Company announcement 8/2025
14 August 2025
Page 1 of 31
SOLID DEVELOPMENT IN A CHALLENGING
ENVIRONMENT; BRITVIC INTEGRATION ON TRACK
FINANCIAL STATEMENT AS AT 30 JUNE 2025
Unless otherwise stated, comments in this announcement refer to H1 performance. All reported figures include the impact of
hyperinflation accounting in Laos.
STRONG REPORTED VOLUME GROWTH
Reported volume growth 16.0%, organic volume development -1.7%
• Group organic volumes excluding San Miguel -0.4% (Q2: +0.2%).
• Organic volume growth in Western Europe excluding San Miguel +2.4%, Asia -2.8% and Central &
Eastern Europe and India (CEEI) 0.0%.
• Growth categories (organic growth): premium beer (excluding San Miguel) +5%, alcohol-free
brews +7%, Beyond Beer -1% and soft drinks 0%.
• International brands: Tuborg +2%, Carlsberg +5%, 1664 Blanc 0% and Brooklyn +2%.
REVENUE/HL GROWTH IN ALL REGIONS
Reported revenue growth 18.2%, organic revenue development -0.3%
• Organic revenue growth excluding San Miguel +1.3% (Q2: +2.4%).
• Revenue/hl +1%: Western Europe +1%, Asia +1% and CEEI +3%.
• Reported revenue DKK 45,855m, positively impacted by the Britvic acquisition.
SOLID ORGANIC OPERATING PROFIT GROWTH
Reported operating profit growth 15.1%, organic operating profit growth 2.3%
• Solid organic operating margin improvement driven by continued organic gross margin expansion
of 60bp.
• Reported operating profit DKK 7,233m (including the impact of hyperinflation accounting in Laos
of DKK -97m).
• Reported operating margin declined 40bp to 15.8%, impacted by the Britvic acquisition and
hyperinflation accounting.
• Reported net profit DKK 3,562m (-4.7%), impacted by higher net financials, tax and Britvic
integration costs.
• Adjusted net profit up 3.9% to DKK 4,023m. Adjusted earnings per share up 4.7% to DKK 30.4.
• Free operating cash flow DKK 2,669m.
CVR no. 61056416 www.carlsberggroup.com
LEI 529900100WJQYB5GYZ19
STRONG INITIAL DELIVERY ON THE BRITVIC BUSINESS CASE
• Following completion on 16 January, business continuity, integration and synergy delivery all on
track.
• Mid-single-digit percentage volume and revenue growth in the UK and Ireland in Q2.
• Reported volumes, revenue and operating profit included in H1 (from 16 January) of 11.2m hl, DKK
7.3bn and DKK 844m respectively.
2025 EARNINGS GUIDANCE RANGE NARROWED TOWARDS THE UPPER END
• Organic operating profit growth of 3-5% (previously 1-5%).
• Based on the currency spot rates at 13 August, we assume a translation impact of around DKK
-200m for the full year (unchanged), excluding the impact of hyperinflation accounting in Laos.
• Financial expenses, excluding foreign exchange losses or gains, of around DKK 2.4bn (previously
DKK 2.5bn).
• Assumed full-year operating profit contribution from Britvic of GBP 250m maintained.
CEO Jacob Aarup-Andersen: “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.
“We don’t expect the consumer environment to improve over the remainder of the year.
Nevertheless, we’re continuing our long-term investments in key brands and capabilities, including in
areas such as digital, marketing and value management, to create an even stronger Carlsberg.
“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.
“We're pleased with the underlying Britvic performance in the key UK and Ireland markets. The
business integration is progressing well and according to plan, making us excited about the long-
term value creation from this acquisition.”
Carlsberg will present the results at a conference call today at 9.30 a.m. CET. Dial-in information
and a slide deck will be available on www.carlsberggroup.com.
Contacts
Investor Relations: Peter Kondrup +45 2219 1221
Iben Steiness +45 2088 1232
Media Relations: Kenni Leth +45 5171 4368
For more news, sign up at www.carlsberggroup.com/subscribe
Company announcement 8/2025
14 August 2025
Page 2 of 31
www.carlsberggroup.com
KEY FIGURES AND FINANCIAL RATIOS
Key figures and financial ratios for 2024 are presented for continuing activities unless otherwise stated.
DKK million H1 2025 H1 2024 2024¹
Volumes (million hl)
Beer 52.7 53.4 101.2
Other beverages 23.6 12.3 24.5
Income statement
Revenue 45,855 38,803 75,011
Gross profit 21,113 17,904 34,380
EBITDA 9,700 8,371 15,781
Operating profit before special items 7,233 6,284 11,411
Special items, net -541 -139 -519
Financial items, net -1,210 -513 -905
Profit before tax 5,482 5,632 9,987
Income tax -1,262 -1,181 -1,982
Profit for the period, continuing operations 4,220 4,451 8,005
Net result from discontinued operations - - 2,258
Profit for the period 4,220 4,451 10,263
Attributable to:
Non-controlling interests 658 712 1,147
Shareholders in Carlsberg A/S (net profit) 3,562 3,739 9,116
Shareholders in Carlsberg A/S (net profit), continuing operations 3,562 3,739 6,858
Shareholders in Carlsberg A/S (net profit), continuing operations, adjusted² 4,023 3,871 7,280
Statement of financial position
Total assets 154,621 114,756 113,992
Invested capital 102,015 65,677 66,059
Invested capital excl. goodwill 33,551 25,650 23,801
Net interest-bearing debt (NIBD) 64,633 25,219 27,357
Equity, shareholders in Carlsberg A/S 25,021 23,068 27,771
Statement of cash flows
Cash flow from operating activities 5,310 5,881 11,312
Cash flow from investing activities -32,005 122 -1,518
Free cash flow -26,695 6,003 9,794
Financial ratios, continuing operations
Gross margin
%
46.0 46.1 45.8
EBITDA margin
%
21.2 21.6 21.0
Operating margin
%
15.8 16.2 15.2
Effective tax rate
%
23.0 21.0 19.8
Return on invested capital (ROIC)
%
11.5 14.2 13.8
ROIC excl. goodwill
%
32.6 36.8 35.5
NIBD/EBITDA x 3.78 1.65 1.73
Stock market ratios
Earnings per share (EPS)
DKK
27.0 28.1 68.7
EPS, continuing operations
DKK
27.0 28.1 51.7
EPS, adjusted², continuing operations
DKK
30.4 29.1 54.9
Share price (B shares)
DKK
897.4 835.6 690.0
Weighted average number of shares, excl. treasury shares
1,000
132,154 133,177 132,626
¹ Figures restated following completion of the purchase price allocation for Gorkha Brewery.
² Adjusted for special items after tax.
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14 August 2025
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DRIVING LONG-TERM VALUE GROWTH
During the first half year, we maintained our commitment to investing in and executing on our
Accelerate SAIL growth drivers despite continued external uncertainty and high volatility.
Important strategic highlights from the first half year include completion of the Britvic acquisition in
January, and the new long-term partnership with UEFA, which makes Carlsberg the Official Beer of
UEFA National Team Football, and saw the brand take centre stage at the Nations League Final in
Q2. We also launched new global campaigns for Tuborg and Garage, and kicked off a range of local
initiatives.
Reinforcing our commitment to sustainability, we announced our partnership with Water.org to
improve access to safe water and sanitation in communities across the Ganges River Basin in India,
and in Denmark, we launched a limited edition of Carlsberg Grobund, made with 100%
regeneratively grown barley malt, the first of its kind in Denmark.
