Interim report
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Royal Unibrew A/S · Faxe Allé 1 · DK-4640 Faxe · CVR no 41956712 Company Announcement No 43/2026 – August 17, 2026 Interim Report H1 2026 Profitable growth and market share gains Key Highlights H1 2026 Net revenue growth of 4% (underlying) and continued market share gains Growth lead by own brands EBIT growth of 7% and 80bps margin expansion 10.7% EPS growth Cash flow for H1 2026 in line with our plans, supporting continued shareholder returns Full-year 2026 outlook reiterated Lars Jensen, CEO of Royal Unibrew, comments: "In the first half of 2026, we delivered a solid commercial performance across our markets, gaining market share in key categories. This performance reflects the strength of our brands, targeted innovation and, importantly, our close customer relationships and route-to-market capabilities. Despite increasing inflationary pressure across several cost categories, we delivered results in line with our expectations, while further improving profitability and maintaining strong momentum in key growth categories and markets. With increasing EBIT margin, double digit growth in EPS, and increase in ROIC, we remain on track to deliver on our financial objectives.” Selected Financial Highlights and Ratios mDKK Q2 2026 Q2 2025 % Change H1 2026 H1 2025 % Change FY 2025 Volume (million hectoliters) 5.1 5.1 -0.9 9.0 8.8 1.8 18.1 Organic volume growth (%) -0.9 6.7 1.6 3.8 3.7 Net revenue* 4,426 4,438 -0.3 7,737 7,644 1.2 15,723 Organic net revenue growth (%) -0.3 4.7 0.7 2.6 3.3 Gross profit 2,043 1,991 2.6 3,387 3,275 3.4 6,766 Gross margin (%) 46.1 44.9 43.8 42.8 43.0 EBITDA 949 917 3.5 1,417 1,308 8.4 2,931 EBITDA margin (%) 21.4 20.7 18.3 17.1 18.6 EBIT 753 740 1.8 1,026 959 7.0 2,202 Organic EBIT growth (%) 1.8 11.1 6.7 9.2 10.2 EBIT margin (%) 17.0 16.7 13.3 12.5 14.0 Free cash flow 903 1,001 -9.8 458 458 0.0 1,413 ROIC incl. goodwill (%)** 12.8 12.0 12.7 Earnings per share (diluted) 11.1 10.6 4.7 14.5 13.1 10.7 31.4 * Underlying net revenue growth was approximately 2.5% in Q2 2026 and 4% in H1 2026, excluding the planned exit from lower- margin activities ** Trailing 12 months.
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ROYAL UNIBREW HI 2026 TRADING STATEMENT 2 H1 2026: Strong Execution Across Markets and Categories The results for H1 2026 demonstrate the benefits of our long-term strategic focus on profitable growth in attractive beverage categories and our strong local brands. As expected, the timing of Easter in 2026 benefited Q1 and weighed on Q2, making the H1 2026 performance a more representative measure of the underlying business development Volume growth reached 1.8% in H1 2026, while underlying net revenue growth was approximately 4%, excluding the planned exit from lower-margin activities. Reported net revenue growth was 1.2%. The International segment and Italy remained the strongest growth engines, while Northern Europe also contributed positively to the growth in H1 2026. EBIT in H1 2026 increased by 7.0% and the EBIT margin improved by 80 basis points, despite increasing inflation across several cost categories and continued long-term investments in our brands and commercial capabilities. Free cash flow for H1 2026 was in line with the prior year and internal plans, while ROIC improved to 12.8%, reflecting continued focus on profitable growth, cost discipline, and capital efficiency. Financial Outlook for Full-Year 2026 Reiterated The financial outlook for full-year 2026 is reiterated. Organic EBIT growth for 2026 is expected to be in the range of 6- 10%, corresponding to EBIT of DKK 2,325 – 2,425m. Net revenue is expected to be broadly on level with 2025, reflecting continued growth in the beverage business, offset by the exit from lower margin activities. The underlying assumptions remain unchanged and are described in further detail on page 6. Share Buy-Back Program A separate announcement about the launch of a new share buy-back program of up to DKK 300m is issued today, August 17, 2026. The program will be concluded no later than December 18, 2026. The latest share buy-back program, which was increased from DKK 400m to DKK 700m on April 30, 2026, was completed on August 14, 2026. Under the program, a total of 1,529,200 shares were repurchased at an average price of DKK 457.7 per share. Conference Call Investors and analysts can register for a conference call on August 18, 2026, at 09:00 am CEST at the following links: Webcast: https://edge.media-server.com/mmc/p/rzvp6uv7 Phone: https://register-conf.media-server.com/register/BI401e7338d8f841b19bd257c97d13ab78 Financial Calendar for the Remainder of 2026 • November 11, 2026: Trading Statement Q3 2026 For Further Information on This Announcement: • Investor Relations: Flemming Ole Nielsen, +45 25 41 68 04, Flemming.nielsen@royalunibrew.com • Media Relations: Michelle Nørrelykke Hindkjær, +45 25 64 34 31, press@royalunibrew.com
