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Carlsberg posts solid half year results
Volume and revenue rise as Britvic integration advances in a challenging market.
Carlsberg reports solid results in a challenging environment as the Britvic deal shows early benefits.
Carlsberg posts solid half year as Britvic integration advances
Carlsberg reports 16.0% growth in reported volume for the half year and 18.2% rise in revenue. Organic volume is down 1.7% and organic revenue down 0.3%. Excluding San Miguel, organic volume falls 0.4%. Western Europe (excluding San Miguel) grows 2.4% while Asia declines 2.8% and Central and Eastern Europe and India stay flat.
Growth drivers include premium beer up 5% and alcohol free brews up 7%. Beyond Beer falls 1% and soft drinks are flat. International brands show modest gains with Tuborg up 2% and Carlsberg up 5%. The impact of the Britvic acquisition is visible in revenue per hectolitre, with a 1% increase regionally.
Britvic integration is progressing on track after the January 16 completion. In the UK and Ireland, the company reports mid single digit growth in volumes and revenue for Q2. For the post acquisition period in the half year, 11.2m hectoliters were sold with revenue of 7.3 billion DKK and operating profit of 844 million DKK.
The company narrows its 2025 organic operating profit growth guidance to 3-5% and notes a translation impact around 200 million DKK for the year. Hyperinflation accounting in Laos reduces reported profit by 97 million DKK.
Key Takeaways
"The Group delivered solid results in a difficult half year, with good market share development in all three regions, particularly in Western Europe, driven by good progress for premium beer, alcohol-free brews and soft drinks."
CEO statement on overall performance and regional strength
"Being able to narrow our earnings guidance towards the upper end of the range in a difficult trading environment reflects our relentless focus on commercial execution as well as continued strong performance management and cost discipline."
CEO on guidance and execution discipline
"We’re pleased with the underlying Britvic performance in the key UK and Ireland markets."
CEO on Britvic post acquisition performance
"The business integration is progressing well and according to plan, making us excited about the long-term value creation from this acquisition."
CEO on integration progress
The results show a deliberate shift toward higher margin categories like premium beer and alcohol free brews, while the Asia weakness remains a risk. The Britvic deal is a key growth engine in a mature UK market, but it also adds integration costs and balance sheet complexity. Hyperinflation accounting in Laos adds volatility to reported earnings even as organic margins improve around 60 basis points.
Looking ahead, currency moves and a cautious consumer environment will test the resilience of the strategy. The team is betting on brand investments and digital initiatives to sustain momentum, even as macro headwinds persist. If execution holds, the group could lift growth from a higher operating base; if not, the earnings outlook may come under pressure.
Highlights
- The plan is working even in a tough market
- We are focused on brands and efficiency to weather headwinds
- Growth in premium beer shows customers value quality
- Integration milestones unlock longer term value for shareholders
Financial and operational risk from Britvic integration
Britvic integration costs and currency headwinds may dent short term margins. Hyperinflation accounting adds reporting volatility in Laos, and a soft consumer environment could challenge the full year outlook.
Longer term value will depend on how well the mix shift translates into sustained earnings power.
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