CARLSBERG GROUP
ANNUAL
REPORT
2025
As approved on the Company's Annual General Meeting on 16 March 2026
Anders Stubbe Arndal
Chair of the Meeting
CONTENTS
Introduction
4 Letter from the Chair & the
Group CEO
6 Executive Committee
8 Highlights of the year
9 Our results
10 Our portfolio
11 Our regions
14 Capital allocation
15 5-year key figures
Creating value
16 Our purpose
17 Our business model
18 Our strategy
2025 review and 2026
expectations
22 Expanding our soft drinks exposure
23 Group review
25 Western Europe
27 Asia
29 Central & Eastern Europe
andIndia
31 2026 earnings expectations
Governance
32 Risk management
34 Corporate governance
40 Supervisory Board
43 Share information
44 ESRS data points
45 Forward-looking statements
&ESEF
General disclosures
47 Disclosure requirements index
49 Reporting principles of the
sustainability statement
50 Our value chain and business
model
51 Our material topics
53 Our ESG programme
54 ESG governance
56 Our stakeholders
Environment
57 E1 Climate change
67 E3 Water and marine resources
70 E4 Biodiversity and ecosystems
74
E5 Resource use and circular
economy
Social
78 S1 Own workforce
85 S2 Workers in the value chain
88 S4 Consumers and end-users
Governance
92 G1 Business conduct
Appendices
95 Appendix 1: Data points that
derive from other EUlegislation
97 Appendix 2: EU Taxonomy
Consolidated financial
statements
102 Income statement
102 Statement of comprehensive
income
103 Statement of financial position
104 Statement of changes in equity
105 Statement of cash flows
106 Notes
Parent company financial
statements
179 Income statement
179 Statement of comprehensive
income
180 Statement of financial position
181 Statement of changes in equity
181 Statement of cash flows
182 Notes
190 Management statement
191 Independent auditor’s reports
195 Independent auditor’s limited
assurance report on the
sustainability statement
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 2
Management review Sustainability statement Financial statements
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Reports
MANAGEMENT
REVIEW
In this section
Introduction
4 Letter from the Chair & the Group CEO
6 Executive Committee
8 Highlights of the year
9 Our results
10 Our portfolio
11 Our regions
14 Capital allocation
15 5-year key figures
Creating value
16 Our purpose
17 Our business model
18 Our strategy
2025 review and 2026 expectations
22 Expanding our soft drinks exposure
23 Group review
25 Western Europe
27 Asia
29 Central & Eastern Europe and India
31 2026 earnings expectations
Governance
32 Risk management
34 Corporate governance
40 Supervisory Board
43 Share information
44 ESRS data points
45 Forward-looking statements & ESEF
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 3
2025 was a year marked by both continuity and
change for the Carlsberg Group. Against a
backdrop of subdued consumer sentiment and a
challenging trading environment, we delivered
strong reported growth, successfully integrated
Britvic, and focused on building a resilient
business for the long term.
Reported volumes grew by 17.7% and revenue by 18.8%, driven
by the acquisition of Britvic.
Organic volume and revenue development were impacted by
the soft consumer sentiment across our markets and the loss
of the San Miguel brand licence in the UK. Operating profit
grew organically by 5.0%, with strict cost discipline and
performance management enabling continued investments in
our business. Organic growth was at the top end of our guided
range of 3-5%, which was a narrowing announced in August of
the initial guided range of 1-5%.
Read about the Group’s financial results on pages 23-30.
Shareholder returns
Our capital allocation principles remain firmly embedded in our
company, and we are committed to our dividend payout policy
of around 50% of adjusted net profit. In March, we paid a total
dividend of DKK 3.6bn, equivalent to 49% of adjusted net profit
in 2024.
At the Annual General Meeting in March 2026, the Supervisory
Board will recommend a dividend of DKK 29.0 per share. This
represents an increase of 7%, positively impacted by the Britvic
acquisition. The dividend equals a payout ratio of 48% of
adjusted net profit (MPM, see page 23).
Combining beer and soft drinks
We took significant steps in 2024 and 2025 to increase our
exposure to the combination of beer and soft drinks, unlocking
new opportunities for growth and value creation.
Building a consumer-centric, diversified beverage portfolio
strengthens our position as a world-class brewer with an
attractive portfolio of international brands, including Carlsberg,
Tuborg and 1664 Blanc, and local brands, such as Falcon in
Sweden, Chongqing in China and Pirinsko in Bulgaria, and
enables us to meet a wider range of consumer needs and
occasions. By leveraging shared capabilities across beer and
soft drinks, we drive efficiencies in production, logistics and
sales, while offering customers a comprehensive portfolio.
This approach deepens our partnerships with customers,
positions us to capture growth as consumer preferences evolve,
and creates a significantly more resilient company that will
deliver compounding earnings growth despite cyclical pressure
and shifting consumer trends.
Britvic
The acquisition of Britvic was completed on 16 January 2025.
We are very excited about our new and expanded business in
the UK, which has fundamentally changed our scale and
capabilities.
The integration progressed as planned during the year, and we
are already seeing the benefits of combining beer and soft drinks
under one roof. Working together, the teams identified additional
opportunities and benefits beyond our initial synergy estimates.
Consequently, in October we raised our synergy expectations to
GBP 110m. Due to the strong collaboration, we were also ahead
of the original plan, delivering approximately 30% of the
expected cost synergies already in the first year. This progress
reflects the quality of collaboration across the combined
business and reinforces our confidence in the long-term value
creation of the acquisition.
The operating profit contribution from Britvic, excluding the
amortisation related to the purchase price allocation, amounted
to GBP 253m, which was slightly higher than expected.
Our combined broad portfolio of beer and soft drinks has
allowed us to engage with customers in new ways, and to
approach the market with a broader, more relevant portfolio.
The feedback from customers and partners has been
encouraging, and we are committed to building on this
foundation in the years ahead.
Expanding the partnership with PepsiCo
Our partnership with PepsiCo has been further strengthened
with the addition of our bottling agreement in Kazakhstan and
Kyrgyzstan. This partnership represents a transformation of
our businesses in these markets, and we are very excited about
the opportunity to strengthen our presence in Central Asia.
In Laos, we secured a long-term extension of the Pepsi partnership.
Marking over 50 years of successful collaboration, the new 15-year
strategic agreement reflects a deepened commitment to mutual
growth and innovation in the Laotian market.
Read more about Britvic and our partnership with PepsiCo on
page 22.
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 4
LETTER FROM THE CHAIR & THE GROUP CEO
BUILDING RESILIENCE AND
DELIVERING EARNINGS GROWTH
Henrik Poulsen
Chair
Jacob Aarup-Andersen
Group CEO
“We’re strengthening Carlsberg for the long
term, aligning our strategy around a broader
portfolio, strong capabilities and rigorous
execution. The Board is confident that this
will make Carlsberg even more resilient,
benefit our customers and consumers, and
deliver compounding earnings growth and
value for our shareholders.”
Henrik Poulsen, Chair
Executing on our strategy
We continued to invest in our growth categories, markets and
capabilities, defined in our Accelerate SAIL strategy, in support
of long-term growth and value creation.
In addition to the increased exposure to soft drinks, most
notably of course through the acquisition of Britvic, other key
highlights of the year included the new long-term partnership
with UEFA National Team Football, which marked the
Carlsberg Group’s return to the top tier of European football.
1664 expanded its international presence with its first-ever
Asia-wide artist collaboration and welcomed a new global
brand ambassador, further enhancing the brand’s relevance
and appeal.
In China, we increased the availability of the new 1-litre can
across several of our local brands. This convenient, shareable
format in the growing off-trade channel meets changing
consumer habits.
These initiatives reflect our ongoing efforts to keep our brands
relevant and distinctive in a rapidly changing marketplace.
We also accelerated our digital transformation. We launched
our first global IT capability centre in Gurugram, India, which
will serve as a talent engine for growth and help us scale
innovation across the Group.
Furthermore, we continued the roll-out of our new, advanced
value management toolbox, which combines data sources with AI,
optimising price, pack and promotions to improve gross margins.
Our investments in digital and commercial capabilities will
enable us to respond more quickly to changing customer and
consumer needs.
Read more examples of Accelerate SAIL initiatives on
pages19-21.
Continued commitment to
doingbetter
Sustainability is a core part of our DNA. We continued to work
hard to deliver on our bold ambitions – from eliminating
carbon emissions for our entire value chain by 2040 to
replenishing all the water we consume at our breweries in
areas with high water risk by 2030.
In 2025, we expanded our use of renewable energy through
new power purchase agreements (PPAs) in the Nordics,
accelerating the transition to green electricity across our
production sites. We also deepened our partnership with
Water.org to help bring safe water to communities in the
Ganges River Basin and continued to increase the share of
women in senior leadership roles.
Read more about our actions and progress towards our
targets in the sustainability statement.
Celebrating 150 years of
breakthrough research
In 2025, we marked the 150th anniversary of the Carlsberg
Research Laboratory. The laboratory’s pioneering work has
shaped modern brewing, from developing purified yeast,
inventing the pH scale and decoding the barley genome to
pioneering crop technologies that address global food
insecurity in the face of climate change.
