Core Insights - The company reported a 12% increase in EBIT for 2025, driven by strong commercial performance and margin expansion, aligning with guidance [2][5] - The outlook for 2026 anticipates organic EBIT growth of 6-10%, with EBIT projected between DKK 2,325 million and DKK 2,425 million [4][5] Financial Performance - Q4 2025 net revenue increased by 6% to DKK 3,778 million, while full-year net revenue rose by 5% to DKK 15,723 million [11][5] - Gross profit for Q4 2025 was DKK 1,521 million, a 9% increase, with a gross margin of 40.3% [14][5] - Free cash flow for 2025 was DKK 1,413 million, slightly down from DKK 1,434 million in 2024 [18][5] Market Segments - The Northern Europe segment saw a 4% increase in net revenue for Q4 2025, with volumes growing by 2% [20][21] - In Western Europe, net revenue grew by 7% in Q4 2025, with a significant contribution from the BeLux region [26][27] - The International segment experienced a 33% organic volume growth in Q4 2025, with net revenue increasing by 15% [31][32] Strategic Focus - The company continues to prioritize high-potential beverage categories and aims for profitable growth above underlying market trends [2][6] - A share buy-back program of DKK 400 million has been initiated, running until August 14, 2026 [5][19] - The exit from lower-margin snack businesses is expected to impact net revenue for 2026 by approximately 3.5% [16][6]