As we navigate in the current challenging environment, we remain very disciplined on costs and
performance, and we are implementing additional cost initiatives to ensure we can maintain the
high level of investments behind our commercial initiatives as well as our capability building.
Growth categories
Premium portfolio
Excluding the impact of the San Miguel volumes in the UK, our premium portfolio grew organically
by 5%, supported by increased marketing investments. All three regions contributed with solid
premium growth rates, with particularly strong growth seen in Western Europe (excluding San
Miguel), where our premium market share strengthened in the majority of our markets.
Premium Carlsberg volumes were up by 16%, with very strong growth seen in many markets,
including China, where we launched the biggest brand activation ever during Chinese New Year,
reaching 560 million impressions, and continued to see growth in the low twenties in Q2, supported
by channel and geographical expansion momentum. Strong growth in India was mainly driven by
Carlsberg Elephant. We also saw good premium growth in markets such as Laos, Vietnam, Ukraine
and Bulgaria. Total Carlsberg brand volumes grew by 5%, with mid-single-digit growth in the
mainstream UK market offset by lower mainstream volumes in other markets, particularly Denmark
and Malaysia.
Tuborg premium beer volumes grew by 1%. Mainstream beer volumes grew by 2%, supported by
high-single-digit growth in India, driven by the mainstream Tuborg Strong and Tuborg Green. We
saw high-single-digit growth in premium markets such as Vietnam and Bulgaria, while growth in
China – the brand’s largest market – was low-single-digit.
1664 Blanc grew by mid-single-digit percentages in Western Europe and in CEEI but declined in
Asia, resulting in a flat development for total brand volumes. We saw mid-teens growth in Ukraine
thanks to expanded distribution and successful campaigns. We also saw good growth in a number
of other, albeit smaller markets, including the UK, Switzerland, Sweden, Poland, Hong Kong and
Serbia. This was offset by lower volumes in China – where volume growth in the off-trade was
countered by lower on-trade volumes – as well as Vietnam, Malaysia and the South Korean licence
market.
Our local premium brands grew by high-single-digit percentages, supported by brands such as Wind
Flower Snow Moon in China, Pirinsko in Bulgaria, Zatecky in Poland and Valaisanne in Switzerland.
Alcohol-free brews
Alcohol-free brew volumes grew by 12% in Western Europe, supported by very strong growth in
most markets. Total volume growth for AFB was 7% due to low-single-digit percentage growth in
CEEI. The alcohol-free versions of Tuborg, 1664 Blanc, S&R Garage and Somersby saw double-digit
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14 August 2025
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growth. Many local AFB offerings, such as Zatecky, Pirinsko, Frydenlund, Karhu and Tourtel Twist,
delivered strong growth.
Soft drinks
Organic growth for our soft drinks portfolio accelerated in Q2, supported by high-single-digit
percentage growth in Western Europe and CEEI, with markets such as Sweden, Denmark,
Switzerland and Kazakhstan delivering particularly strong growth. Britvic volume growth
accelerated in Q2 (see additional comments below). For the half year, organic volumes were flat,
with growth in Western Europe for both own brands, such as Tuborg Squash, Battery and Dahls,
and third-party brands, including Pepsi, Coca-Cola and Schweppes, being offset by continued
challenges for the Sting brand in Cambodia and for the broad soft drinks portfolio in Laos.
Beyond Beer
Volumes for Beyond Beer were slightly down. S&R Garage delivered double-digit growth, with
particularly strong results achieved in Poland and Kazakhstan, while Somersby volumes were down.
In China, Wind Flower Snow Moon delivered very strong mid-50s percentage growth.
BRITVIC
The Britvic transaction (“Britvic”) was completed on 16 January. The integration is progressing well
and according to plan. Immediately after the transaction closed, we announced the new
management team. Over the following months, we eliminated duplicate functions resulting in
additional people changes. We are integrating procurement and have carried out the first combined
tenders, with positive results.
We reconfirm the GBP 100m cost synergy target, integration costs of GBP 83m, and the expected
phasing of both synergies and costs, including a P&L impact of 10-15% of the synergies to be
delivered in 2025.
In addition to the integration and restructuring efforts, we have focused on business continuity and
sustaining Britvic’s growth trajectory. After a soft Q1, volumes recovered in the UK in Q2, and the
business delivered 1% volume growth for H1 (Q2: +3%), supported by favourable weather in Q2. We
saw market share gains for brands such as Pepsi Max, 7UP, Tango and Jimmy’s. Volumes in the
Irish business grew by 2% (Q2: +7%). In both the UK and Ireland, we are increasing sales and
marketing investments as planned to support the long-term growth of the business.
For the Britvic Group as a whole, organic volume and revenue development in H1 was -3%, with an
improvement seen in Q2 (volumes -2% and revenue flat). The businesses outside the UK and Ireland
declined due to business optimisation, including the termination of certain contracts and SKU
rationalisation. Total reported volume and revenue (from 16 January) included in Carlsberg’s H1
reporting were 11.2m hl and DKK 7.3bn respectively. The operating profit contribution was DKK
844m (GBP 95m).
2025 EARNINGS EXPECTATIONS GUIDANCE NARROWED
In H1, we delivered solid in-market performance despite a challenging trading environment in most
markets with subdued consumer sentiment and a high level of uncertainty.
As part of our performance management, we uphold strict cost control. While maintaining our focus
on driving supply chain efficiencies and improving gross margin, we are implementing additional
cost initiatives to ensure we have the financial flexibility to make the right investments in key
brands, commercial initiatives and capabilities, such as digital and value management, for the long-
term strength of the business.
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Thanks to this and good visibility into the important summer months, we are narrowing our
earnings guidance range for 2025 towards the upper end of the previous range:
• Organic growth in operating profit of 3-5% (previously 1-5%).
Based on spot rates as at 13 August, we assume a translation impact on operating profit of around
DKK -200m for 2025 (unchanged), excluding the impact from hyperinflation accounting in Laos.
EXPECTATIONS FOR BRITVIC
Based on the good performance year-to-date in the UK and Ireland, the good progress made on
integration of the business and higher commercial investments, we maintain the expectation for
full-year operating profit from Britvic of around GBP 250m.
OTHER RELEVANT ASSUMPTIONS
• Financial expenses, excluding foreign exchange losses or gains, of around DKK 2.4bn (previously
DKK 2.5bn).
• Reported effective tax rate of around 23%.
• Capital expenditure of around DKK 7.0bn (previously DKK 7.0-8.0bn).
Forward-looking statements
Forward-looking statements are subject to risks and uncertainties that could cause the Group’s
actual results to differ materially from those expressed in the forward-looking statements.
Accordingly, forward-looking statements should not be relied on as a prediction of actual results.
Please see page 13 for the full forward-looking statements disclaimer.
GROUP FINANCIAL REVIEW
Change Change
H1 2024 Organic Acq., net FX 2025 Reported
Volumes (million hl)
Beer 53.4 -2.1 % 0.8 % - 52.7 -1.3 %
Other beverages 12.3 0.2 % 91.2 % - 23.6 91.4 %
Total volume 65.7 -1.7 % 17.7 % - 76.3 16.0 %
DKK million
Revenue 38,803 -0.3 % 19.6 % -1.1 % 45,855 18.2 %
Operating profit 6,284 2.3 % 14.6 % -1.8 % 7,233 15.1 %
Operating margin (%) 16.2 15.8 -40bp
Reported revenue grew by 18.2% (Q2: +18.8%), mainly driven by Britvic. The organic revenue
development of -0.3% (Q2: +0.6%) was impacted by the loss of the San Miguel brand (“San
Miguel”) in the UK from 1 January 2025. Adjusting for that, organic revenue grew by 1.3% (Q2:
+2.4%). The adverse currency impact mainly related to the Chinese, Laotian and Ukrainian
currencies.
