reports
Share buy-back program
Share buy-back program COMPANY ANNOUNCEMENT NO 25/2025 - May 5, 2025 On February 25, 2025, Royal Unibrew initiated a share buy-back program, cf. company announcement no. 3/2025 of February 25, 2025. The program is carried out under Art. 5 of Regulation (EU) No 596/2014 of the European Parliament and of the Council of April 16, 2014, on market abuse, as amended (the Market Abuse Regulation - MAR) and the Commission Delegated Regulation (EU) No 2016/1052 of March 8, 2016. The share buy-back program is expected to be realized in the period from February 26, 2025, to August 15, 2025. The tot...
- Jesper Ingildsen
Royal Unibrew (Buy, TP: DKK670.00) - Q1 softer than expected
Royal Unibrew’s Q1 was affected by a less-favourable Easter effect in the important Northern Europe region. While this was expected to some degree, the c4% top-line and c10% EBIT misses to consensus were a negative surprise. We reiterate our BUY, but have lowered our target price to DKK670 (690).
- Jesper Ingildsen
Carlsberg (Buy, TP: DKK1075.00) - Soft Q1, but with bright spots
We consider the Q1 results slightly on the soft side (with organic volume misses across the board), albeit less so adjusted for the loss of the San Miguel contract. Despite the general weakness, there were a couple of bright spots, including positive commentary on the premium beer market in China. We reiterate our BUY and DKK1,075 target price.
Annual General Meeting 2025
Annual General Meeting 2025 COMPANY ANNOUNCEMENT NO 24/2025 - April 29, 2025 On Tuesday, 29 April 2025 at 4 pm CEST Royal Unibrew A/S held its Annual General Meeting at which the below resolutions were made. Agenda and full contents of the proposals: 1. Report on the Company’s business activities during the yearThe Board of Directors’ report was noted. 2. Presentation of the audited Annual Report for 2024 for approval The Company’s Annual Report for 2024 was adopted by the Annual General Meeting. 3. Resolution to discharge the Board of Directors and the Executive Managem...
- ABGSC Services Research
- Henrik Bartnes
- Petter Nystrøm
Q1 2025 Trading Statement
Q1 2025 Trading Statement COMPANY ANNOUNCEMENT NO 23/2025 - April 29, 2025 Start of 2025 in line with our expectations: Volume and net revenue on par with Q1 2024, despite Easter phasing from Q1 last year to Q2 this year and a sectoral strike in Finland.EBIT growth of 4%.EBIT margin expansion of 0.2 percentage points.EPS growth of 25%.The financial outlook for full-year 2025 is reiterated. Statement by Royal Unibrew’s CEO, Lars Jensen: "We are pleased to report that the year has started in line with our expectations. Considering the subdued consumer confidence across our main markets, a...
Share buy-back program
Share buy-back program COMPANY ANNOUNCEMENT NO 22/2025 - April 28, 2025 On February 25, 2025, Royal Unibrew initiated a share buy-back program, cf. company announcement no. 3/2025 of February 25, 2025. The program is carried out under Art. 5 of Regulation (EU) No 596/2014 of the European Parliament and of the Council of April 16, 2014, on market abuse, as amended (the Market Abuse Regulation - MAR) and the Commission Delegated Regulation (EU) No 2016/1052 of March 8, 2016. The share buy-back program is expected to be realized in the period from February 26, 2025, to August 15, 2025. The ...
- Jesper Ingildsen
Royal Unibrew (Buy, TP: DKK690.00) - Q1e – likely a mixed quarter
We expect a mixed start to the year in Q1 from a top-line perspective, and continued margin progression. Q1 is normally a small quarter and we find it unlikely the company will make any changes to the full-year guidance. We reiterate our BUY and DKK690 target price.
- Jesper Ingildsen
Carlsberg (Buy, TP: DKK1075.00) - Expect flat start to 2025e
We expect Carlsberg to report a slow start to the year, mainly related to the loss of the San Miguel contract and the timing of Easter. However, we believe this should not come as a surprise, and thus expect the 2025 guidance to be maintained. At a 12-month forward P/E of c14x, we still find the stock attractive, with further upside potential from better-than-expected execution of Britvic and any improvement in China. We reiterate our BUY and DKK1,075 target price.
Share buy-back program
Share buy-back program COMPANY ANNOUNCEMENT NO 21/2025 - April 22, 2025 On February 25, 2025, Royal Unibrew initiated a share buy-back program, cf. company announcement no. 3/2025 of February 25, 2025. The program is carried out under Art. 5 of Regulation (EU) No 596/2014 of the European Parliament and of the Council of April 16, 2014, on market abuse, as amended (the Market Abuse Regulation - MAR) and the Commission Delegated Regulation (EU) No 2016/1052 of March 8, 2016. The share buy-back program is expected to be realized in the period from February 26, 2025, to August 15, 2025. The ...
Share buy-back program
Share buy-back program COMPANY ANNOUNCEMENT NO 20/2025 - April 14, 2025 On February 25, 2025, Royal Unibrew initiated a share buy-back program, cf. company announcement no. 3/2025 of February 25, 2025. The program is carried out under Art. 5 of Regulation (EU) No 596/2014 of the European Parliament and of the Council of April 16, 2014, on market abuse, as amended (the Market Abuse Regulation - MAR) and the Commission Delegated Regulation (EU) No 2016/1052 of March 8, 2016. The share buy-back program is expected to be realized in the period from February 26, 2025, to August 15, 2025. The...
Notice to the Annual General Meeting
Notice to the Annual General Meeting COMPANY ANNOUNCEMENT NO 19/2025 - April 7, 2025 To the shareholders of Royal Unibrew A/SCVR No 41 95 67 12The Board of Directors of Royal Unibrew A/S hereby gives notice of the Company’s Annual General Meeting 2025 Tuesday, April 29, 2025, at 4 pm (CEST) The Annual General Meeting will be held as a fully electronic general meeting with no physical attendance in accordance with the Company’s Articles of Association Agenda and full contents of the proposals: 1. Report on the Company’s business activities during the year 2. Presen...
Share buy-back program
Share buy-back program COMPANY ANNOUNCEMENT NO 18/2025 - April 7, 2025 On February 25, 2025, Royal Unibrew initiated a share buy-back program, cf. company announcement no. 3/2025 of February 25, 2025. The program is carried out under Art. 5 of Regulation (EU) No 596/2014 of the European Parliament and of the Council of April 16, 2014, on market abuse, as amended (the Market Abuse Regulation - MAR) and the Commission Delegated Regulation (EU) No 2016/1052 of March 8, 2016. The share buy-back program is expected to be realized in the period from February 26, 2025, to August 15, 2025. The t...
Resolutions from the Annual General Meeting 2025
Resolutions from the Annual General Meeting 2025 Today, the Annual General Meeting of Novonesis (Novozymes A/S) was conducted. The following resolutions were made: Approval of the audited Annual Report for 2024Approval of distribution of profit with payment of an ordinary dividend of DKK 4.20 (corresponding to approximately EUR 0.56) per A and B share. In addition to this year-end dividend, an interim dividend of DKK 2.00 (EUR ~0.27) was disbursed on September 3, 2024.Approval of the Remuneration Report for 2024 (advisory vote)Approval of the remuneration of members of the Board of Direc...
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