ROYAL UNIBREW A/S
Consumer goods·RBREW · Nasdaq Copenhagen·Fiscal year to 31/12/2025
These include traded goods such as snacks, hot tea, and coffee.
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Consumer preference shifts
End markets
DriverPositive impact: strengthens
“We see significant growth opportunities in categories such as no/low sugar carbonated soft drinks, energy and enhanced water, readyto-drink alcoholic beverages, and premium beverages. These categories are expected to grow structurally faster than the broader beverage market and offer higher margins than our average Group margin.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Consumers are increasingly attentive to alcohol and calorie intake and are seeking alternatives with no/low alcohol or sugar content, and beverages offering functional benefits, such as added vitamins or energy enhancing ingredients like caffeine.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Consumer preferences are shifting as health focus and changing consumption occasions influence choices, particularly among younger consumers. They increasingly look for beverages offering added benefits such as energy, vitamins, protein, or electrolytes.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Changing lifestyles continue to influence beverage consumption patterns, including when, where, and how beverages are consumed. Increased focus on convenience and a wider range of consumption occasions support demand for ready-to-consume formats and beverages tailored to specific needs and occasions.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Consumption of beer, wine, and spirits is declining across most developed markets due to the alcohol moderation trend.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“We continuously adapt our production capabilities to support the Group’s commercial priorities. These include new products, line extensions and new packaging formats, to meet specific price points or to suit specific occasions.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Gross profit rose by 6% to DKK 6,766m (2024: DKK 6,388m), with gross margin improving to 43.0% from 42.5% in 2024. The improvement reflects growth in higher margin categories, pricing measures, and continued efficiency gains across the Group.”
Annual report 2025A · The company itself
DriverMixed impact: mixed
“During 2025, our main markets continued to be characterized by soft consumer sentiment—a continuation of the trends observed in 2024 and in line with our expectations. While overall beverage consumption remained relatively flat across most developed markets, shifting consumer preferences continued to support growth in enhanced beverages, premium beverages, RTD, and no/low sugar soft drinks.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“We delivered growth and increased market shares across most categories in 2025. The CSD category was the main driver, ROYAL UNIBREW Annual Report 2025 33ROYAL UNIBREW Annual Report 2025 33 Our performance in 2025 particularlyno/low calorie variants. Faxe Kondi significantly outperformed the CSD market, supported by the successful launch of new flavors, while Pepsi continued to gain share in the cola segment.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Therefore, we have clear goals and initiatives to support transparency for consumers and to offer product options that cater to moderation. Our no/low sugar product portfolio is growing faster than our average product portfolio (CSD, water, and juice) and faster than the market.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“The framework comprises four categories: • N o/low sugar soft drinks (mainly CSD), driven by health awareness • E nhanced beverages (including energy), supported by demand for functionality and convenience • R eady-to-drink (RTD) (including cider), benefiting from flavor innovation and new consumption occasions • P remium beverages, driven by demand for higher-quality products and differentiated offerings In 2025, approximately 60% of net revenue was generated from categories within the framework and going forward we will continue to direct a high share of our commercial investments toward the growth categories.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“We continuously follow consumer trends, including the increasing focus on health, well-being, and alcohol moderation to secure relevant new innovations that fit consumer needs.”
Annual report 2025A · The company itself
Chains out: this mixed effect Beer and beverages
Water
Raw materials and inputs
DriverNegative impact: weakens
“We are essentially not operating in high or extremely high water stressed areas, except for the 0.8% associated with Amsterdam brewery, our Canadian site. By investing in more efficient equipment, enhancing monitoring and increasing water reuse and recycling, we improved our efficiency by 5% in 2025.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Our key inputs include water; agricultural products such as barley and sugar; packaging materials including cans, glass bottles, PET bottles, and cardboard; as well as traded goods.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Water is our most important raw material; therefore, water preservation and water quality are key focus areas for us. In 2025, we initiated establishment of water roadmaps for each of our production sites, facilitated sharing of best practices, and increased water reuse while we applied a water stewardship mindset.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Our capacity planning is based on our growth expectations and the need to renew older assets, while also leveraging new, more efficient technology and improved energy and water consumption. Capability investments allow us to reduce costs by insourcing production and by moving production closer to our customers.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“We invest in best-in-class equipment to ensure operational reliability and scalable capacity and during 2025, new production lines in the Netherlands, Italy, and Denmark were taken into use. Following the acquisitions of Vrumona in the Netherlands and San Giorgio in Italy in 2023, production equipment has been modernized, adding both capacity and new capabilities while improving water and energy efficiency.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Investments in property, plant and equipment totaled DKK 797m (2024: DKK 761m), reflecting continued investments in production capacity, logistics infrastructure, sustainability initiatives, and the modernization of production lines.”
