OJSC Lidskae Piva has decided to pay dividends. The Belarusian beverage producer is 96.4% owned by the Finnish group Olvi Group. However, it will only be able to receive the funds with permission from a regional executive committee, as such restrictions apply in Belarus to investors from “unfriendly countries.”
According to Olvi Group’s report, Belarus remained a major market for the company. Beverage sales by Lidskae Piva last year totaled 353.7 million liters, only slightly below the group’s Baltic operations, which sold 358.8 million liters. Belarus was also the only Olvi region to record volume growth, at 0.7%. Overall, the group’s sales volumes declined by 2% to 970.1 million liters.
“In 2025, unstable summer weather also affected sales volume dynamics in Belarus. Growth in sales volumes was in line with strategic objectives in the non-alcoholic segment, such as water, energy drinks, and soft drinks. Significant investments were also made in sales and marketing of these product categories, and it is clear that more than half of total sales volumes are accounted for by non-alcoholic products,” the report states.
Non-alcoholic beverages accounted for 62.9% of total sales volume. At the same time, kvass sales declined, while beer sales remained at the level of the previous year.
Olvi increased its revenue in Belarus by 8.5% to 164.5 million euros, while in Belarusian rubles the increase amounted to 7%.
Operating profit rose by 3.7% to 34.6 million euros, with much of the increase achieved in the fourth quarter.
The report also notes that the geopolitical situation continues to affect the Belarusian asset, which operates independently from the rest of the group.
“The war in Ukraine and the geopolitical situation continue to have a significant impact on the operations of Lidskae Piva. The subsidiary is part of Olvi Group but operates as an independent unit financed by its own cash flows. Although operations are separated from the Group, the company follows Olvi’s general principles, values, and operating practices. Only investments and legal changes necessary to ensure production continuity are carried out, financed from internal cash flows. In 2025, profitability in the Belarusian business segment was affected by increased investments in sales and marketing, as well as higher fixed costs. A high level of profitability is necessary to maintain the company’s independent operations,” the report says.
Olvi Group also noted that it still does not have permission from the Belarusian authorities to sell the asset. The Finnish group sought to sell it after Russia’s full-scale invasion of Ukraine, but imposed restrictions prevented this. In 2023, the group officially abandoned plans to sell the asset.