We can proudly state that the laboratory’s commitment to
science with long-term, society-shifting impact remains as
strong as ever. In November, researchers at the laboratory
announced a breakthrough discovery in barley breeding,
sharing new genetic insights that can help secure crop
resilience as weather patterns become more unpredictable.
This work not only supports the sustainability of the Carlsberg
Group’s own supply chain but also contributes to broader
efforts to safeguard food production for future generations.
Changes to the Supervisory Board
At the Annual General Meeting in March 2025, Richard
Burrows, Mikael Aro and Søren-Peter Fuchs Olesen did not
stand for re-election.
Richard Burrows joined the Board in 2009 and, throughout his
long tenure, provided invaluable expertise and guidance for
which he deserves special recognition.
Mikael Aro joined the Board in 2022 and has made important
contributions, including in connection with the Group’s exit
fromRussia.
Representing the Carlsberg Foundation, Søren-Peter Fuchs
Olesen provided valuable input to the Board, particularly
regarding Carlsberg’s research laboratory and
innovationagenda.
We extend our sincere thanks to Richard Burrows, Mikael Aro
and Søren-Peter Fuchs Olesen for their valuable contributions
to Carlsberg.
Two new members were elected to the Supervisory Board:
Winnie Ma and Jens Hjorth.
The Supervisory Board is portrayed on pages 40-42.
Thank you
On behalf of the Supervisory Board and the Executive
Committee, we extend our thanks to all Carlsberg employees
for their outstanding engagement, resilience and commitment
to our growth ambitions, even in difficult times. Together, we
look forward to building on our achievements and seizing new
opportunities in the years ahead.
We greatly appreciate the continued support and trust shown
to us by our shareholders and their confidence in our strategy
and our ambition to deliver compounding earnings growth over
the long term.
We also extend our thanks to all suppliers and customers for
their partnership, and express our gratitude to our consumers
around the world.
Carlsberg’s purpose of standing at the heart of moments that
bring people together is as strong as ever.
Henrik Poulsen Jacob Aarup-Andersen
Chair Group CEO
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 5
LETTER FROM THE CHAIR & THE GROUP CEO BUILDING RESILIENCE AND DELIVERING EARNINGS GROWTH
The composition of our Executive
Committee (ExCom) ensures
alignment of capabilities and
resources with the priorities
and ambitions of Accelerate SAIL.
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 6
EXECUTIVE COMMITTEE
SØREN BRINCK
TORSTEN
STEENHOLT
SUSANNE
SKIPPARI
ANDERS RØED ESTHER
WU
ULRICA FEARN
JACOB AARUP-
ANDERSEN
JOÃO ABECASIS
YVES BRIANTAIS
See the biographies of the
Executive Committee on the
following page.
NIKOS
KALAITZIDAKIS
JACOB AARUP-ANDERSEN
GROUP CEO
Nationality: Danish
Year of birth: 1977
Appointed to ExCom: 2023
Shareholding (B shares): 38,070 (2024: 26,500)
Prior to joining Carlsberg, Jacob served as CEO of ISS, a global
leader in facility management with 360,000 employees
operating in 60 countries globally. Prior to ISS, Jacob had
executive leadership roles at Danske Bank and Danica Pension.
Before that, Jacob worked as an investment professional and
banker for firms such as TPG-Axon Capital and Goldman Sachs.
Jacob is Vice Chair of the Board of Directors of SEB Group.
ULRICA FEARN
CFO
Nationality: Swedish
Year of birth: 1973
Appointed to ExCom: 2023
Shareholding (B shares): 8,888 (2024: 5,888)
Before joining Carlsberg, Ulrica was CFO of Equinor, Norway.
Prior to Equinor, she was Director, Group Finance at BT Group.
She began her career at Diageo, where she spent almost 20
years in various senior finance and other management roles
across Europe, APAC and North America. Ulrica is a member of
the Board of Directors of Capgemini.
JOÃO ABECASIS
EVP, ASIA
Nationality: Portuguese
Year of birth: 1972
Appointed to ExCom: 2019
João joined the Carlsberg Group in 2011 as CCO and later CEO
of Super Bock, our associate in Portugal. In 2016, he became
VP for smaller markets in the Western Europe region. He also
served as interim MD of Carlsberg Danmark. In 2017, he
became MD of our French business, Kronenbourg. He became
Chief Commercial Officer and a member of ExCom in 2019.
Earlier in his career, João held a range of sales and marketing
roles at Unilever.
YVES BRIANTAIS
CHIEF MARKETING OFFICER
Nationality: French
Year of birth: 1974
Appointed to ExCom: 2024
Yves joined Carlsberg from Colgate-Palmolive, where his final
role was Global EVP, Design and Creative Capabilities. He has 25
years of global, regional and local experience across marketing
disciplines. During his time with Colgate-Palmolive, he held a
range of senior leadership roles with marketing responsibilities
for clusters, regions, categories and global functions.
SØREN BRINCK
EVP, WESTERN EUROPE
Nationality: Danish
Year of birth: 1974
Appointed to ExCom: 2021
Prior to his appointment to ExCom, Søren headed up Group
Strategy and Group Commercial. He joined Carlsberg in 2005
and has held various management positions at Group, regional
and market level, including MD in Denmark, Norway and
Greece, and, after that, SVP, Asia. Before joining Carlsberg,
Søren worked as a consultant at Accenture and as a manager
at Arla Foods.
NIKOS KALAITZIDAKIS
EVP, CENTRAL & EASTERN EUROPE AND INDIA
Nationality: Greek
Year of birth: 1968
Appointed to ExCom: 2025
Nikos joined Carlsberg from The Olayan Group, where he was
responsible for the Food & Beverages division. Prior to that,
Nikos spent 18 years at Coca-Cola HBC, where he held
numerous senior management roles at country and regional
level, and eight years in commercial management roles at
Philip Morris International. Nikos has extensive international
experience, having worked in several countries in Central and
Eastern Europe and Central Asia.
ANDERS RØED
CHIEF STRATEGY AND COMMERCIAL OFFICER
Nationality: Norwegian
Year of birth: 1968
Appointed to ExCom: 2024
Anders has been with Carlsberg since 2010. Prior to joining
ExCom in 2024, he served as MD of Kronenbourg in France. He
has also held the roles of MD at Ringnes in Norway and
Commercial Vice President for the Western Europe region.
Before joining Carlsberg, Anders held senior management
positions in leading Norwegian consumer goods companies.
SUSANNE SKIPPARI
CHIEF PEOPLE & CULTURE OFFICER
Nationality: Finnish
Year of birth: 1974
Appointed to ExCom: 2024
Susanne joined Carlsberg in 2024 from KONE. She has 25 years
of experience in human resources, including in senior leadership
positions. This includes 17 years across HR areas at KONE, where
she served as EVP, People and Communications and member of
the Executive Board. Prior to KONE, Susanne worked at Nokia in
various HR roles in Finland and Argentina. Susanne is a member
of the Board of Directors of Fiskars Corporation.
TORSTEN STEENHOLT
EVP, SUPPLY CHAIN
Nationality: Danish
Year of birth: 1969
Appointed to ExCom: 2025
Torsten rejoined Carlsberg from Novonesis, where he served as
SVP of Global Manufacturing. Prior to that, he spent more than
11 years in executive positions at Chr. Hansen. Torsten first
joined Carlsberg in 1997, working for the Group in various
positions across markets and in Group functions for 15 years.
ESTHER WU
CHIEF INFORMATION OFFICER
Nationality: Hong Kong SAR Chinese
Year of birth: 1976
Appointed to ExCom: 2024
Esther joined Carlsberg in 2019 as head of IT in the Asia region.
She has more than 20 years of strong technology and digital
transformation experience from various senior technology
positions in global companies. Before Carlsberg, she was Head
of Strategic Planning and IT Transformation at Chanel. Esther
has held management positions within IT at thyssenkrupp
Elevator and The Nielsen Company.
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 7
EXECUTIVE COMMITTEE
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 8
2025 AT A GLANCE
HIGHLIGHTS OF THE YEAR
Integrating Britvic into the
Carlsberg Group
The acquisition of Britvic was completed on 16 January.
Immediately after the transaction closed, we announced the
new management team and started the integration process.
The integration has progressed smoothly and in line with our
plans. In October, we updated the expected cost synergies from
GBP 100m to GBP 110m, and delivery is ahead of plan.
Read more on page 22.
Capital Markets Day
On 1 October, we brought together our Executive Committee
and managing directors from China, India and the UK in
Copenhagen for a Capital Markets Day. The event spotlighted
our Accelerate SAIL strategy and its key priorities,
demonstrating how we will drive top- and bottom-line growth
across diverse markets.
Watch the presentations on www.carlsberggroup.com/
newsroom/capital-markets-day-2025/.
Scaling up renewable electricity
In 2025, we took a significant step forward in our commitment to
renewable energy by signing three new power purchase
agreements in Sweden, Norway and Finland. While the vast
majority of our operations already run on renewable energy
through purchased certificates, these agreements will add new
renewable capacity to national grids and further support our
commitment to sustainability. This progress is an important
milestone on our journey towards eliminating carbon emissions
from our operations by 2030.