Annual report 2025A · The company itself
Consumer spending
Macro
DriverNegative impact: weakens
“The guidance range reflects ongoing macroeconomic uncertainty and pressure on consumers’ discretionary spending power as well as other uncertainties.”
Annual report 2025A · The company itself
DriverMixed impact: mixed
“During 2025, our main markets continued to be characterized by soft consumer sentiment—a continuation of the trends observed in 2024 and in line with our expectations. While overall beverage consumption remained relatively flat across most developed markets, shifting consumer preferences continued to support growth in enhanced beverages, premium beverages, RTD, and no/low sugar soft drinks.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“These trends also intensified competitive pricing and promotional activity in retail, making price/pack/promotion architecture increasingly important. Affordability has become a key consideration for certain consumer segments, reinforcing the need for a balanced and disciplined commercial approach.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Although the macroeconomic situation in Denmark is slightly better than in the rest of the Nordics, the beverage sector remains impacted by cautious consumer behavior as consumers tend to spend less when they go out and are buying more on promotion. Nevertheless, we performed well in 2025, driven by continued investments in our strong brand portfolio, our highly engaged employees, and outstanding in-market execution.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Value growth is driven through a focused price/pack/promotion strategy, in combination with the right innovations and a focus on profitable channels and categories. Price/pack/promotion architecture is continuously optimized to reflect consumer preferences, cost developments and competitive dynamics. Our strategic focus on premiumization and growth in higher-margin categories is an important driver of value growth, supporting sustainable improvements in price per volume unit and underlying margins over time.”
Annual report 2025A · The company itself
Chains in: Inflation weakens
Chains out: this strengthens Retail, strengthens Hospitality and leisure, strengthens Premium consumers, strengthens Grocery retail and private label
Europe
Geography
DriverPositive impact: strengthens
“WESTERN EUROPE mDKK 2025 2024 % changes % organic Volumes (mhl) 5.5 5.0 11 10 EBIT 480 309 55 56 EBIT margin 12.8 9.3 Net revenue split alcoholic vs. non-alcoholic (%) Both Italy and France improved price/mix through growth in own brands and price/pack optimization.”
Annual report 2025A · The company itself
Market
“In Italy, we maintained the strong momentum from 2024 and delivered robust growth in 2025, supported by continued market share gains across categories. Our beer brands, Ceres Strong Ale and Faxe, and our soft drink portfolio under the Crodo range continued to perform strongly across channels, reflecting the strength of our brand portfolio and commercial execution.”
Annual report 2025A · The company itself
Market
“In France, we continued to grow value market shares for both Lorina (lemonade) and Crazy Tiger (energy drinks) in the total non-alcoholic market in 2025. Performance was supported by strong category growth, particularly in energy drinks, and by our focused efforts to unlock new drinking occasions for both brands through single serve pack formats and expanded distribution in convenience channels.”
Annual report 2025A · The company itself
Market
“Faxe beer and Power Malt remain the leading brands for us. • ACHA region, where we continue to expand exports of our Italian CSD brand Lemonsoda, leveraging growing demand for differentiated premium soft drinks. • Premium malt beverages export to Afro-Caribbean and African ethnic consumer groups.”
Annual report 2025A · The company itself
Geography
“DENMARK, GERMANY, FINLAND, NORWAY, SWEDEN, LATVIA, LITHUANIA, AND ESTONIA ITALY, FRANCE, THE NETHERLANDS, BELGIUM, AND LUXEMBOURG International MORE THAN 70 MARKETS IN AMERICAS AND EMEAA 11.0mhl VOLUME (on level with 2024) 5.5mhl VOLUME (up by 11�) VOLUME (up by 16%) 1,518mDKK EBIT (up by 4%) 480mDKK EBIT (up by 55%) 239 mDKK EBIT (up by 14%) 10.4bnDKK (up by 2%) 3.7bnDKK (up by 13%) (up by 7%) 14.5� (up by 0.3pp) 12.8� (up by 3.5pp) 15.5� (up by 1.0pp) → Read more: page 33 → Read more: page 35 → Read more: page 37 Financial highlights 2025 by segment”
Annual report 2025A · The company itself
Geography
“We operate 20 production sites across 10 countries, primarily serving markets in Northern and Western Europe, complemented by export to international markets.”
