement
Q1 2026 Trading Statement 9 Copyright © Royal Unibrew. All rights reserved.
Slide 10: Q1 2026 highlights
Q1 2026 highlights ORGANIC VOLUME GROWTH 5.0% • Strong volume-led growth, supported by Easter timing ORGANIC NET REVENUE GROWTH • Organic net revenue growth of 2.1% - underlying growth of 5.6%, adjusted for exit from low-margin activities 2.1% ORGANIC EBIT GROWTH • Growth driven by own brands – supp
Slide 11: Northern Europe
Northern Europe • Organic volume growth of 8.4%, supported by positive Easter timing Q1 Q1 Change • Q1 2025 comparison impacted by mDKK 2026 2025 % sector-wide strike in Finland Volumes (mHL) 2.3 2.1 9.3 Organic volume growth (%) 8.4 -8.2 • Organic net revenue growth of 8.0%, adjusted for exit from
Slide 12: Western Europe
Western Europe • Organic volume decline of 6.5% and organic net revenue decline of 2.6% Q1 Q1 Change • Development in line with plans, with continued mDKK 2026 2025 % focus on quality of revenue and EBIT margin Volumes (mHL) 1.1 1.2 -6.5 improvement Organic volume growth (%) -6.5 14.6 • Segment decl
Slide 13: International
International • Organic volume growth of 24.4% and organic net revenue growth of 12.6% Q1 Q1 Change • Price/mix impacted by country mix, reflecting mDKK 2026 2025 % continued strong growth in African markets, Volumes (mHL) 0.5 0.4 24.4 which carries lower gross margins due to the Organic volume grow
Slide 14: Financial Review
Financial Review • Good start to the year, in line with expectations Q1 Q1 Change mDKK 2026 2025 • Q1 is seasonally small, with results supported by Volumes (mhL) 3.9 3.7 5.6% Easter timing Net revenue 3,311 3,206 3.3% • Ongoing focus on operational efficiency and Gross profit 1,344 1,284 4.7% reali
Slide 15: 2026 outlook reiterated
2026 outlook reiterated Actual 2026 DKKm 2025 guidance Comments EBIT 2,202 +6-10% Organic growth Net financial expenses 254 250 Excluding currency losses or gains Effective tax rate 20.7% 22% CAPEX, % of net revenue 6.4% 7% CAPEX includes repayment on leasing facilities Key assumptions • Continued c
Slide 16: Key take-aways
1 6 • PepsiCo partnership in Northern Europe ends in 2028 • Mitigation actions in place – multi-beverage strategy intact Key • Strong start to 2026 take-aways • Robust cash flow and balance sheet Copyright © Royal Unibrew. All rights reserved. • 2026 guidance reiterated 16
Slide 17: Q&A
Q&A 17 Copyright © Royal Unibrew. All rights reserved.
Slide 18: Share Information, Financial Calendar 2026, Investor Relations Contacts
Share Information Financial Calendar 2026 Investor Relations Contacts Royal Unibrew A/S is listed on Nasdaq February 26 2025 Annual Report Royal Unibrew A/S Copenhagen under the symbol Faxe Alle 1 “RBREW”. April 29 Q1 Trading Statement DK-4640 Faxe investor.relations@royalunibrew.com For further inf
Slide 19: End: Q1 2026 Trading Update
End: Q1 2026 Trading Update Copyright © Royal Unibrew. All rights reserved. By Lars Jensen (CEO) & Lars Vestergaard (CFO) 19