Berentzen-Gruppe AG

Latest Results (01.09.2026):

Berentzen‑Gruppe AG — first half (H1 / Q1–Q2) 2026: The Group reported weaker results versus H1 2025 with consolidated revenues (excl. alcohol tax) down to EUR 71.0m (‑11.1%), adjusted EBITDA down to EUR 4.9m (‑33.8%) and adjusted EBIT to EUR 0.6m (‑82.5%). Net result was a loss of EUR ‑1.5m (vs. a profit of EUR 0.6m a year earlier). The decline was driven mainly by the Spirits segment, operational cash flow fell and free cash flow remained negative, while management launched the BERENTZEN EVOLVE 2030 strategy and updated guidance for FY2026.

Headline financials

Key H1 2026 figures: consolidated revenues excl. alcohol tax EUR 71.0m (H1 2025: EUR 79.9m), total operating performance EUR 71.4m (vs. 81.2m), adjusted EBITDA EUR 4.9m, adjusted EBIT EUR 0.6m, consolidated profit EUR ‑1.5m. ROCE and margins compressed (EBIT margin 0.8%).

Segment performance

Spirits was the largest contributor to the revenue decline: Spirits revenues fell to EUR 44.4m (‑11.7%), driven largely by a major private‑label customer ending exclusive supply of American Bourbon Whisky and by soft branded spirits demand. Non‑alcoholic Beverages fell to EUR 15.5m (‑9.9%) amid price sensitivity (Mio Mio, Emsland); Fresh Juice Systems declined to EUR 8.1m (‑14.3%). Spirits Turkey grew modestly to EUR 2.7m (+3.8%).

Cash flow, balance sheet & financing

Operating cash flow fell to EUR 3.6m (H1 2025: 6.4m). Free cash flow was negative at EUR ‑12.5m. Cash and cash equivalents at period‑end were reported at EUR ‑9.7m (factoring/customer settlement structure noted). Total net debt rose to EUR 18.4m (+14%). The syndicated loan was refinanced (new facility EUR 36m) and €9.9m bullet was repaid early.

Guidance update for FY2026

Management revised FY2026 guidance (issued July 2026): consolidated EBIT now expected EUR 3.5–5.0m, consolidated EBITDA EUR 12.4–13.9m, and consolidated revenues EUR 151.0–156.0m. The update reflects weaker H1 trends but expects first positive effects from H2 initiatives.

Strategy & commercial actions

Management launched BERENTZEN EVOLVE 2030 to reposition the Group. Actions already taken include acquisition and roll‑out of the Juma functional‑drink brand, a full relaunch of Puschkin (new design, liquids and RTD cans), further RTD launches under Berentzen and Strothmann, and expansion of Berentzen Minis.

Shareholder & operating metrics

Share price fell to EUR 3.25 (mid‑2026) from EUR 4.54 a year earlier (‑28.4%); market cap about EUR 30.5m. Dividend per common share remained unchanged at EUR 0.11. Headcount eased to 418 employees (‑3.9%).

Key risks highlighted

Management cites ongoing consumer restraint in spirits, price sensitivity in non‑alcoholic beverages, geopolitical uncertainty (Middle East) affecting energy, logistics and tourism, inflation/tax risks (potential alcohol or sugar taxes) and currency/hyperinflation exposure in Turkey (IAS 29 effect ~EUR ‑0.5m in H1).

Analyst takeaways

H1 2026 shows clear near‑term pressure on top line and margins driven by structural and customer‑specific factors in spirits; balance sheet and liquidity are managed via refinancing and factoring but free cash flow and higher net debt warrant monitoring. Management’s FY guidance and strategic actions aim to stabilise performance from H2 and reposition the Group through 2030.