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ROYAL UNIBREW HI 2026 TRADING STATEMENT 3 Financial Highlights and Ratios Q2 2026 Q2 2025 H1 2026 H1 2025 FY 2025 Sales volume (million hectoliters) Organic volume growth (%) 5.1 -0.9 5.1 6.7 9.0 1.6 8.8 3.8 18.1 3.7 Income statement (mDKK) Net revenue 4,426 4,438 7,737 7,644 15,723 Organic net revenue growth (%) -0.3 4.7 0.7 2.6 3.3 Gross profit 2,043 1,991 3,387 3,275 6,766 Gross profit margin (%) 46.1 44.9 43.8 42.8 43.0 EBITDA 949 917 1,417 1,308 2,931 EBITDA margin (%) 21.4 20.7 18.3 17.1 18.6 EBIT 753 740 1,026 959 2,202 Organic EBIT growth (%) 1.8 11.1 6.7 9.2 10.2 EBIT margin (%) 17.0 16.7 13.3 12.5 14.0 Other financial income and expenses, net -64 -78 -119 -133 -254 Net profit for the period 537 530 707 657 1,560 Balance sheet (mDKK) Total assets 19,263 18,962 18,269 CAPEX 198 242 450 504 1,007 Equity 6,211 6,104 6,713 Net interest-bearing debt (NIBD) 6,610 6,374 5,730 Net working capital -888 -918 -1,076 Invested Capital 13,996 13,702 13,655 Cash flows (mDKK) Cash flows from operating activities 1,100 1,212 908 931 2,385 Net investing activities and lease payments -198 -211 -450 -473 -972 Free cash flow 903 1,001 458 458 1,413 Share ratios (DKK) Number of shares (million) 49.3 50.2 50.2 Earnings per share (EPS) 11.1 10.6 14.5 13.2 31.4 Diluted earnings per share 11.0 10.6 14.5 13.1 31.3 Dividend per share 16.0 Period-end price per share 431.4 517.5 574.5 Financial ratios (%) ROIC* 12.8 12.0 12.7 ROIC excl. goodwill* 20.4 19.2 20.6 CAPEX in % of net revenue 5.8 6.6 6.4 NIBD/EBITDA (times)* 2.2 2.3 2.0 Equity ratio 32 32 37 * Trailing 12 months. Ratios included in the 'Recommendations and Financial Ratios' issued by the CFA Society Denmark have been calculated accordingly. ROYAL UNIBREW HI 2025 TRADING STATEMENT 3
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ROYAL UNIBREW HI 2026 TRADING STATEMENT 4 Financial Review Business Development mDKK Q2 2025 Q2 2025 % change H1 2026 H1 2025 % change FY 2025 Volumes (mHL) 5.1 5.1 -0.9 9.0 8.8 1.8 18.1 Organic volume growth (%) -0.9 6.7 1.6 3.8 3.7 Net revenue 4,426 4,438 -0.3 7,737 7,644 1.2 15,723 Organic net revenue growth (%) -0.3 4.7 0.7 2.6 3.3 Gross profit 2,043 1,991 2.6 3,387 3,275 3.4 6,766 Gross margin (%) 46.1 44.9 43.8 42.8 43.0 H1 2026 was characterized by continued solid commercial execution across our markets, resulting in market share gains in most markets and profitable growth. We saw good performance in key strategic categories, mainly driven by the strength of our own brands. As always, the full H1 performance provides a more representative view of the development in our business than the quarterly growth rates, as the timing of Easter impacts seasonal sales. In 2026, Q1 benefited from earlier Easter compared to last year, while this effect reversed in Q2. Group volumes increased by 1.8% to 9.0m hectoliters in H1 2026 (Q2 2026: -0.9%). Growth in H1 2026 was led by the International segment, while Northern Europe also contributed positively to the growth across markets. Volumes in Western Europe declined, reflecting a selective approach to low/no-margin promotional activity in the Netherlands, while our own brands in Italy continued to perform strongly. In the first half of 2026, net revenue increased by 1.2% to DKK 7,737m (Q2 2026: -0.3%). Net revenue was negatively impacted by the planned exit from low-margin businesses, mainly in Northern Europe. Adjusted for this effect, net revenue increased by approximately 4% in H1 2026 (Q2 2026: approximately 2.5%). Across our markets, we remain focused on the product categories defined in our Growth Category Framework, which in in H1 2026 accounted for approximately 62% of net revenue. Growth in H1 2026 was primarily driven by our own brands, led by Faxe Kondi, Ceres, and Faxe Beer, supported by targeted innovation and strong commercial execution. Gross profit increased by 3.4% to DKK 3,387 in in H1 2026 (Q2 2026: 2.6%). This was driven by revenue growth and our continued focus on margin management and profitable growth. The gross profit margin expanded by 100 basis points to 43.8% in H1 2026, supported by efficiencies and the exit from lower-margin businesses. Driven by ongoing geopolitical developments, H1 2026 was characterized by inflationary pressure across energy, raw materials, consumables, and transport/distribution. While hedging instruments and contractual price agreements mitigated most of this volatility, certain cost elements remained exposed to market fluctuations. Cost Base and Profitability mDKK Q2 2026 Q2 2025 % change H1 2026 H1 2025 % change FY 2025 Sales and distribution exp. 1,059 1,018 4.0 1,913 1,842 3.9 -3,638 Administrative expenses 231 233 -0.8 448 474 -5.6 -926 In H1 2026, sales and distribution expenses increased by 3.9% compared to the same period last year and represented 24.7% of net revenue, up from 24.1% in H1 2025. The increase reflects continued investments in sales and marketing, particularly behind our own brands, reflecting our strategic focus on strengthening the long-term competitiveness of our brand portfolio and supporting sustainable growth across the business. Within distribution, our recent investments in logistics facilities delivered efficiency gains, primarily from Q2 2026. These gains were partly offset by increasing transport costs, mainly due to increased fuel surcharges.
