Interim Financial Report H1 2022/23

Today, the Board of Directors of Harboes Bryggeri A/S has discussed and approved the following interim financial report for the first half of 2022/23.

CEO SØREN MALLING STATES:

"Our second quarter was characterised by continued challenges with high prices for the manufacture and distribution of finished goods. We have not achieved sufficient coverage of the increased costs through sales prices, and combined with reduced turnover from export activities, this results in lower earnings for the quarter. Through ongoing efforts, we are working to create a balance in earnings in the short term, so that we can prepare the business for future growth.

In the second quarter, we launched the new design of our non-alcoholic beverages in the Harboe brand, completing the re-branding of the entire beverage portfolio under the Harboe brand in Denmark, which has been well received by consumers. At the same time, we see a positive consumer trend with increased activity in the budget segment, where we compete.

Overall, the first half of the year was not as expected, but we believe in the strategy and maintain our planned strategic measures to ensure a future foundation for growth and earnings. We maintain expectations for the year as a whole of an EBITDA in the range of 63-103 mDKK and profit before tax in the range of -30 - +10 mDKK.”

Skælskør, 8 December 2022

Bernhard Griese                        

Chairperson

FOR FURTHER INFORMATION

CFO Simon Andersson

Tel.:

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