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Company Announcement No 40/2021 - 23 August 2021 Interim Report for 1 January - 30 June 2021 ( H1 ) Strong momentum in Q2 and full - year guidance raised For the first half of the financial year , organic volume growth was 13 % ( Q2 : 12 % ) supported by less restrictions related to COVID - 19 in H1 2021 compared to H1 2020. As a result , organic revenue growth in H1 2021 was also 13 % ( Q2 : 16 % ) • In Q2 2021 , EBIT increased by 13 % to DKK 521 million ( Q2 2020 : DKK 463 million ) , resulting in an EBIT margin of 22.7 % ( Q2 2020 : 23.4 % ) For the first half of the year , EBIT increased by 13 % to DKK 750 million ( H1 2020 : DKK 663 million ) , resulting in an EBIT margin of 19.2 % ( H1 2020 : 19.2 % ) . EBIT is thereby 6 % higher than in H1 2019 , i.e. before COVID - 19 broke out ● ● Free cash flow increased by DKK 123 million and was DKK 785 million ( Q2 2020 : DKK 662 million ) increasing first - half free cash flow to DKK 683 million ( H1 2020 : DKK 590 million ) The outlook for full - year 2021 EBIT is raised to DKK 1,625-1,700 million ( previously : DKK 1,525-1,625 million ) • A new share buy - back program of up to DKK 250 million is launched ● ● SELECTED FINANCIAL HIGHLIGHTS AND KEY RATIOS mDKK Volume ( thousand hectolitres ) Net revenue * EBITDA EBITDA margin ( % ) * EBIT EBIT margin ( % ) * Profit before tax Net profit for the period Free cash flow Q2 2021 3,421 2,300 609 26.5 521 22.7 526 417 785 Q2 2020 3,053 1,979 546 27.6 463 23.4 460 360 662 Net interest - bearing debt ROIC incl . goodwill [ % ) ** ROIC excl . goodwill [ % ) ** NIBD / EBITDA [ times ) ** Equity ratio ( % ) * Figures are restated ( more restated figures in Appendix 1 ) Running 12 - months Royal Unibrew A / S Faxe Allé 1 DK - 4640 Faxe CVR no 41956712 H1 2021 5,957 3,905 927 23.7 750 19.2 749 594 683 2,618 21 34 1.3 32 H1 2020 5,269 3,457 833 24.1 663 19.2 648 505 590 2,114 18 29 1.2 40 U ROYAL UNIBREW CEO Lars Jensen comments : " I am of course very happy that almost all sales channels are now open again , so that we and our customers can return to a more normal environment . We are also very pleased with our performance in Q2 where EBIT was the highest ever for a second quarter , despite substantial increases in sales and marketing costs and the business still being negatively impacted by COVID - 19 . The organization has once again stepped up to all the challenges , and supported by a very flexible and adaptable supply chain , we delivered strong results across the group . Our results clearly benefited from the re - opened On - Trade , warm weather and staycation . Q2 was a very busy quarter . We produced and sold more than we did before COVID - 19 , despite the fact that many of our customers were still impacted by COVID - 19 related restrictions . On top of this , the channel and product mix changes created by COVID - 19 put pressure on our packaging lines , which have been running at full capacity during the second quarter and into the summer . To remain a flexible supplier with the highest service level , we will invest in more capacity , but for now , production and procurement planning is more important than ever . We also broke ground on a new solar panel plant next to our brewery in Faxe , which will generate a significant part of our electricity needs for the Danish production sites . During the quarter , we committed to 100 % recycled plastic for PepsiCo products in Denmark by the end of 2022 - a commitment we in July expanded to include our Finnish PepsiCo business , as well . During the second quarter , we also welcomed our new colleagues from the Fuglsang acquisition , which is a strong addition to our portfolio of local anchored brands in Denmark . With the acquisition of Crazy Tiger in France at the beginning of Q3 and the agreement to acquire 100 % of Solera Beverage Group in Norway ( awaiting regulatory approval ) , I believe we are very well positioned to continue to grow . Strong momentum in our key markets has continued into the third quarter and combined with the strong results in the first half of the year , the current development in COVID - 19 and our M & A activity , we lift our full - year outlook for EBIT to DKK 1,625-1,700 million . The biggest risk remains COVID - 19 and potential new imposed restrictions . "