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ROYAL UNIBREW HI 2026 TRADING STATEMENT 5 Administrative expenses declined 5.6% in H1 2026 compared to the same period last year, reflecting our continued focus on efficiency and cost discipline. mDKK Q2 2026 Q2 2025 % change H1 2026 H1 2025 % change FY 2025 EBITDA 949 917 3.5 1,417 1,308 8.4 2,931 EBIT 753 740 1.8 1,026 959 7.0 2,202 Organic EBIT growth (%) 1.8 11.1 6.7 9.2 10.2 Net financial expenses -64 -78 -17.9 -119 -133 -10.5 -254 EBITDA rose by 8.4% to DKK 1,417m in the first half of 2026 with the EBITDA margin improving by 120 basis points to 18.3%. EBIT increased by 7.0% to DKK 1,026m in H1 2026, with organic EBIT growth of 6.7%. The EBIT margin expanded by 80 basis points to 13.2%, reflecting broad-based improvements across the business. While all business segments delivered EBIT growth in H1 2026, the Western Europe segment was the main growth driver. The margin improvements are in line with our strategic ambitions and reflect our continued focus on operational efficiency across the Group. Net financial expenses were DKK 119m in H1 2026 (H1 2025: DKK 133m) and were in line with our expectations. mDKK Q2 2026 Q2 2025 % change H1 2026 H1 2025 % change FY 2025 Profit before tax 689 680 1.2 907 844 7.5 1,966 Tax on profit -152 -150 1.0 -200 -187 6.9 -406 Net profit for the period 537 530 1.3 707 657 7.6 1,560 Earnings per share (DKK) 11.1 10.6 4.7 14.5 13.2 9.8 31.4 Tax expenses were DKK 200m in H1 2026, and the effective tax rate of 22% was in line with our expectations. Driven by both higher earnings and a lower number of shares following share buy-backs, diluted EPS increased by 10.7% to DKK 14.5 in H1 2026 (H1 2025: DKK 13.1). Cash Flow mDKK H1 2026 H1 2025 % change FY 2025 Cash flow from operating activities 908 931 -2.5 2,385 CAPEX (including repayment on leasing facilities) 450 504 -10.5 1,007 Free cash flow 458 458 0.0 1,413 Cash flow from operating activities amounted to DKK 908m in the first half of 2026, compared to DKK 931m in the same period last year. While net profit was higher in H1 2026, this was offset by a less favorable development in net working capital compared to the strong improvement in H1 2025. CAPEX, including lease repayments, totaled DKK 450m (H1 2025: DKK 504m) and was in line with our internal plans. Free cash flow for the first half of 2026 amounted to DKK 458m, on level with the prior-year period.
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ROYAL UNIBREW HI 2026 TRADING STATEMENT 6 Balance Sheet and ROIC mDKK H1 2026 H1 2025 % change FY 2025 Total assets 19,263 18,962 1.6 18,269 Net interest-bearing debt (NIBD) 6,610 6,374 3.7 5,730 NIBD/EBITDA, trailing 12 months (times) 2.2 2.3 2.0 Invested capital 13,996 13,702 2.1 13,655 ROIC% (trailing 12 months) 12.8 12.0 12.7 ROIC, excluding goodwill % (trailing 12 months) 20.4 18.7 20.6 Net interest-bearing debt amounted to DKK 6,610m at the end of H1 2026 (H1 2025: DKK 6,374m). The 12-month NIBD/EBITDA ratio was 2.2 at the end of H1 2026, and in line with our target level. Net interest-bearing debt increased compared with both H1 2025 and year-end 2025. The increase primarily reflects higher share buy-backs, which amounted to DKK 544m in H1 2026 (H1 2025: DKK 191m). The development relative to year-end 2025 also reflects the normal seasonality of the business, with cash flow typically strongest in the second half of the year. ROIC on a 12-months basis was 12.8%, up from 12.0% for the same period last year. This development is in line with our ambition to gradually improve ROIC. Full Year Outlook 2026 The financial outlook for full-year 2026 is reiterated. Organic EBIT growth for 2026 is expected to be in the range of 6-10%, corresponding to EBIT of DKK 2,325 – 2,425m compared with DKK 2,202m in 2025. Net revenue for 2026 is expected to be broadly on level with 2025, reflecting continued growth in our beverage business, offset by the exit from the snack category and other lower margin activities. The guidance is based on the assumption of a continued challenging consumer environment across our markets. The guidance range reflects ongoing macroeconomic uncertainty and pressure on consumers’ discretionary spending power as well as other uncertainties. The key factors influencing profitability are changes in consumer sentiment and channel mix, changes in competitive environment, and weather conditions during the peak season. The macroeconomic and geopolitical environment has become more uncertain following recent developments, increasing the risk of volatility in both commodity costs and consumer sentiment. A portion of the Group’s expected raw materials and energy consumption for 2026 is covered by hedging instruments and price agreements, providing partial protection against cost volatility. We monitor the situation closely across our markets and expect to manage the remaining impact through our continued focus on operational efficiencies across the supply chain and through improvements in net revenue per hectoliter. Other relevant assumptions (unchanged): • No material M&A impact • Net financial expenses, excluding currency-related losses or gains, of around DKK 250m (2025: DKK 254m) • Effective tax rate of around 22% (2025: 20.7%) • CAPEX of around 7% of net revenue (2025: 6.4%) Changes to PepsiCo Partnership On 21 April 2026, we announced that Royal Unibrew’s partnership agreements with PepsiCo in Denmark, Finland, and the Baltics will not be renewed upon their expiry at the end of 2028. Until then, the partnership in Northern Europe will continue unchanged. The partnership with PepsiCo in BeNeLux remains unchanged. For further information, please refer to Company Announcement No. 17/2026.