Annual report 2025A · The company itself
Geography
“The Northern Europe segment comprises our multi-beverage businesses in Denmark (incl. German border trade) Finland, Norway, Sweden, and the Baltic countries. In 2025, Northern Europe accounted for 66% of the Group's net revenue (2024: 68%) and 68% of the Group's EBIT (2024: 74%).”
Annual report 2025A · The company itself
Geography
“In 2025, volumes increased by 11% to 5.5m hectoliters (2024: 5.0m hectoliters). The BeLux activities, which were incorporated as of October 1, 2024, accounted for 10 percentage points of the volume growth in 2025.”
Annual report 2025A · The company itself
Geography
“The Western Europe comprises our multi-niche businesses in the Netherlands, Belgium, Luxembourg, Italy, and France. In 2025, the segment accounted for 24% of the Group's net revenue (2024: 22%) and 21% of the Group's EBIT (2024: 16%).”
Annual report 2025A · The company itself
Asia and emerging markets
Geography
Market
“Our beer export to West Africa was the strongest growth driver in 2025, both for volume and net revenue. CSD export to the DACHA region (Germany, Austria, Switzerland, Hungary, and Albania), and our malt beverage business in the Americas and the Caribbean also contributed.”
Annual report 2025A · The company itself
Market
“Growth continued to be driven primarily by Faxe beer, malt beverage brands such as Vitamalt, and CSD, with particularly strong performance from the Lemonsoda range. Our key strategic focus areas continue to be: • West Africa, where we aim to continue the strong growth momentum, expand through a strong local partner setup.”
Annual report 2025A · The company itself
Market
“Faxe beer and Power Malt remain the leading brands for us. • ACHA region, where we continue to expand exports of our Italian CSD brand Lemonsoda, leveraging growing demand for differentiated premium soft drinks. • Premium malt beverages export to Afro-Caribbean and African ethnic consumer groups.”
Annual report 2025A · The company itself
Geography
“DENMARK, GERMANY, FINLAND, NORWAY, SWEDEN, LATVIA, LITHUANIA, AND ESTONIA ITALY, FRANCE, THE NETHERLANDS, BELGIUM, AND LUXEMBOURG International MORE THAN 70 MARKETS IN AMERICAS AND EMEAA 11.0mhl VOLUME (on level with 2024) 5.5mhl VOLUME (up by 11�) VOLUME (up by 16%) 1,518mDKK EBIT (up by 4%) 480mDKK EBIT (up by 55%) 239 mDKK EBIT (up by 14%) 10.4bnDKK (up by 2%) 3.7bnDKK (up by 13%) (up by 7%) 14.5� (up by 0.3pp) 12.8� (up by 3.5pp) 15.5� (up by 1.0pp) → Read more: page 33 → Read more: page 35 → Read more: page 37 Financial highlights 2025 by segment”
Annual report 2025A · The company itself
Geography
“The International segment comprises our export business outside Northern and Western Europe. In 2025, the segment accounted for 10% of the Group’s net revenue and 11% of EBIT (both in line with 2024).”
Annual report 2025A · The company itself
Electricity
Raw materials and inputs
StrategyPositive impact: strengthens
“Our capacity planning is based on our growth expectations and the need to renew older assets, while also leveraging new, more efficient technology and improved energy and water consumption. Capability investments allow us to reduce costs by insourcing production and by moving production closer to our customers.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“We invest in best-in-class equipment to ensure operational reliability and scalable capacity and during 2025, new production lines in the Netherlands, Italy, and Denmark were taken into use. Following the acquisitions of Vrumona in the Netherlands and San Giorgio in Italy in 2023, production equipment has been modernized, adding both capacity and new capabilities while improving water and energy efficiency.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Investments in property, plant and equipment totaled DKK 797m (2024: DKK 761m), reflecting continued investments in production capacity, logistics infrastructure, sustainability initiatives, and the modernization of production lines.”