Read more in the sustainability statement.
Strengthening ties with PepsiCo
In 2025, we expanded our partnership with PepsiCo from five to
seven markets, adding the UK and Ireland. In late 2025,
Kazakhstan and Kyrgyzstan also became Pepsi markets in the
Group. We were awarded European Bottler of the Year by PepsiCo
in recognition of outstanding performance and strong partnership.
The year also marked the renewal of a 15-year strategic
partnership between Lao Brewery and PepsiCo.
Read more on page 22.
1664 partners with
RobertPattinson
In October, we announced acclaimed actor Robert Pattinson as
the new global brand ambassador for our premium French
beer, 1664. This exciting partnership will launch a global
campaign in 2026, bringing Pattinson’s creative flair and
international appeal to highlight 1664’s Parisian heritage
andsophistication.
Carlsberg Research Laboratory’s
150th anniversary
On 1 May, the world’s first industrial research laboratory
celebrated 150 years of breakthrough innovations transcending
the world of beer. The laboratory’s most iconic discoveries
include purified yeast, the pH scale, click chemistry – the
subject of a Nobel Prize in Chemistry in 2022 – and the
cutting-edge, non-GMO breeding technology FIND-IT.
Carlsberg supporting
Europeanfootball
We returned to the top flight of European national team
football with the announcement in March of our new long-
term partnership with UEFA. The partnership makes Carlsberg
the Official Beer of UEFA National Team Football, continuing
our long-term commitment to the world of sport.
Read more on page 19.
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OUR RESULTS
A SOLID SET OF RESULTS
Selected brandsSelected brands Selected brands Selected brandsSelected brands
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 10
OUR PORTFOLIO
GROUP VOLUMES BY CATEGORY
Revenue DKKbn
Reported growth
+35.6%
Operating profit (MPM) DKKbn
Reported growth
+40.0%
Regional results
Volume m hl
Reported growth
+46.7%
Volume by category Volume by market
Organic development
-2.8%
Organic development
-1.7%
Organic growth
+0.7%
A selection of our brands
in Western Europe:
Western Europe delivered strong reported
growth due to the Britvic acquisition. We saw
good growth for our growth categories in many
markets, but organic development was impacted
by the loss of the San Miguel brand in the UK.
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 11
OUR REGIONS
WESTERN EUROPE
“We’re pleased with the good results for our
growth categories in light of the soft
consumer sentiment across the region, and
we’re very excited about new and expanded
business in the UK.”
Søren Brinck,
Executive Vice President
51.7
38.1
2025 2024
7.4
5.3
2025 2024
9% Premium beer
30%
Mainstream
core beer
54% Soft drinks
63.0
42.9
2025 2024
2% Beyond Beer
3%
Alcohol-free
brews (AFB)
2% Other
Revenue DKKbn
Reported development
-5.8%
Operating profit (MPM) DKKbn
Reported development
-3.6%
Regional results
Volume m hl
Reported development
-2.4%
Organic development
-2.4%
Organic development
-1.2%
Organic growth
+0.7%
A selection of our
brands in Asia:
Volume by category Volume by market
Growth in our Chinese business was offset by
soft volumes in other markets, partly driven by
the soft consumer sentiment across the region.
Regional results were affected by higher sales
and marketing investments, particularly in China.
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 12
OUR REGIONS
ASIA
19.3
20.5
2025 2024
4.5
4.6
2025 2024
43.5
44.6
2025 2024
“Our Chinese business delivered solid results,
but it was a challenging year across the
region due to soft consumer sentiment and
a challenging trading environment.”
João Abecasis,
Executive Vice President
30%
Premium beer
57%
Mainstream
core beer
12% Soft drinks
1% Beyond Beer
Revenue DKKbn
Reported growth
+10.4%
Operating profit (MPM) DKKbn
Reported growth
+13.6%
Regional results
Volume m hl
Reported growth
+8.6%
Organic development
-0.6%
Organic growth
+2.7%
Organic growth
+9.0%
A selection of our brands in
Central & Eastern Europe
and India:
Volume by category Volume by market
CEEI delivered strong results, positively impacted
by the consolidation of the business in Nepal,
the inclusion of Britvic’s Brazilian business and
the sell-in of Pepsi products in Kazakhstan in Q4.
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 13
OUR REGIONS
CENTRAL & EASTERN EUROPE AND INDIA (CEEI)
18.2
16.5
2025 2024
3.5
3.0
2025 2024
41.5
38.2
2025 2024
“We’re very satisfied with the progress in India,
Nepal and Kazakhstan, being important growth
markets, but total volumes were impacted by
soft consumer sentiment and the war in Ukraine.”
Nikos Kalaitzidakis,
Executive Vice President
13%
Premium beer
67%
Mainstream
core beer
12% Soft drinks
4% Beyond Beer
4% Alcohol-free
brews (AFB)
We are committed to our capital allocation
principles, which have been in place since 2016.
The principles balance reinvestment for long-
term compounding earnings growth with
attractive shareholder returns, ensuring
predictability and transparency.
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 14
CAPITAL ALLOCATION
OUR PRIORITIES
Investing in our business
todrive long-term
sustainable growth
Our first priority is to ensure the right investments in our
business to drive sustainable, compounding organic earnings
growth. In 2025, we continued our long-term investments in
key brands and capabilities, including in areas such as digital,
marketing, e-commerce and value management. We expanded
our soft drinks presence with the acquisition of Britvic. All with
the single purpose of creating an even stronger Carlsberg.
Marketing/revenue
8.3%
Targeting net interest-
bearing debt (NIBD)/EBITDA
of below 2.5x
Our second priority is our leverage target of NIBD/EBITDA
below 2.5x. Due to the acquisition of Britvic, our leverage
currently exceeds the target. We are committed to reaching our
leverage target by no later than 2027, supported by delivery of
the Britvic synergies, strong cash flow generation, including tight
control of CapEx and working capital, and possibly asset
disposals, if relevant.
2025 NIBD/EBITDA
3.28x
Targeting an adjusted
payout ratio of around 50%
Our third priority is to ensure a consistent dividend payout
to our shareholders. We target a payout ratio of around
50% of adjusted net profit (MPM). At the Annual General
Meeting on 17 March 2026, the Supervisory Board will
propose a dividend be paid for 2025 of DKK 29.0 per share,
or a total of DKK 3.8bn. This equals an adjusted payout
ratio (MPM) of 48%.
Payout ratio for 2025
48%
Distributing excess cash to
shareholders through share
buy-backs
Our fourth priority is to return excess cash to shareholders
when we are within our leverage target. From 2019 to 2024,
the Group bought back shares amounting to DKK 20bn. A total
of 19.9 million shares, equal to 13% of total shares as at 1
January 2019, have subsequently been cancelled. We stopped
the share buy-back programme following the announcement
of the acquisition of Britvic in July 2024. When we once again
meet our leverage target, we intend to resume share buy-back
as a means to return excess cash to shareholders.
Value-enhancing
M&A
The acquisition of Britvic was completed in January 2025.
We did not engage in other significant M&A activities
duringthe year.
2025 2024 2023 2022 2021
Volumes (million hl)
Beer 99.0 101.2 101.0 101.0 98.8
Soft drinks and other beverages 49.0 24.5 24.1 24.4 20.4
Total volume 148.0 125.7 125.1 125.4 119.2
DKK million
Income statement
Revenue 89,095 75,011 73,585 70,265 60,097
Gross profit 40,236 34,380 32,832 32,067 28,569
EBITDA 18,784 15,781 15,179 15,657 14,367
Operating profit before special items 13,356 11,411 11,105 11,470 10,129
Operating profit before special items (MPM) 13,996 - - - -
Special items, net -1,926 -519 -431 -784 703
Financial items, net -2,380 -905 -844 -725 -385
Profit before tax 9,050 9,987 9,830 9,961 10,447
Income tax -2,072 -1,982 -1,859 -1,778 -2,154
Profit for the period, continuing operations 6,978 8,005 7,971 8,183 8,293
Net result from discontinued operations - 2,258 -47,748 -8,075 -284
Profit for the period 6,978 10,263 -39,777 108 8,009
Attributable to
Non-controlling interests 1,023 1,147 1,011 1,171 1,163
Shareholders in Carlsberg A/S (net profit) 5,955 9,116 -40,788 -1,063 6,846
Shareholders in Carlsberg A/S (net profit), continuing operations 5,955 6,858 6,960 7,012 8,293
Shareholders in Carlsberg A/S (net profit) (MPM), continuing operations,
adjusted¹ 8,060 7,280 7,425 7,785 6,462
Statement of financial position
Total assets 153,955 113,992 111,831 115,341 126,383
Invested capital 104,097 66,059 61,089 60,211 63,635
Invested capital (MPM), period-end 102,305 - - - -
Invested capital excl. goodwill 44,773 23,801 22,774 21,758 23,743
Invested capital excl. goodwill (MPM), period-end 35,671 - - - -
Net interest-bearing debt (NIBD)
2
61,617 27,357 22,351 19,326 19,162
Equity, shareholders in Carlsberg A/S 27,804 27,771 23,234 31,902 45,497
MPM: Management-defined Performance Measures, see page 23.