Total volumes grew by 16.0% (Q2: +17.2%) with an organic contribution of -1.7% (Q2: -1.1%).
Excluding San Miguel, organic volume development was -0.4% (Q2: +0.2%). The decline was driven
by the Asia region.
Other beverages delivered higher growth than beer, mainly because of solid soft drinks volume
growth in Western Europe.
Revenue/hl increased by +1% (Q2: +2%) with a positive contribution from all three regions.
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Gross profit increased organically by 1.0%. Cost of sales/hl was flat organically with efficiency
improvements offsetting the inflationary pressure and under-absorption of fixed costs from the
lower volumes. As a result, gross profit/hl increased organically by 3%, resulting in a solid organic
improvement in gross margin. Reported gross margin declined by 10bp to 46.0% due to the
inclusion of Britvic, which has a lower gross margin.
Sales and marketing investments grew slightly. The organic marketing-to-revenue ratio increased as
planned, while the reported ratio declined by -20bp to 8.5% due to the inclusion of Britvic.
The organic increase in operating expenses of 2.4% was also impacted by higher logistics costs.
Income from associates increased, positively impacted by property gains in Carlsberg Byen.
The reported operating profit growth of 15.1% was supported by Britvic. Organic growth was 2.3%,
as growth in Asia more than offset lower profits in CEEI and Western Europe, the latter being
impacted by the loss of the San Miguel brand. The organic operating margin improved by
approximately 40bp, while the reported margin contracted by 40bp to 15.8% due to the lower
operating margin at Britvic.
Reported net profit declined by 4.7% to DKK 3,562m due to special items being significantly
impacted by integration and financial costs, and the higher tax rate. Adjusted net profit (adjusted for
special items after tax) increased by 3.9% to DKK 4,023m, and adjusted earnings per share grew by
4.7% to DKK 30.4.
Return on invested capital (12-month average) was 11.5%. This was a decline of 270bp, which was
mostly the result of the Britvic acquisition. ROIC excluding goodwill was 32.6% (2024: 36.8%), also
impacted by the Britvic acquisition.
Net interest-bearing debt was DKK 64.6bn (2024: DKK 25.2bn). Net interest-bearing debt/EBITDA
was 3.78x (1.73x at year-end 2024). Pro forma net interest-bearing debt/EBITDA (including 12
months’ EBITDA from Britvic) was 3.46x, in line with our expectations.
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REGIONAL PERFORMANCE
WESTERN EUROPE
Change Change
H1 2024 Organic Acq., net FX 2025 Reported
Volumes (million hl)
Beer 14.1 -5.3 % -0.6 % - 13.3 -5.9 %
Other beverages 7.1 5.6 % 139.2 % - 17.5 144.8 %
Total 21.2 -1.7 % 46.3 % - 30.8 44.6 %
DKK million
Revenue 18,862 -0.8 % 34.9 % 0.8 % 25,446 34.9 %
Operating profit 2,598 -4.6 % 31.3 % 0.6 % 3,308 27.3 %
Operating margin (%) 13.8 13.0 -80bp
Figures for Western Europe were heavily impacted by Britvic and San Miguel.
Reported volumes grew by 44.6% mainly due to Britvic. Adjusted for San Miguel, total organic
volumes grew by 2.4% (Q2: +3.6%), with organic beer volumes up 0.7% (Q2: 1.8%) driven by
markets such as the UK, France and Poland. Soft drinks delivered solid growth in the Nordic
markets and Switzerland. The acceleration of volume growth in Q2 benefited from easy
comparables due to bad weather in Q2 2024.
Revenue/hl increased organically by 1% (Q2: +1%), mainly because of price increases and growth of
premium beer and alcohol-free brews, partly offset by a negative channel mix due to a soft on-
trade channel. Revenue/hl was also impacted by the growth of soft drinks, which have lower
revenue/hl than beer.
Reported revenue growth was 34.9% (Q2: +37.8%). Organic revenue development was -0.8% (Q2:
+0.8%). Adjusted for San Miguel, organic revenue growth was 2.6% (Q2: 4.3%).
Reported operating profit increased by 27.3%, mainly due to Britvic. Organic operating profit
declined by 4.6%. Excluding the estimated impact from the San Miguel loss, organic operating profit
would have been slightly up due to volume and revenue/hl growth and efficiency improvements,
partly offset by higher logistics costs and IT investments, as we are renovating our ERP landscape.
Market comments
In the UK, beer volumes declined by high-teens percentages due to San Miguel. Adjusting for this
brand, volumes grew by high-single-digit percentages, driven by strong performance of brands such
as Carlsberg, Poretti and 1664 Kronenbourg in both the on- and off-trade channels.
Volumes in Denmark, Norway and Sweden benefited from easy weather comparables. In Denmark,
we saw good growth of premium beer, driven by brands such as Jacobsen, Mikkeller and 1664
Blanc, alcohol-free brews and soft drinks. In Sweden, growth was driven by the Pepsi and
Schweppes portfolios and premium beer, while in Norway, volume growth was driven by premium
beer, alcohol-free brews and our local water brands. In Finland, comparables were difficult due to
very good weather in Q2 2024 and, consequently, volumes declined.
In France, volumes grew by low-single-digit percentages, and we started regaining market share,
supported by easy comparables due to the weak performance last year. Revenue/hl improved
slightly, mainly because of a positive brand mix. We launched Somersby with initial good results.
In Poland, volumes grew by low-single-digit percentages in a soft market. Revenue/hl continued to
improve, with our premium portfolio, alcohol-free brews and Beyond Beer delivering good growth.
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In Switzerland, soft drinks and alcohol-free brews saw good growth, while total volumes declined
slightly as the beer market continued to be negatively impacted by the weak consumer sentiment,
affecting the on-trade channel in particular.
ASIA
Change Change
H1 2024 Organic Acq., net FX 2025 Reported
Volumes (million hl)
Beer 22.5 -1.7 % 0.0 % - 22.1 -1.7 %
Other beverages 3.3 -10.4 % 0.0 % - 3.0 -10.4 %
Total 25.8 -2.8 % 0.0 % - 25.1 -2.8 %
DKK million
Revenue 11,683 -1.9 % 0.0 % -2.2 % 11,208 -4.1 %
Operating profit 2,767 7.3 % 0.0 % -2.1 % 2,911 5.2 %
Operating margin (%) 23.7 26.0 230bp
In Asia, beer volumes declined by 1.7% (Q2: -2.8%) mainly due to soft volumes in Laos and
Vietnam. Volume development for other beverages continued to be impacted by energy drinks in
Cambodia and declined by 10.4% (Q2: -7.9%).
Revenue/hl increased organically by 1% (Q2: flat), resulting in organic revenue development of
-1.9% (Q2: -3.4%). Reported revenue was -4.1% (Q2: -9.2%), impacted by the weaker Laotian and
Chinese currencies.
Operating profit grew organically by 7.3%, and the operating margin improved by 230bp to 26.0%.
The improvement was supported by supply chain efficiencies, which led to a solid gross margin
improvement.
Market comments
In China, our volumes grew by 1% (Q2: flat) thanks to good growth of our premium portfolio,
including Carlsberg, Tuborg and Wind Flower Snow Moon, and continued solid growth in the Big
Cities. The Beyond Beer extension of Wind Flower Snow Moon also delivered very strong growth.
The mainstream portfolio declined, impacted by weak consumer sentiment. We maintained our
market share.
