Earnings call transcript: Royal Unibrew shares fall after H1 2026 results

Royal Unibrew reported H1 2026 earnings that beat expectations, despite inflation and declining consumer sentiment. Organic EBIT grew by 6.7% year-over-year, while the EBIT margin expanded by 80 basis points. The company's shares dropped 7.76% to $428, after trading near the lower end of their 52-week range ($395 to $654). Management cited resilient demand, strong growth in non-alcoholic beverages, and a shift towards higher-margin products as key factors behind the results.

Northern European markets showed improved market share in several categories, while Italy and international markets contributed to 11% organic volume growth and 9% net revenue growth. The company expects organic EBIT growth of 6% to 10% for the full year and raised its EPS guidance to more than 10% for 2026. The stock's decline may present an opportunity, as it is currently undervalued based on InvestingPro's Fair Value assessment.