2025 2024 2023 2022 2021
Statement of cash flows
Cash flow from operating activities 12,431 11,312 11,607 12,949 12,278
Cash flow from investing activities -34,098 -1,518 -6,729 -3,065 -4,067
Free cash flow -21,667 9,794 4,878 9,884 8,211
Investments
Acquisition of property, plant and equipment, including right-of-use assets -6,613 -5,843 -4,987 -4,616 -4,319
Acquisition and disposal of subsidiaries, net -29,421 227 -822 - -621
Financial ratios
Gross margin % 45.2 45.8 44.6 45.6 47.5
EBITDA margin % 21.1 21.0 20.6 22.3 23.9
Operating margin % 15.0 15.2 15.1 16.3 16.9
Operating margin (MPM) % 15.7 - - - -
Effective tax rate % 22.9 19.8 18.9 17.9 20.6
Return on invested capital (ROIC) % 10.1 13.8 14.5 15.2 12.5
Return on invested capital, ROIC (MPM) % 10.8 - - - -
ROIC excl. goodwill % 23.4 35.5 38.3 41.6 33.6
ROIC excl. goodwill (MPM) % 30.9 - - - -
NIBD/EBITDA x 3.28 1.73 1.47 1.23 1.37
Stock market ratios
Earnings per share (EPS) DKK 45.1 68.7 -299.7 -7.6 47.6
Earnings per share, continuing operations DKK 45.1 51.7 51.1 50.1 49.6
EPS-A, continuing operations¹ DKK 57.3 54.9 54.6 55.7 44.9
EPS-A (MPM), continuing operations¹ DKK 61.0 - - - -
Free cash flow per share (FCFPS) DKK -163.5 73.7 35.8 70.5 61.5
Dividend per share (proposed) DKK 29.0 27.0 27.0 27.0 24.0
Payout ratio % 64 39 n.m. n.m. 51
Payout ratio, adjusted
3
% 51 49 49 48 49
Payout ratio (MPM), adjusted
3
% 48 - - - -
Share price (B shares) DKK 835.2 690.0 846.8 923.2 1,129.5
Market capitalisation
DKK
m
113,922 95,313 122,775 133,594 163,149
Number of issued shares at year-end 1,000 132,657 134,257 137,357 141,857 145,257
Number of shares at year-end, excl. treasury shares 1,000 132,172 132,079 134,114 137,341 141,892
Weighted average number of shares, excl. treasury shares 1,000 132,165 132,626 136,089 139,835 143,848
1
Adjusted for special items after tax.
2
Comparative figures for 2021 have not been restated.
3
Proposed dividend on number of shares at year-end as a percentage of net profit adjusted for special items after tax. In 2022-2024 also adjusted for net result from the discontinued
operation in Russia.
Please refer to section 9.5 General accounting policies in the consolidated financial statements for definition and calculation of key figures and ratios.
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 15
5-YEAR KEY FIGURES
“We pursue perfection every day. We strive to
brew better beers. Beers that stand at the heart
of moments that bring people together. We do
not settle for immediate gain when we can
create a better tomorrow for all of us.”
Our purpose is rooted in our heritage and in the mentality of
our founders, who left a rich legacy that still greatly influences
how we run our business today.
J.C. Jacobsen founded the Carlsberg Foundation and donated
his brewery to it. The foundation remains our majority
shareholder – and the dividends it receives are used to fund
basic research, civil society and the arts. Through the Carlsberg
foundations, approximately 30% of Carlsberg A/S' dividends
go back to the benefit of society today – and tomorrow.
Our founders’ pioneering spirit, passion for brewing and
proactive contribution to society are what make us who we are
today. We live our purpose every day by focusing on our
brands and the art of brewing, exciting our consumers with
quality brews, and by continuously aiming to do better.
Our purpose in action
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 16
OUR PURPOSE
BREWING FOR A BETTER TODAY AND TOMORROW
Colleagues
80% of colleagues feel that working
for Carlsberg gives them the sense
that they are part of a company
with a larger purpose.
Investors
We conduct our business in a
responsible, honest and ethical manner.
We are committed to ensuring the right
balance of investing in sustainable, long-
term growth and delivering continued
cash returns to our shareholders.
Consumers
Our beers stand at the heart of
moments that bring people together,
and we extend this spirit of togetherness
to our engagement with communities on
the environmental and social causes
they care about.
Society
The Carlsberg Research Laboratory
was founded in 1875. Its science has
perfected the art of brewing and
inspired the advancement of
innovation at large: from purification
of yeast to the invention of the pH
scale and, today, breeding new
climate-tolerant plant types.
The Carlsberg Foundation underpins our purpose
In 1876, our founder, J.C. Jacobsen, established the Carlsberg Foundation and donated his brewery to it. The foundation remains our majority
shareholder, and the dividends it receives benefit society today – and tomorrow. Through the Carlsberg foundations, approximately 30% of the
dividends paid out by Carlsberg are used to fund basic research, civil society and the arts. In 2025, the Carlsberg foundations received DKK 1.1bn
in dividends, which was donated to basic research, the arts and civil society.
Our activities are focused on markets in which we have the strength and brand portfolio to secure a
leading position. We are united across geographies by our shared commitment to our strategy and
growth culture, and our passion tocontinuously strive forgreat.
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 17
DELIVERING ACROSS THE VALUE CHAIN
OUR BUSINESS MODEL
Agriculture
Packaging suppliers Distribution Selling & marketing
We optimise supply chain
and back office systems
and processes
We continuously optimise across our
value chain to improve service and
profitability. We maximise asset
utilisation and standardise processes and
systems to deliver timely data to support
growth. We are building a unified digital
foundation and leveraging AI to drive
efficiency and agility across the supply
chain, back office and customer service.
Brewing, bottling
& administration
We focus on the markets
where we have a no. 1 or 2
position
Beer and soft drinks are volume
businesses with significant scale benefits.
Our strong market positions and the
expansion of our market share in growth
markets drive economies of scale in
sourcing, production, distribution and
sales, supporting the profitability of
ourbusiness.
We engage in partnerships
when it adds value to our
local businesses
We partner with soft drinks and other
beverage producers in several markets.
These relationships broaden and
enhance our brand portfolio and expand
our market presence, delivering synergies
in supply chain, logistics, sales and
customer service.
We optimise our route-to-
market to cater for
customer needs
Our customers range from small on-
trade outlets to large retail accounts. Our
route-to-market approach varies by
market to meet diverse needs and ensure
broad market access – from direct
distribution to multi-layered distributor
networks tailored to local customs
andlogistics.
We deliver attractive
portfolios for all consumer
occasions
Our brand portfolio is an appealing mix
of international and local premium beer
brands, local core mainstream beer
brands, and alcohol-free brews, Beyond
Beer and soft drinks brands. This diverse
portfolio supports our strong market
positions and fosters customer and
consumer loyalty.
Sustainability makes
business sense
Sustainability is integral to our business
success and our strategy, Accelerate SAIL.
Our Together Towards ZERO and Beyond
programme helps us mitigate and reduce
our risk exposure, capitalise on
opportunities for business growth and
strengthen long-term business resilience.
This in turn creates value for stakeholders
throughout the value chain. See the
sustainability statement for further detail.
Accelerate SAIL sets high ambitions for top- and bottom-line growth with its
sharpened focus on selected growth drivers within our portfolio, geographies and
capabilities, for which we are ensuring sufficient investments and support. We
are also improving supply chain efficiency, continuing our well-embedded cost
focus, nurturing our growth culture and maintaining our commitment to ESG.
See how Accelerate SAIL came to life in 2025 on the following pages.
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 18
ACCELERATE SAIL
OUR STRATEGY
Portfolio choices
• Accelerate premium beer
andalcohol-free brews
• Strengthen mainstream corebeer
• Step up in soft drinks and
BeyondBeers
Winning culture
• Build a growth culture
• Deliver Together Towards ZERO
andBeyond
• Live by our Compasss
Geographical priorities
• Accelerate growth in Asia
• Drive profitable growth
instrongholds
• Develop high-potential marketss
Execution excellence
• Excel at sales, marketing
andinnovation
• Drive digital transformation
• Manage supply chain end toend
Funding our Journey
• Optimise sourcing
• Unlock supply chain efficiency
• Continue cost discipline
Q&A
How will Accelerate SAIL deliver on
Carlsberg’s growth algorithm?
“Accelerate SAIL will deliver on our growth algorithm
by channelling investments into our growth categories,
key markets and capabilities, and sustaining a
resilient, high-performing growth culture – the
combination of which will drive compounding earnings
and long-term value growth.”
Jacob Aarup-Andersen, Group CEO
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 19
ACCELERATE SAIL
BRINGING ACCELERATE SAIL TO LIFE
Portfolio
choices
Returning to UEFA national
team football
In March, we announced our new long-term partnership
with UEFA, reinforcing our commitment to the millions of
football fans around the world. The partnership includes
a number of European tournaments for both men and
women, and allows us to engage with a large and diverse
audience throughout the year. While Carlsberg is the
leading brand, we can also activate the partnership with
our local beer brands. The partnership plays a key role in
our strategy to invest in our brands in support of long-
term growth. See how the partnership came to life in
connection with the UEFA Nations League Finals in
Germany: www.carlsberggroup.com/newsroom/an-
unforgettable-fare-probably/.