Our volumes in Vietnam declined by mid-teens percentages. This was driven by intensified
competitive activities, which particularly impacted our mainstream volumes in the central region,
and a reorganisation of our distribution network and outlet universe to ensure a resilient and high-
quality route-to-market for the future. Carlsberg and Tuborg delivered good growth, while super-
premium 1664 Blanc declined.
In Laos, the beverage market was impacted by the weak macroeconomic environment.
Consequently, our volumes declined by mid-single-digit percentages. Revenue/hl increased by high-
single-digit percentages, driven by price increases to offset the continued inflationary pressure.
Our business in Malaysia improved in Q2, delivering solid performance following a soft start to the
year due to the earlier sell-in to the New Year celebrations. The improvement was supported by
growth of the Carlsberg brand.
Our beer volumes in Cambodia grew by high-single-digit percentages, but total volumes declined, as
they continued to be impacted by weak energy drinks volumes.
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CENTRAL & EASTERN EUROPE AND INDIA (CEEI)
Change Change
H1 2024 Organic Acq., net FX 2025 Reported
Volumes (million hl)
Beer 16.8 0.2 % 2.8 % - 17.3 3.0 %
Other beverages 1.9 -1.9 % 70.2 % - 3.1 68.3 %
Total 18.7 0.0 % 9.5 % - 20.4 9.5 %
DKK million
Revenue 8,254 3.1 % 12.1 % -3.8 % 9,194 11.4 %
Operating profit 1,601 -3.6 % 6.2 % -4.4 % 1,573 -1.8 %
Operating margin (%) 19.4 17.1 -230bp
Reported volume growth in CEEI was 9.5% (Q2: 9.2%) due to the consolidation of our business in
Nepal after gaining full control of the business in November 2024 and the inclusion of Britvic’s
Brazilian business. Organic volume growth was flat (Q2: +1.1%). We gained market share in most
markets in the region.
Revenue/hl delivered solid growth of 3% (Q2: +4%) as a result of price increases and a positive
product mix. Reported revenue growth was 11.4% (Q2: 10.6%) due to the acquisition impact of 12.1%
(Q2: 10.4%) and the organic growth of 3.1% (Q2: +5.2%), partly offset by adverse currencies.
Organic operating profit declined by 3.6% mainly due to costs related to preparations for becoming
the Pepsi bottler in Kazakhstan from 1 January 2026 and costs related to flooding at the Italian
brewery in April. Reported operating profit development was -1.8%, as the positive acquisition
impact was partly offset by currencies, mainly in Ukraine, Kazakhstan and India.
Market comments
In India, our volumes grew by low-double-digit percentages despite the early arrival of the monsoon
season and subsequent heavy rainfall. Our volume growth was well ahead of the market, and our
market share strengthened further. The growth was mainly driven by Carlsberg Elephant and
Tuborg Green. We continued to expand the distribution of 1664 Blanc following the launch at the
end of last year.
In a volatile and unsafe environment caused by the war, our volumes in Ukraine declined by mid-
single-digit percentages. Revenue/hl continued to improve, supported by strong growth of the
premium portfolio, particularly for brands such as 1664 Blanc and Carlsberg.
In Kazakhstan, volumes were flat following strong growth in Q2, which was supported by market
share gain, market recovery after Ramadan and improved consumer purchasing power.
Preparations for the Pepsi licence take-over are progressing well. These include hiring of additional
sales force and supply chain staff, commercial investments in coolers and construction of a new
bottling facility, which is expected to be operational in H2 2026.
In south-east Europe, we delivered solid market share improvements but volumes declined slightly,
as the markets were impacted by bad weather and a soft consumer demand environment. In
Greece, our volumes grew in a declining market thanks to good performance of our alcohol-free
brews and the mainstream Mythos brand. In Italy, volumes declined slightly due to supply chain
disruptions following the flooding of the brewery.
Volume growth in the export & licence business improved in Q2 with slight growth in the quarter,
mainly driven by solid growth for Carlsberg.
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CENTRAL COSTS (NOT ALLOCATED)
Central costs, net, were DKK 658m (2024: DKK 667m). Central costs are incurred for ongoing
support of the Group’s overall operations and strategic development. In particular, they cover the
costs of running central functions, including marketing. The lower costs mainly reflected phasing
through the year.
OTHER ACTIVITIES (NON-BEVERAGE)
The operation of the Carlsberg Research Laboratory and the non-controlling holding in the
Carlsberg Byen company in Copenhagen are reported separately from the beverage activities. The
non-beverage activities generated DKK +99m (2024: DKK -15m). The improvement was due to real
estate gains in the Carlsberg Byen company.
COMMENTS ON THE FINANCIAL STATEMENTS
ACCOUNTING POLICIES
This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting, as
issued by the International Accounting Standards Board (IASB) and adopted by the EU, and
additional Danish disclosure requirements for interim financial reporting by listed companies.
The consolidated financial statements have been prepared using accounting policies for recognition
and measurement consistent with those applied to the consolidated financial statements for 2024.
INCOME STATEMENT
Please see pages 6-7 for a review of operating profit.
Net special items (pre-tax) amounted to DKK -541m (2024: DKK -139m) and were mainly impacted
by Britvic integration costs and costs related to M&A activities. A specification of special items is
included in note 4.
Financial items, net, amounted to DKK -1,210m against DKK -513m in 2024. Excluding foreign
exchange losses, net, of DKK -85m, financial items, net, amounted to DKK -1,125m (2024: DKK
-466m). The increase was mainly due to higher net interest-bearing debt and higher funding costs.
A specification of net financial items is included in note 5.
Tax totalled DKK -1,262m against DKK -1,181m in 2024. The effective tax rate was 23.0% (2024:
21.0%), impacted by the higher tax rate for Britvic and the deferred tax deductibility of the Britvic
acquisition-related interest expenses.
Non-controlling interests were DKK 658m (2024: DKK 712m). The decline was mainly due to the
acquisition of the remaining 40% of Carlsberg Marston’s Brewing Company in July 2024.
The Carlsberg Group’s share of consolidated profit (net profit) was DKK 3,562m (2024: DKK
3,739m).
STATEMENT OF FINANCIAL POSITION
Assets
Total assets amounted to DKK 154.6bn at 30 June 2025 (31 December 2024: DKK 114.0bn),
impacted by Britvic. The purchase price allocation (PPA) of the fair value of the acquired assets is
ongoing and will be completed within 12 months of completion, as required by IFRS. Consequently,
adjustments to the current PPA are expected.
Total non-current assets amounted to DKK 120.0bn at 30 June 2025 (31 December 2024: DKK
87.6bn).
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14 August 2025
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Intangible assets increased by DKK 27.9bn to DKK 81.0bn, mainly impacted by Britvic, partly offset
by currency adjustments, predominately due to depreciation of the Chinese, British, Laotian,
Nepalese and US currencies. Property, plant and equipment increased by DKK 3.9bn to DKK 31.0bn.
Current assets amounted to DKK 34.6bn at 30 June 2025 (31 December 2024: DKK 26.3bn), as the
seasonality impact on inventories and trade receivables was offset by lower cash and cash
equivalents. Inventories and trade receivables amounted to DKK 19.8bn, an increase of DKK 8.9bn
from 31 December 2024, while cash and cash equivalents declined to DKK 9.4bn (31 December 2024:
DKK 11.5bn), impacted by the dividend payout to shareholders.
Equity and liabilities
Total equity amounted to DKK 27.8bn at 30 June 2025 (31 December 2024: DKK 30.6bn), DKK
25.0bn of which was attributable to shareholders in Carlsberg A/S and DKK 2.7bn to non-controlling
interests.