Annual report 2025A · The company itself
Chains in: Data centres strengthens, Electrification strengthens
Chains out: this strengthens Power grid expansion
Labour and wages
Raw materials and inputs
DriverNegative impact: weakens
“Our people are our most important asset. Their skills, commitment, and local knowledge underpin the strength of our brands and the agility of our operating model.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“RAW MATE R IALS 10% BREWERIES 18% DISTRIBUTION 2% REFRIGERATION 43% PACKAGING organization contributes to extraordinary and sustainable business results, supported by our approach to local markets, local products, and people.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Our goal of 100% safety culture is based on Lost Time Incident Frequency (LTIF), severity, harassment, and perceived safety. We did not only reduce our LTIF by 31%, the severity of incidents also decreased significantly by 47% in 2025, compared to 2024.”
Annual report 2025A · The company itself
Packaging
Raw materials and inputs
InputNegative impact: weakens
“Our key inputs include water; agricultural products such as barley and sugar; packaging materials including cans, glass bottles, PET bottles, and cardboard; as well as traded goods.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Net revenue for 2026 is expected to be broadly on level with 2025, reflecting continued growth in our beverage business as we have exited snacks and most of our other lower margin activities.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“The initiatives include but are not limited to optimization of production processes, installation of heat pumps, and electrical boilers as well as electrification of our logistics truck fleet and company cars, application of sustainable agriculture techniques and standards, recipe optimizations, increased reuse, light weighting and recycled content of packaging material, and more efficient coolers at our customers’ premises.”
Annual report 2025A · The company itself
Chains out: this weakens Beer and beverages
Automation and robotics
Technology
StrategyPositive impact: strengthens
“Driving growth through operational efficiency and integrations Over recent years, we have made progress on operational efficiency by delivering a pipeline of efficiency initiatives driven by the completion of integrations of acquired companies and the delivery of a substantial share of our planned CAPEX programs. These programs have led to increased production capacity and enhanced capabilities, as well as strengthened logistics and IT infrastructure.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“In the first half of the year, our Norwegian activities were integrated into Royal Unibrew’s SAP platform, creating a unified foundation for our operations. Since acquiring Hansa Borg in 2022, we have taken steps to streamline the supply chain, most recently by closing the Sarpsborg brewery at the end of 2025.”
Annual report 2025A · The company itself
Beer and beverages
End markets
DriverPositive impact: strengthens
“Across our multi-beverage markets, growth opportunities remain strongest in non-alcoholic beverages. Energy drinks continue to deliver the highest growth rates across most markets, and we hold strong positions in this category in several countries.”
Annual report 2025A · The company itself
Market
“These include traded goods such as snacks, hot tea, and coffee.”
Annual report 2025A · The company itself
Chains in: Grain and agricultural commodities strengthens, Consumer preference shifts mixed effect, Packaging weakens
Equity and capital markets
Macro
StrategyPositive impact: strengthens
“Driven by earnings growth and continued disciplined capital allocation, we expect ROIC to increase from the current level over the coming years. As experienced in recent years, large platform acquisitions are typically dilutive to margins and ROIC in the short-term, while supporting long-term value creation. → Our beverage categories and growth framework → Our consumers and customers → Operational efficiency → Our production capacity → Acquisitions and partnerships 2021 CSD Enhanced Water Other Beer Alcoholic RTD Wine & Spirits Non alcoholic 2025 2021 2024 Our high-quality beverage portfolio spans both own brands and partner brands across a broad range of alcoholic and non-alcoholic categories.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“We aim to increase distribution to shareholders over time through dividend and share buy-backs.”
Annual report 2025A · The company itself
EU climate and energy policy
Regulation
DriverNegative impact: weakens
“We do this because it is the right thing to do and because it makes sound business sense, supporting our efficiency agenda. We have a CO e reduction roadmap covering the majority of the actions needed to reach our 2030 target of reducing supply chain carbon emissions by 60%.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“CO e roadmap for 2030 and beyond We are on track to deliver on our promise of substantial carbon reductions by 2030 and 2040, i.e., 60% reduction by 2030 compared to our base year 2019, both in absolute CO e reductions (2025: 15%) and measured as CO e reductions per hl beverage sold (2025: 25%).”