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ROYAL UNIBREW HI 2026 TRADING STATEMENT 7 Market Segments Northern Europe mDKK Q2 2026 Q2 2025 % change H1 2026 H1 2025 % change FY 2025 Volumes (mHL) 3.1 3.1 -1.9 5.4 5.2 2.6 11.0 Organic volume growth (%) -1.9 1.1 2.3 -2.9 -0.8 Net revenue 2,850 2,931 -2.8 4,975 4,972 0.1 10,440 Organic net revenue growth (%) -2.8 0.1 -0.7 -2.6 0.0 EBIT 646 632 2.1 1,518 Organic EBIT growth (%) 1.6 -2.5 2.1 EBIT margin (%) 13.0 12.7 14.5 The Northern Europe segment comprises our multi-beverage businesses in Denmark (incl. German border trade) Finland, Norway, Sweden, and the Baltic countries. In H1 2026, Northern Europe accounted for 60% of the Group's volumes (H1 2025: 59%) and 64% of the Group's net revenue (H1 2025: 64%). In Northern Europe, volume growth was 2.3% organically in H1 2026, while volumes declined by 1.9% in Q2. The quarterly development was affected by the timing of Easter, while volumes in Q2 2026 benefited from more favorable weather conditions than in the same period last year, when temperatures were below seasonal norms. Organic net revenue growth was -0.7% in H1 2026 (Q2 2026: -2.8%). Revenue development was impacted by the planned exit from lower-margin business and selected non-core activities. Excluding these effects, organic revenue growth was approximately 5%. EBIT in Northern Europe increased to DKK 646m in H1 2026 from DKK 632m in H1 2025. The EBIT margin improved to 13.0% from 12.7% in H1 2025. Denmark In Denmark, we gained market share across most categories in H1 2026, driven by strong performances in CSD, beer, enhanced beverages, and RTD/cider. Within CSD, growth was led by Faxe Kondi, supported by strong brand investments, focused commercial execution, and the launch of new flavors. Within the beer category, we achieved growth across our portfolio, with Royal and Heineken as the main contributors, despite a declining overall beer market. RTD remained the fastest-growing beverage category, with both Shaker and the recently launched Royal Club delivering double-digit growth. Within enhanced beverages, Faxe Kondi Booster continued to gain market share in the energy category, while Egekilde delivered solid growth within waters, supported by several new product launches. Finland In H1 2026, our Finnish business achieved growth in both volume and net revenue, supported by strong commercial execution. Weather conditions in Finland normalized compared to the colder conditions seen in May and June last year. The market, however, continues to be characterized by low consumer confidence and a competitive pricing environment. Market shares were flat or slightly up across categories, with the best performance within the water and RTD categories, supported by innovation and new product launches in both categories. Within RTD, growth has been driven by hard seltzers and cocktails, while the long drink category, where we hold a leading position, declined. While we gained share in the overall RTD category, this shift has negatively weighed on price/mix, as growth has moved into more mainstream RTD products. Norway In Norway, we continued the commercial momentum from 2025 and achieved growth in both the RTD/cider and beer categories. We saw improving momentum in the spirits and wine categories, despite a challenging market for higher- alcohol beverages.
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ROYAL UNIBREW HI 2026 TRADING STATEMENT 8 Alongside our strong portfolio of alcoholic beverages in Norway, we aim to develop our offerings within soft drinks. In H1 2026, we continued the rollout of Faxe Kondi in Norway, which continues to gain traction in the market, supported by our sponsorship of the Uno-X Mobility Cycling Team. In June 2026, we announced an expansion of our partnership with Schweppes International Limited and entered into a long-term license agreement for Dr Pepper® in Norway. We already carry the Dr Pepper brand as trading products, but from 2027 we will locally produce, distribute, market, and sell the products. Baltics Like other markets, the Baltic countries continued to be affected by geopolitical uncertainty and soft consumer sentiment in the first half of 2026. These markets were also impacted by higher excise duties on beer and the introduction of sugar tax on CSD. Long-term consumer trends continued, with demand shifting between categories, including declining beer consumption and growth in energy drinks and RTD. We continued to execute our multi-beverage strategy and achieved growth across most categories and sales channels. The strongest growth drivers were beer, RTD, and enhanced beverages, including energy drinks. CSD was impacted by a competitive pricing environment, but overall, we maintained CSD market share across the Baltics. Original Long Drink from Finland and our beer and cider brands performed well in the Baltics, demonstrating the strength of Royal Unibrew’s own brands.