The net change in equity of DKK -2.8bn is mainly explained by the profit for the period of DKK
4.2bn, offset by total dividends paid of DKK 4.0bn and currency adjustments of foreign entities of
DKK -3.3bn.
Total liabilities increased to DKK 126.9bn against DKK 83.4bn at 31 December 2024, primarily due to
Britvic.
Long- and short-term borrowings amounted to DKK 74.1bn (31 December 2024: DKK 38.1bn): long-
term borrowings were DKK 66.8bn (31 December 2024: DKK 27.4bn) and short-term borrowings
were DKK 7.3bn (31 December 2024: DKK 10.7bn). The lower short-term borrowings were due to
lower issued commercial paper.
Current liabilities excluding short-term borrowings increased to DKK 42.4bn (31 December 2024:
DKK 35.3bn), mainly because of Britvic.
CASH FLOW
Free cash flow amounted to DKK -26,695m versus DKK 6,003m in 2024 due to the acquisition of
Britvic. Net cash flow amounted to DKK -2,087m, mainly impacted by dividends to shareholders of
DKK -3,569m and external financing of DKK 28,709m.
Cash flow from operating activities
Cash flow from operating activities amounted to DKK 5,310m against DKK 5,881m in 2024.
EBITDA grew to DKK 9,700m (2024: DKK 8,371m).
The change in total working capital was DKK -1,476m (2024: DKK -836m). The change in trade
working capital was DKK -838m (2024: DKK 453m). Average trade working capital to revenue
(MAT) was -17.8% (30 June 2024 MAT: -20.4%). The decline was due to Britvic. The change in
other working capital was DKK -638m (2024: DKK -1,289m).
Restructuring costs and other special items amounted to DKK -701m (2024: DKK -87m), impacted
by the acquisition and integration costs related to Britvic. Net interest etc. paid amounted to DKK
-585m (2024: DKK -238m), impacted by the higher net interest-bearing debt. Corporation tax paid
was DKK -1,319m (2024: DKK -1,089m).
Cash flow from investing activities
Cash flow from investing activities was DKK -32,005m (2024: DKK 122m).
Operational investments totalled DKK -2,641m (2024: DKK -2,268m). Acquisition of property, plant
and equipment and intangible assets amounted to DKK -2,713m (2024: DKK -2,279m) and included
Company announcement 8/2025
14 August 2025
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expansion investments in India and Vietnam and investments in preparation for taking over the
Pepsi licence in Kazakhstan from 1 January 2026.
Total financial investments amounted to DKK -29,364m (2024: DKK 2,390m), impacted by the
acquisition of Britvic.
FINANCING
At 30 June 2025, gross financial debt amounted to DKK 74.1bn (2024: DKK 37.1bn) and net interest-
bearing debt to DKK 64.6bn (2024: DKK 25.2bn), impacted by Britvic and the dividend payment to
shareholders and non-controlling interests.
The difference between gross financial debt and net interest-bearing debt mainly comprised cash
and cash equivalents of DKK 9.4bn.
Of the gross financial debt, 90% (DKK 66.8bn) was long term, i.e. with maturity of more than one
year from 30 June 2025. At the end of June 2025, the duration was 4.7 years.
BRITVIC INCENTIVE SCHEME
In line with Carlsberg’s commitments as part of the Britvic acquisition, we have resumed the Britvic
share incentive programme, which was paused during the acquisition process. The programme
allows employees to purchase Carlsberg B-shares, with a company-matching contribution being
made for former Britvic employees.
The programme corresponds in all material aspects to Carlsberg’s existing share scheme (in place
since 2009), apart from the additional matching element. Employees can purchase shares up to a
value of GBP 150 per month, with the Company matching up to GBP 65 per month. The plan runs
on a continuous basis, is managed under rules governed by a trust and administered by a third
party in full accordance with the plan rules.
FINANCIAL CALENDAR
The financial year follows the calendar year, and the following schedule has been set for the
remainder of 2025:
1 October Capital Markets Day
30 October Q3 trading statement
FORWARD-LOOKING STATEMENTS
This Company announcement contains forward-looking statements, including, but not limited to,
guidance, expectations, strategies, objectives and statements regarding future events or prospects
with respect to the Group’s future financial and operating results. Forward-looking statements
include, without limitation, any statement that may predict, forecast, indicate or imply future results,
performance or achievements, and may contain words such as "expect", "estimate", "intend", "will be",
"will continue", "will result", "could", "may", "might" or any variations of such words or other words
with similar meanings. Forward-looking statements are subject to risks and uncertainties that could
cause the Group’s actual results to differ materially from the results discussed in such forward-
looking statements. Prospective information is based on management’s then current expectations or
forecasts. Such information is subject to the risk that such expectations or forecasts, or the
assumptions underlying such expectations or forecasts, may change. The Group assumes no
obligation to update any such forward-looking statements to reflect actual results, changes in
assumptions or changes in other factors affecting such forward-looking statements.
Some important risk factors that could cause the Group’s actual results to differ materially from
those expressed in its forward-looking statements include, but are not limited to: economic and
political uncertainty (including interest rates and exchange rates), financial and regulatory
developments, demand for the Group’s products, increasing industry consolidation, competition from
Company announcement 8/2025
14 August 2025
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other breweries, the availability and pricing of materials used by the Group, cost of energy,
production- and distribution-related issues, IT failures, market-driven price reductions, litigation,
environmental issues and other unforeseen factors. The nature of the Group’s business means that
risk factors and uncertainties may arise, and it may not be possible for management to predict all
such risk factors, nor to assess the impact of all such risk factors on the Group’s business or the
extent to which any individual risk factor, or combination of factors, may cause results to differ
materially from those contained in any forward-looking statement. Accordingly, forward-looking
statements should not be relied on as a prediction of actual results.