Annual report 2025A · The company itself
Chains out: this strengthens Circular economy and recycling, strengthens Energy efficiency
M&A and consolidation
Macro
StrategyPositive impact: strengthens
“our beverage collaboration with PepsiCo in the Netherlands and Denmark, each spanning more than 50 years.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Acquisitions are an important element of our strategy. We pursue value-creating transactions that fit our operating model and enable operational, commercial, or portfolio synergies.”
Annual report 2025A · The company itself
Retail
End markets
StrategyPositive impact: strengthens
“We target organic volume growth above underlying market growth by focusing on structurally attractive categories and leveraging strong local brands, international partner brands, and effective route-to-market execution. Our multi-beverage portfolio, distribution capabilities and strong in-store execution support continued market share gains.”
Annual report 2025A · The company itself
Market
“Our customers operate across both the off-trade and on-trade segments, including retailers, wholesalers and distributors, convenience stores, bars, and restaurants.”
Annual report 2025A · The company itself
Chains in: Consumer spending strengthens
Shipping and logistics
End markets
InputNegative impact: weakens
“Finished products are stored at ambient temperatures and distributed through a well-established logistics network. In most multi-beverage markets, we operate a direct-to-customer distribution model, delivering products from our warehouses directly to retail outlets, bars, restaurants, convenience stores, or customers’ central warehouses.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Overall, the Danish business delivered volumes and net revenue slightly above the prior year while continuing to realize efficiency gains in supply chain and sourcing. These improvements were supported by our investments in both production capacity and warehouse facilities.”
Annual report 2025A · The company itself
Chains in: Carbon tax and ETS prices weakens, Global trade volumes strengthens, Fuel strengthens
Carbon tax and ETS prices
Regulation
StrategyPositive impact: strengthens
“CO e roadmap for 2030 and beyond We are on track to deliver on our promise of substantial carbon reductions by 2030 and 2040, i.e., 60% reduction by 2030 compared to our base year 2019, both in absolute CO e reductions (2025: 15%) and measured as CO e reductions per hl beverage sold (2025: 25%).”
Annual report 2025A · The company itself
Chains out: this weakens Shipping and logistics, strengthens Energy efficiency, weakens Cement and building materials
Circular economy and recycling
Regulation
StrategyPositive impact: strengthens
“The initiatives include but are not limited to optimization of production processes, installation of heat pumps, and electrical boilers as well as electrification of our logistics truck fleet and company cars, application of sustainable agriculture techniques and standards, recipe optimizations, increased reuse, light weighting and recycled content of packaging material, and more efficient coolers at our customers’ premises.”
Annual report 2025A · The company itself
Chains in: EU climate and energy policy strengthens
Digitalisation
Technology
StrategyPositive impact: strengthens
“Our main focus is to create sustainable shareholder value by investing behind the categories and channels that grow the most, pushing premiumization and driving organic EBIT growth.”
Annual report 2025A · The company itself
Chains in: Cybersecurity (products and services) strengthens, Public investment and infrastructure strengthens
Chains out: this strengthens IT consulting and public-sector IT
Hospitality and leisure
End markets
Market
“Our customers operate across both the off-trade and on-trade segments, including retailers, wholesalers and distributors, convenience stores, bars, and restaurants.”
Annual report 2025A · The company itself
Chains in: Consumer spending strengthens
IT operations and cloud
Raw materials and inputs
StrategyPositive impact: strengthens
“Our CAPEX programs will continue into 2026 to drive efficiency, with a group-wide IT upgrade to SAP S/4HANA as one of our key priorities.”
Annual report 2025A · The company itself
Sea freight and freight rates
Raw materials and inputs
StrategyPositive impact: strengthens
“Overall, the Danish business delivered volumes and net revenue slightly above the prior year while continuing to realize efficiency gains in supply chain and sourcing. These improvements were supported by our investments in both production capacity and warehouse facilities.”
