olivLaw · European equity research
Royal Unibrew A/S RBREW.CO
Denmark · Nasdaq Copenhagen · ISIN DK0060634707 · Vertical: Listed companies from Denmark
Royal Unibrew is a Danish multi-beverage producer with owned brands such as Faxe Kondi, Ceres and Faxe Beer, active in Northern and Western Europe and in export. In the first half of fiscal 2026 the company grew profitability, and its 2026 guidance was reiterated, which makes the period relevant for investors and analysts. Net revenue reached 7,737 mDKK in H1 2026 and EBIT 1,026 mDKK.
At the close of 06 Nov 2026, Royal Unibrew A/S (RBREW.CO) stock was 454.00 DKK (−2.03% on the day), with market capitalisation 22.6 bn DKK, P/E 14.5 on diluted EPS of 31.30 DKK over the last 12 months, dividend yield 3.32%, beta 0.39, 52-week range 398.60–650.50 DKK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 63.9
- strong (55–70)
- Bollinger (20, 2)
- 405.03 – 467.59
- in the upper half of the band · %B 0.78 · band width 14.3%
- SMA 50 / 200
- 423.30 / 480.41
- mixed trend
- MACD (12, 26, 9)
- 9.92 / 7.13
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +12.8% | −0.6% | +13.4 pp | — |
| 3 months | −5.8% | −4.2% | −1.7 pp | — |
| 6 months | +11.2% | +4.3% | +6.9 pp | — |
| Year to date | −21.0% | +7.5% | −28.5 pp | — |
| 1 year | −7.8% | +9.9% | −17.7 pp | −8.6% |
| 3 years | −13.5% | +49.8% | −63.3 pp | +3.6% |
| 5 years | −44.7% | +42.8% | −87.5 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 2-quarter history (min 17.3, median 17.8, max 18.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | 15.0 bn | 15.7 bn |
| Revenue YoY | unavailable | +4.6% |
| Net income | 1.5 bn | 1.6 bn |
| Net income YoY | unavailable | +6.6% |
| Diluted EPS | 29.20 | 31.30 |
| Diluted EPS YoY | unavailable | +7.2% |
| net % | 9.7% | 9.9% |
| Free cash flow | 1.4 bn | 1.6 bn |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 82.0 m DKK
- Financial debt
- unavailable DKK
- Net debt
- unavailable DKK
- Equity
- 6.7 bn DKK
- Total assets
- 18.3 bn DKK
- Debt / equity
- unavailable
- Current ratio
- 0.71x
- ROE
- 23.8%
- ROA
- 8.6%
- FCF margin
- 10.1%
Financial statements (source on every figure)
Revenue and net income (DKK)
Margins
Income statement · DKK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 15.0 bn | 15.7 bn | esef· 12 May 2026verified |
| Cost of revenue | 8.6 bn | 9.0 bn | esef· 12 May 2026verified |
| Gross profit | 6.4 bn | 6.8 bn | esef· 12 May 2026verified |
| Operating income | 2.0 bn | 2.2 bn | esef· 12 May 2026verified |
| Interest expense | 326.0 m | 280.0 m | esef· 12 May 2026verified |
| Pre-tax income | 1.9 bn | 2.0 bn | esef· 12 May 2026verified |
| Income tax | 401.0 m | 406.0 m | esef· 12 May 2026verified |
| Net income | 1.5 bn | 1.6 bn | esef· 12 May 2026verified |
| Diluted EPS | 29.20 | 31.30 | esef· 12 May 2026verified |
| Dividend per share | — | 15.08 | esef· 02 Sept 2026derived |
Balance sheet · DKK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 103.0 m | 82.0 m | esef· 12 May 2026verified |
| Receivables | 1.9 bn | 1.9 bn | esef· 12 May 2026verified |
| Inventories | 1.3 bn | 1.3 bn | esef· 12 May 2026verified |
| Current assets | 3.5 bn | 3.4 bn | esef· 12 May 2026verified |
| Property, plant & equipment, net | 4.7 bn | 5.1 bn | esef· 12 May 2026verified |
| Goodwill | 5.1 bn | 5.2 bn | esef· 12 May 2026verified |
