Earnings call transcript: Royal Unibrew narrows 2026 outlook as shares rise on solid Q3

Royal Unibrew delivered solid growth in the first nine months of 2026, with higher earnings, better margins, and stronger cash flow. However, the company narrowed its full-year outlook due to tougher conditions in Finland, supply chain problems in the Benelux, and rising cost inflation. The company's own brands remained the main growth engine, with Faxe Kondi and Crodo delivering about 15% net revenue growth year to date, while Faxe beer rose 17%.

Organic volume growth reached 1.4% in Q3 and 1.5% year to date, while underlying net revenue grew about 4% in both periods. Reported EBIT rose 5.5% in Q3 and 6.3% year to date, with the EBIT margin improving by 80 basis points to 15.3%. Free cash flow increased by about 20% to DKK 1.164 billion, and operating cash flow rose to DKK 1.788 billion.

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