Royal Unibrew shares fell 2.3% to DKK 464 on Monday after the Danish brewer reported second-quarter operating profit that missed analyst expectations, even as revenue came in slightly above consensus.
EBIT landed at DKK 753 million for the quarter, below the DKK 788 million consensus and representing organic growth of 1.8% versus the 4.8% analysts had forecast. Net revenue slipped 0.3% year-on-year to DKK 4.426 billion, marginally ahead of the DKK 4.407 billion estimate. EBITDA rose 3.5% to DKK 949 million, though it fell short of the DKK 970 million consensus, with the EBITDA margin expanding to 21.4% from 20.7% a year earlier.
The earnings miss contrasts with a stronger first half overall. H1 EBIT climbed 7% to DKK 1.03 billion, lifting the EBIT margin 0.8 percentage points to 13.3%. Net revenue for the first six months rose 1.2% to DKK 7.74 billion, with underlying growth of about 4% excluding the planned exit from lower-margin activities. Volume increased 1.8% to 9 million hectoliters, led by the International segment and Italy, while Northern Europe also contributed. Earnings per share for H1 rose 10.7% to DKK 14.5, and return on invested capital improved to 12.8% on a trailing 12-month basis.