Annual report 2025A · The company itself
Chains in: Geopolitical uncertainty strengthens
Business cycle and GDP growth
Macro
DriverNegative impact: weakens
“The guidance range reflects ongoing macroeconomic uncertainty and pressure on consumers’ discretionary spending power as well as other uncertainties.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“In our niche and multi-niche markets, we work either with distributors or with our own local sales teams, depending on market structure and channel complexity During 2025, operational efficiency has been an important driver of earnings growth. It will remain a key priority in 2026 as the opportunities for further improvement remain significant and we foresee a continuation of the current challenging macroeconomic environment and soft consumer sentiment.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Overall market growth is expected to remain modest, with strongest prospects in non-alcoholic beverages and certain “pockets of growth”, like our international export markets.”
Annual report 2025A · The company itself
DriverMixed impact: mixed
“Volumes increased by 4% in 2025 to 18.1m hectoliters (2024: 17.4m hectoliters), driven by growth in the International and Western Europe segments. Northern Europe remained flat, consistent with overall market dynamics.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“EBIT increased across all geographical segments in 2025, led by strong growth in Western Europe. The EBIT margin was 14,0% (2024: 13.1%), driven by the improved gross margin and efficiency gains in sales and distribution.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Although the macroeconomic situation in Denmark is slightly better than in the rest of the Nordics, the beverage sector remains impacted by cautious consumer behavior as consumers tend to spend less when they go out and are buying more on promotion. Nevertheless, we performed well in 2025, driven by continued investments in our strong brand portfolio, our highly engaged employees, and outstanding in-market execution.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“In Finland, market conditions remained challenging in 2025, with geopolitical uncertainty and low consumer confidence continuing to weigh on demand, particularly in the on-trade, and creating pricing pressure in the off-trade. Colder-than-normal weather during late spring and early summer affected consumption negatively in the first half of 2025, but this was largely compensated for by a warmer Q3.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“The Norwegian market continued to be affected by lower consumer confidence in 2025, putting pressure on overall demand across channels. Despite this, our Norwegian business delivered improving commercial momentum through the year, with continued market share gains in the RTD category (including cider).”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Similar to Finland, the Baltic countries continue to be affected by geopolitical uncertainty and soft consumer sentiment. While total beverage market was flat in 2025, demand continued to shift across categories, with declining beer consumption and growth in energy drinks.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“While global trade conditions remain uncertain due to geopolitical developments and macroeconomic volatility, we believe the International segment is well positioned for continued value creation. Our focused portfolio, flexible operating model, and ability to adapt quickly to local market dynamics provide a solid platform for profitable growth over the medium term.”
Annual report 2025A · The company itself
Chains out: this strengthens Global trade volumes, strengthens Construction
Geopolitical uncertainty
Macro
DriverNegative impact: weakens
“We step into the new year with a clear awareness that geopolitical events and changing consumer preferences will continue to shape how we operate, requiring us to remain agile and adaptable.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“In Finland, market conditions remained challenging in 2025, with geopolitical uncertainty and low consumer confidence continuing to weigh on demand, particularly in the on-trade, and creating pricing pressure in the off-trade. Colder-than-normal weather during late spring and early summer affected consumption negatively in the first half of 2025, but this was largely compensated for by a warmer Q3.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Similar to Finland, the Baltic countries continue to be affected by geopolitical uncertainty and soft consumer sentiment. While total beverage market was flat in 2025, demand continued to shift across categories, with declining beer consumption and growth in energy drinks.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“While global trade conditions remain uncertain due to geopolitical developments and macroeconomic volatility, we believe the International segment is well positioned for continued value creation. Our focused portfolio, flexible operating model, and ability to adapt quickly to local market dynamics provide a solid platform for profitable growth over the medium term.”
Annual report 2025A · The company itself
Chains out: this strengthens Defence budgets, strengthens Energy security, strengthens Tariffs and trade policy, weakens Global trade volumes, strengthens Sea freight and freight rates, weakens Reconstruction of Ukraine
Inflation
Macro
DriverNegative impact: weakens
“The guidance range reflects ongoing macroeconomic uncertainty and pressure on consumers’ discretionary spending power as well as other uncertainties.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Inflation from commodities is expected to be modest in 2026, and we expect to offset the underlying inflation through our continued focus on delivering operational efficiencies across the supply chain and through improved net revenue per hectoliter.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Strong in-market execution and continued price and mix initiatives supported a positive price/mix contribution. As a result, net revenue increased by 5% to DKK 15,723m in 2025 (2024: DKK 15,036m).”
