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By Lars Jensen (CEO) & Lars Vestergaard (CFO) H1 2026 Interim Report Presentation 1 Copyright © Royal Unibrew. All rights reserved.
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This presentation contains forward-looking statements based on current expectations, estimates and assumptions. Such statements are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied. Royal Unibrew assumes no obligation to update these statements except as required by applicable law. Disclaimer 2 Copyright © Royal Unibrew. All rights reserved.
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Our core strategy remains unchanged but some components are now prioritized even higher New partnerships Driving own brands even stronger Increasing efficiency Accelerating Italy Driving growth category focus Accelerating International 3 Copyright © Royal Unibrew. All rights reserved. Key commercial priorities Key operational priority
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• Net revenue growth of 4%* - led by own brands • EBIT growth of 7% and 80bps margin expansion • 10.7% EPS growth • Cash flow tracking our plans, new share buy back program launched • Full-year outlook reiterated; on track to deliver EPS growth >10% in 2026 *) excluding impact from the exit from lower-margin activities H1 2026 Financial Highlights ORGANIC VOLUME GROWTH 1.6% ORGANIC NET REVENUE GROWTH 0.7% ORGANIC EBIT GROWTH 6.7% EBIT MARGIN 13.3% (+80 bps) 4 Copyright © Royal Unibrew. All rights reserved.
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Northern Europe Review mDKK Q2 2026 Q2 2025 % H1 2026 H1 2025 % Volumes (mhl) 3.1 3.1 -1.9 5.4 5.2 2.6 Organic volume growth -1.9% 1.1% 2.3% -2.9% Net revenue 2,850 2,931 -2.8 4,975 4,972 0.1 Organic net rev. growth -2.8% 0.1% -0.7% -2.6% EBIT 646 632 2.1 Organic EBIT growth 1.6% -2.5% EBIT margin 13.0% 12.7% • Approx. 5% underlying net revenue growth in H1 2026, adjusted for the planned exit from lower-margin activities • Strong own-brand growth driven by innovation and commercial execution • Q2 growth affected by Easter timing • Broad-based growth, led by Norway • Weather conditions in Finland normalized compared to the colder conditions seen in May and June last year • H1 2026 EBIT included additional amortization charge of DKK 6 million, reflecting accelerated amortization of intangible assets related to PepsiCo partnership through the end of 2028 5 Copyright © Royal Unibrew. All rights reserved.
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Western Europe Review • Italy remained the segment’s main growth driver, supported by strong brands and continued market share gains • The revised commercial strategy in the Netherlands weighed on volume and revenue growth in H1 2026, while driving improved profitability and revenue quality* • EBIT growth of 19.4% and 200bps margin expansion, reflecting strong operational execution • Progress in BeLux supported by market share gains and continued commercial optimization *) The comparability impact in Netherlands will be fully annualized from Q3 2026. mDKK Q2 2026 Q2 2025 % H1 2026 H1 2025 % Volumes (mhl) 1.5 1.5 0.3 2.7 2.7 -2.7 Organic volume growth 0.3% 15.8% -2.7% 15.3% Net revenue 1,099 1,056 4.1 1,906 1,884 1.2 Organic net rev. growth 4.1% 17.7% 1.1% 15.7% EBIT 260 218 19.4 Organic EBIT growth 19.6% 33.4% EBIT margin 13.6% 11.6% 6 Copyright © Royal Unibrew. All rights reserved.
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International Review • International remained a key growth engine for the Group in H1 2026. • Growth driven by Faxe Beer, Crodo, and Vitamalt/Supermalt • Continued strong momentum across African markets • Q2 comparatives impacted by tariff- related inventory build-up in the U.S in same period last year. • 13.4% organic EBIT growth despite higher logistics costs mDKK Q2 2026 Q2 2025 % H1 2026 H1 2025 % Volumes (mhl) 0.5 0.5 1.2 0.9 0.8 11.0 Organic volume growth 1.2% 19.9% 11.0% 15.5% Net revenue 477 451 5.8 856 788 8.7 Organic net rev. growth 5.8% 9.0% 8.7% 9.2% EBIT 138 122 13.4 Organic EBIT growth 13.4% 55.3% EBIT margin 16.1% 15.5% 7 Copyright © Royal Unibrew. All rights reserved.
