Royal Unibrew Income Statement

Financials in millions DKK. Fiscal year is January - December.

Millions DKK. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	15,723	15,036	12,927	11,487	8,746
Revenue Growth (YoY)	4.57%	16.31%	12.54%	31.34%	19.56%
Cost of Revenue	8,957	8,648	7,533	6,618	4,490
Gross Profit	6,766	6,388	5,394	4,869	4,256
Selling, General & Admin	4,564	4,420	3,776	3,349	2,585
Operating Expenses	4,564	4,420	3,776	3,349	2,585
Operating Income	2,202	1,968	1,618	1,521	1,672
Interest Expense	-250	-308	-228	-60	-35
Interest & Investment Income	20	23	8	3	-
Earnings From Equity Investments	18	-6	18	2	37
Currency Exchange Gain (Loss)	-22	-14	-18	-17	-6
Other Non Operating Income (Expenses)	-2	-2	-12	-19	-1
EBT Excluding Unusual Items	1,966	1,661	1,386	1,430	1,667
Merger & Restructuring Charges	-	-	-10	-4.5	-19.5
Gain (Loss) on Sale of Investments	-	204	-	360	-
Gain (Loss) on Sale of Assets	-	-	30	-	-
Pretax Income	1,966	1,865	1,406	1,785	1,647
Income Tax Expense	406	401	311	294	349
Earnings From Continuing Operations	1,560	1,464	1,095	1,491	1,298
Minority Interest in Earnings	-	-	-	1	1
Net Income	1,560	1,464	1,095	1,492	1,299
Preferred Dividends & Other Adjustments	-	-	-	360	-
Net Income to Common	1,560	1,464	1,095	1,132	1,299
Net Income Growth	6.56%	33.70%	-26.61%	14.86%	9.81%
Shares Outstanding (Basic)	49	50	50	49	48
Shares Outstanding (Diluted)	50	50	50	49	48
Shares Change (YoY)	-0.81%	0.62%	1.62%	1.23%	-1.55%
EPS (Basic)	31.57	29.34	22.04	23.16	26.87
EPS (Diluted)	31.30	29.20	21.90	23.10	26.50
EPS Growth	7.19%	33.33%	-5.20%	-12.83%	10.01%
Free Cash Flow	1,588	1,428	1,175	660	1,327
Free Cash Flow Per Share	31.98	28.53	23.62	13.48	27.44
Dividend Per Share	16.000	15.000	-	14.500	14.500
Dividend Growth	6.67%	-	-	-	7.41%
Gross Margin	43.03%	42.48%	41.73%	42.39%	48.66%
Operating Margin	14.01%	13.09%	12.52%	13.24%	19.11%
Profit Margin	9.92%	9.74%	8.47%	9.86%	14.85%
Free Cash Flow Margin	10.10%	9.50%	9.09%	5.75%	15.17%
EBITDA	2,885	2,605	2,197	2,008	2,053
EBITDA Margin	18.35%	17.32%	16.99%	17.48%	23.47%
D&A For EBITDA	683	637	579	487	381
EBIT	2,202	1,968	1,618	1,521	1,672
EBIT Margin	14.01%	13.09%	12.52%	13.24%	19.11%
Effective Tax Rate	20.65%	21.50%	22.12%	16.47%	21.19%

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.