Annual report 2025A · The company itself
Chains out: this weakens Consumer spending, strengthens Interest rates
Climate change and extreme weather
Macro
DriverNegative impact: weakens
“Market performance varied across the region: Denmark delivered slight growth across most categories; Finland and Baltics were broadly in line with last year; Norway saw improving momentum through the year; while Sweden ended slightly below last year, partly due to the planned exit of certain low margin categories.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“In Finland, market conditions remained challenging in 2025, with geopolitical uncertainty and low consumer confidence continuing to weigh on demand, particularly in the on-trade, and creating pricing pressure in the off-trade. Colder-than-normal weather during late spring and early summer affected consumption negatively in the first half of 2025, but this was largely compensated for by a warmer Q3.”
Annual report 2025A · The company itself
Chains out: this weakens Agriculture and food production
Global trade volumes
Macro
DriverNegative impact: weakens
“The price/mix was negatively impacted by changed country mix, due to the strong growth in African markets. While Africa is a structurally attractive growth region, it typically carries lower gross margins due to our distributor-based model where most sales and marketing cost are carried by the partner.”
Annual report 2025A · The company itself
Chains in: Tariffs and trade policy weakens, Geopolitical uncertainty weakens, Business cycle and GDP growth strengthens
Chains out: this strengthens Shipping and logistics
Grain and agricultural commodities
Raw materials and inputs
InputNegative impact: weakens
“Our key inputs include water; agricultural products such as barley and sugar; packaging materials including cans, glass bottles, PET bottles, and cardboard; as well as traded goods. We work closely with our suppliers to secure consistent quality, reliability of supply, and responsible business conduct.”
Annual report 2025A · The company itself
Chains out: this strengthens Beer and beverages, mixed effect Agriculture and food production
Interest rates
Macro
DriverNegative impact: weakens
“Volume growth Value growth Operating efficiency Acquisitions and partnerships Shareholder value Long-term annual organic EBIT growth target 6-8% Long-term annual earnings per share growth target: 10-14% Volume 2-4% Efficiency +2-4% Potential M&A +2% Share buy-backs +2% Value +1.5-2%+ + + + 2.2 2.01.7 2.2 2.9 51% 51%55% 49% 66% 10%6% -14% 15%7% Average <2.5 times 40- 60% of consolidated profit for the year 6- 8% annual organic growth Organic EBIT growth target Royal Unibrew’s long-term financial targets remain unchanged.”
Annual report 2025A · The company itself
Chains in: Public debt and fiscal policy strengthens, Inflation strengthens
Chains out: this weakens Construction, weakens Real estate, weakens Wind power, weakens Housing market, weakens Office and commercial property, weakens Residential rental, weakens Residential construction
Denmark
Geography
Geography
“DENMARK, GERMANY, FINLAND, NORWAY, SWEDEN, LATVIA, LITHUANIA, AND ESTONIA ITALY, FRANCE, THE NETHERLANDS, BELGIUM, AND LUXEMBOURG International MORE THAN 70 MARKETS IN AMERICAS AND EMEAA 11.0mhl VOLUME (on level with 2024) 5.5mhl VOLUME (up by 11�) VOLUME (up by 16%) 1,518mDKK EBIT (up by 4%) 480mDKK EBIT (up by 55%) 239 mDKK EBIT (up by 14%) 10.4bnDKK (up by 2%) 3.7bnDKK (up by 13%) (up by 7%) 14.5� (up by 0.3pp) 12.8� (up by 3.5pp) 15.5� (up by 1.0pp) → Read more: page 33 → Read more: page 35 → Read more: page 37 Financial highlights 2025 by segment”
Annual report 2025A · The company itself
Geography
“→ Read more: page 33 → Read more: page 35 → Read more: page 37 DENMARK, GERMANY, FINLAND, NORWAY, SWEDEN, LATVIA, LITHUANIA, AND ESTONIA ITALY, FRANCE, THE NETHERLANDS, BELGIUM, AND LUXEMBOURG International MORE THAN 70 MARKETS IN AMERICAS AND EMEAA 2025 0.0 0.5 1.0 1.5 2.0 Northern Europe Total volumes reached 11.0 million hectoliters in 2025, broadly in line with 2024. Net revenue increased by 2% to DKK 10,440m (2024: DKK 10,274m).”
