Nasdaq CopenhagenIFRS · DKK

JOE & THE JUICE HOLDING A/S

JOE & THE JUICE HOLDING A/S is a Denmark-based holding company for the Joe & The Juice brand, operating a network of juice bars and food-and-beverage venues through its subsidiaries and franchise partners. The business centers on made-to-order drinks, sandwiches, coffee, and similar fresh-service offerings in retail and travel locations across multiple countries.

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Revenue3,303m DKK
+16.5 %y/y
Operating profit (EBIT)205m DKK
+19.3 %y/y
EBIT margin6.2%
+0.1 ppy/y
Net income-41.5m DKK
−128.9 %y/y
Free cash flow44.3m DKK
−79.5 %y/y

Fiscal year 2025 · change from previous year

Development 2022–2025

-1,00001,0002,0003,0004,000m DKK2022: 1,710 m DKK2022: EBIT -47 m DKK20222023: 2,424 m DKK2023: EBIT 178 m DKK20232024: 2,836 m DKK2024: EBIT 172 m DKK20242025: 3,303 m DKK2025: EBIT 205 m DKK20253,303205
RevenueOperating profit (EBIT)
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Business

Share of revenue
Beverages45 %

Fresh juices, smoothies, shots, and coffee beverages sold in-store and to-go.

Food25 %

Sandwiches, wraps, and snack items prepared for quick-service consumption.

Store Sales20 %

Revenue from company-operated juice bars and café-style locations.

Franchise Revenue10 %

Franchise-related income from partner-operated locations and territories.

Customers

Customers are consumers seeking quick-service food and beverages in urban, transit, and shopping locations. The brand also serves franchise partners and local operators in markets where the company expands through franchised stores. Demand is driven by convenience, menu familiarity, and the ability to offer fresh products for immediate consumption.

End consumers

Buy beverages and food items for immediate consumption and convenience.

Transit and travel customers

Buy grab-and-go drinks and snacks in airports, stations, and similar sites.

Franchise operators

Buy the brand concept and operating model to run local stores.

Commercial property hosts

Provide prime locations and customer traffic for store rollouts.

Strategy

The report points to a strategy of improving store productivity through data-driven and customer-centric store systems while increasing same-store sales in heritage locations. It also indicates continued use of franchising in selected markets, which can extend the brand with lower capital intensity and broaden geographic reach.

Store productivity systemsMedium term

Better store systems can improve consistency, throughput, and customer experience across the network.

Same-store sales growthShort term

Existing locations are core to the model, so higher productivity at mature stores supports the network.

Franchise expansionMedium term

Franchise growth broadens market reach while relying on local operating partners.

Geography

The company is headquartered in Denmark and operates across a multi-country store network. The annual report excerpt explicitly references franchise revenue from Bahrain, Canada, Iceland, Korea, Kuwait, Lebanon, Qatar, Saudi Arabia, and the United Arab Emirates, indicating a geographically diversified franchising footprint. Geography matters because the brand relies on prime-site retail locations, local consumer tastes, and country-specific franchise execution.

Risks

The business is exposed to consumer-demand volatility, location execution risk, and dependence on well-performing franchise relationships. As a retail food-and-beverage concept with leased sites and perishable inputs, it also faces margin pressure from rent, labor, supply-chain disruptions, and food safety or quality failures.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Consumer demand volatility1Lease and location fixed-cost exposure2Food safety and product quality3Franchise quality and compliance risk4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Consumer demand volatilityImpact: HighLikelihood: High

    Sales depend on discretionary spending and traffic in each location.

    Exposure: Store-level revenue and same-store sales

  2. Lease and location fixed-cost exposureImpact: HighLikelihood: High

    Store-based concepts typically carry fixed rent and build-out commitments.

    Exposure: Store economics and profitability

  3. Food safety and product qualityImpact: HighLikelihood: Medium

    Fresh-prepared items require strong controls over sourcing, handling, and hygiene.

    Exposure: Reputation and liability

  4. Franchise quality and compliance riskImpact: MediumLikelihood: Medium

    Franchise partners can affect brand standards, customer experience, and legal compliance.

    Exposure: Franchise revenue and brand equity

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Accounting

Judgemental items
Franchise revenue recognition

The group allocates consideration between product sales and rights to future goods/services.

Impact: Can shift revenue between current and future periods

Lease accounting

Store leases create right-of-use assets and lease liabilities with judgment on discount rates and terms.

Impact: Affects leverage, EBITDA-like metrics, and depreciation/interest expense

Goodwill impairment

Goodwill and indefinite-lived intangibles are tested for impairment annually.

Impact: Can cause large non-cash write-downs if store performance weakens

Inventory valuation

Food and supplies are measured against net realizable value.

Impact: Can create write-downs for waste, shrink, or slow-moving stock

Provisions and restoration costs

Store leases may require site restoration and other obligations.

Impact: Can materially affect liabilities and period expenses

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Last updated: 24/10/2026