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UNIBREW, August 22d 2023

Multi-beverage businesses in Northern Europe continue to perform well and EBIT in Northern Europe grew organically by 19% in H1 2023 (H1 2022: -9%). The Italian wholesale channel for On-Trade beer normalized during Q2 thereby ending a period of de-stocking that impacted the first half of the year negatively.

Unibrew has implemented price increases in all markets during the first half of 2023, which impact net revenue positively. Net revenue increased organically by 5% in Q2 2023 (H1 2023: 6%), including a negative impact of around 2 percentage points from currency developments. This resulted in a positive price/ mix of 9% for the quarter (H1 2023: +9%), including the negative currency impact. The consumer dynamics remain relatively strong across our European footprint.

EBIT grew organically by 3% in Q2 2023 (H1 2023: 0%), marking the first quarter with positive organic EBIT growth since Q1 2021. M&A contributed by around DKK 10 million in Q2 2023 (H1 2023: around DKK -10 million) as a consequence of the significant devaluation of Norwegian Kroner. For H1 2023 the negative currency impact on EBIT was around DKK 30 million.

Free cash flow in Q2 2023 was DKK 949 million, an improvement of DKK 280 million compared to last year, resulting in a first half- year free cash flow of DKK 545 million (H1 2022: DKK 310 million).

Full-year outlook for 2023 is now net revenue around DKK 13 billion (previously: DKK 13-14 billion) and EBIT of DKK 1,600- 1,750 million (previously: DKK 1,550-1,750 million).

Date de publication :22/08/2023

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