Annual report 2025A · The company itself
Geography
“The Northern Europe segment comprises our multi-beverage businesses in Denmark (incl. German border trade) Finland, Norway, Sweden, and the Baltic countries. In 2025, Northern Europe accounted for 66% of the Group's net revenue (2024: 68%) and 68% of the Group's EBIT (2024: 74%).”
Annual report 2025A · The company itself
Nordics
Geography
Geography
“DENMARK, GERMANY, FINLAND, NORWAY, SWEDEN, LATVIA, LITHUANIA, AND ESTONIA ITALY, FRANCE, THE NETHERLANDS, BELGIUM, AND LUXEMBOURG International MORE THAN 70 MARKETS IN AMERICAS AND EMEAA 11.0mhl VOLUME (on level with 2024) 5.5mhl VOLUME (up by 11�) VOLUME (up by 16%) 1,518mDKK EBIT (up by 4%) 480mDKK EBIT (up by 55%) 239 mDKK EBIT (up by 14%) 10.4bnDKK (up by 2%) 3.7bnDKK (up by 13%) (up by 7%) 14.5� (up by 0.3pp) 12.8� (up by 3.5pp) 15.5� (up by 1.0pp) → Read more: page 33 → Read more: page 35 → Read more: page 37 Financial highlights 2025 by segment”
Annual report 2025A · The company itself
Geography
“→ Read more: page 33 → Read more: page 35 → Read more: page 37 DENMARK, GERMANY, FINLAND, NORWAY, SWEDEN, LATVIA, LITHUANIA, AND ESTONIA ITALY, FRANCE, THE NETHERLANDS, BELGIUM, AND LUXEMBOURG International MORE THAN 70 MARKETS IN AMERICAS AND EMEAA 2025 0.0 0.5 1.0 1.5 2.0 Northern Europe Total volumes reached 11.0 million hectoliters in 2025, broadly in line with 2024. Net revenue increased by 2% to DKK 10,440m (2024: DKK 10,274m).”
Annual report 2025A · The company itself
Geography
“The Northern Europe segment comprises our multi-beverage businesses in Denmark (incl. German border trade) Finland, Norway, Sweden, and the Baltic countries. In 2025, Northern Europe accounted for 66% of the Group's net revenue (2024: 68%) and 68% of the Group's EBIT (2024: 74%).”
Annual report 2025A · The company itself
Artificial intelligence
Technology
DriverMixed impact: mixed
“Energy drinks continue to deliver the highest growth rates across most markets, and we hold strong positions in this category in several countries.”
Annual report 2025A · The company itself
Chains out: this strengthens Data centres, strengthens Semiconductors and electronic components, strengthens Semiconductor industry
Currency exposure
Macro
DriverNegative impact: weakens
“Net revenue in 2025 was also impacted by unfavorable currency developments.”
Annual report 2025A · The company itself
Latin America
Geography
Geography
“The International segment comprises our export business outside Northern and Western Europe. In 2025, the segment accounted for 10% of the Group’s net revenue and 11% of EBIT (both in line with 2024).”
Annual report 2025A · The company itself
United States
Geography
Geography
“The International segment comprises our export business outside Northern and Western Europe. In 2025, the segment accounted for 10% of the Group’s net revenue and 11% of EBIT (both in line with 2024).”
Annual report 2025A · The company itself
Chains in: USD vs DKK/EUR mixed effect
Competitors mentioned in the report
AB InBev, Carlsberg, Heineken, Molson Coors Brewing Company, Olvi, AG Barr, CC Group, Coca Cola, CCEP, CCHBC, PepsiCo, Keurig Dr. Pepper
Financial figures
| Revenue latest fiscal year | 15.72 bn DKK |
| Revenue growth vs. the year before, same method | 4.6 % |
| EBITDA reported by the company | N/A |
| Net debt debt incl. leasing minus cash | N/A |
| Diluted EPS per share | 31.3 DKK |
Source: annual report (ESEF) A. See the report
Criteria
| Profit | ✓ |
| Growing | ✓ |
| Healthy balance sheet | N/A |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.