Royal Unibrew - Public Comps and Valuation Multiples

Royal Unibrew Overview

About Royal Unibrew

Royal Unibrew AS manufactures and sells beverages, including beer, malt beverages, cider, soft drinks, juice, and water. The company produces and distributes its own brands and partner brands, with its largest licensing agreements with PepsiCo and Heineken. Royal Unibrew is the PepsiCo bottler in Denmark, Finland, the Netherlands, Belgium, Luxembourg, Lithuania, Latvia, and Estonia. Royal Unibrew is Heineken’s bottling partner in Denmark, Finland, Norway, and the Baltics. Royal Unibrew was founded in 1989 and listed on the Copenhagen stock exchange in 1998.In 2024, Royal Unibrew took over PepsiCo’s beverage business in Luxembourg and Belgium. In 2025, Royal Unibrew finalized its acquisition of Pernod Ricard’s portfolio of Nordic brands, including spirits, liqueurs, and wines.

Founded

1992

HQ

Employees

4.2K+

Website

royalunibrew.com

Sectors

Alcohol

Financials

LTM Revenue $2.5B

LTM EBITDA $450M

EV

$5.2B

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Royal Unibrew Financials

As of November 2025, Royal Unibrew reported last 12-month revenue of $2.5B and EBITDA of $450M.

In the same period, Royal Unibrew generated $976M in LTM gross profit and $238M in net income.

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Royal Unibrew P&L

In the most recent fiscal year, Royal Unibrew reported revenue of $2.3B and EBITDA of $442M.

Royal Unibrew expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$2.5B	XXX	$2.3B	XXX	XXX	XXX
Gross Profit	$976M	XXX	$994M	XXX	XXX	XXX
Gross Margin	40%	XXX	42%	XXX	XXX	XXX
EBITDA	$450M	XXX	$442M	XXX	XXX	XXX
EBITDA Margin	18%	XXX	19%	XXX	XXX	XXX
EBIT	$340M	XXX	$306M	XXX	XXX	XXX
EBIT Margin	14%	XXX	13%	XXX	XXX	XXX
Net Profit	$238M	XXX	$228M	XXX	XXX	XXX
Net Margin	10%	XXX	10%	XXX	XXX	XXX
Net Debt	XXX	XXX	$887M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Royal Unibrew including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $2.5B. EBITDA for the last twelve months was $450M. In the most recent fiscal year, Royal Unibrew achieved $2.3B in revenue and $442M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$2.5B	Analyst estimates available to subscribers	$2.3B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$976M	Analyst estimates available to subscribers	$994M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	39.7% gross margin	Analyst estimates available to subscribers	42.5% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$450M	Analyst estimates available to subscribers	$442M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	18.3% EBITDA margin	Analyst estimates available to subscribers	18.9% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$340M	Analyst estimates available to subscribers	$306M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	13.9% EBIT margin	Analyst estimates available to subscribers	13.1% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$238M	Analyst estimates available to subscribers	$228M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	9.7% net profit margin	Analyst estimates available to subscribers	9.7% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$887M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Royal Unibrew

This financial data table provides comprehensive performance metrics for Royal Unibrew, a company based in Denmark. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Royal Unibrew generated $2.5B in revenue over the last twelve months.
The company achieved $450M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $976M.
Net income over the last twelve months reached $238M.

Fiscal Year Performance

In the most recent fiscal year, Royal Unibrew reported $2.3B in total revenue.
Fiscal year EBITDA was $442M.
The company maintained a gross profit margin of 42.5% in the most recent fiscal year.
EBITDA margin for the fiscal year was 18.9%.
Net profit margin reached 9.7% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Royal Unibrew. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Royal Unibrew Stock Performance

Royal Unibrew has current market cap of DKK 27.7B (or $4.3B), and EV of DKK 33.7B (or $5.2B).

Market Cap Evolution

Royal Unibrew Stock Data

As of December 5, 2025, Royal Unibrew's stock price is DKK 564 (or $88).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$5.2B	$4.3B	XXX	XXX	XXX	XXX	$4.78

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Royal Unibrew Valuation Multiples

Royal Unibrew's trades at 2.2x EV/Revenue multiple, and 11.9x EV/EBITDA.

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Royal Unibrew Financial Valuation Multiples

As of December 5, 2025, Royal Unibrew has market cap of $4.3B and EV of $5.2B.

Equity research analysts estimate Royal Unibrew's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Royal Unibrew has a P/E ratio of 18.1x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$4.3B	XXX	$4.3B	XXX	XXX	XXX
EV (current)	$5.2B	XXX	$5.2B	XXX	XXX	XXX
EV/Revenue	2.1x	XXX	2.2x	XXX	XXX	XXX
EV/EBITDA	11.7x	XXX	11.9x	XXX	XXX	XXX
EV/EBIT	15.4x	XXX	17.1x	XXX	XXX	XXX
EV/Gross Profit	5.4x	XXX	n/a	XXX	XXX	XXX
P/E	18.1x	XXX	18.9x	XXX	XXX	XXX
EV/FCF	25.8x	XXX	24.6x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Royal Unibrew Margins & Growth Rates

Royal Unibrew's last 12 month revenue growth is 2%

Royal Unibrew's revenue per employee in the last FY averaged $0.6M, while opex per employee averaged $0.2M for the same period.

Royal Unibrew's rule of 40 is 19% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Royal Unibrew's rule of X is 22% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Royal Unibrew Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	2%	XXX	3%	XXX	XXX	XXX
EBITDA Margin	18%	XXX	19%	XXX	XXX	XXX
EBITDA Growth	7%	XXX	15%	XXX	XXX	XXX
Rule of 40	19%	XXX	20%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	22%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.6M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.2M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	24%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	29%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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