Company announcement 8/2025
14 August 2025
Page 14 of 31
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MANAGEMENT STATEMENT
EXECUTIVE BOARD OF CARLSBERG A/S
SUPERVISORY BOARD OF CARLSBERG A/S
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14 August 2025
Page 15 of 31
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FINANCIAL STATEMENTS
Income statement
Statement of comprehensive income
Statement of financial position
Statement of changes in equity
Statement of cash flows
Note 1 Segment reporting by region (beverages)
Note 2 Segment reporting by activity
Note 3 Segment reporting by half year
Note 4 Special items
Note 5 Net financial expenses
Note 6 Debt and credit facilities
Note 7 Net interest-bearing debt
Note 8 Acquisitions
Note 9 Hyperinflation
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14 August 2025
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INCOME STATEMENT
DKK million H1 2025 H1 2024 2024
Revenue 45,855 38,803 75,011
Cost of sales -24,742 -20,899 -40,631
Gross profit 21,113 17,904 34,380
Sales and distribution expenses -11,844 -9,804 -19,242
Administrative expenses -2,510 -2,101 -4,381
Other operating activities, net 112 20 38
Share of profit after tax of associates 362 265 616
Operating profit before special items 7,233 6,284 11,411
Special items, net -541 -139 -519
Financial income 484 266 959
Financial expenses -1,694 -779 -1,864
Profit before tax 5,482 5,632 9,987
Income tax -1,262 -1,181 -1,982
Profit from continuing operations 4,220 4,451 8,005
Net result from discontinued operations - - 2,258
Profit for the period 4,220 4,451 10,263
Attributable to
Non-controlling interests 658 712 1,147
Shareholders in Carlsberg A/S (net profit) 3,562 3,739 9,116
DKK
Earnings per share of DKK 20 (EPS) 27.0 28.1 68.7
Continuing operations 27.0 28.1 51.7
Discontinued operations - - 17.0
Diluted earnings per share of DKK 20 (EPS-D) 26.9 28.1 68.6
Continuing operations 26.9 28.1 51.6
Discontinued operations - - 17.0
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14 August 2025
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STATEMENT OF COMPREHENSIVE INCOME
DKK million H1 2025 H1 2024 2024
Profit for the period 4,220 4,451 10,263
Other comprehensive income
Retirement benefit obligations -62 -30 -96
Income tax 15 - 13
Items that will not be reclassified to the income statement -47 -30 -83
Foreign exchange adjustments of foreign entities -3,286 98 874
Hyperinflation restatement of equity - 2,415 2,428
Fair value adjustments of hedging instruments 300 81 2
Income tax -68 22 30
Items that will be reclassified to the income statement -3,054 2,616 3,334
Other comprehensive income -3,101 2,586 3,251
Total comprehensive income 1,119 7,037 13,514
Attributable to
Non-controlling interests 360 1,612 2,138
Shareholders in Carlsberg A/S 759 5,425 11,376
Total comprehensive income for the period arises from
Continuing operations 1,119 7,037 11,256
Discontinued operations - - 2,258
Total comprehensive income 1,119 7,037 13,514
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14 August 2025
Page 18 of 31
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STATEMENT OF FINANCIAL POSITION
DKK million 30 June 2025 30 June 2024 31 Dec. 2024¹
ASSETS
Intangible assets 81,040 50,916 53,176
Property, plant and equipment 30,960 25,853 27,053
Financial assets 7,981 8,473 7,416
Total non-current assets 119,981 85,242 87,645
Inventories 8,019 6,521 5,953
Trade receivables 11,807 8,080 4,940
Other receivables 4,714 4,204 3,853
Deposits and securities 653 – 59
Cash and cash equivalents 9,447 10,709 11,542
Current assets 34,640 29,514 26,347
Total current assets 34,640 29,514 26,347
Total assets 154,621 114,756 113,992
EQUITY AND LIABILITIES
Equity, shareholders in Carlsberg A/S 25,021 23,068 27,771
Non-controlling interests 2,748 3,240 2,841
Total equity 27,769 26,308 30,612
Borrowings 66,811 30,794 27,392
Tax liabilities, provisions, retirement benefit obligations etc. 10,369 7,918 9,965
Total non-current liabilities 77,180 38,712 37,357
Borrowings 7,269 6,284 10,748
Trade payables 28,786 25,803 23,295
Deposits on returnable packaging materials 1,979 2,030 1,728
Other liabilities 11,638 15,619 10,252
Current liabilities 49,672 49,736 46,023
Total current liabilities 49,672 49,736 46,023
Total liabilities 126,852 88,448 83,380
Total equity and liabilities 154,621 114,756 113,992
¹ Figures restated following completion of the purchase price allocation for Gorkha Brewery.
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14 August 2025
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STATEMENT OF CHANGES IN EQUITY
DKK million Shareholders in Carlsberg A/S
2025
Share
capital
Currency
translation
Hedging
reserves
Total
reserves
Retained
earnings Total
Non-
controlling
interests
Total
equity
Equity at 1 January 2,685 -597 101 -496 25,582 27,771 2,841 30,612
Profit for the period - - - - 3,562 3,562 658 4,220
Other comprehensive income - -2,639 -117 -2,756 -47 -2,803 -298 -3,101
Total comprehensive income for the period - -2,639 -117 -2,756 3,515 759 360 1,119
Cancellation of treasury shares -32 - - - 32 - - -
Share-based payments - - - - 66 66 - 66
Dividends paid to shareholders - - - - -3,569 -3,569 -453 -4,022
Non-controlling interests - - - - -6 -6 - -6
Total changes in equity -32 -2,639 -117 -2,756 38 -2,750 -93 -2,843
Equity at 30 June 2,653 -3,236 -16 -3,252 25,620 25,021 2,748 27,769
DKK million Shareholders in Carlsberg A/S
2024
Share
capital
Currency
translation
Hedging
reserves
Total
reserves
Retained
earnings Total
Non-
controlling
interests
Total
equity
Equity at 1 January 2,747 -2,639 -180 -2,819 23,306 23,234 2,515 25,749
Profit for the period - - - - 3,739 3,739 712 4,451
Other comprehensive income - 2,281 160 2,441 -755 1,686 900 2,586
Total comprehensive income for the period - 2,281 160 2,441 2,984 5,425 1,612 7,037
Cancellation of treasury shares -62 - - - 62 - - -
Share-based payments - - - - 65 65 - 65
Dividends paid to shareholders - - - - -3,601 -3,601 -876 -4,477
Share buy-back - - - - -1,899 -1,899 - -1,899
Non-controlling interests - - - - -156 -156 -11 -167
Total changes in equity -62 2,281 160 2,441 -2,545 -166 725 559
Equity at 30 June 2,685 -358 -20 -378 20,761 23,068 3,240 26,308
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14 August 2025
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STATEMENT OF CASH FLOWS
DKK million H1 2025 H1 2024 2024
Operating profit before special items 7,233 6,284 11,411
Depreciation, amortisation and impairment losses 2,467 2,087 4,370
Operating profit before depreciation, amortisation and impairment losses¹ 9,700 8,371 15,781
Other non-cash items -309 -240 -635
Change in trade working capital -838 453 471
Change in other working capital -638 -1,289 -1,108
Restructuring costs and other special items paid -701 -87 -220
Interest etc. received 185 261 456
Interest etc. paid -770 -499 -1,091
Income tax paid -1,319 -1,089 -2,342
Cash flow from operating activities 5,310 5,881 11,312
Acquisition of property, plant and equipment -2,516 -2,181 -4,668
Acquisition of intangible assets -197 -98 -362
Disposal of property, plant and equipment and intangible assets 78 40 85
Change in on-trade loans -6 -29 1
Total operational investments -2,641 -2,268 -4,944
Free operating cash flow 2,669 3,613 6,368
Acquisition of subsidiaries -29,181 - 254
Disposal of subsidiaries - - -27
Acquisition of associates -5 -115 -161
Disposal of associates 161 - -
Change in financial investments -634 2,233 2,179
Change in financial receivables -31 -8 389
Dividends received 326 280 792
Total financial investments -29,364 2,390 3,426
Cash flow from investing activities -32,005 122 -1,518
Free cash flow -26,695 6,003 9,794
Shareholders in Carlsberg A/S -3,569 -3,601 -3,601
Share buy-back - -1,899 -1,960
Non-controlling interests -532 -919 -6,463
External financing 28,709 -2,277 -1,911
Cash flow from financing activities 24,608 -8,696 -13,935
Net cash flow from continuing operations -2,087 -2,693 -4,141
Net cash flow from discontinued operations - - 2,258
Net cash flow -2,087 -2,693 -1,883
Cash and cash equivalents at 1 January 11,510 13,382 13,382
Foreign exchange adjustment of cash and cash equivalents -547 20 11
Cash and cash equivalents at period-end¹ 8,876 10,709 11,510
¹ Cash and cash equivalents less bank overdrafts.
