Royal Unibrew A/s · OMXCOP:RBREW
Royal Unibrew A/s — Royal Unibrew A S — FY2024 Earnings Presentation
20 slides from Royal Unibrew A/s's earnings presentation, Feb 26, 2025
Slide 1: Annual Report 2024 Presentation
Annual Report 2024 Presentation Copyright © Royal Unibrew. All rights reserved. By Lars Jensen (CEO) & Lars Vestergaard (CFO) 1
Slide 2: Disclaimer
This annual report 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. Forwar
Slide 3: Agenda
• Highlights and business segments • Financial performance and cash flow Agenda • Sustainability highlights Copyright © Royal Unibrew. All rights reserved. • Outlook 2025 and unchanged long-term targets • Q&A 3
Slide 4: 2024 highlights
2024 highlights 6% organic revenue growth Strong EBIT growth of 20% High focus on driven by strong (organic 15%) operational efficiency commercial strategy - integrations are on track Copyright © Royal Unibrew. All rights reserved. Continued progress Strong cash flow 2025 guidance: on sustainability
Slide 5: 2024: Business segments performance
2024: Business segments performance Northern Europe with consolidated strong performance from 2023 with more commercial investments; Western Europe and International improved significantly NORTHERN EUROPE WESTERN EUROPE INTERNATIONAL DENMARK, GERMANY, FINLAND, NORWAY, SWEDEN, LATVIA, ITALY, FRANCE,
Slide 6: Our growth categories
Our growth categories Our focus on “pockets of growth” has proven successful Energy Premium Low / No Sugar Low / No Alcohol RTDs, Ciders, Enhanced Copyright © Royal Unibrew. All rights reserved. Cocktails Beverages +8% +9% +11% +1% +2% +14% Organic volume growth in 2024 6
Slide 7: Four growth categories going forward
Four growth categories going forward Highest growth potential across our markets #1 #2 #3 #4 Low / No Energy RTDs, Ciders, Premium Sugar and enhanced Cocktails Copyright © Royal Unibrew. All rights reserved. 7
Slide 8: 2024 financial results
2024 financial results Organic Organic volume revenue Organic EBIT EBIT Free NIBD / growth growth growth margin cash flow EBITDA 2024 results 5% 23% reported 6% 16% reported 15% 20% reported 13.1% 60 bps M&A 1,434 mDKK 2.2x dilution Copyright © Royal Unibrew. All rights reserved. 2023 1,143 -3% 4% 7
Slide 9: Q4 and FY 2024 results
Q4 2024 comments: Q4 and FY 2024 results • The strong momentum seen in previous quarters continued into the Q4 Q4 % FY 2024 FY 2023 % fourth quarter, however with varying mDKK 2024 2023 activity level and differences between Volumes (mhL) 4.2 4.0 5% 17.4 14.1 23% markets Net revenue 3,574 3,444 4% 1
Slide 10: Net revenue and EBIT development
Net revenue and EBIT development Net revenue EBIT EBIT margin +16% +20% +40 bps 6% 15,036 15% 1,968 10% 13.1% 12.7% 12,927 5% -60 bps 1,638 +100 bps mDKK mDKK Copyright © Royal Unibrew. All rights reserved. mDKK mDKK 2023 net M&A Organic 2024 net 2023 EBIT M&A Organic 2024 EBIT 2023 EBIT Organic M&A
Slide 11: FY 2024 cashflow and financial ratios
• Higher free cash flow driven by FY 2024 cashflow and financial ratios growth in earnings and gain of DKK 201m from sale of Polish mDKK FY 2024 FY 2023 Change shareholding Net profit for the year 1,464 1,095 33.7% Non-cash items 1,193 1,127 Changes in NWC 216 55 • Increasing investments in producti
Slide 12: Our priorities for capital allocation remain unchanged
Our priorities for capital Dividend and share buy- allocation remain unchanged back Dividend • Proposed ordinary dividend • Maintain financial flexibility DKK 15 per share (2023: 14.50) • Net debt/EBITDA below 2.5x equivalent to DKK 753m (2023: 720m) • Invest in organic growth • Dividend payout rati
Slide 13: Sustainability goals (revised 2024)
Sustainability goals (revised 2024) 13 Copyright © Royal Unibrew. All rights reserved.
Slide 14: Our growth and value creation formula remains unchanged
Our growth and value creation formula remains unchanged Volume growth Value Operational Share Mergers & EPS growth growth efficiency buy-backs acquisitions 1.5- 2-4% 2-4% 2% 2% 10-14% V 2% Copyright © Royal Unibrew. All rights reserved. Long-term organic EBIT growth target of 6-8% 14
Slide 15: 2025 outlook
2025 outlook • Net revenue growth of 5-7% (including impact from M&A) • EBIT growth of 7-13% equal to total EBIT in the range of DKK 2,100- 2,225m (including impact from M&A) • Net financial expenses (excluding currency-related losses or gains) around DKK 250m • Effective tax rate of around 22% • Ca
Slide 16: Long-term targets remain unchanged
6-8% • Potential to unlock additional growth in new markets organic • Royal Unibrew has become a Long-term EBIT growth “gateway to the Nordics” and is much more attractive to targets existing and new partners V remain • We expect to increase the EBIT margin during the period • unchanged Keep buildin
Slide 17: Management agenda
Management agenda • Continue to drive efficiency improvements across all operations and deliver on organic EBIT growth target and drive margin expansion • Finalize integrations in BeLux and Finland • Continue to invest in our growth markets and categories Copyright © Royal Unibrew. All rights reserv
Slide 18: Key take-aways
Key take-aways • 2024 delivered best financial results ever driven by net revenue growth and efficiency improvements • Strong growth in multiple categories, driven by our multi-beverage and multi-niche strategy • Solid financial position and share buy-back program launched Copyright © Royal Unibrew.
Slide 19: Q&A
Q&A 19 Copyright © Royal Unibrew. All rights reserved.
Slide 20: Thank you for your attention
Thank you for your attention 20 Copyright © Royal Unibrew. All rights reserved.