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ROYAL UNIBREW HI 2026 TRADING STATEMENT 9 Western Europe mDKK Q2 2026 Q2 2025 % change H1 2026 H1 2025 % change FY 2025 Volumes (mHL) 1.5 1.5 0.3 2.7 2.7 -2.7 5.5 Organic volume growth (%) 0.3 15.8 -2.7 15.3 10.2 Net revenue 1,099 1,056 4.1 1,906 1,884 1.2 3,741 Organic net revenue growth (%) 4.1 17.7 1.1 15.7 12.2 EBIT 260 218 19.4 480 Organic EBIT growth (%) 19.6 33.4 55.9 EBIT margin (%) 13.6 11.6 12.8 Western Europe comprises our multi-niche businesses in the Netherlands, Belgium, Luxembourg, Italy, and France. In H1 2026, the segment accounted for 30% of the Group's volumes (H1 2025: 31%) and 25% of the Group's net revenue (H1 2025: 25%). Volumes declined organically by 2.7% in H1 2026 (Q2 2026: 0.3%) while organic net revenue growth was 1.1% in H1 2026 (Q2 2026: 4.1%). Overall, our commercial and operational performance in Western Europe was in line with our plans. Italy continued to gain market share and was the main growth driver in the segment. This was partly offset by lower volume and net revenue in the Netherlands following the deliberate reduction of low- and no-margin promotional activities as part of our revised commercial strategy. Organic EBIT growth was 19.6%, with EBIT increasing to DKK 260m in H1 2026 (H1 2025: DKK 218m). The EBIT margin improved to 13.6% (H1 2025: 11.6%), mainly driven by the continued strong performance in Italy and improved profitability in the Netherlands. Italy In Italy, the first half of 2026 was characterized by continued momentum, where we delivered high single-digit growth in a relatively flat market. Our beer brands Ceres and Faxe performed strongly, while our soft drink portfolio under the Crodo range also delivered growth and market share gains in Italy and across European export markets. As most export sales are reported in the International segment, the full impact of this growth is not reflected in Western Europe. The development reflects the strength of our brand portfolio and strong commercial execution across both off- and on- trade channels. Performance was supported by new pack formats tailored to different channels and consumer occasions, as well as brand extensions with new flavors and variants, further strengthening our market relevance. Netherlands In the Netherlands, both volumes and net revenue declined in H1 2026 compared to the same period last year. This reflects the continued execution of our revised commercial strategy, implemented in Q3 2025, with a focus on margin improvement through price/pack optimization and the deliberate deselection of selected low-margin promotions. The strategy has led to a more profitable sales mix and improved revenue quality. Supported by a more efficient organization and continued cost focus, the business in the Netherlands remains on track and is developing in line with our plans. France In France, we continued to expand our energy brand Crazy Tiger and the Lorina lemonade brand through focused brand activation, optimization of our price-pack architecture, and expansion into new consumption occasions. BeLux In BeLux, we made progress in line with our plans during H1 2026. We have increased our market share, driven by the PepsiCo portfolio and supported by the good performance of our own brands, especially Crodo. We continued to focus on optimizing price/pack architecture, further developing customer relationships and in-store execution. Furthermore, we insourced can production to our production site in Netherlands during H1 2026. In line with our expectations, BeLux did not contribute to earnings in H1 2026; however, we remain confident that our strategic initiatives and strong local engagement will drive long-term value creation.
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ROYAL UNIBREW HI 2026 TRADING STATEMENT 10 International mDKK Q2 2026 Q2 2025 % change H1 2026 H1 2025 % change FY 2025 Volumes (mHL) 0.5 0.5 1.2 0.9 0.8 11.0 1.6 Organic volume growth (%) 1.2 19.9 11.0 15.5 16.2 Net revenue 477 451 5.8 856 788 8.7 1,542 Organic net revenue growth (%) 5.8 9.0 8.7 9.2 6.6 EBIT 138 122 13.4 239 Organic EBIT growth (%) 13.4 55.3 14.2 EBIT margin (%) 16.1 15.5 15.5 The International segment includes our export business outside the Northern and Western Europe segments. Our main export markets are in Africa, North America, and Central/Eastern Europe. International accounted for 10% of the Group’s volumes and 11% of net revenue in H1 2026, both shares were on level with same period last year. The International segment achieved 11.0% organic volume growth in H1 2026 (Q2 2026: 1.2%). The growth over the first six months of 2026 was on level with the sell-out growth across our markets. The International segment continues to be a strong growth engine for the Group. However, quarterly growth rates can be affected by fluctuations in inventory levels among external distribution partners as well as the timing of individual larger shipments. The modest volume growth in Q2 2026 should be seen in the context of the inventory build-up in the U.S. during the same period last year, driven by tariff-related uncertainty. Net revenue increased organically by 8.7% to DKK 856m (Q2 2026: 5.8%). The price/mix was negatively impacted by country mix effects, due to continued strong growth in the Africa region, which typically carries lower gross-margins due to our distributor-based model with a low local cost base. From a category and brand perspective, growth in International was driven by beer (Faxe Beer), CSD (Crodo) and malt beverages (Vitamalt and Supermalt). In addition, our Canadian operations showed good momentum in H1 2026, driven by Amsterdam craft beer and our restaurant business. EBIT increased organically by 13.4% to DKK 138m, and the EBIT margin improved significantly to 16.1% (H1 2025: 15.5%), reflecting strong cost discipline and the operational leverage embedded in our business model. This was despite higher logistics costs related to the geopolitical situation in the Middle East. .
