Q1 2025 Trading Statement

COMPANY ANNOUNCEMENT NO 23/2025 - April 29, 2025

Start of 2025 in line with our expectations:

• Volume and net revenue on par with Q1 2024, despite Easter phasing from Q1 last year to Q2 this year and a sectoral strike in Finland.
• EBIT growth of 4%.
• EBIT margin expansion of 0.2 percentage points.
• EPS growth of 25%.
• The financial outlook for full-year 2025 is reiterated.
  
  

Statement by Royal Unibrew’s CEO, Lars Jensen: "We are pleased to report that the year has started in line with our expectations. Considering the subdued consumer confidence across our main markets, a full week of strike end March in Finland and the timing of Easter negatively impacting Q1, we are satisfied with our activity levels and financial performance. Our continued focus on operating efficiency is driving improvements in our EBIT margin, in line with our long-term ambitions".

Outlook for 2025
The financial outlook for full-year 2025 as stated in the Annual Report 2024 is reiterated.

• Net revenue growth is expected in the range of 5-7%.
• EBIT growth is expected in the range of 7-13% (DKK 2,100 – 2,225m).

The guidance is based on a continued challenging consumer environment and high uncertainty; though not a deterioration from 2024. In recent months, macroeconomic uncertainty has increased following the announcements of trade tariffs by the US. While our direct exposure to US import/export is limited, the ripple effects on global economies and consumer sentiment are difficult to predict at this stage.

For further information on this announcement

Investor Relations, Flemming Ole Nielsen, +45 25 41 68 04, [email protected]

Media Relations, Michelle Nørrelykke Hindkjær, +45 25 64 34 31, [email protected]

Webcast

Investors and analysts can register for a conference call on April 30, 2025, at 09:00 am CEST at the following link: https://edge.media-server.com/mmc/p/oq75zp5w/

Attachment

• Royal Unibrew Q1 2025 Trading Statement

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