Portfolio
choices
Alcohol-free brews growth
Alcohol-free brews (AFB) continue to gain momentum
across Europe, representing a dynamic and fast-growing
beverage segment. In 2025, AFB volumes accounted for 6%
of total beer volumes in our Western Europe and Central &
Eastern Europe markets, with five countries at around the
10% threshold. The category is accretive to both revenue/hl
and margins, supporting our top- and bottom-line growth
ambitions. Our largest AFB brands include Tourtel Twist in
France, Okocim 0.0 in Poland and Carlsberg 0.0. To sustain
consumer interest and relevance, we launched 50 alcohol-
free brews across our markets in 2025, including Crisp
Mango-Passion in Finland, Tourtel Twist Pineapple in
France and Fix Anef Blood Orange in Greece. These
launches reflect our commitment to meeting evolving
consumer preferences and driving category expansion.
+4% AFB volume growth
Portfolio
choices
Accelerating growth through
soft drinks
Soft drinks have been an integral part of our business in
several markets for decades. In 2025, we significantly
increased our exposure to this attractive growth category
through the acquisition of Britvic and expanded our
partnership with PepsiCo. Highly synergistic with beer across
the value chain, our portfolio of own and partner brands –
many holding no. 1 or 2 market positions – enables us to
capture volume and value growth in support of our Accelerate
SAIL growth ambitions. In 2025, we saw particularly strong
volume growth for the relaunched Tuborg Squash brand in
Denmark, Jimmy’s Iced Coffee in the UK and the Pepsi
portfolio in all Western Europe licence markets.
Read about our partnership with PepsiCo on page 22.
+3% soft drinks organic
volume growth
Portfolio
choices
Continued momentum for
premium portfolio
Premium beer is a significant growth category globally,
driven by demographic shifts, urbanisation, consumer
preferences and innovations. We leverage both our global
premium brands, such as Tuborg, Carlsberg and 1664
Blanc, and strong local premium brands to capture
different market segments, and our premium beer
portfolio is a key volume and value growth engine.
Despite soft consumer sentiment across our markets, our
premium portfolio delivered strong results in 2025. In the
UK, Poretti more than doubled volumes through
distinctive positioning and creative campaigns. In Poland,
Zatecky’s premium profile and Czech brewing heritage
helped grow market share. In China, the premium
category has consistently outperformed the market, in
2025 driven by Carlsberg and Tuborg as well as local
brands such as Wind Flower Snow Moon.
+5% premium volume growth
(adjusted for San Miguel in the UK)
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 20
ACCELERATE SAIL BRINGING ACCELERATE SAIL TO LIFE
Geographical
priorities
Sustained volume growth and
market share gain in India
India presents a compelling growth opportunity for the
beer category – and for Carlsberg – driven by economic
expansion, urbanisation, rising incomes and increasing
preference for beer, particularly among young adults.
Our portfolio in this attractive market spans all beer
segments, with brands such as Tuborg Strong, Tuborg
Green, Carlsberg Elephant, Carlsberg Smooth and the
recently launched 1664 Blanc in the super-premium
segment. Through a disciplined, outlet-level strategy
tailored to each state and strong in-market execution,
we have consistently grown our market share – from 5%
in 2011 to 23% in 2025 – securing a no. 1 or 2 position
in five states out of the 22 states in which we operate.
+9% volume growth
in India
Geographical
priorities
Capturing growth in Central Asia
Central Asia is a high-potential market cluster for us,
supported by favourable demographics and rising GDP. In
Kazakhstan, we have a strong no. 1 position in beer and no.
3 position in energy drinks, and in Kyrgyzstan a no. 1
position in imported beer and no. 2 position in energy
drinks. Adding the Pepsi franchise marks a transformational
step for our business in the region, doubling our business in
Kazakhstan and making it a dynamic growth driver for
theGroup.
Executing
excellence
Step-changing our
commercialexecution
A key priority of Accelerate SAIL is to step-change our
commercial execution, becoming faster, smarter and more
agile in order to drive profitable growth. We are investing in
three core capabilities – digital commerce, field sales
execution and value management – each enabled by our
digital foundation.
In 2025, we launched Servd, our next-generation eB2B
ordering platform, built to meet the evolving needs of our
customers as they move from offline to online ordering –
delivering simplicity, speed and an intuitive digital experience.
We took field sales execution to the next level with the
launch of our One Metric portal, which transforms real shelf
data and image recognition into actionable insights, offering
comprehensive reporting, trend spotting and real-time
monitoring, unlocking stronger sales execution for our 6,000
sales representatives, who make 19 million visits annually
across 29 markets. Future enhancements to the platform
will include digital shelf monitoring, real-time performance
tracking and AI-driven predictive analytics.
Furthermore, we rolled out our advanced, data-driven value
management tool, VMx, into more markets. Built on cutting-
edge machine learning, cloud computing and deep industry
expertise, VMx brings together a wide range of consumer-
focused data sources to deliver advanced, fact-based
insights. This gives us a deeper understanding of consumer
behaviour and enables our teams to run sophisticated
simulations on pricing, promotions and assortment.
Portfolio
choices
Geographical
priorities
Growing premium in China
Comprising both international and local brands, our premium
portfolio in China has consistently outperformed mainstream
beer. In the current soft consumer environment, growth has
been particularly strong in the modern off-trade and e-
commerce channels, which are gaining strength as consumer
habits shift. Key growth drivers include innovative packaging
(see page 28), speciality brews and collaborations with fashion
and music influencers to reinforce premium brand positioning.
+5% premium volume
growth in China
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 21
ACCELERATE SAIL BRINGING ACCELERATE SAIL TO LIFE
Executing
excellence
Leveraging digital to modernise
operations and drive efficiency
A key growth enabler in Accelerate SAIL is digital
transformation – modernising our operations through
the continuous development of a robust digital
foundation and the application of next-generation
technologies. In 2025, we advanced five core initiatives
designed to strengthen execution, enhancing agility,
resilience and innovation, and support long-term growth
and value creation.
OnePlan is a data-driven planning and scenario
modelling tool that improves demand forecasting,
inventory management and service levels.
OneOT is a real-time operational technology platform
leveraging sensors, Gen AI and analytics for predictive
maintenance and efficiency.
The digital backbone is a modern cloud-based
integration platform connecting systems and
standardising data for real-time insights across all
business functions.
OneLake is a centralised data marketplace enabling
scalable AI and analytics for smarter decisions.
Our new global capability centre is a consolidated hub
of technology experts accelerating IT agility and
innovation globally.
Funding our
journey
Driving efficiencies in
supply chain
We are driving supply chain efficiencies to mitigate
inflation, keep cost of sales/hl flattish and rebuild gross
margin. Our efficiency programme leverages digital tools,
including OnePlan and OneOT, and is built on four levers:
buy less, pay less, waste less, move less. We buy less by
optimising packaging, recipes and displays to eliminate
non-value-adding features. This reduces material costs and
improves working capital. To pay less, we use advanced
procurement tools such as should-cost models, volume
consolidation and supplier benchmarking to secure better
pricing and sustainable savings. And we waste and move
less by using lean methodologies and Loss Cost Tree to
identify and eliminate inefficiencies in production and
logistics. Site-level benchmarking and best-practice sharing
also help reduce losses and improve asset utilisation.
Winning
culture
Water replenishment
in India
In June, we announced a new partnership with Water.org
to improve access to safe water and sanitation for more
than 112,000 people in communities across the Ganges
River Basin. The project’s investments in water availability
solutions will enable access to 247 million litres of water
and drive community engagement for long-term impact.
The initiative supports Carlsberg’s goal to replenish 100%
of water used in priority high-risk areas by 2030. Read
about our commitment to water replenishment in the
sustainability statement.
Winning
culture
Accelerating towards our
decarbonisation targets in Laos
In Laos, a new biomass boiler at our Vientiane brewery is
cutting carbon emissions by 83%, helping us to achieve
our local decarbonisation targets ahead of schedule. We
also continued to grow our low-carbon rice farming
project in the country, expanding to 900 hectares and
working with 250 farmers to reduce their use of chemical
fertilisers, improve yields and incomes, and strengthen
long-term soil health. For more information on our
targets and progress, see the sustainability statement.
63% organic decline in
brewery emissions
since 2024
Funding our
journey
Winning
culture
Embedding growth culture
We launched our growth culture principles in 2024 and
integrated them into our people processes, performance
management and incentive schemes to ensure
measurable progress. In 2025, we established global
growth culture champion communities in each region,
appointing around 40 ambassadors across functions and
markets. Growth culture became a new Group Award at
our annual award show attended by the top-100
leadership team, and we recognised the five winners of a
global employee growth culture engagement campaign
in Copenhagen.
We are excited about our increased exposure to
the growing soft drinks category, which enables
us to build a consumer-centric, diversified
beverage portfolio that strengthens our position
as a world-class brewer.
We have a long and successful tradition of running combined
beer and soft drinks businesses in many markets across
ourregions.
