Berentzen-Gruppe (BEZ) investor relations material

Executive summary

• The first half of 2026 was marked as a transitional period, with significant declines in revenue and profit due to weak consumer sentiment, especially in the German spirits market, and strategic changes by key customers.

• New initiatives, including the launch of the Juma brand and a relaunch of Puschkin, were implemented to address market shifts and are expected to yield positive effects in the second half of the year.

Financial highlights

• Consolidated revenues (excl. alcohol tax) fell 11.1% year-over-year to EUR 71.0 million.

• EBITDA dropped 33.8% to EUR 4.9 million; EBIT declined 82.5% to EUR 0.6 million.

• Net profit turned negative at EUR -1.5 million, compared to EUR 0.6 million in H1 2025.

• Free cash flow was negative at EUR -12.5 million, down 59.5% year-over-year.

• Total net debt increased by 14.0% to EUR 18.4 million.

Outlook and guidance

• Full-year 2026 revenue is forecasted between EUR 151.0 million and EUR 156.0 million.

• EBIT guidance was revised down to EUR 3.5–5.0 million; EBITDA to EUR 12.4–13.9 million.

• Operating cash flow is expected in the range of EUR 8.5–9.4 million.

• Equity ratio forecast lowered to 35.5–38.5%; dynamic gearing ratio expected at 0.50–0.70.