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ROYAL UNIBREW HI 2026 TRADING STATEMENT 11 Forward-looking Statements This interim report contains forward-looking statements, including statements about the Group’s sales, revenue, earnings, spending, margins, cash flows, inventories, products, actions, plans, strategies, objectives and guidance with respect to the Group’s future operating results. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain the following words or phrases “believe, anticipate, expect, estimate, intend, plan, project, will be, will continue, likely to result, could, may, might”, or any variations of such words or other words with similar meanings. Any such statements involve known and unknown risks, estimates, assumptions and uncertainties that could cause the Group’s actual results, performance or industry results to differ materially from the results expressed or implied in such forward-looking statements. Royal Unibrew assumes no obligation to update or adjust any such forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking statements. Some important risk factors that may have direct bearing on the Group’s actual results include, but are not limited to: economic and political uncertainty (including interest rates and exchange rates), financial and regulatory developments, development in the demand for the Group’s products, introduction of and demand for new products, changes in the competitive environment and the industry in which the Group operates, changes in consumer preferences, increasing industry consolidation, the availability and pricing of raw materials and packaging materials, cost of energy, production- and distribution-related issues, information technology failures, breach or unexpected termination of contracts, price reductions resulting from market-driven price reductions, determination of fair value in the opening balance sheet of acquired entities, litigation, pandemic, environmental issues and other unforeseen factors. New risk factors may emerge in the future, which the Group cannot predict. Furthermore, the Group cannot assess the impact of each factor on the Group’s business or the extent to which any individual risk factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Accordingly, forward- looking statements should not be relied on as a prediction of actual results.
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ROYAL UNIBREW HI 2026 TRADING STATEMENT 12 Management's Statement The Board of Directors and Executive Management have today considered and approved the Interim Report of Royal Unibrew A/S. The Interim Report, which has not been audited or reviewed by the Company’s independent auditors, was prepared in accordance with IAS 34 “Interim Financial Reporting” as adopted by the EU and additional Danish disclosure requirements for listed companies. In our opinion, the interim financial statements give a true and fair view of the financial position of the Group at June 30 as well as of the results of the Group operations and cash flows for the period January 1 - June 30, 2026. In our opinion, the Management review contains a fair review of the development in the activities and financial circumstances of the Group, the results of operations for the period, and the overall financial position of the Group, together with a description of the significant risks and uncertainties facing the Group. Faxe, August 17, 2026 Executive Management Lars Jensen Lars Vestergaard President & CEO CFO Board of Directors Peter Ruzicka Jais Valeur Catharina Stackelberg-Hammrén Chair Deputy Chair Torben Carlsen Lise Mortensen Ingeborg Plochaet Claus Kærgaard Michael Nielsen Jeanette Dahl Henriksen
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ROYAL UNIBREW HI 2026 TRADING STATEMENT 13 Consolidated Income Statement mDKK Q2 2026 Q2 2025 H1 2026 H1 2025 FY 2025 Net revenue 4,426 4,438 7,737 7,644 15,723 Production costs -2,383 -2,447 -4,350 -4,369 -8,957 Gross profit 2,043 1,991 3,387 3,275 6,766 Sales and distribution expenses -1,059 -1,018 -1,913 -1,842 -3,638 Administrative expenses -231 -233 -448 -474 -926 EBIT 753 740 1,026 959 2,202 Income after tax from investments in associates 18 18 18 Financial income 2 5 6 13 26 Financial expenses -66 -83 -125 -146 -280 Profit before tax 689 680 907 844 1,966 Tax on the profit for the period -152 -150 -200 -187 -406 Net profit for the period 537 530 707 657 1,560 Earnings per share (DKK) 11.1 10.6 14.5 13.2 31.4 Earnings per share (DKK) adjusted 11.1 10.6 14.5 13.2 31.4 Diluted earnings per share (DKK) 11.0 10.6 14.5 13.1 31.3 Diluted earnings per share (DKK) adjusted 11.0 10.6 14.5 13.1 31.3 mDKK Q2 2026 Q2 2025 H1 2026 H1 2025 FY 2025 Net profit for the period 537 530 707 657 1,560 Other comprehensive income Items that may be reclassified to the income statement: Exchange adjustments of foreign group enterprises -17 -94 89 -5 5 Value adjustment of hedging instruments -42 -9 2 -48 5 Tax on value adjustment of hedging instruments 9 2 1 14 -1 Total -50 -101 92 -39 9 Other comprehensive income after tax 487 429 799 618 1,569 ROYAL UNIBREW HI 2025 TRADING STATEMENT 13