Our partnership with PepsiCo is well established, with long-
standing licence agreements in Norway, Sweden, Laos and
Cambodia, and from 2022 also in Switzerland. In Denmark and
Finland, we partner with The Coca-Cola Company.
Our relationship with Pepsi was further strengthened with the
acquisition of Britvic, completed on 16 January 2025. This
made Carlsberg the biggest Pepsi bottler in Europe and one of
the largest globally. In 2025, soft drinks accounted for 30% of
total Group volumes.
In 2024, we also signed a new bottling agreement in Kazakhstan
and Kyrgyzstan, and we started shipments in Q4 2025.
Britvic
Integrating Britvic in the UK
The Britvic acquisition has transformed our scale in the UK,
making Carlsberg Britvic the second-largest beverage provider
– and the largest combined beer and soft drinks provider – in
the UK.
The integration of Britvic commenced immediately following
completion. It has progressed according to plan, with a clear
focus on business continuity, commercial execution and
realisation of synergies.
Thanks to successful execution of the integration plans, with
benefits realised in both the acquired business and legacy
Carlsberg operations, we increased the expected annual cost
synergies from GBP 100m to GBP 110m on 1 October 2025.
Most of the increase in expected synergies was due to a higher
overlap in roles and functions than originally anticipated,
allowing for greater efficiency and cost savings.
Cost synergy delivery in 2025 amounted to approximately
30% of total synergies, higher than our initial expectations of
10-15%. The synergies were achieved in both Britvic and our
legacy UK business (Carlsberg Marston’s Brewing Company).
The faster integration meant that integration costs in 2025
were higher than expected.
We will continue to realise cost synergies in the coming years.
The main sources of synergies will be related to procurement,
supply chain and logistics efficiencies, and shared services and
back office integration.
While not quantified, the combination of the Britvic soft drinks
business and Carlsberg’s beer business in the UK is also
creating potential for revenue synergies. These stem from
cross-selling opportunities, enhanced customer relationships
due to the broader portfolio, joint business planning with
retailers and digital platforms, and innovation and new product
launches that leverage the combined capabilities of the
twocompanies.
In line with plans, we increased commercial investments in the
UK, enhancing marketing support for the Pepsi portfolio and
adding more resources to the sales organisation.
In 2025 (from 16 January), Britvic volumes in the UK grew by
4% and our market share strengthened.
Continued growth in Ireland
Carlsberg does not operate its own beer business in Ireland, as
this is handled by our licence partner. Integration and
restructuring opportunities in the Irish business are therefore
limited. By itself, this business is performing well but, as in the
UK, we increased commercial investments to support the long-
term growth of the business.
In 2025 (from 16 January), volumes in Ireland grew by 3% and
our market share strengthened.
Reorganisation in France
The Teisseire business in France performed worse than expected
due to an inefficient cost structure. As a result, on 26 January
2026 Teisseire’s management and employee representatives
jointly announced the signing of an agreement regarding the
comprehensive reorganisation of Teisseire's activities as
announced on 16 October 2025. This will enable us to adapt the
company to the challenges of tomorrow, perpetuate the heritage
of our brands and ensure Teisseire's long-term competitiveness.
Optimising business in Brazil
Volumes in Brazil declined, mainly due to softened demand
and portfolio rationalisation. We continue to work on
optimising the long-term value of the Brazilian business.
Total Britvic results
For the Britvic Group as a whole, organic volume and revenue
developments for 2025 were -1.6% and -2.0% respectively.
Total reported volume and revenue (from 16 January) included
in Carlsberg’s full-year results were 24.0m hl and DKK 15,581m
respectively.
The operating profit contribution (MPM) was DKK 2,195m
(GBP 253m). This was slightly higher than expected due to the
higher synergy delivery, partly offset by lower profits at
Teisseire in France.
Kazakhstan and Kyrgyzstan
The new bottling agreement with PepsiCo for Kazakhstan and
Kyrgyzstan will double our business in Kazakhstan, placing it
among the Group’s top 10 markets.
During 2025, we prepared for the takeover of the licence. This
entailed hiring additional sales and supply chain staff, investing
in coolers and construction of the new bottling facility. We
started shipments of the Pepsi products already in Q4 and will
accelerate the sales of the Pepsi portfolio during 2026.
The bottling facility is expected to become operational in the
second half of 2026. Before then, we will make use of co-
packers. Consequently, the Group does not expect any profit
contribution from the Pepsi business in Kazakhstan in 2026.
Laos
The collaboration between Lao Brewery and PepsiCo has
lasted more than five decades, playing a key role in growing
the soft drinks category in Laos and bringing iconic brands
such as Pepsi, Mirinda, 7UP and Sting to local consumers.
In January 2025, we expanded the partnership further to
include PepsiCo’s snack products, followed by the launch of
Lipton Ready-to-Drink tea in July. In September, we extended
our successful partnership with PepsiCo, signing a new 15-year
strategic agreement.
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 22
2025 REVIEW AND 2026 EXPECTATIONS
EXPANDING OUR SOFT DRINKS EXPOSURE
The Group delivered strong reported growth
and continued solid organic operating profit
growth in a soft consumer environment and
despite the impact from the lost San Miguel
volumes in the UK.
Management-defined Performance
Measures (MPM)
The Britvic acquisition has a considerable impact on the
Group’s financial results.
In connection with the purchase price allocation (PPA), a
significant proportion of the Britvic purchase price was
allocated to intangible assets that will be amortised.
Amortisation of brands is reported in cost of sales, and
amortisation of the Pepsi partnership and customer
relationships is reported in sales and distribution expenses.
Reflecting internal management performance measures, the
reconciliation of Management-defined Performance Measures
(MPM) with reported figures is shown in the table to the right.
Volumes
Excluding San Miguel, beer volumes declined organically by
1.2% and by 0.4% in reported terms. Organic beer development
was impacted by the soft consumer sentiment in almost all
markets and the war in Ukraine.
Soft drinks and other beverages volumes doubled due to
Britvic. The organic growth of 1.7% was higher than for beer
and was driven by mid-single-digit volume growth in Western
Europe and very strong growth in CEEI due to Pepsi shipments
in Kazakhstan in Q4.
Total volumes grew by 17.7% with an organic contribution of
-2.0%. Excluding San Miguel, organic volume development
declined modestly by 0.6%, mainly because of Asia.
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 23
2025 REVIEW
GROUP REVIEW
Q&A
What were the key
achievements in 2025?
“We’re very satisfied with the Britvic
acquisition and the increased synergy
target of GBP 110m, achieved through
strong execution of our integration
plans across Britvic and Carlsberg.
“Delivering 5.0% organic operating profit
growth in a soft consumer climate
underscores the resilience of the
Carlsberg business and our well-
embedded performance-driven culture.”
Ulrica Fearn
CFO
Group
Change
2024 Organic Acq., net FX 2025 Change
Volumes (million hl)
Beer 101.2 -2.9 % 0.8 % - 99.0 -2.1 %
Soft drinks and other beverages 24.5 1.7 % 97.9 % - 49.0 99.6 %
Total volume 125.7 -2.0 % 19.7 % - 148.0 17.7 %
Operating profit (MPM) 11,411 5.0 % 20.4 % -2.7 % 13,996 22.7 %
Operating margin (MPM) (%) 15.2 15.7 50bp
MPM reconciliation
DKK million 2025 2024
Reported
MPM
adjustments
1
MPM
Income statement
Gross profit 40,236 66 40,302 34,380
Operating profit before special items 13,356 640 13,996 11,411
Special items, net -1,926 -640 -2,566 -519
Profit before tax 9,050 9,050 9,987
Profit for the period 6,978 6,978 10,263
Attributable to
Non-controlling interests 1,023 1,023 1,147
Shareholders in Carlsberg A/S (net profit), continuing operations 5,955 5,955 6,858
Shareholders in Carlsberg A/S (net profit), continuing operations, adjusted² 7,579 481 8,060 7,280
Statement of financial position
Invested capital 104,097 -1,792 102,305 66,059
Invested capital excl. goodwill 44,773 -9,102 35,671 23,801
Financial ratios
Gross margin (%) 45.2 - 45.2 45.8
Operating margin (%) 15.0 0.7 15.7 15.2
Return on invested capital (ROIC) (%) 10.1 0.7 10.8 13.8
ROIC excl. goodwill (%) 23.4 7.5 30.9 35.5
Stock market ratios
EPS-A, continuing operations (DKK)² 57.3 3.7 61.0 54.9
Payout ratio, adjusted (%)² 51 -3 48 49
¹ In 2025, adjustment for amortisation of intangible assets recognised in purchase price allocations. ² Adjusted for special items after tax.
Cash flow
Free operating cash flow was DKK 7,011m (2024: DKK 6,368m).
EBITDA amounted to DKK 18,784m (2024: DKK 15,781m).
The change in trade working capital was DKK +730m (2024:
DKK +471m). As expected, average trade working capital to
revenue for the year declined to -15.6% following the
acquisition of Britvic. Excluding Britvic, average trade working
capital to revenue was stable at -20.1% (2024: -20.7%). The
change in other working capital was DKK -1,293m (2024: DKK
-1,108m), impacted by Britvic and other payables.
