Company Announcement No 1/2026 – February 26, 2026Inside information Financial developments in 2025 and outlook for 2026 EBIT up 12% driven by solid commercial performance and margin expansion Key highlights Strong financial results in Q4 2025 and full-year performance for 2025 in line with guidanceMarket share gains and solid commercial performance in markets characterized by soft consumer sentimentNet revenue increased by 5% (guidance 5-6%)EBIT growth of 12% (guidance 8-12%) and 90bps margin expansionEar ...

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]

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]

Core Viewpoint - Royal Unibrew has successfully completed its share buy-back program, which was initiated on February 25, 2025, with a maximum transaction value of DKK 250 million [1][2]. Group 1: Share Buy-Back Program Details - The share buy-back program was conducted from February 26, 2025, to August 15, 2025 [2]. - A total of 469,720 shares were repurchased at an average purchase price of DKK 532.23, resulting in a total transaction value of DKK 249,999,734 [2]. - The company now holds a total of 603,042 shares, representing 1.2% of its share capital, out of a total of 50,200,000 shares, including treasury shares [2]. Group 2: Transaction Breakdown - The following transactions were made under the program: - Accumulated shares before the last announcement: 457,806 shares at an average price of DKK 533.65 [2]. - Additional purchases included: - August 11, 2025: 2,300 shares at DKK 482.39 - August 12, 2025: 2,300 shares at DKK 480.32 - August 13, 2025: 2,400 shares at DKK 477.51 - August 14, 2025: 2,500 shares at DKK 473.22 - August 15, 2025: 2,414 shares at DKK 475.46 [2].

Core Viewpoint - The company reports that the start of 2025 aligns with expectations despite challenges such as subdued consumer confidence and a strike in Finland impacting Q1 performance [2][4]. Financial Performance - Volume and net revenue are consistent with Q1 2024, despite the Easter holiday shift and a sectoral strike in Finland [6]. - EBIT has grown by 4%, and the EBIT margin has expanded by 0.2 percentage points [6]. - Earnings per share (EPS) have increased by 25% [6]. Outlook for 2025 - The financial outlook for the full year 2025 is reiterated, with net revenue growth expected in the range of 5-7% [3][7]. - EBIT growth is anticipated to be between 7-13%, translating to DKK 2,100 – 2,225 million [7]. - The guidance reflects a continued challenging consumer environment and high uncertainty, although it does not indicate a deterioration from 2024 [4].