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ROYAL UNIBREW HI 2026 TRADING STATEMENT 14 Consolidated balance sheet Assets mDKK June 30, 2026 June 30, 2025 December 31, 2025 NON-CURRENT ASSETS Goodwill 5,217 5,155 5,161 Intangible assets 4,483 4,508 4,485 Property, plant and equipment 5,236 5,020 5,120 Other non-current investments 107 63 65 Non-Current Assets 15,043 14,746 14,831 CURRENT ASSETS Inventories 1,515 1,571 1,286 Receivables 2,456 2,388 1,918 Prepayments 195 183 152 Cash and cash equivalents 54 74 82 Current Assets 4,220 4,216 3,438 Assets 19,263 18,962 18,269 Liabilities and Equity mDKK June 30, 2026 June 30, 2025 December 31, 2025 EQUITY Share capital 99 100 100 Other reserves 1,479 1,368 1,416 Retained earnings 4,633 4,636 4,394 Proposed dividend 803 Equity 6,211 6,104 6,713 LIABILITIES Non-current liabilities Deferred tax 1,283 1,287 1,277 Mortgage debt 1,009 973 1,009 Credit institutions 4,373 4,344 4,424 Non-current liabilities 6,665 6,604 6,710 Current liabilities Mortgage debt 0 27 0 Credit institutions 1,282 1,104 379 Trade payables 2,803 3,055 2,482 Corporation tax 51 63 35 Other payables 2,251 2,005 1,950 Current liabilities 6,387 6,254 4,846 Liabilities 13,052 12,858 11,556 Liabilities and equity 19,263 18,962 18,269 ROYAL UNIBREW HI 2025 TRADING STATEMENT 14
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ROYAL UNIBREW HI 2026 TRADING STATEMENT 15 Consolidated Cash Flow Statement mDKK Q2 2026 Q2 2025 H1 2026 H1 2025 FY 2025 Net profit for the period 537 530 707 657 1,560 Adjustments for non-cash operating items 424 396 731 670 1,406 Change in working capital 263 426 -225 -70 134 Received financial income 2 5 6 13 26 Paid financial expenses -64 -80 -119 -141 -268 Financial expenses related to leasing -2 -3 -5 -6 -12 Corporation tax paid -60 -62 -187 -192 -461 Cash flows from operating activities 1,100 1,212 908 931 2,385 Dividend received from associates 31 31 0 Sale of property, plant and equipment 9 1 11 3 11 Purchase of property, plant and equipment -157 -187 -356 -408 -797 Purchase of intangible assets -11 -7 -22 -11 -44 Acquisition of enterprises, net -2 -167 -167 Cash receipts from sales of equity instruments of other entities 0 0 35 Development on financial asset investment 1 2 -42 14 8 Cash flows from investing activities -158 -162 -409 -538 -954 Proceeds from borrowings 358 200 913 1,355 909 Repayment of borrowings -56 -324 -56 -755 -887 Repayment on leasing facilities -38 -49 -83 -88 -177 Dividend paid to shareholders -777 -749 -777 -749 -749 Purchase of shares for treasury -414 -147 -544 -191 -550 Cash flows from financing activities -927 -1,069 -547 -428 -1,454 Change in cash and cash equivalents 15 -19 -48 -35 -23 Cash and cash equivalents at beginning of period 41 96 82 103 103 Exchange adjustment -2 -3 20 6 2 Cash and cash equivalents end of period 54 74 54 74 82 Free cash flow Cash flow from operating activities 1,100 1,212 908 931 2,385 Net cash used in investing activities excl. acquisition of enterprises -159 -162 -367 -385 -795 Payment of lease liabilities -38 -49 -83 -88 -177 Free cash flow 903 1,001 458 458 1,413 ROYAL UNIBREW HI 2025 TRADING STATEMENT 15
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ROYAL UNIBREW HI 2026 TRADING STATEMENT 16 Consolidated Statement of Changes in Equity January 1 – June 30, 2026 mDKK Share Capital Total other reserves* Retained earnings Proposed dividend Total Equity on December 31, 2025 100 1,416 4,394 803 6,713 Changes in equity in H1, 2026 Net profit for the period 707 707 Other comprehensive income 91 91 Tax on other comprehensive income 1 1 Total comprehensive income 92 707 799 Reduction of share capital and share premium -1 -29 30 Dividends paid to shareholders 26 -803 -777 Purchase shares for treasury -544 -544 Share-based payments 20 20 Total shareholders -1 -29 -468 -803 -1,301 Total change in equity January 1 - June 30, 2026 -1 63 239 -803 -502 Equity on June 30, 2026 99 1,479 4,633 0 6,211 * Comprise share premium account, translation reserve and hedging reserves . As of June 30, 2026, the share capital amounts to DKK 98,600,000 (June 30, 2025, DKK 100,400,000), divided into shares of DKK 2 each. Please refer to note 7 for further information concerning the capital reduction. January 1 – June 30, 2025 mDKK Share Capital Total other reserves* Retained earnings Proposed dividend Total Equity on December 31, 2024 100 1,407 4,148 753 6,408 Changes in equity in H1, 2025 Net profit for the period 657 657 Other comprehensive income -53 -53 Tax on other comprehensive income 14 14 Total comprehensive income -39 657 618 Dividends paid to shareholders 4 -753 -749 Purchase shares for treasury -191 -191 Share-based payments 18 18 Total shareholders -169 -753 -922 Total change in equity January 1 - June 30, 2025 0 -39 488 -753 -304 Equity on June 30, 2025 100 1,368 4,636 0 6,104 * Comprise share premium account, translation reserve and hedging reserves . ROYAL UNIBREW HI 2025 TRADING STATEMENT 16
