Interim Report H1 2026 - Profitable growth and market share gains
COMPANY ANNOUNCEMENT NO 43/2026 - August 17, 2026
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 flow 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 first half of 2026, we delivered a solid commercial performance across our markets, gaining market share in key categories. This performance reflects the strength of our brands, targeted innovation and, importantly, our close customer relationships and route-to-market capabilities. Despite increasing inflationary pressure across several cost categories, we delivered results in line with our expectations, while further improving profitability 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 financial objectives.”
Selected Financial Highlights and Ratios
| 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 profit | 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 flow | 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.
H1 2026: Strong Execution Across Markets and Categories
The results for H1 2026 demonstrate the benefits of our long-term strategic focus on profitable growth in attractive beverage categories and our strong local brands. As expected, the timing of Easter in 2026 benefited 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 inflation across several cost categories and continued long-term investments in our brands and commercial capabilities.
Free cash flow for H1 2026 was in line with the prior year and internal plans, while ROIC improved to 12.8%, reflecting continued focus on profitable growth, cost discipline, and capital efficiency.
Financial Outlook for Full-Year 2026 Reiterated
The financial 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, reflecting 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 in the Interim Report H1 2026.
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
For Further Information on This Announcement:
Investor Relations: Flemming Ole Nielsen, +45 25 41 68 04, Flemming.nielsen@royalunibrew.com
Media Relations: Michelle Nørrelykke Hindkjær, +45 25 64 34 31, press@royalunibrew.com
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