Half Year 2026 Royal Unibrew A/S Earnings Call Transcript
Key Points
- Organic EBIT growth of 6.7% with an 80 basis point margin expansion to 15.3% in H1 2026.
- Underlying net revenue growth of approximately 4%, driven by strong performance of own brands and innovation.
- International segment delivered robust organic volume growth of 11% and net revenue growth of nearly 9%.
- Western Europe EBIT grew 19.6% organically, with Italy continuing to gain market share and improve profitability.
- Earnings per share increased by 10.7%, and ROIC improved by 80 basis points to 12.8%.
- Increasing cost inflation across energy, raw materials, consumables, and transportation is pressuring margins.
- Planned exit from lower-margin activities reduced reported net revenue growth to 1.2% and organic growth to 0.7%.
- Northern Europe faces challenges from geopolitical uncertainty, soft consumer sentiment, and higher taxes in the Baltics.
- The loss of the PepsiCo partnership in Northern Europe from 2029 creates uncertainty and requires strategic adjustments.
- Unhedged cost increases are expected in 2027, particularly in packaging materials, requiring pricing and mix initiatives to mitigate.
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Good morning, everyone, and welcome to Royal Unibrew's presentation of our first half results for 2026. My name is Lars Jensen, CEO of Royal Unibrew.
And joining me today is CFO, Lars Vestergaard and Flemming Nielsen from Investor Relations. We will take you through the highlights of our first half performance, review, developments across our segments, discuss the financial results and outlook and then open the line for questions.
Now please turn to Slide number 2. Before we begin, please note the usual disclaimer regarding forward-looking statements, assumptions and risk factors that may cause actual results to differ from expectations. And with that, please turn to Slide number 3.
Before turning to our first half performance, I would like to briefly revisit our strategy and how it continues to evolve.
The headline on this slide is simple. Our core strategy remains unchanged, but some components are now being prioritized even
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