Restructuring costs and other special items were impacted by
the integration of Britvic, restructuring and acquisition-related
costs and amounted to DKK 1,381m (2024: DKK 220m). Net
interest etc. paid amounted to DKK 1,331m (2024: DKK 635m),
impacted by higher net interest-bearing debt. Income tax paid
was DKK 2,506m (2024: DKK 2,342m).
Total operational investments amounted to DKK -5,420m
(2024: DKK -4,944m). CapEx amounted to DKK 5,592m (2024:
DKK 5,030m) and was impacted in particular by expansion
investments in India and Vietnam, and the building of a new
soft drinks plant and sales investments in preparation for
taking over the Pepsi licence in Kazakhstan.
Total financial investments amounted to DKK -28,678m (2024:
DKK 3,426m), impacted by the acquisition of Britvic.
Free cash flow amounted to DKK -21,667m versus DKK 9,794m
in 2024 due to the acquisition of Britvic.
Net cash flow amounted to DKK -1,357m (2024: DKK -1,883m),
mainly impacted by dividends to shareholders of DKK -3,573m
and external financing of DKK 24,747m.
Financing
Gross financial debt amounted to DKK 70,623m (2024: DKK
38,140m) and net interest-bearing debt to DKK 61,617m (2024:
DKK 27,357m), impacted by Britvic and the dividend payment
to shareholders and non-controlling interests.
The difference between gross financial debt and net interest-
bearing debt comprised cash and cash equivalents of DKK
9,585m (2024: DKK 11,542m).
At 31 December 2025, the average debt duration was 4.4 years
(2024: 4.0 years). Of the gross financial debt, 87% (DKK
61,452m) was long term, i.e. with maturity of more than one
year from 31 December 2025.
Net interest-bearing debt/EBITDA was 3.28x (2024: 1.73x).
Capital structure, net interest-bearing debt and borrowings
are detailed in sections 4.1, 4.6 and 4.7 of the consolidated
financial statements.
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 24
2025 REVIEW GROUP REVIEW
Western Europe delivered strong reported
growth due to the acquisition of Britvic, while
organic growth was impacted by the lost San
Miguel volumes in the UK.
Our Western Europe region underwent a significant change in
2025. The acquisition of Britvic has transformed our UK
business, and added Irish and French soft drinks businesses to
the regional footprint. More than 55% of regional volumes are
now soft drinks.
The volume development was impacted by the loss of San
Miguel, excluding which volumes grew organically 1.3%, mainly
driven by the 4.3% growth for soft drinks and other beverages,
and strong growth for premium beer (excluding San Miguel)
and AFB. Total beer volumes (excluding San Miguel) were
almost flat at -0.4%. Total reported volumes grew by 46.7% to
63.0 million hl.
Revenue/hl improved organically by 1.1%, mainly as a result of
price increases and growth for premium beer and AFB, partly
offset by a negative channel and product mix, the latter due to
the growth of soft drinks, which have lower revenue/hl than beer.
Reported revenue growth was 35.6%. Excluding San Miguel,
organic revenue growth was 1.7%.
Operating profit (MPM) grew by 40.0% to DKK 7,382m.
Organic operating profit growth was 0.7% as a result of cost
initiatives across markets, Britvic synergies in the legacy UK
business and certain compensations, including insurance
indemnifications relating to events with a negative operating
profit impact during the year. The combination of these more
than offset the material net impact from the loss of San
Miguel, and higher IT and logistics costs. The operating margin
(MPM) increased by 40bp to 14.3%.
The UK
Our legacy UK business was impacted by the loss of San
Miguel. Adjusting for this, volumes grew by high-single-digit
percentages in a soft market, with market share gains in both
the on- and off-trade. These achievements were driven by
growth in both mainstream and premium beer, and strong
performance in both channels for brands such as Carlsberg,
Poretti and 1664 Kronenbourg.
Read about the results in Britvic on page 22.
The Nordics
Volumes in Denmark grew by low-single-digit percentages,
driven by soft drinks, energy drinks, premium and AFB. The
relaunched Tuborg Squash soft drinks brand delivered very
strong results. Within premium beer, Mikkeller and Jacobsen
were important growth drivers.
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 25
2025 REVIEW
WESTERN EUROPE
Western Europe results
Change
2024 Organic Acq., net FX 2025 Change
Volumes (million hl)
Beer 28.1 -6.5 % -0.5 % - 26.1 -7.0 %
Soft drinks and other beverages 14.8 4.3 % 144.7 % - 36.9 149.0 %
Total 42.9 -2.8 % 49.5 % - 63.0 46.7 %
DKK million
Revenue 38,081 -1.7 % 36.9 % 0.4 % 51,651 35.6 %
Operating profit (MPM) 5,274 0.7 % 39.0 % 0.3 % 7,382 40.0 %
Operating margin (MPM) (%) 13.9 14.3 40bp
Market data
Markets
Market position,
beer (no.)
Market position,
soft drinks (no.) Breweries
1
Soft drinks
plants
1
Combined
breweries/soft
drinks plants
1
Denmark 1 1 - - 1
Sweden 2 2 - 1 1
Norway 1 2 - 2 1
Finland 2 1 - - 1
UK 4 2 2 3 -
Ireland 4
2
2 - 2 -
France 2 6 1 - -
Switzerland 1 4 2 1 -
Poland 3 - 3 - -
Germany 1
3
- 3 - -
Portugal 1 3 1 3 -
1
Facilities with capacity above 100,000 hl.
2
Licence market.
3
Northern Germany. Source: Carlsberg estimates.
Our Swedish business had another very good year with solid
growth, driven by soft drinks and premium beer, the latter
supported by growth for 1664 Blanc and Eriksberg. In
mainstream beer, the rejuvenation of the Falcon brand led to
positive brand growth. We continued to strengthen our market
share in soft drinks thanks to strong results for Pepsi Max.
Despite supply chain issues at the beginning of the year, our
business in Norway delivered low-single-digit percentage
volume growth, driven by soft drinks – especially flavoured
water – and AFB, with particularly strong growth for
Frydenlund and Munkholm.
In Finland, we saw good results for our growth categories, with
growth for AFB and soft drinks, and flat volumes for premium
beer in a soft market. Lower mainstream beer volumes led to a
slight decline in total volumes.
Poland
In Poland, our volumes declined by low-single-digit percentages
in a market that declined by mid-single-digit percentages. We
saw double-digit percentage growth for premium beer and AFB,
and mid-single-digit percentage growth for Beyond Beer, while
mainstream beer declined. Brands such as Zatecky, Garage and
1664 Blanc did particularly well.
Switzerland
In Switzerland, there was good growth for soft drinks and AFB,
while total volumes were impacted by the weak consumer
sentiment affecting the on-trade channel in particular.
France
In a flat French market, we grew volumes slightly, driven by
premium beer and AFB. We saw particularly good results for
Brooklyn, our local craft portfolio and Tourtel Twist.
Mainstream beer volumes declined due to the continued
softness of Kronenbourg Red & White.
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 26
2025 REVIEW WESTERN EUROPE
Growing Poretti in the UK
Poretti is our Italian beer, dating back to 1877. In 2025, it was the fastest
growing world lager in the UK. The strong growth of almost 120% was
supported by an impactful advertising campaign, “Welcome to the lake”, aimed
at inspiring its audience to look beyond the ordinary. The campaign combined
a cinematic black-and-white look, with some surreal storytelling in the
ancestral home of Poretti – the idyllic lakes of northern Italy – and supported
significant market share growth for Poretti in both the on- and off-trade.
While volumes grew in China, volume
development in Asia was impacted by the soft
consumer sentiment across the region.
Beer volumes in Asia declined by 1.5%, mainly due to soft
volumes in Laos and Vietnam. Volume development improved
slightly in H2, benefiting from a good Q4 in China. Volume
development for soft drinks and other beverages continued to be
impacted by energy drinks in Cambodia and declined by 8.1%.
Revenue/hl increased organically by 1.3%, resulting in organic
revenue development of -1.2%. Reported revenue was -5.8%,
impacted by the weaker Laotian and Chinese currencies.
Operating profit grew organically by 0.7% and the operating
margin (MPM) improved by 60bp to 23.2%.
China
In China, our volumes grew by almost 4% in Q4, leading to
full-year volume growth of approximately 1%.
The growth was driven by mid-single-digit 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.
Our market share improved, particularly in H2, as we increased
sales and marketing investments in the second half of the year.
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 27
2025 REVIEW
ASIA
Asia results
Change
2024 Organic Acq., net FX 2025 Change
Volumes (million hl)
Beer 38.6 -1.5 % 0.0 % - 38 -1.5 %
Soft drinks and other beverages 6.0 -8.1 % 0.0 % - 5.5 -8.1 %
Total 44.6 -2.4 % 0.0 % - 43.5 -2.4 %
DKK million
Revenue 20,466 -1.2 % 0.0 % -4.6 % 19,274 -5.8 %
Operating profit (MPM) 4,632 0.7 % 0.0 % -4.3 % 4,467 -3.6 %
Operating margin (MPM) (%) 22.6 23.2 60bp
Market data
Markets
Market position,
beer (no.)
