Danish brewer Royal Unibrew reports third-quarter results in which both
revenue and operating profit are in line with expectations. The company is also narrowing its full-year earnings forecast.
Revenue rose 1.0 percent to DKK 4,345 million (4,301). The outcome can be compared with FactSet analyst consensus of DKK 4,304 million.
Sales volume increased 1.4 percent to 5.0 million hectolitres (4.9). Organic volume growth was 1.4 percent (3.7). Underlying revenue growth was approximately 4 percent, adjusted for the discontinuation of lower-margin operations.
The company cites challenging market conditions, supply problems and rising cost inflation.
CEO Lars Jensen says the company continues to gain market share in most markets and improve profitability despite increasing inflationary pressure.
Ebitda amounted to DKK 1,016 million (962), with an Ebitda margin of 23.4 percent (22.4).
Operating profit was DKK 820 million (777), compared with expectations of DKK 818 million. The operating margin was 18.9 percent (18.1).
Earnings per share amounted to DKK 12.50 (11.30).
Royal Unibrew narrows its forecast for organic growth in operating profit for full-year 2026 to 6–8 percent, from the previous 6–10 percent. This corresponds to operating profit of DKK 2,325–2,380 million, compared with DKK 2,202 million in 2025.
Key figures, DKK millionQ3 2026ConsensusDeviationQ3 2025ChangeRevenue4 3454 304+1.0%4 301+1.0%Ebitda1 016––962+5.6%Ebitda margin23.4%––22.4%+1.0 ppOperating profit820818+0.2%777+5.5%Operating margin18.9%––18.1%+0.8 ppEarnings per share, DKK12,50––11,30+10.6%Consensus from FactSet
