Olvi (OLVAS) Q2 2026 earnings summary

Executive summary

• Net sales and profit accelerated in Q2 2026, driven by volume growth, acquisitions, and product portfolio optimization, with organic growth in all markets except Denmark.

• All four acquisitions completed, expanding presence to Sweden, Norway, Bosnia and Herzegovina, Serbia, Latvia, and Estonia, reaching 25 million new consumers and balancing the portfolio between alcoholic and non-alcoholic beverages.

• Portfolio now balanced 50/50 between non-alcoholic and alcoholic products, supporting sustainable growth from Q3 onwards.

• Market shares remained stable despite tight price competition and cost pressures from geopolitical conflicts.

• Profitability improved in Belarus and the Baltics, while Denmark's losses weighed on the Rest of Europe segment.

Financial highlights

• Q2 2026 sales volume reached 300.6 million litres (+4.2% YoY); net sales €224.4 million (+15.0%); EBIT/operating result €31.8 million (+21.0%).

• H1 2026 sales volume 505.9 million litres (+3.8% YoY); net sales €372.4 million (+13.5%); EBIT/operating result €42.5 million (+9.6%).

• Earnings per share for H1 2026 at €1.39 (up from €1.30 YoY); operating cash flow improved to €30.0 million.

• Gross margin improved to 42.1% from 41% YoY.

• Investments in H1 2026 totaled €24.8 million, mainly in brewery and logistics infrastructure.

Outlook and guidance

• 2026 operating result guidance narrowed to €84–90 million, reflecting H1 actuals.

• Growth focus continues in new and domestic markets, especially in non-alcoholic categories.

• Profit improvement from acquisitions expected mainly from 2027 as synergies materialize.

• Uncertainties remain due to logistics and packaging cost inflation, ongoing Denmark turnaround, and geopolitical risks.