--- title: "Berentzen Group reports HY 1 2026 results in Germany, noting weaker spirits sales and lower revenues; Two-thirds of revenue decline from spirits" sdDatePublished: "2026-08-13T15:03:00Z" source: "https://www.berentzen-gruppe.de/fileadmin/media/4_0_investoren/4_3-berichte/2026_Konzern-Halbjahresfinanzbericht_EN_geschuetzt.pdf" topics: - name: "corporate earnings" identifier: "medtop:20000178" - name: "financial statement" identifier: "medtop:20000180" - name: "market trend" identifier: "medtop:20000284" - name: "consumer issue" identifier: "medtop:20000353" - name: "stock activity" identifier: "medtop:20000186" locations: - "Haselünne" - "Turkey" - "Iran" - "United States" - "Austria" - "Ireland" - "Germany" --- Berentzen Group reports HY 1 2026 results in Germany, noting weaker spirits sales and lower revenues; Two-thirds of revenue decline from spirits B A C D Content 2 23 Consolidated half-yearly Financial Statements 23 Consolidated Statement of Financial Position 24 Consolidated Statement of Comprehensive Income 25 Consolidated Statement of Changes in Shareholders’ Equity 26 Consolidated Cash Flow Statement 27 Abridged Notes 39 Declarations and other Information 39 Responsibility Statement 4 To our Stakeholders 6 Interim Group Management Report 6 Basic Information about the Group 6 Economic Report 18 Report on Risks and Opportunities 19 Forecast Report 3 Key Figures Key figures of the Berentzen Group HY 1 2026 HY 1 2025 Change or or 2026 / 2025 06/30/2026 06/30/2025 Consolidated revenues excl. alcohol tax EURm 71.0 79.9 - 8.9 - 11.1% Spirits segment EURm 44.4 50.3 - 5.9 - 11.7% Spirits Turkey segment 2.7 2.6 1) + 0.1 + 3.8% Non-alcoholic Beverages segment EURm 15.5 17.3 - 1.7 - 9.9% Fresh Juice Systems segment EURm 8.1 9.4 - 1.3 - 14.3% Other segments EURm 0.4 0.4 1) - 0.0 - 2.6% Total operating performance EURm 71.4 81.2 - 9.8 - 12.1% Consolidated EBITDA 2) EURm 4.9 7.4 - 2.5 - 33.8% Consolidated EBITDA margin % 6.9 9.2 - 2.3 PP 3) Consolidated EBIT 2) EURm 0.6 3.2 - 2.6 - 82.5% Consolidated EBIT margin % 0.8 3.9 - 3.1 PP 3) Consolidated profit EURm - 1.5 0.6 - 2.1 > - 100.0% ROCE % 5.9 8.8 - 2.9 PP 3) Operating cash flow EURm 3.6 6.4 - 2.8 - 43.4% Cash flow from investing activities EURm - 2.6 - 2.2 - 0.5 - 21.6% Free cash flow EURm - 12.5 - 7.8 - 4.7 - 59.5% Total net debt EURm 18.4 16.1 + 2.3 + 14.0% Consolidated equity ratio % 35.8 36.4 - 0.6 PP 3) Employees Number 418 435 - 17 - 3.9% 1) Value for the same period of the previous year adjusted due to the changed segment allocation. 2) Adjusted for exceptional effects as well as the gain or loss from the net monetary position in accordance with IAS 29. 3) PP = Percentage points. Key figures for the Berentzen common share HY 1 2026 HY 1 2025 Change or 06/30/2026 or 06/30/2025 2026 / 2025 Berentzen common share (ISIN DE0005201602, WKN 520160) share price / XETRA EUR / share 3.25 4.54 - 28.4% Market capitalisation EURm 30.5 42.6 - 28.4% Dividend / Berentzen common share EUR / share 0.11 0.11 +/- 0.0% A To our Stakeholders B Interim Group Management Report C Consolidated half-yearly Financial Statements D Declarations and other Information 4 A. To our Stakeholders the 2026 financial year represents a transitional year for the Berentzen Group in many respects. Our currently most significant sales market in Germany – the spirits market – continues to be characterised by consumer reluctance and a decline in consumption. This unfortunately marks a continuation of last year’s trend. Furthermore, our spirits are still too often found in product categories that have been characterised by market declines on a particularly significant and unexpected scale. Therefore, our spirits business in Germany also recorded significantly weaker growth in the first half of the year than we had initially anticipated. In the non-alcoholic beverages market, the necessary price increases for our Mio Mio brand and our regional brand “Emsland” were met with heightened price sensibility amongst consumers, leading to a decrease in demand which we believe to be temporary. Even though we remain operationally profitable, we can obviously not be satisfied with our revenue and profit: In the first six months of the 2026 financial year, our consolidated revenues amounted to EUR 71.0 (79.9) million and our consolidated EBIT to EUR 0.6 (3.2) million. Two-thirds of the decline in revenues is attributable to the Spirits segment, and the majority of this is linked to a strategic purchasing decision by a major private-label customer to end the Berentzen Group’s exclusive supply of American Bourbon Whisky and to bring in a second supplier. There are many reasons for the current market weakness: lower alcohol consumption due to greater health awareness, general economic conditions that are stagnating, general uncertainty within society, and subdued consumer sentiment caused by multiple crises – to name only a few key factors. The good news in this complex situation is that, over the past year, we have already given detailed consideration to how the Berentzen Group can respond to the various developments and capitalise on new business opportunities. We are convinced that this will require a fundamental change, which we have initiated with our revised Group strategy BERENTZEN EVOLVE 2030 – our response to changing markets, social transformations and new general economic conditions. With this strategy, we will transform the Berentzen Group by 2030 into a very different company from the one it is today. Also in this respect, the current financial year represents a transition year: it is the first year of implementing the new strategy. We have already launched or even fully implemented a number of measures. With the acquisition of the Juma brand, we have entered the rapidly growing market for functional drinks. Following the exclusive and highly successful launch at one of Germany’s largest drugstore chains, the national roll-out of Juma will also begin in food retail markets from September. We have completely overhauled the Puschkin brand, which has recently been performing significantly weaker – in addition to new product