Consensus estimates
> 2025e

Last data input: Sep 19, 2023

2025e (MDKK)	Average	Median	High	Low	Contr.
Sales volume* (m hl)	134.2	134.5	138.9	129.5	24
- Western Europe (m hl)	44.5	44.5	45.6	42.5	24
- Asia (m hl)	55.7	55.4	61.7	53.4	24
- Central and Eastern Europe (m hl)	34.1	34.4	37.3	30.6	24
Net sales	80,443	80,421	83,284	77,954	27
- Western Europe	38,428	38,414	40,457	37,065	25
- Asia	28,029	27,862	31,015	25,294	25
- Central and Eastern Europe	14,119	14,197	15,259	12,861	25
- Other sales	20	17	80	7	25
EBIT before special items	13,413	13,514	15,014	12,395	27
- Western Europe	5,623	5,639	6,588	4,941	25
- Asia	6,611	6,555	7,590	5,906	25
- Central and Eastern Europe	2,660	2,687	3,143	2,259	25
- Other EBIT	-1,515	-1,456	-1,213	-3,094	25
Special items	-120	0	0	-1,021	25
Net financials	-739	-735	-409	-1,189	25
EBT	12,572	12,501	14,035	11,373	27
Taxes	-2,629	-2,662	-1,221	-3,037	26
Consolidated profit	9,926	9,845	11,088	8,871	26
Minority interests	-1,361	-1,398	0	-1,735	26
Russian operations	54	0	898	-1	26
Net profit	8,670	8,456	9,880	7,543	27
EBIT margin (%)	16.7	16.8	18.1	15.4	27
Tax rate (%)	20.9	21.0	23.3	10.4	26
EPS (DKK)	65.9	65.6	79.7	54.3	27
Adjusted EPS (DKK)	66.8	66.1	79.7	55.7	26
DPS (DKK)	32.1	32.9	39.0	0.0	26
Free cash flow	9,448	9,226	13,832	7,647	24
Net interest-bearing debt	20,720	21,715	29,217	0	25

* Volume data is collected only once every quarter - prior to quarterly statements.

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Consensus estimates > 2025e

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Consensus estimates
> 2025e

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