| Intangibles (excl. goodwill) | 4.4 bn | 4.5 bn | esef· 12 May 2026verified |
| Total assets | 17.9 bn | 18.3 bn | esef· 12 May 2026verified |
| Current liabilities | 5.5 bn | 4.8 bn | esef· 12 May 2026verified |
| Total liabilities | 11.5 bn | 11.6 bn | esef· 12 May 2026verified |
| Equity | 6.4 bn | 6.7 bn | esef· 12 May 2026verified |
| Shares outstanding at year end | 50.1 m | 49.7 m | esef· 02 Sept 2026derived |
Cash flow · DKK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 2.2 bn | 2.4 bn | esef· 12 May 2026verified |
| Capex | 761.0 m | 797.0 m | esef· 12 May 2026verified |
| Free cash flow | 1.4 bn ≈ | 1.6 bn ≈ | esef· 12 May 2026derived |
| Investing cash flow | -651.0 m | -954.0 m | esef· 12 May 2026verified |
| Financing cash flow | -1.5 bn | -1.5 bn | esef· 12 May 2026verified |
| Dividends paid | — | 749.0 m | esef· 02 Sept 2026verified |
| Share repurchases | — | 550.0 m | esef· 02 Sept 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 22.6 bn DKK
Key indicators
Coverage and freshness
Score by group
52% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 9.9% | 74 (vs peers) | 12% |
| FCF conversion · Quality | 101.8% | 100 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 7.9x | 98 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 0.7x | 0 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 14.5x | 50 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 7.0% | 88 (on a fixed band) | 16% |
| Shareholder yield (distributions) · Returns | 5.8% | 82 (on a fixed band) | 12% |
| Payout ratio (FCF) · Returns | 47.2% | 100 (on a fixed band) | 8% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet59/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality87/100 · 2/3 factors with a value
- Returns89/100 · 2/2 factors with a value
- Valuation67/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ROYAL UNIBREW A/S (RBREW.CO). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 15.7 bn DKK in 2025; YoY growth 4.6%; net margin 9.9%; ROE 25.3%.
The estimated value range is 251.33–458.23 DKK per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 291.04 DKK, the price of 454.00 DKK leaves a potential of -35.9% (value / price − 1) and a margin of safety of -56.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 9.9%
- FCF conversion: 101.8%
- Interest coverage: 7.9x
- FCF yield: 7.0%
- Shareholder yield (distributions): 5.8%
- Payout ratio (FCF): 47.2%
What contradicts it
- Current ratio: 0.7x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Listed companies from Denmark · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DEMANT.CODemant A | 79.7 bn | 51.6 | 15.0% | 6.7% | +2.5% | +72% / +30% |
| NEWCAP.CONewcap Holding A | 64.6 bn | 13,000.0 | 29.1% | 41.6% | −99.9% | +118% / +60% |
| ISS.COIss A | 49.6 bn | 19.3 | 27.7% | 3.1% | +1.1% | +40% / +152% |
| RBREW.CORoyal Unibrew A | 22.6 bn | 14.5 | 25.3% | 9.9% | +4.6% | −19% / +3% |
| BAVA.COBavarian Nordic A | 18.8 bn | 13.7 | 10.9% | 22.0% | unavailable | +30% / +44% |
| GN.COGn Store Nord A | 18.0 bn | 27.6 | 6.3% | 6.8% | unavailable | +19% / −23% |
| NETC.CONetcompany Group A | 16.5 bn | 65.0 | 7.2% | 3.3% | unavailable | +9% / +61% |
| BIOMAR.COBiomar Group A | 12.0 bn | 16.9 | 28.3% | 4.3% | −0.5% | unavailable / unavailable |
| JDAN.COJeudan A | 11.0 bn | 11.0 | 7.7% | 57.1% | unavailable | +1% / −9% |
| DFDS.CODfds A | 8.4 bn | — | -0.2% | -0.1% | +1.9% | +69% / −27% |
