Carlsberg A/S: Trading statement as at 30 September 2025

30.10.2025 07:58:19 CET | Carlsberg A/S | Interim report (Q1 and Q3)

STRONG REPORTED VOLUME GROWTH DRIVEN BY BRITVIC ACQUISITION

Reported volume growth 16.2%, organic volume development -3.0%

• Group organic volumes excluding San Miguel -1.7%.
• Organic volume development in Western Europe excluding San Miguel +1.3%, Asia -1.2% and Central & Eastern Europe and India (CEEI) -5.2%.
• Growth categories (organic growth): premium beer (excluding San Miguel) +5%, soft drinks +4%, alcohol-free brews -2% (excluding Ukraine: +6%) and Beyond Beer -10%.
• Reported growth in international brands: Tuborg +2%, Carlsberg +3% and 1664 Blanc +6%.

REVENUE/HL GROWTH DRIVEN BY ALL THREE REGIONS

Reported revenue growth 17.8%, organic revenue development -1.4%

• Organic revenue growth excluding San Miguel +0.2%.
• Organic revenue development in Western Europe excluding San Miguel +2.1%, Asia -0.6% and Central & Eastern Europe and India (CEEI) -2.8%.
• Revenue/hl +2%, with positive contributions from all three regions.
• Reported revenue DKK 24,139m, positively impacted by the Britvic acquisition.

CONTINUED DELIVERY ON THE BRITVIC BUSINESS CASE

• Expected total cost synergies increased to GBP 110m on 1 October (previously GBP 100m).
• Commercial continuity, integration and synergy delivery remain on track.

EARNINGS EXPECTATIONS MAINTAINED

• Organic growth in operating profit before special items of 3-5%.
• Based on the spot rates at 29 October, we assume a translation impact on operating profit of around DKK -200m for 2025 (unchanged), excluding the impact of hyperinflation accounting in Laos

Group CEO Jacob Aarup-Andersen says: "We delivered strong reported growth driven by the Britvic acquisition. We also achieved solid underlying volume and revenue growth in Western Europe and saw sequential improvement in Asia, supported by strong performance of our premium portfolio in most markets. These results were achieved despite continued challenging consumer sentiment across our regions and a heightened adverse impact from the war on our business in Ukraine.

"In light of the current soft market conditions and as part of our well-embedded performance management process, we have, since early summer, been taking decisive actions to adjust our cost base. This is being done to protect continued earnings growth and enable uninterrupted investments in our business - particularly in commercial and digital initiatives - to drive long-term value growth.

"The integration of Britvic is progressing very well. We recently raised our cost synergy expectations and are very pleased with the momentum of the business. We continue to have strong confidence in the advantages of combining beer and soft drinks and the long-term value creation opportunities offered by the Britvic acquisition.."

Contacts

Investor Relations:
Peter Kondrup [phone]
Iben Steiness [phone]

Media Relations:
Kenni Leth [phone]

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Carlsberg will present the results at a conference call today at 9.30 a.m. CET. Dial-in information and a slide deck are available on www.carlsberggroup.com.