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P&L Review H1 2026 mDKK Q2 2026 Q2 2025 % H1 2026 H1 2025 % Volumes (mhl) 5.1 5.1 -0.9 9.0 8.8 1.8 Organic volume growth -0.9% 6.7% 1.6% 3.8% Net revenue 4,426 4,438 -0.3 7,737 7,644 1.2 Organic revenue growth -0.3% 4.7% 0.7% 2.6% Gross profit 2,043 1,991 2.6 3,387 3,275 3.4 Sales and distribution exp. -1,059 -1,018 4.0 -1,913 -1,842 3.9 Administrative expenses -231 -233 -0.9 -448 -474 -5.5 EBIT 753 740 1.8 1,026 959 7.0 Organic EBIT growth 1.8% 11.1% 6.7% 9.2% Net financial expenses -64 -78 -17.9 -119 -133 -10.5 Tax -152 -150 1.0 -200 -187 6.9 Net profit 537 530 1.3 707 657 7.6 KPI’s Gross margin 46.1% 44.9% 43.8% 42.8% EBIT margin 17.0% 16.7% 13.3% 12.5% Effective tax rate 22.1% 22.1% 22.1% 22.2% Diluted EPS, DKK 11.1 10.6 4.7 14.5 13.1 10.7 Profitable growth and efficiency • Net revenue growth of 1.2% with underlying growth of ~4%, excluding exit from lower-margin activities • Inflationary cost pressure was partly mitigated through hedging and price agreements, although selected costs remained exposed to market inflation and impacted profitability • EBIT growth of 7%, with margin expansion, driven by efficiencies and exit from low-margin activities • Net financials and tax in line with expectations 8 Copyright © Royal Unibrew. All rights reserved.
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Cashflow and Ratios H1 2026 Strong cash flow and disciplined allocation • Operating cash flow of DKK 908m, reflecting higher earnings partly offset by less favorable working capital development • CAPEX of DKK 450m (5.8% of net revenue), with investment activity expected to increase in H2 and full-year CAPEX still expected at around 7% of net revenue • Free cash flow of DKK 458m, on level with H1 2025 • NIBD/EBITDA of 2.2x, in line with our target leverage range • New share buy-back program of up to DKK 300m launched, bringing total 2026 share buy- backs to DKK 1bn (2025: DKK 550m) • ROIC improved to 12.8%, reflecting our ambition of continued value creation mDKK H1 2026 H1 2025 % Net profit for the year 707 657 7.7 Adj. for non-cash items 731 670 Changes in net working capital (NWC) -225 -70 Net financial expenses -118 -134 Paid tax -187 -192 Cash flow from operating activities 908 931 -2.4 CAPEX, incl. leasing payment -450 -504 Sale of equity instruments and dividend 0 31 Free cash flow 458 458 0.0 Dividend paid -777 -749 Share buy-back -544 -191 KPIs CAPEX, % of net revenue 5.8 6.6 Net interest-bearing debt (NIBD) 6,610 6,374 3.7 NIBD/EBITDA 2.2x 2.3x Invested capital 13,996 13,702 2.1 ROIC, incl. goodwill 12.8% 12.0% 9 Copyright © Royal Unibrew. All rights reserved.
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Key assumptions • Continued challenging consumer environment across our markets • Net revenue for 2026 expected to be broadly in line with 2025, reflecting continued underlying growth in the beverage business, offset by the exit from lower-margin activities, which reduces reported net revenue by approximately 3.5% • A portion of the Group’s expected raw material and energy consumption for 2026 is covered by hedging instruments and price agreements. We expect to manage remaining impact from cost inflation through cost initiatives and price increases 2026 Outlook Reiterated DKKm Actual 2025 2026 guidance Comments EBIT 2,202 +6-10% Organic growth Net financial expenses 254 250 Excluding currency losses or gains Effective tax rate 20.7% 22% CAPEX, % of net revenue 6.4% 7% CAPEX includes repayment on leasing facilities 10 Copyright © Royal Unibrew. All rights reserved.
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• Continue executing our growth strategy while managing the impact of upcoming partnership changes. • Innovate and expand our beverage portfolios in line with evolving consumer trends • Actively manage current market developments and commodity inflation through pricing, mix and disciplined commercial execution • Drive continued operational efficiency, optimize resource use and maintain a sharp focus on cost discipline • Deliver on 2026 guidance and our long-term financial targets Management Agenda 11 Copyright © Royal Unibrew. All rights reserved.
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• Market share gains - growth led by own brands • 7% EBIT growth and >10% EPS growth • ROIC improved by 80bps to 12.8% • Robust cash flow and balance sheet enabling shareholder returns • Full-year 2026 guidance reiterated 1 2 Key take-aways 12 Copyright © Royal Unibrew. All rights reserved.
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Q&A 13 Copyright © Royal Unibrew. All rights reserved.
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Financial calendar 2026 February 26: 2025 Annual Report April 29: Q1 Trading Statement August 17: H1 Interim Report November 11: Q3 Trading Statement Investor relations contacts Royal Unibrew A/S Faxe Alle 1 DK-4640 Faxe investor.relations@royalunibrew.com Flemming Ole Nielsen Director, Head of Investor Relations flemming.nielsen@royalunibrew.com +45 25 41 68 04 Stine Felten Executive Assistant, Daily IR Contact stine.felten@royalunibrew.com +45 29 23 04 93 Share information Royal Unibrew A/S is listed on Nasdaq Copenhagen under the symbol “RBREW”. For further information please visit: www.royalunibrew.com 14 Copyright © Royal Unibrew. All rights reserved.
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By Lars Jensen (CEO) & Lars Vestergaard (CFO) End: H1 2026 Interim Report Presentation 15 Copyright © Royal Unibrew. All rights reserved.