COMPANY ANNOUNCEMENT NO 18/2026 - April 21, 2026
EBIT up 25% in Q1 2026 driven by solid commercial performance and margin expansion
Key Highlights Q1 2026
- Market share gains and solid commercial performance driven by our long‑term focus on selected growth categories
- Volume growth of 5.6% supported by the timing of Easter
- Net revenue growth of 3.3% with underlying growth of 6.8% adjusted for the exit from low-margin business
- Continued margin expansion and EBIT growth of 25% in the quarter
- Free cash flow improved by DKK 98m
- Full‑year 2026 outlook reiterated, despite increased macroeconomic and geopolitical uncertainty
Lars Jensen, CEO of Royal Unibrew, comments: "Q1 2026 developed in line with our expectations, supported by the positive calendar effect from Easter and continued strong execution across markets. Growth in our own brands remains a key top-line driver, reflecting a continuation of the trends from recent years, while we keep enhancing our efficiency at the same time. Despite increased macroeconomic and geopolitical uncertainty, we reiterate our full-year guidance for 2026 and remain focused on disciplined delivery.”
Selected Financial Highlights and Ratios
| mDKK | Q1 2026 | Q1 2025 | % Change | FY 2025 |
| Volume (million hectoliters) | 3.9 | 3.7 | 5.6 | 18.1 |
| Organic volume growth (%) | 5.0 | 0.0 | 3.7 | |
| Net revenue | 3,311 | 3,206 | 3.3 | 15,723 |
| Organic net revenue growth (%) | 2.1 | -0.3 | 3.3 | |
| Gross profit | 1,344 | 1,284 | 4.7 | 6,766 |
| Gross margin (%) | 40.6 | 40.0 | 43.0 | |
| EBITDA | 468 | 391 | 19.7 | 2,931 |
| EBITDA margin (%) | 14.1 | 12.2 | 18.6 | |
| Earnings before interest and tax (EBIT) | 273 | 219 | 24.6 | 2,202 |
| Organic EBIT growth (%) | 21.4 | 3.3 | 10.2 | |
| EBIT margin (%) | 8.3 | 6.8 | 14.0 | |
| Free cash flow | -445 | -543 | 1,413 | |
| ROIC incl. goodwill (%)* | 12.3 | 11.0 | 12.7 | |
| Earnings per share (EPS) | 3.5 | 2.5 | 40.0 | 31.4 |
* On a trailing 12-month basis.
Full-year Outlook 2026
The financial outlook for full-year 2026, as stated in the Annual Report 2025, 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, reflecting 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 reflects ongoing macroeconomic uncertainty and pressure on consumers’ discretionary spending power as well as other uncertainties. The key factors influencing profitability 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 material 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 efficiencies across the supply chain and through improvements in net revenue per hectoliter.
Other relevant assumptions for the 2026 outlook remain unchanged:
- No material M&A impact is assumed for 2026
- Net financial 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%)
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, michelle.hindkjaer@royalunibrew.com
Webcast
Investors and analysts can register for our Q1 2026 conference call on April 21, 2026, at 2:00 pm CEST at the following links:
Webcast: https://edge.media-server.com/mmc/p/gyaatoxv
Conference call (incl. Q&A): https://register-conf.media-server.com/register/BI1fd10c9f34bc4c46bc9f6b195fb8ee48
Forward-looking statements
This trading statement 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 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 uncertainties that could cause the Group’s actual results, performance or industry results to differ materially from the results expressed or implied in such forward-looking statements. Royal Unibrew assumes no obligation to update or adjust any such forward-looking statements to reflect 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: economic and political uncertainty (including interest rates and exchange rates), financial 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 industry 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 results 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.
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