Mio Mio back on track for growth. Weak spirits market
Berentzen Group publishes preliminary results for the first half of the year: Significantly positive but lower consolidated operating profit
Berentzen-Gruppe Aktiengesellschaft, which is listed on the Regulated Market (General Standard) of the Frankfurt Stock Exchange published preliminary figures for the first half of the 2025 financial year. In the first half of 2025, the Group generated consolidated revenues of EUR 79.9 million (H1/2024: EUR 88.4 million; adjusted for revenues generated last year by the Grüneberg facility, which has since been sold: EUR 84.7 million). Consolidated operating profit before interest and taxes (consolidated EBIT) fell to EUR 3.2 million in the first six months (H1/2024: EUR 5.1 million). Consolidated operating profit before interest, taxes, depreciation and amortisation (consolidated EBITDA) amounted to EUR 7.4 million (H1/2024: EUR 9.4 million).
“Development in the first half of 2025 thus fell short of our expectations, which is primarily attributable to very challenging market conditions in the spirits segment”, says Oliver Schwegmann, CEO of the Berentzen Group. The ongoing and, in some cases, increasing consumer restraint with regard to alcohol has meant that the spirits market in Germany has been characterised by significant declines in sales and revenues so far this year. "Of course, we are also feeling the effects of this general market weakness, especially in our branded spirits business. For example, all promotions with discount retailers for our Berentzen brand liqueurs were cancelled in the first half of the year. This was one of the main reasons why the second quarter was weak for our branded spirits”, says Schwegmann, adding: “At the same time, however, we also saw developments in the first half of the year that really pleased us. With a 13.2 per cent increase in revenues compared with the same period last year, our Mio Mio brand is finally back on its dynamic growth path. And we achieved double-digit revenue growth with our premium and medium products from our private label spirits segment, which are strategically important, particularly for our international business. Overall, our strategic core areas therefore recorded an increase in revenues. This shows once again how important and right it was to position ourselves broadly as a group of companies."
As a result of lower consolidated revenues in the Spirits segment and increased marketing expenses for the Berentzen brand, segment earnings were lower than in the first six months of the previous year. This was reflected in consolidated EBIT and consolidated EBITDA. In addition, the costs of the intensified marketing initiatives for the Mio Mio brand had a negative impact on the two aforementioned Group earnings figures. “We made a conscious decision to increase the media presence of these two brands, which are so important to us, despite the current environment in order to achieve long-term, sustainable growth. Weak markets can also be an opportunity to distinguish ouselves by gaining market share. This is precisely what we have already achieved in the first six months”, emphasises Schwegmann.
“Despite these operational developments, significantly lower interest expenses and the absence of exceptional effects ultimately led to an improvement of 3.5 million euros in consolidated profit in the first half of 2025”, adds Schwegmann.
Further outlook for the 2025 financial year
Amid the developments in the first half of the year, the Berentzen Group is adjusting its forecast for the 2025 financial year. "When we set our forecast at the beginning of the year, we still assumed that the very poor consumer sentiment that manifested itself in 2024 would brighten significantly again in 2025. Instead, this trend has continued in 2025 and has even intensified across the entire alcoholic beverages market", Schwegmann explains, adding: “Despite this market environment, we expect the marketing initiatives outlined above to take effect later in the year, enabling us to report revenues and earnings figures for the second half of the year at the strong level of the previous year.” The Group now expects consolidated operating profit (consolidated EBIT) to range between EUR 8.0 and 9.5 million (previously: EUR 10.0 to 12.0 million; 2024: EUR 10.6 million) and consolidated operating profit before depreciation and amortisation (consolidated EBITDA) of between EUR 16.9 and 18.4 million (previously: EUR 19.0 to 21.0 million; 2024: EUR 19.3 million). Consolidated revenues are now expected to be in a range between EUR 172.0 and 178.0 million (previously: EUR 180.0 to 190.0 million; 2024: EUR 181.9 million).
"We see light this year – as with Mio Mio – but unfortunately also shadows – for example in the branded spirits segment. However, we remain convinced that we will be able to return to solid growth momentum in the future with both existing themes and new concepts. Furthermore, we assume that the current weakness in the spirits market is primarily due to the general uncertainty among consumers at present and will therefore only be a temporary phenomenon", Schwegmann concludes.
The final business figures and further information on the first half of the 2025 financial year and the annual forecast will be published as planned on August 14, 2025 with the Group's half-yearly financial report.
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