Q2 2026 Olvi Oyj Earnings Call Transcript
Key Points
- Belarus sales volume up 6.7%, net sales up 22%, and EBIT up 31%, driven by stable exchange rate, growing consumer purchasing power, and market growth in non-alcoholic categories.
- Operating cash flow clearly improved year-over-year due to better working capital situation.
- Earnings per share increased compared to the previous year.
- All four acquisitions have been completed, expanding reach into new markets and achieving a 50/50 split between non-alcoholic and alcoholic portfolio.
- In Sweden, sandals beer sales started above expectations, and the company has quickly widened its product portfolio in new markets like Norway, Sweden, Bosnia Herzegovina, and Serbia.
- The company did not lose market share in Finland in Q2 and performed better than the market in major categories.
- Integration of new acquisitions and business development are burdening profitability in 2026, with Denmark's turnaround not progressing as hoped.
- The Strait of Hormuz conflict has negatively impacted logistics costs and packaging materials, creating uncertainty in offsetting price increases.
- The Varska deal closed later than expected, affecting previous guidance.
- Denmark's operations are running at very low capacity, and the company has not been able to secure additional production volume to improve profitability.
- Finnish consumer confidence is still under pressure, with no premiumization trend yet, and consumers remain price-conscious.
- The company has not provided clarity on organic volume growth or the contribution from acquisitions, which may concern investors.
The integration of the new subject diaries has gone according to the plan but takeover and the business development course among other things are burdening profitability in 2026. And then we are kind of heading to the 2027 with all the developments. In Denmark, to improve profitability, efforts are focused on securing additional production volume and adapting operations to the changed volume level. Belarus sales volume 6.7% plus, net sales 22% plus, and EBIT 31% plus. What has caused this good development in Belarus? The stable exchange rate. Growing consumer purchasing power and the market growth, especially in non-alcoholic product categories have supported the overall market development. Local company has been able to strengthen also their branded sales and improved profitability in gross margin level. Then the final sale KPI summary. So we can see that the equity ratio is a little bit lower than last year, but we remember that we have been financing now the Esalminu
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