PARK & Bellheimer AG

Latest Results (02.09.2026):

PARK & Bellheimer AG — Q2 2026 (first half 2026): The group reported H1 2026 revenue of €13.72m, up 4.4% year-on-year, while net income fell to €1.016m (EPS €0.20), down ~9% versus H1 2025. Operating profit (EBIT) was €1.548m, slightly below prior year, and cash generation weakened materially as heavy investments and working‑capital changes reduced cash to €4.75m at 30 June 2026. Management reiterates guidance of ~€27.0m revenue and ~€2.0m company result for full‑year 2026.

Revenue and sales mix

H1 2026 revenue €13.72m (+4.4% YoY). Growth driven by beer and non‑alcoholic segments (Bellaris brand +12.7% in volume for the period); beer market overall is contracting (-2.2% industry volumes), while non‑alcoholic beverages grew ~2.9%.

Profitability (EBIT, EBT, Net income, EPS)

EBIT €1.548m (down ~3.1% YoY), EBT €1.481m (down ~7.4% YoY). Period result €1.016m (down ~9.2% YoY); basic/diluted EPS €0.20 (vs €0.22). Higher operating expenses (notably building renovation €0.33m and additional marketing €0.10m) weighed on margins.

Finance result and taxes

Net finance result turned negative (-€0.067m) versus marginally positive prior year, mainly due to interest expense net of income. Deferred taxes decreased the pre‑tax result by €0.465m in the period.

Cash flow, liquidity and leverage

Operating cash flow fell to €1.558m (H1 2025: €3.374m). Heavy investing led to net cash outflow from investing of €4.328m. Cash and equivalents closed at €4.75m (30.06.2026) versus €10.29m a year earlier. Financial debt (long + short term) reduced to ~€2.80m from ~€3.88m, leaving a positive net cash position but materially lower liquidity.

Investments and capex

Investments totaled €4.596m in H1 2026 (prior H1: €2.490m) focused on property, plant & equipment — new packaging, advance payment for a brew kettle, several beverage dispensing units and 17 distribution trucks — and on sales/marketing assets.

Balance sheet and equity

Total assets €37.95m (up vs €36.46m year‑end 2025). Equity rose to €18.07m (equity ratio 47.6% vs 46.8% at 31.12.2025), reflecting the positive period result. Working capital increased (receivables up notably by ~€2.25m seasonally).

Operational and market context

Management cites a weak macro environment and continued pressure on the beer market, but notes outperformance vs peers (regional strategy and a broad product mix). Non‑alcoholic segment remains a growth area.

Outlook and guidance

Company guidance for FY 2026: revenue +4.5% to ~€27.0m and company result ≈ €2.0m, with no expectation of a marked macro recovery in H2 2026.

Related‑party and one‑off items

There is a shareholder/board loan of €3.30m carrying 2% p.a. interest (interest expense €33k in H1). One‑off additional costs include €330k building renovation and €100k extra advertising included in other operating expenses.