Interim Report H1 2025

Core Insights - The company achieved an 11% growth in EBIT for H1 2025, driven by solid topline growth and margin expansion, despite challenges in the Finnish market due to colder weather [1][2][5] Financial Performance - Volume increased to 8.8 million hectoliters in H1 2025, reflecting a 4% organic growth, with strong contributions from Western Europe and International segments [7][8] - Net revenue reached DKK 7,644 million, up 3% organically from H1 2024, with new activities in Belgium and Luxembourg contributing approximately 2.5% to this growth [8][11] - EBITDA grew by 9% to DKK 1,308 million, with an EBITDA margin of 17.1% [1][6] - EBIT increased by 11% to DKK 959 million, with an EBIT margin of 12.5%, reflecting improved operational efficiency [9][11] - Earnings per share (EPS) grew by 18%, reaching DKK 13.2 [6][11] Market Dynamics - The company gained market share across most categories and geographies, indicating strong commercial execution [6][7] - The performance in Italy, France, and the International segment was particularly strong, offsetting the volume decline in Northern Europe [6][7] Strategic Initiatives - The company is focusing on developing key brands while gradually reducing private label and lower-margin businesses [2][6] - A new share buy-back program of DKK 300 million has been launched, expected to conclude by December 19, 2025 [14] Updated Financial Outlook - The full-year financial outlook has been narrowed, with net revenue growth now expected in the range of 5-6% and EBIT growth in the range of 8-12% for 2025 [15][16]