FINANCE
currency and constant resin for 2025
(previously: lower half of a 3-5% range).

Excluding the non-recurring
charges, the adjusted EBITDA margin
is expected to be in the range of
24.0-24.5% (previously: lower end
of the 24.5-25.5% range), reflecting
lower volumes. Including the above-
mentioned non-recurring charges, the
adjusted EBITDA margin is expected to
be around 21%.

Given the Company’s increased
focus on capital discipline, including its
priority to reduce debt levels, the Board
of Directors proposes to pause the cash
dividend for the year 2025.

Following the Q3 trading update on
October 28, 2025, the Company will
host an Investor Update in Zurich on
October 30, 2025. At that meeting, SIG’s
chair Ola Rollén and management will
present the Group’s strategic direction,
capital allocation priorities and provide
an update on mid-term guidance.

Sazerac to Invest $38m in Expansion at Indiana Site
Sazerac Company is planning to spend over $38m in expanding operations at its US facility in New Albany, Indiana.

The investment includes over $35m in new equipment and over $2m in real property improvements, according to a statement.

Amber Beverage UK Buys Ten Locks
Amber Beverage UK (ABUK) has acquired the assets of Ten Locks, the Manchester-
based distributor owned by Kingsland Drinks.

The agreement hands ABUK immediate responsibility for the UK distribution of the
Ten Locks portfolio.

Ten Locks distributed products including El Tequileño Tequila, Lind & Lime gin,
Banhez mezcal and non-alc brand Three Spirit.

ABUK, part of the Luxembourg-headquartered Amber Beverage Group, distributes
brands including Flor de Caña rum, Faustino wine from Rioja and Fortaleza Tequila.

It also handles Amber Beverage brands, including Moskovskaya vodka and The
Irishman whiskey, in the UK.

In a statement announcing the deal, ABUK CEO Sam Thackeray, said, “In what
is a distinctly tricky time for the drinks trade and hospitality industry, with all the
negative news and legislative and fiscal challenges, it is wonderful to be able to focus
on growth through new, dynamic brands and highly ambitious people.”
Heineken Expects its Sales Volumes to Fall this Year
Heineken predicted its volumes would ‘decline modestly’ in 2025 following a
‘challenging’ three months to the end of September.

Third-quarter revenue dropped 4% to €8.71bn and dipped 0.1% on an organic basis.

The company’s volumes fell 3.8% during the quarter as Heineken’s beer volumes
declined more than 4% amid lower sales in Europe and North America.

Heineken said its ‘net revenue per hectolitre’ increased 3.6% thanks to price
increases and the sale of more ‘premium’ products.

Heineken said it expects its organic operating profit to land ‘towards the lower
end’ of its target of 4-8% growth.

“Macroeconomic volatility persisted as anticipated and became more pronounced
in the third quarter, creating a challenging environment, resulting in a mixed
performance,” said Heineken Chairman and CEO Dolf van den Brink.

“Our portfolio continues to evolve positively, with market share gains in a
substantial majority of our markets, and Heineken and premium volume growing
year-to-date. Furthermore, we are future-proofing the business by accelerating
digital investments and reshaping our organisation.”
VISIT OUR WEBSITE | www.binstedgroup.com
Applied Nutrition Gives
Upbeat Revenue Update
UK sports-nutrition firm Applied
Nutrition has said the company
expects its revenue for its 2025 and
2026 fiscal years to be ‘ahead of
market expectations’.

In a trading update, the maker of
protein powders, bars and nutrition
drinks provided a provisional estimate
of its earnings for its financial year that
recently closed on 31 July.

Applied Nutrition anticipates revenue
to have increased by 24% to £107m. The
figure exceeds market forecasts of £100m.

The company attributed the growth
to ‘strong’ trading in the second half
of the year, which contributed around
£60m to its revenue.

Looking ahead, Applied Nutrition
expects revenue for the financial year
ending 31 July 2026 to also surpass
market expectations.

The board expressed confidence in the
company’s B2B-focused business model,
stating that its core strengths will ‘continue
to drive sustained revenue growth and
strong profitability over the long-term’.

Thomas Ryder, the CEO of Applied
Nutrition, said, “We are proud to report
that we have exceeded the guidance we
gave at our IPO, with our first full-year
results expected to come in ahead of
market expectations.”
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