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ROYAL UNIBREW HI 2026 TRADING STATEMENT 17 Notes to the Interim Report Note 1 Significant accounting policies; accounting estimates, and judgments The Interim Report is presented in accordance with IAS 34 “Interim Financial Reporting” as adopted by the EU and additional Danish disclosure requirements for interim financial reporting of listed companies. The Annual Report for 2025 provides the full description of accounting policies significant to the Financial Statements. Accounting estimates and judgments The preparation of interim financial reporting requires that management make accounting estimates and judgments, which affect the application of accounting policies and recognized assets, liabilities, income, and expenses. Actual results may deviate from these estimates. Note 2 Adoption of new and revised IFRSs Royal Unibrew has adopted all new or revised and amended International Financial Reporting Standards (IFRSs) and interpretations (IFRIC) issued by IASB and endorsed by the EU effective for the financial year 2026. It is assessed that the revisions and amendments have not had a material impact on the consolidated financial statements. Note 3 Risk management Royal Unibrew’s principal risks and the external factors that may affect Royal Unibrew are provided in the Annual Report 2025. These are unchanged for the first half year of 2026. Note 4 Assets and derivative financial instruments, fair value adjustments mDKK H1 2026 H1 2025 % change Adjustment of derivative financial instruments 0 -28 -100.0 Derivative financial instruments are classified as level-2 instruments in the IFRS fair value hierarchy. The determined fair value of derivative financial instruments is based on observable market data such as yield curves or forward rates. The fair value of the total debt is assessed to correspond to carrying amount. ROYAL UNIBREW HI 2025 TRADING STATEMENT 17
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ROYAL UNIBREW HI 2026 TRADING STATEMENT 18 Notes to the Interim Report Note 5 Segment reporting The Group’s results by segment were as follows: H1 2026 mDKK Northern Europe Western Europe International Unallocated Total Net revenue 4,975 1,906 856 7,737 Total expenses -4,329 -1,646 -718 -18 -6,711 Earnings before interest and tax (EBIT) 646 260 138 -18 1,026 Sales (million hectoliters) 5.4 2.7 0.9 9.0 H1 2025 mDKK Northern Europe Western Europe International Unallocated Total Net revenue 4,972 1,884 788 7,644 Total expenses -4,340 -1,666 -666 -13 -6,685 Earnings before interest and tax (EBIT) 632 218 122 -13 959 Sales (million hectoliters) 5.3 2.7 0.8 8.8 FY 2025 mDKK Northern Europe Western Europe International Unallocated Total Net revenue 10,440 3,741 1,542 15,723 Total expenses -8,922 -3,261 -1,303 -35 -13,521 Earnings before interest and tax (EBIT) 1,518 480 239 -35 2,202 Sales (million hectoliters) 11.0 5.5 1.6 18.1 Note 6 Cash flow statement mDKK H1 2026 H1 2025 FY 2025 Adjustments for non-cash operating items Financial income -6 -13 -26 Financial expenses 124 146 280 Amortization of intangible assets 65 58 120 Depreciation of property, plant and equipment 326 290 614 Tax on profit for the period 200 187 406 Income from investments in associates -18 -18 Profit and loss from sale of property, plant and equipment 2 2 -5 Share-based payments and remuneration 20 18 35 Total 731 670 1,406 ROYAL UNIBREW HI 2025 TRADING STATEMENT 18
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ROYAL UNIBREW HI 2026 TRADING STATEMENT 19 Notes to the Interim Report Note 7 Share capital and treasury shares mDKK Number % of capital Treasury shares held by the Parent company: Portfolio at January 1, 2026 1,199,542 2.4 Additions 1,219,000 2.5 Capital reduction -900,000 -1.8 Shares used as share-based payments -46,154 -0.1 Portfolio at June 30, 2026 1,472,388 3.0 Number % of capital Treasury shares held by the Parent company: Portfolio at January 1, 2025 143,948 0.3 Additions 371,307 0.7 Shares used as share-based payments -9,596 0.0 Portfolio at June 30, 2025 505,659 1.0 Treasury shares were bought as an element in the optimization of Royal Unibrew's capital structure. It is the intention to cancel the shares bought back to the extent that they are not to be used for share-based payment. On 29 April 2026, Royal Unibrew A/S decreased its share capital by nominally DKK 1,800,000 from nominally DKK 100,400,000 to nominally DKK 98,600,000 through cancellation of 900,000 treasury shares of nominally DKK 2 each. The share capital of the Company amounts to DKK 98,600,000 divided into shares of DKK 2.00 or multiples hereof. H1 2026 H1 2025 Basis of calculation of earnings per share The Parent Company shareholders' share of profit for the year amounted to (mDKK) 707 657 The average number of treasury shares amounted to (number, DKK 2 each) 1,463,677 253,574 The average number of shares in circulation amounted to (number) 48,420,290 49,728,780 The average number of shares in circulation, incl. restricted shares amounted to (number) 48,661,324 49,946,426 Cost of share buy-backs during H1 (mDKK) 544 191 Note 8 Events after the balance sheet date No events have occurred in the period from the balance sheet date until the presentation of the Interim Report for H1 2026 that materially affect the assessment of the financial position. ROYAL UNIBREW HI 2025 TRADING STATEMENT 19