Q3 2025 trading statement

Core Insights - The company reported a strong Q3 2025 with a 15% growth in EBIT, attributed to solid margin expansion and commercial momentum across key categories [1][4] - Despite soft consumer sentiment in several markets, the company remains on track with its strategic plans, including reducing private-label production in Italy and phasing out low-margin businesses [1][4] - The growth framework now encompasses over 60% of Group revenue, positioning the company for sustainable and profitable growth that exceeds industry averages [1] Financial Performance - Volume increased to 4.9 million hectoliters in Q3 2025, up from 4.7 million hectoliters in Q3 2024, representing a 4.2% year-to-date growth [2] - Net revenue for Q3 2025 was DKK 4,301 million, a 5.3% increase from DKK 4,083 million in Q3 2024, with year-to-date net revenue growth of 4.2% [2] - EBIT reached DKK 777 million in Q3 2025, reflecting a 15.1% increase compared to DKK 675 million in Q3 2024, with a year-to-date EBIT growth of 12.6% [2] - The EBIT margin improved to 18.1% in Q3 2025 from 16.5% in Q3 2024 [2] - Free cash flow increased by 9.5% in Q3 2025, totaling DKK 515 million [2] Outlook - The company maintains its full-year EBIT growth guidance at the high end of the 8-12% range, supported by ongoing efficiency and margin expansion efforts [4][5] - Net revenue growth is expected to be in the range of 5-6% for the full year [5]