designs and new liquids, we are also launching three ready-to-drink options in cans to better capitalise on the growing segment within this category. Therefore, we will also be launching further ready-to-drink concepts under the Berentzen and Strothmann brands shortly. We have once again managed to significantly expand our successful business with the Berentzen Minis through various initiatives. These are just a few examples of the measures implemented this year. We are confident that we will begin to see the first positive effects on revenue and earnings in the second half of the year – the new initiatives will then come into their own from the upcoming financial year onwards. A To our Stakeholders B Interim Group Management Report C Consolidated half-yearly Financial Statements D Declarations and other Information 5 In consequence of the business performance in the first half of the year, despite these corrective measures, it was necessary to adapt the forecast for the 2026 financial year. We now expect consolidated EBIT for the 2026 financial year to be in a range between EUR 3.5 million to EUR 5.0 million, and consolidated EBITDA between EUR 12.4 million to EUR 13.9 million. We expect consolidated revenues to be in the range between EUR 151.0 million and EUR 156.0 million. A fundamental transformation naturally requires more than just the measures and initiatives outlined above. Above all, the current financial year marks the period in which we are setting out a clear course to gradually bring out the change we need over the coming years, up to 2030, so that we, as a corporate group, can once again achieve sustainable and profitable growth in the future. We would be delighted if you would join us in the ‘lean spell’ of this financial year and share our confidence in the prospects for success of a sustainable transition. Finally, we would like to thank our employees, who continue to show commitment every day with courage, energy and assurance, even in challenging times. Your Executive Board, Oliver Schwegmann Ralf Brühöfner A To our Stakeholders B Interim Group Management Report C Consolidated half-yearly Financial Statements D Declarations and other Information  Basic Information about the Group  Economic Report  Report on Risks and Opportunities  Forecast Report 6 B. Interim Group Management Report (1) Basic Information about the Group With a company history of over 265 years, the Berentzen Group is one of the oldest producers of spirits in Germany. Berentzen- Gruppe Aktiengesellschaft, based in Haselünne, Germany, is the parent company of the Berentzen Group, which, in addition to the parent company, consists of 17 national and international subsidiaries. The business of the Berentzen Group is divided into the segments Spirits, Spirits Turkey, Non-alcoholic Beverages, Fresh Juice Systems and Other segments. For a detailed description of the Group's business activities and the breakdown into segments, please refer to the 2025 Annual Report of Berentzen-Gruppe Aktiengesellschaft, Combined management report, Section (1) "Basic Information about the Group". (2) Economic Report (2.1) General economic and industry-specific Framework Conditions General economic Conditions The global economy proved more resilient than initially expected at the start of 2026. Global trade and industrial production grew strongly in the first quarter. Since the outbreak of war in the Middle East, economic growth has been hampered by restricted energy flows, rising energy prices, and increasing supply chain issues. The decline in energy supply was initially offset in part by the drawdown of inventories. As a result of higher energy prices, consumer price inflation picked up worldwide, interrupting the downward trend that had been in place since early 2024. Although global financing conditions tightened moderately, they remained expansionary by historical standards, while economic and geopolitical uncertainty was high. As reported by the ifo Institute in June, economic output in the euro area declined at the start of the year, which was largely due to a sharp decline in Ireland’s gross domestic product. Adjusted for this effect, economic output in the rest of the euro area increased by about 0.25%. Consumer price inflation picked up and consumer sentiment deteriorated, while the labor market situation remained favourable. The ECB raised its key interest rate by 25 basis points in June. As reported by the Federal Statistical Office in May, the German economy showed a positive start in the first quarter of 2026. The price-, season- and calendar- adjusted gross domestic product (GDP) was 0.3% above the previous quarter's figure. Compared with the same quarter of the previous year, price-adjusted GDP rose by 0.5%. Foreign trade provided a positive boost: Exports rose significantly, while imports increased only slightly. In addition, government consumption spending rose, while private consumption spending did not exceed the level of the previous quarter. A To our Stakeholders B Interim Group Management Report C Consolidated half-yearly Financial Statements D Declarations and other Information  Basic Information about the Group  Economic Report  Report on Risks and Opportunities  Forecast Report 7 Developments in the Drinks Market 01/01 to 06/30/2026 01/01 to 06/30/2025 Change Change Consumer prices Germany 1) + 2.2% + 1.1% Food and non-alcoholic beverages + 0.4% + 1.0% Alcoholic beverages and tabacco products + 4.4% + 1.6% 1) German Federal Statistical Office. Consumer prices in Germany averaged 2.2% above the previous year’s level in the first half of 2026, although inflation has slowed recently. Energy products remained a major driver of price increases as a result of the war in Iran. However, price increases for these products were lower in June than in previous months. Prices for food and non-alcoholic beverages were only 0.4% higher than the previous year’s level in the first half of the year, representing below-average growth. Categories relevant to the Berentzen Group, including “Alcoholic beverages and tobacco products”, recorded above-average price gro