Royal Unibrew European Consumer Staples and Retail Conference Key Takeaways

Royal Unibrew management remains focused on transitioning to owned brands to mitigate the 2029 Pepsi license expiry while leveraging strong growth in Italy and international markets.

Key Takeaways

• 1.Management is focused on increasing owned brand share to mitigate the FY29 Pepsi license expiry, noting that higher profitability of owned brands reduces the need to fully replace lost volumes.
• 2.Growth in International business and Italy is currently exceeding assumptions in the medium-term organic EBIT framework.
• 3.Price increases of approximately 2.5% are being implemented across various markets to offset cost inflation, with benefits expected in H2 26.

Table of Contents

• European Consumer Staples and Retail Conference
• Valuation and risks
• Disclosure Appendix
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures

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