International

“In 2024, we saw a very strong rebound in volume, revenue and profitability. We are successfully executing on our datadriven, focused strategy, leveraging both our strong brands and well-established distribution channels. Our performance was positively impacted by eased supply chain constraints on Group level and improved pricing in general.”

Michael Nørgaard Jensen,
SVP International

Financial Performance

Volumes in the International segment increased organically by 22% in 2024 to 1.4m hectoliters, reflecting that the lack of production capacity and supply issues encountered last year have been solved. Thus, we have been able to deliver in line with the international demand in 2024. We saw especially strong demand from Africa, the DACHA region (Germany, Austria, Switzerland, Hungary and Albania), and our malt beverage business in the Americas and Caribbean. EBIT increased by 178% to DKK 209m, leading to an EBIT margin of 14.5% in 2024, up from 6.4% in 2023. The positive margin development is a reflection of implemented price increases compensating for high inflation and increasing freight rates in previous years.

Development and initiatives in 2024

In 2024, we have executed on our focused, data-driven strategy.

Over the past five years, we have gradually moved from being a general export company to focusing on specific countries and brands. Thus, we are leveraging existing strong brand positions, partnerships and distribution channels to take niche positions in specific markets. In 2024, we have been very focused on price/pack and in-store execution in our targeted niches. Sell out growth was high single-digit in 2024.

Our primary focus areas have been and continue to be:

• Our two transitional markets in China & Canada, where we are moving from traditional export business to local production, through our own production facility in Canada, and a no-asset, low risk, local partner setup in China for the production and packaging of Tempt Cider
• Expansion in West Africa, through a strong local partner, led by Faxe beer
• Export of our strong Italian lemonade brand Lemonsoda to the DACHA region (Germany, Austria, Switzerland, Hungary and Albania)
• Export of premium malt beverages to Afro-Caribbean and African ethnicities based on our strong heritage malt brands, Vitamalt, Supermalt, and Power Malt

Prospects for 2025 look more challenging from a global trade perspective with increasing geopolitical uncertainty. However, we believe that we have a solid platform for growth, and the agility to adapt to changing customer preferences.