| GUBRA.COGubra A | 4.9 bn | 2.9 | 149.6% | 64.1% | +892.2% | −39% / +161% |
| MATAS.COMatas A | 3.1 bn | 13.0 | 6.6% | 2.8% | +4.7% | −31% / −21% |
| CBRAIN.COCbrain A | 2.3 bn | 52.4 | 13.8% | 17.2% | −6.2% | −24% / −54% |
| BO.COBang & Olufsen A | 1.7 bn | — | -10.0% | -4.3% | −3.3% | −23% / +14% |
| COLUM.COColumbus A | 1.2 bn | 82.9 | 2.0% | 0.9% | unavailable | −7% / +28% |
| NNIT.CONnit A | 989.7 m | — | -3.0% | -1.3% | −3.4% | −18% / −55% |
| NORTHM.CONorth Media A | 882.1 m | 13.3 | 5.5% | 5.1% | −0.4% | +12% / −15% |
| FFARMS.COFirstfarms A | 787.5 m | — | -2.3% | -5.4% | −16.5% | −9% / −1% |
| HUSCO.COHusCompagniet A | 524.7 m | — | -1.3% | -0.9% | +28.7% | −38% / −45% |
| BIOPOR.COBioporto A | 451.6 m | — | -117.6% | -203.8% | +11.2% | −9% / −53% |
| GABR.COGabriel Holding A | 429.4 m | 57.5 | 2.8% | 1.4% | +6.7% | −10% / −29% |
| GREENM.COGreenMobility A | 386.6 m | 11.7 | 74.3% | 21.5% | +20.0% | −20% / +88% |
| EGNETY.COEgnsinvest Ejendomme Tyskland A | 320.0 m | 13.0 | 4.0% | 40.9% | −2.6% | −21% / +11% |
| PFINV.COPapirfabrikken Invest A | 299.0 m | 13.4 | 5.4% | 29.7% | +0.9% | −3% / +35% |
| CEMAT.COCemat A | 214.4 m | 3.5 | 28.7% | 37.5% | +318.0% | −9% / +4% |
1- and 3-year price returns: for RBREW.CO from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (DKK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 269.40 Total return -38% · Per year -38% | 476.26 Total return 8% · Per year 8% | 717.36 Total return 62% · Per year 62% |
| 3 years | 261.82 Total return -35% · Per year -13% | 520.78 Total return 26% · Per year 8% | 861.22 Total return 104% · Per year 27% |
| 5 years | 254.45 Total return -31% · Per year -7% | 569.45 Total return 45% · Per year 8% | 1,033.92 Total return 153% · Per year 20% |
- Exit P/E± 130.19
- Net margin± 91.14
- Annual revenue growth± 74.76
- Annual dilution± 7.66
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Royal Unibrew is a Danish multi-beverage producer with owned brands such as Faxe Kondi, Ceres and Faxe Beer, active in Northern and Western Europe and in export. In the first half of fiscal 2026 the company grew profitability, and its 2026 guidance was reiterated, which makes the period relevant for investors and analysts 1. Net revenue reached 7,737 mDKK in H1 2026 and EBIT 1,026 mDKK 1.
SWOT
Strengths
Weaknesses
Opportunities
Threats
- Consumers are under pressure and discretionary spending may fall, which could affect volumes 1.
- Volatile energy, raw material and transport prices may affect margins if hedges do not cover all costs 1.
- Weather during the peak season can significantly influence results, especially in Northern Europe 1.
Risks
- Pressured consumershigh
Consumers are reducing discretionary spending, which could affect volumes and product mix, according to the company's guidance 1.
- Volatile costsmedium
Energy, raw materials and transport may rise, and contractual hedges do not fully protect against these fluctuations 1.
- End of PepsiCo partnershipmedium
Non-renewal of the Northern European partnerships after 2028 may reduce certain revenues and change the portfolio structure 1.
- Rising debtlow
Share buy-backs and seasonality have increased net debt, which could limit financial flexibility if profitability falls 1.
- Weather factorslow
Unfavourable weather in the peak season may reduce volumes, as happened in some recent periods 1.