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14 August 2025
Page 21 of 31
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NOTE 1 (PAGE 1 OF 2)
SEGMENT REPORTING BY REGION
Q2 2025 Q2 2024 H1 2025 H1 2024 2024
Beer (million hl)
Western Europe 7.8 8.2 13.3 14.1 28.1
Asia 11.0 11.3 22.1 22.5 38.6
Central & Eastern Europe and India 10.6 10.2 17.3 16.8 34.5
Total 29.4 29.7 52.7 53.4 101.2
Other beverages (million hl)
Western Europe 10.1 3.9 17.5 7.1 14.8
Asia 1.7 1.8 3.0 3.3 6.0
Central & Eastern Europe and India 1.7 1.1 3.1 1.9 3.7
Total 13.5 6.8 23.6 12.3 24.5
Revenue (DKK million)
Western Europe 14,898 10,810 25,446 18,862 38,081
Asia 5,372 5,916 11,208 11,683 20,466
Central & Eastern Europe and India 5,457 4,934 9,194 8,254 16,454
Not allocated 5 1 7 4 10
Beverages, total 25,732 21,661 45,855 38,803 75,011
Non-beverage
- - - - -
Total 25,732 21,661 45,855 38,803 75,011
Operating profit before depreciation, amortisation and special items (EBITDA, DKK million)
Western Europe 4,517 3,499 7,147
Asia 3,683 3,490 6,185
Central & Eastern Europe and India 2,004 1,988 3,846
Not allocated -603 -590 -1,356
Beverages, total 9,601 8,387 15,822
Non-beverage 99 -16 -41
Total 9,700 8,371 15,781
Operating profit before special items (DKK million)
Western Europe 3,308 2,598 5,274
Asia 2,911 2,767 4,632
Central & Eastern Europe and India 1,573 1,601 3,039
Not allocated -658 -667 -1,493
Beverages, total 7,134 6,299 11,452
Non-beverage 99 -15 -41
Total 7,233 6,284 11,411
Operating margin (%)
Western Europe 13.0 13.8 13.9
Asia 26.0 23.7 22.6
Central & Eastern Europe and India 17.1 19.4 18.5
Not allocated - - -
Beverages, total 15.6 16.2 15.3
Non-beverage - - -
Total 15.8 16.2 15.2
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14 August 2025
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NOTE 1 (PAGE 2 OF 2)
SEGMENT REPORTING BY REGION
DKK million
30 June
2025
30 June
2024 2024¹
Invested capital, period-end
Western Europe 70,515 35,744 34,480
Asia 18,669 18,588 20,883
Central & Eastern Europe and India 11,922 10,788 10,590
Not allocated 222 -105 -612
Beverages, total 101,328 65,015 65,341
Non-beverage 687 662 718
Total 102,015 65,677 66,059
Invested capital excl. goodwill, period-end
Western Europe 22,376 15,273 14,126
Asia 3,866 2,680 4,556
Central & Eastern Europe and India 6,400 7,140 5,013
Not allocated 222 -105 -612
Beverages, total 32,864 24,988 23,083
Non-beverage 687 662 718
Total 33,551 25,650 23,801
Return on invested capital, ROIC (%), 12-month average
Western Europe 9.1 11.4 12.0
Asia 19.0 19.7 18.3
Central & Eastern Europe and India 23.0 23.6 23.6
Not allocated - - -
Beverages, total 11.5 14.4 14.0
Non-beverage - - -
Total 11.5 14.2 13.8
Return on invested capital excl. goodwill (%), 12-month average
Western Europe 25.8 26.9 28.4
Asia 90.5 156.8 105.7
Central & Eastern Europe and India 40.3 36.3 37.1
Not allocated - - -
Beverages, total 33.1 38.1 36.6
Non-beverage - - -
Total 32.6 36.8 35.5
¹ Figures restated following completion of the purchase price allocation for Gorkha Brewery.
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14 August 2025
Page 23 of 31
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NOTE 2
SEGMENT REPORTING BY ACTIVITY
H1 2025 H1 2024
DKK million Beverages
Non-
beverage Total Beverages
Non-
beverage Total
Revenue 45,855 - 45,855 38,803 - 38,803
Operating profit before special items 7,134 99 7,233 6,299 -15 6,284
Special items, net -541 - -541 -139 - -139
Financial items, net -1,201 -9 -1,210 -493 -20 -513
Profit before tax 5,392 90 5,482 5,667 -35 5,632
Income tax -1,265 3 -1,262 -1,186 5 -1,181
Profit from continuing operations 4,127 93 4,220 4,481 -30 4,451
Net result from discontinued operations - - - - - -
Profit for the period 4,127 93 4,220 4,481 -30 4,451
Attributable to:
Non-controlling interests 658 - 658 712 - 712
Shareholders in Carlsberg A/S (net profit) 3,469 93 3,562 3,769 -30 3,739
Company announcement 8/2025
14 August 2025
Page 24 of 31
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NOTE 3
SEGMENT REPORTING BY HALF YEAR
DKK million H1 2025 H1 2024 2024
Revenue
Western Europe 25,446 18,862 38,081
Asia 11,208 11,683 20,466
Central & Eastern Europe and India 9,194 8,254 16,454
Not allocated 7 4 10
Beverages, total 45,855 38,803 75,011
Non-beverage - - -
Total 45,855 38,803 75,011
Operating profit before special items
Western Europe 3,308 2,598 5,274
Asia 2,911 2,767 4,632
Central & Eastern Europe and India 1,573 1,601 3,039
Not allocated -658 -667 -1,493
Beverages, total 7,134 6,299 11,452
Non-beverage 99 -15 -41
Total 7,233 6,284 11,411
Special items, net -541 -139 -519
Financial items, net -1,210 -513 -905
Profit before tax 5,482 5,632 9,987
Income tax -1,262 -1,181 -1,982
Profit from continuing operations 4,220 4,451 8,005
Net result from discontinued operations - - 2,258
Profit for the period 4,220 4,451 10,263
Attributable to:
Non-controlling interests 658 712 1,147
Shareholders in Carlsberg A/S (net profit) 3,562 3,739 9,116
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14 August 2025
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NOTE 4
SPECIAL ITEMS
DKK million H1 2025 H1 2024 2024
Special items, income
Revaluation gain on step acquisition of former associate - - 440
Income - - 440
Special items, expenses
Impairment of brands - - -125
Impairment of property, plant and equipment - - -93
Impairment of non-current assets in Asia -47 - -66
Integration costs -271 - -
Costs related to acquisition and disposal of entities etc. -157 -108 -413
Restructuring projects and provisions -40 -1 -261
Reversal of provisions made in prior years - - 69
Impairment of assets and other war-related costs in Ukraine - -12 -40
Other expenses -26 -18 -30
Expenses -541 -139 -959
Special items, net -541 -139 -519
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14 August 2025
Page 26 of 31
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NOTE 5
NET FINANCIAL EXPENSES
DKK million H1 2025 H1 2024 2024
Financial income
Interest income 187 224 408
Foreign exchange gains - - 189
Fair value adjustment gains 152 - -
Interest on plan assets, defined benefit plans 112 - 298
Reversal of impairments of financial assets - - 5
Monetary gain on hyperinflation restatement - 37 50
Other 33 5 9
Total 484 266 959
Financial expenses
Interest expenses -1,154 -534 -1,060
Capitalised financial expenses 9 10 12
Foreign exchange losses -237 -42 -
Fair value adjustment losses - -55 -80
Interest expenses on obligations, defined benefit plans -116 -24 -335
Interest expenses, lease liabilities -33 -19 -57
Bank fees -122 -74 -178
Other -41 -41 -166
Total -1,694 -779 -1,864
Financial items, net, recognised in the income statement -1,210 -513 -905
Financial items excluding foreign exchange, net -1,125 -466 -1,064
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14 August 2025
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NOTE 6
DEBT AND CREDIT FACILITIES
DKK million
Time to maturity for non-current borrowings, 30
June 2025 1-2 years 2-3 years 3-4 years 4-5 years > 5 years Total
Issued bonds 16,330 - 6,233 14,108 27,806 64,477
Bank borrowings 19 6 39 197 - 261
Lease liabilities 360 273 207 159 1,056 2,055
Other non-current borrowings 1 1 - 1 15 18
Total 16,710 280 6,479 14,465 28,877 66,811
Financial liabilities, 30 June 2024 4,193 9,459 122 5,263 11,757 30,794
DKK million
Currency split of net financial debt¹
30 June
2025
30 June
2024
EUR 50,065 23,293
USD 936 2,753
CHF 1,913 1,762
GBP 13,942 431
Other currencies -2,876 -1,870
Total 63,980 26,369
¹ After currency swap.
