Royal Unibrew A/s · OMXCOP:RBREW
Royal Unibrew A/s — Royal Unibrew A S — FY 2025 Earnings Presentation
19 slides from Royal Unibrew A/s's earnings presentation, Feb 27, 2026
Slide 1: 2025 Annual Report Presentation
2025 Presentation Annual Report 1 Copyright © Royal Unibrew. All rights reserved.
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: 2025 highlights
2025highlights 2025 highlights 5% revenue growth 12% EBIT growth 90bps EBIT margin (guidance 5-6%) (guidance 8-12%) expansion Strong commercial execution Progress across all markets Efficiency and cost discipline Unibrew. Unibrew. rights All All reserved. reserved. rights Continued progress Strong c
Slide 4: Category focus and operational efficiency
Category focus and operational efficiency Growth framework Operational efficiency Long-term commitment • 60% of net revenue sits in our • Operational efficiency gains across • Yearly organic EBIT growth of 6-8% growth categories organization • Double-digit EPS growth • Outperforming European peers i
Slide 5: Our growth category framework
Our growth category framework Covered 60% of net revenue and grew 6% on average in 2025 Low/no Enhanced Ready-to- Premium sugar CSD beverages drink (RTD) beverages Copyright © Royal Unibrew. All rights reserved. +9% +5% +1% +4% 5
Slide 6: Northern Europe
Northern Europe • Full-year revenue up 2% and EBIT growth of 4% in 2025, with strongest growth in H2. Efficiency and cost discipline in focus across markets Q4 Q4 FY FY • Finland: Maintained or gained market % % shares across categories in a flat market. mDKK 2025 2024 2025 2024 H2 growth benefited
Slide 7: Western Europe
Western Europe • Full-year revenue up 13%, impacted by BeLux business*. In Q4 BeLux was included in comparison • EBIT growth of 55% in 2025. Efficiency and cost discipline in focus across markets Q4 Q4 FY FY % % • Italy: Market share gains and growth in both mDKK 2025 2024 2025 2024 beer and CSD. Po
Slide 8: International
International • Full year volume growth of 16%. This is slightly above sell-out trends as we expanded in-market stock to support the higher growth rate Q4 Q4 FY FY % % mDKK 2025 2024 2025 2024 • Net revenue up 7% organically in 2025. Volumes (mhl) 0.4 0.3 33% 1.6 1.4 16% The negative price/mix was m
Slide 9: P&L review
P&L review Profitable growth and efficiency Q4 Q4 % FY FY % mDKK 2025 2024 2025 2024 • Net revenue growth of 5%, Volumes (mhl) 4.4 4.2 4% 18.1 17.4 4% supported by positive price/mix Organic volume growth 3% 4% 4% 5% • Gross profit increased by 6%, with Net revenue 3,778 3,574 6% 15,723 15,036 5% gr
Slide 10: Cashflow and ratios
Cashflow and ratios mDKK FY 2025 FY 2024 % Strong cash conversion in 2025 Net profit for the year 1,560 1,464 7% • Continued discipline in net working capital Adj. for non-cash items 1,406 1,193 management Changes in net working capital (NWC) 134 216 • CAPEX of DKK 1,007m, corresponding to 6.4% Net
Slide 11: Our priorities for capital allocation
Our priorities for capital allocation CAPEX/Net revenue 1.000 6,4% 6,4% 7,0% Priorities for use of cash flow 5,5% 5,1% 5,0% 6,0% 1. Maintain financial flexibility - NIBD/EBITDA below 2.5x 5,0% 4,0% 2. Invest in organic growth – CAPEX and commercial spending 500 3,0% 3. Acquisitions 2,0% 1,0% 4. Stab
Slide 12: Our growth and value creation formula
Our growth and value creation formula Volume Value Operational Share Mergers and growth growth efficiency buy-backs acquisitions EPS growth 2-4% 1.5-2% 2-4% 2% 2% 10-14% V Copyright © Royal Unibrew. All rights reserved. Long-term organic EBIT growth target of 6-8% 12
Slide 13: Focus on EBIT growth and improving ROIC
Focus on EBIT growth and improving ROIC • We pursue profitable growth through our growth category framework • EBIT margin is a “quality” stamp – but growth in absolute EBIT is key • Investments must contribute to ROIC over time Organic EBIT growth ROIC 15% 19% 10% 13% 11% 12% 13% 6% 7% Copyright © R
Slide 14: 2026 outlook
2026 outlook 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 challenging
Slide 15: Sustainability targets
Sustainability targets 15 Copyright © Royal Unibrew. All rights reserved.
Slide 16: Management agenda 2026
Management agenda 2026 • Continue executing our growth strategy (with focused efforts across our markets) • Continue to innovate and expand our beverage portfolios to match consumer trends • Drive continued operational efficiency, optimize resource use, and maintain a sharp focus on cost discipline
Slide 17: Key takeaways
1 7 • Solid financial performance in 2025 in line with guidance • Strong performance and growth across markets Key takeaways • Operational efficiency driving margin expansion • Robust cash flow and balance sheet enabling shareholder returns Copyright © Royal Unibrew. All rights reserved. • Expected
Slide 18: Q&A
Q&A 18 Copyright © Royal Unibrew. All rights reserved.
Slide 19: Share information and 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 i