Investment thesis
What would need to be true (bull case)
- If organic EBIT growth stays within the guided range and margins keep improving, the company could confirm its profitability progress 1.
- The RTD and energy categories, where owned brands perform well, could become a growth driver over the medium term 1.
- Cost discipline and the reduction of low-margin activities could support higher returns on invested capital 1.
What would break the thesis
- Pressured consumers and price competition could limit revenue growth, especially if revenue guidance stays at the prior-year level 1.
- Rising net debt and modest free cash flow could restrict the company's capacity to fund investments and buy-backs 1.
- Exiting the PepsiCo partnership in some markets could reduce revenue after 2028 if not offset by owned brands 1.
What to watch
- Net revenue development in Q3, reported in mid-NovemberQ3 2026
- Level of net interest-bearing debt relative to EBITDA against the company's targetnext 10-K
- Progress of the Dr Pepper launch in Norway, scheduled for 20272027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Royal Unibrew produces and distributes soft drinks, beer, energy drinks, RTD (ready-to-drink) beverages, cider and mineral waters, combining owned brands with partnerships with international brands. The company is organized in three market segments (Northern Europe, Western Europe and International), each with its own volume and margin dynamics 1. Its strategy emphasizes growth categories, owned brands and operational efficiency rather than raw volume 1.
Segments
Northern Europe
The segment includes businesses in Denmark, Finland, Norway, Sweden and the Baltic countries and represents the majority of group volumes and revenue, with 60% of volumes and 64% of net revenue in H1 2026 1. Organic volume growth was 2.3% in H1 2026, and the EBIT margin improved slightly 1.
Western Europe
The segment covers the Netherlands, Belgium, Luxembourg, Italy and France and recorded EBIT of 260 mDKK in Q2 2026 (480 mDKK for the first half), with strong organic profit growth driven mainly by Italy 1. Volumes in the Netherlands declined after the reduction of low-margin promotions 1.
Market context
The company operates in mature markets with pressured consumers and demand shifting between categories, from beer towards RTD and energy drinks, while beer consumption declines 1. European beverage markets are characterized by price competition and macroeconomic uncertainty, which can affect demand and margins 1. The impact of these factors on results depends on consumption trends and distribution channels 1.
Trends
- Shift towards energy drinks and RTDtailwind
Demand is growing particularly in RTD and energy categories, where owned brands such as Shaker and Faxe Kondi Booster grew double digits 1. If this trend continues it could support volumes and product mix 1.
- Declining beer consumptionheadwind
The beer market is declining in Denmark and the Baltic countries, which could pressure volumes in the traditional category 1.
- Cost inflation in production and transportmixed
Inflationary pressure on energy, raw materials and transport may affect margins, although part of the risk is covered by hedging instruments and contracts 1.
- Ending of PepsiCo partnership in parts of Northern Europemixed
The company announced that its partnership agreements with PepsiCo in Denmark, Finland and the Baltics will not be renewed at expiry at the end of 2028 1. The change may alter the portfolio and long-term revenue structure 1.
Competitive position
Beverage markets in Northern and Western Europe are competitive, and prices are pressured by rivals and aggressive promotions, especially in CSD and water 1. Royal Unibrew aims to gain market share through owned brands, innovation and commercial execution 1. Specific competitors are not detailed in the analysed source.
- International partners and licensors (PepsiCo, Schweppes)
The company partly operates under partnerships with international brands, and the PepsiCo relationship changes after 2028 1.
- Distributors and retail chains
Pressure from retail chains and shelf pricing affects margins and volumes in the Nordic markets 1.
- Local beer and soft drink producers
Regional rivals compete on price, particularly in the CSD segment in the Baltics and Finland 1.
- Energy drink and RTD producers
Competition in the growing categories is intense, which may limit share gains 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202602 Sept 2026
- Annual report 202512 May 2026
- Annual report 202502 Sept 2026
Sources
- [1] Annual report, fiscal year ended 2026-06-30 (ESEF) · SEC / Royal Unibrew A/S · 30 Jun 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.