DKK million
Committed credit facilities
30 June
2025
30 June
2024
< 1 year 8,525 7,433
1-2 years 16,710 19,116
2-3 years 280 9,459
3-4 years 6,633 122
4-5 years 29,438 5,263
> 5 years 28,877 11,757
Total 90,463 53,150
Current 8,525 7,433
Non-current 81,938 45,717
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14 August 2025
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NOTE 7
NET INTEREST-BEARING DEBT
DKK million H1 2025 H1 2024 2024
Issued bonds 64,477 29,304 25,603
Bank borrowings 261 124 100
Lease liabilities 2,055 1,345 1,668
Other non-current borrowings 18 21 21
Total non-current borrowings 66,811 30,794 27,392
Issued bonds 4,206 - 3,726
Bank borrowings 658 265 186
Lease liabilities 487 443 455
Other current borrowings 1,918 5,576 6,381
Total current borrowings 7,269 6,284 10,748
Gross financial debt 74,080 37,078 38,140
Deposits and securities -653 - -59
Cash and cash equivalents -9,447 -10,709 -11,542
Net financial debt 63,980 26,369 26,539
Deferred considerations 1,449 - 1,626
Loans to associates, interest-bearing portion -255 -292 -277
On-trade loans, net -461 -452 -457
Other receivables, net -80 -406 -74
Other interest-bearing assets, net 653 -1,150 818
Net interest-bearing debt 64,633 25,219 27,357
CHANGES IN NET INTEREST-BEARING DEBT
H1 2025 H1 2024 2024
Net interest-bearing debt at beginning of period 27,357 22,351 22,351
Cash flow from operating activities -5,310 -5,881 -11,312
Cash flow from investing activities, excl. acquisition of entities, net 2,980 -237 1,584
Cash flow from acquisition of entities etc., net 29,025 115 -66
Dividends to shareholders and non-controlling interests 3,945 4,520 4,965
Share buy-back - 1,899 1,960
Acquisition of non-controlling interests 156 - 6,725
Change in net interest-bearing debt from acquisitions and disposals of entities 6,924 - -66
Change in interest-bearing lending -630 2,206 2,485
Effect of currency translation 61 6 65
Lease liabilities, net 94 216 896
Net cash flow from discontinued operations - - -2,258
Other 31 24 28
Total change 37,276 2,868 5,006
Net interest-bearing debt, end of period 64,633 25,219 27,357
Company announcement 8/2025
14 August 2025
Page 29 of 31
www.carlsberggroup.com
NOTE 8
ACQUISITION OF ENTITIES
Britvic Group
On 16 January 2025, the Group acquired the outstanding shares in Britvic Plc for a cash
consideration of DKK 28,762m and thereby gained control of the Britvic Group.
The purchase price allocation of the fair value of identified assets, liabilities and contingent liabilities
is ongoing. Adjustments are therefore expected to be made to several items in the opening
statement of financial position, including to brands and property, plant and equipment. Acquired
goodwill is not deductible for tax purposes. The accounting treatment of the acquisition will be
completed within the 12-month period required by IFRS.
Gorkha Brewery
On 29 November 2024, the Group gained control of Gorkha Brewery (Nepal) through the
acquisition of an additional 9.94% of the shares in Gorkha Brewery, for cash consideration of DKK
DKK 254m, giving Carlsberg a 99.94% ownership interest. and thereby gained control of Gorkha
Brewery. The shareholdings held before obtaining control were remeasured at a fair value of DKK
1,543m resulting in a total consideration of DKK 1,794 including impact from currency.
The purchase price allocation of the fair value of identified assets, liabilities and contingent liabilities
has been completed.
Net assets acquired and goodwill recognised
H1 2025 2024
DKK million
Britvic
Group
Gorkha
Brewery
Intangible assets 1,969 150
Property, plant and equipment, including right-of-use-assets 5,410 114
Financial assets 800 47
Inventories 1,739 71
Trade and other receivables 4,453 311
Cash and cash equivalents 406 527
Total assets 14,777 1,220
Borrowings and lease liabilities 7,166 -
Deferred tax liabilities 1,057 330
Provisions - 350
Trade payables 4,803 208
Other liabilities 1,465 492
Total liabilities 14,491 1,380
Acquired net assets 286 -160
Fair value of total consideration transferred 28,859 1,794
Goodwill arising from the acquisition 28,573 1,954
Elements of consideration transferred
DKK million H1 2025 2024
Acquisition of subsidiaries 29,181 -254
Cash acquired, net 159 527
Special dividend and other costs paid -578 -
Deferred consideration paid for acquisition in prior period - -24
Cash consideration paid 28,762 249
Loss on hedges 97 -
Fair value of previously held investment - 1,543
Foreign exchange translation difference - 2
Fair value of total consideration transferred 28,859 1,794
Company announcement 8/2025
14 August 2025
Page 30 of 31
www.carlsberggroup.com
NOTE 9
HYPERINFLATION
At the end of 2024, the economy of Laos was deemed to be hyperinflationary and the Group
therefore applied hyperinflation accounting effective 1 January 2024. The figures reported for H1
2024 have been restated. Although inflation in Laos has come down in 2025, the economy remains
hyperinflationary.
The impact from hyperinflation accounting on operating profit before special items is slightly more
negative in H1 2025 compared to the same period last year and is mainly due to the impact from
period-end retranslation of DKK -39m (2024: DKK 1m).
Impact on the consolidated financial statements
DKK million
H1 YTD 2025
(before
restatement)
Total
adjustments
H1 2025
(reported)
H1 2024
(before
restatement)
Total
adjustments
H1 YTD 2024
(reported)
P&L
Revenue 45,932 -77 45,855 38,767 36 38,803
Operating profit before special items 7,330 -97 7,233 6,335 -51 6,284
Profit for the period 4,289 -69 4,220 4,447 4 4,451
Attributable to
Non-controlling interests 685 -27 658 710 2 712
Shareholders in Carlsberg A/S (net profit) 3,604 -42 3,562 3,737 2 3,739
Financial position
Goodwill 68,638 -174 68,464 39,950 1,668 41,618
Brands 10,746 -12 10,734 9,434 112 9,546
Property, plant and equipment 31,088 -128 30,960 26,229 821 27,050
Total assets 154,935 -314 154,621 110,727 2,601 113,328
Equity, shareholders in Carlsberg A/S 25,195 -174 25,021 26,298 1,473 27,771
Non-controlling interests 2,860 -112 2,748 1,899 942 2,841
Total equity 28,055 -286 27,769 28,197 2,415 30,612
Deferred tax liabilities 5,364 -28 5,336 4,558 186 4,744
Total equity and liabilities 154,935 -314 154,621 110,727 2,601 113,328
Cash flows
Operating profit before special items 7,330 -97 7,233 6,284 - 6,284
Depreciation, amortisation and impairment
losses 2,404 63 2,467 2,085 2 2,087
Other non-cash items -343 34 -309 -238 -2 -240
Cash flow from operating activities 5,310 - 5,310 5,881 - 5,881
Company announcement 8/2025
14 August 2025
Page 31 of 31
www.carlsberggroup.com