Royal Unibrew: Assessing the Refill Potential

Research evidence excerpt

Royal Unibrew: Assessing the Refill Potential

Idea

July 16, 2026 04:00 AM GMT

Morgan Stanley & Co. International plc+MRoyal Unibrew | Europe David J Roux

Equity Analyst

Assessing the Refill Potential David.Roux@morganstanley.comSarah Simon +44 20 7425-1040

What’s Changed Sarah.Simon@morganstanley.com +44 20 7425-6064

Chris Linford, CFA

Royal Unibrew (RBREW.CO) From To Research Associate

Price Target DKr 595.00 DKr 505.00 Chris.Linford@morganstanley.com +44 20 7425-1639

Tilly Eno

Following the loss of RBREW's largest Pepsi contract earlier this EquityTilly.Eno@morganstanley.comAnalyst +44 20 7677-3662

year, we update our estimates, explore possible offsets and Richard Li

consider the path for the shares from here. While we are more ResearchRichard.Li@morganstanley.comAssociate +44 20 7425-1976

optimistic than consensus on recovery of lost earnings, we view

Royal Unibrew (RBREW.CO, RBREW DC)

valuation as broadly fair and retain our Equal-weight rating. Beverages | Denmark

Taking a fresh look at RBREW. Following Royal Unibrew's (RBREW) announcement Stock Rating Equal-weight

Industry View In-Line

in April that it will end its partnership with PepsiCo in Northern Europe – covering Price target DKr 505.00

Shr price, close (Jul 15, 2026) DKr 476.80

Denmark, Finland, Baltics & German border trade – we update our estimates and 52-Week Range DKr 653.50- 394.60

reassess the investment case from here. While possible announcements of new Mkt cap, curr (mn) DKr 23,764

Net debt (12/26e) (mn)* DKr 6,223

partnerships or products may present tactical opportunities in RBREW over the near EV, curr (mn)* DKr 29,494

term, we view valuation as fair and retain our Equal-weight rating. * = GAAP or approximated based on GAAP

Updating estimates: LSD % ahead of consensus 2029/30 EPS.