Market position,
soft drinks (no.) Breweries
1
Soft drinks
plants
1
Combined
breweries/soft
drinks plants
1
China 5/1
2
- 27 - -
Laos 1 1 - 1 2
Vietnam 4 - 1 - -
Cambodia 6 2
3
- - 1
Malaysia 2 - 1 - -
Myanmar 4 - 1 - -
Singapore 2 - - - -
Hong Kong SAR 2 - - - -
1
Facilities with capacity above 100,000 hl.
2
Total China/western China.
3
Energy drinks. Source: Carlsberg estimates.
Laos
Our business in Laos was impacted by the weak
macroeconomic environment. Our volumes declined by mid-
single-digit percentages. We saw strong growth in premium
beer, while mainstream declined. Revenue/hl increased by
high-single-digit percentages, driven by price increases taken to
offset the inflationary pressure.
Vietnam
Our volumes in Vietnam declined by low-double-digit
percentages as our business was impacted by intensified
competition, especially at the beginning of the year,
reorganisation of our route-to-market, and heavy rainfall and
flooding in the central part of the country – our stronghold – in
Q4. Volume dynamics improved in H2.
Cambodia
In Cambodia, total volumes declined, mainly due to continued
weakness of the energy drinks business, which remains under
significant competitive pressure.
Malaysia and Singapore
Volumes in Malaysia and Singapore were impacted by soft
consumer sentiment and the later sell-in to Chinese New Year
celebrations in 2026.
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 28
2025 REVIEW ASIA
More 1-litre cans in China
In response to changing consumer demand and
the growing importance of the off-trade
channel, including online, in China, we
introduced 1-litre cans as a distinctive and
innovative packaging format in 2024. Offering a
crafty and premium look that stands out on the
shelf, the 1-litre cans are designed to be shared
among friends on social occasions. Many of our
1-litre cans feature unique natural ingredients,
such as tea, and are positioned as an affordable
premium option, making them accessible for
consumers who want to try something new and
special. We will continue to invest in the growth
of the 1-litre can in 2026.
Central & Eastern Europe and India delivered a
strong set of results for the year.
Reported volume growth in CEEI was 8.6% due to the
consolidation of our business in Nepal and the inclusion of
Britvic’s Brazilian business. Soft drinks and other beverages
delivered strong organic volume growth of 7.1%, mainly due to
the sell-in of Pepsi products in Kazakhstan in Q4.
Our in-market beer performance remained very good, and we
gained market share in most markets in the region. However,
markets remained soft, and our beer volumes declined
organically by 1.5%. Consequently, total organic volume
development was -0.6%.
Revenue/hl delivered solid growth of 3.3% as a result of price
increases and a positive product mix.
Reported revenue growth was 10.4%, comprising acquisition
impact of +11.9%, organic growth of 2.7% and currencies -4.2%.
Organic operating profit growth was 9.0% as a result of strong
earnings growth in H2, which was mainly achieved thanks to
tight cost control, supply chain savings and certain
compensations, including insurance indemnifications relating to
events with a negative operating profit impact during the year.
Operating profit (MPM) grew by 13.6%, supported by organic
earnings growth and acquisitions.
India
In India, our business had another good year, delivering high-
single-digit percentage growth after a strong finish to the year.
Our market share strengthened in most states for our largest
brand in the market, Tuborg Strong. 1664 Blanc made a good
start in its first year in the market.
We are exploring different options for increasing shareholder
value which may potentially include an IPO of our business in
India, but no final decision has been made.
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 29
2025 REVIEW
CENTRAL & EASTERN EUROPE AND INDIA (CEEI)
CEEI results
Change
2024 Organic Acq., net FX 2025 Change
Volumes (million hl)
Beer 34.5 -1.5 % 2.6 % - 34.9 1.1 %
Soft drinks and other beverages 3.7 7.1 % 70.2 % - 6.6 77.3 %
Total 38.2 -0.6 % 9.2 % - 41.5 8.6 %
DKK million
Revenue 16,454 2.7 % 11.9 % -4.2 % 18,158 10.4 %
Operating profit (MPM) 3,039 9.0 % 8.8 % -4.2 % 3,451 13.6 %
Operating margin (MPM) (%) 18.5 19.0 50bp
Market data
Markets
Market position,
beer (no.)
Market position,
soft drinks (no.) Breweries
1
Soft drinks
plants
1
Combined
breweries/soft
drinks plants
1
Ukraine 1 - - - 3
Kazakhstan 1 2
2
- - 1
India 2 - 7 - -
Nepal 1 - 2 - -
The Baltics 1 - - - 2
Italy 4 - 1 - -
Greece 2 - 1 - 1
Bulgaria 1 - 2 - -
Croatia 3 - - - 1
Serbia 2 - 1 - -
Canada 6 - - - 1
Brazil - - - 4 -
Azerbaijan 1 - - - 1
Belarus 1 - - - 1
1
Facilities with capacity above 100,000 hl.
2
From 1 January 2026. Source: Carlsberg estimates.
Ukraine
In an increasingly volatile and unsafe environment caused by
the war, our volumes in Ukraine declined by double-digit
percentages, with the decline accelerating in H2 as the war
intensified across the country. Our market share was flat.
Kazakhstan
Our business in Kazakhstan delivered mid-teens percentage
growth, supported by alcohol-free brews, our Beyond Beer
brand Garage and the local mainstream brand, Beerkhan.
There was also very strong growth for soft drinks in Q4, as we
started shipments of the Pepsi products in the quarter.
We prepared for the takeover during the year, hiring additional
sales force and supply chain staff, investing in coolers and
building a new bottling facility, expected to be operational in H2
2026. We will accelerate sales of the Pepsi portfolio during 2026.
Nepal
Our business in Nepal, of which we gained full control in
November 2024, delivered strong double-digit percentage
volume growth, driven by the local mainstream brand, Gorkha,
and Tuborg.
Other markets
We grew market share in a slightly declining Greek market.
Our local brands, Kaiser and Mythos, were the main drivers of
the market share improvement. In Bulgaria, we delivered
another year of solid market share improvement, mainly driven
by our international premium brands and alcohol-free brews.
Export & License
Volumes in our Export & License business declined slightly,
impacted by soft Tuborg volumes and lower Somersby
volumes in Asia Pacific. Our focus on developing the Export &
License business continues, and we expect to enter new
markets in 2026 and to strengthen our route-to-market in
others.
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 30
2025 REVIEW CENTRAL & EASTERN EUROPE AND INDIA
Growing Zatecky Gus in
Kazakhstan
Zatecky Gus is a Czech-style lager, inspired by
the brewing traditions of Žatec, a town in
Czechia famous for its hops. Initially launched in
Kazakhstan in 2010, it has since become a
popular brand with consumers. In 2024, we
modernised the look and feel of the brand. In
2025, we added line extensions of the brand in
all major beer segments, including alcohol-free.
Thanks to great work by our team in
Kazakhstan, Zatecky Gus has become the no. 1
packaged beer brand in the market. In 2025,
volumes grew by 24% and the brand’s market
share grew by 5 percentage points.
For 2026, we are assuming an unchanged
consumer environment in most of our markets.
Group volumes for the year will be positively impacted by the
takeover of the Pepsi licence in Kazakhstan and Kyrgyzstan,
which will add approximately 1.5 percentage points to the
organic volume development. As we will use co-packers until
our own soft drinks plant is ready, no profit contribution from
the Pepsi volumes is expected in 2026.
We expect to mitigate the underlying inflation and achieve
flattish cost of sales/hl through our continued focus on
delivering supply chain efficiencies.
We implemented a number of cost initiatives in H2 2025. We
will maintain the tight focus on SG&A costs and expect a slight
increase in marketing investments as well as higher capability
and digital investments.
While the integration of Britvic is ahead of schedule, positively
impacting 2025, our expectations for 2026 are unchanged, and
we expect to deliver 30-40% of the GBP 110m cost synergies.
This will impact organic development positively.
Consequently, our earnings expectations for 2026 are:
• Organic growth of 2-6% on the 2025 operating profit (MPM)
of DKK 13,996m.
The above organic growth expectation corresponds to organic
growth of 2-6% on the 2025 reported operating profit of DKK
13,356m, including the impact of amortisation of intangible
assets recognised in the purchase price allocation.
Based on the currency spot rates at 3 February, we assume a
translation impact of around DKK -100m for 2026.
Other assumptions
Other relevant assumptions are:
• Financial expenses, excluding foreign exchange losses or
gains, of DKK 2.2bn.
• Reported effective tax rate of around 23%.
• Capital expenditure of DKK 6-7bn.
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 45 for the full forward-looking statements disclaimer.
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 31
2026 EXPECTATIONS
2026 EARNINGS EXPECTATIONS
In delivering our strategy, we aim to manage
risks in a way that minimises potential threats
while supporting sustainable growth.
As with any business, we face a number of risks and
uncertainties that may have both short- and long-term
implications for the Group.
Our risk management approach is to understand and manage
these risks effectively while also enabling us to exploit
opportunities across the markets in which we operate.
Governance structure
The Supervisory Board is ultimately responsible for the risk
management framework and its effectiveness.
The Board is made aware of the material risks facing the
Company on an ongoing basis. The Board reviews the overall
risk matrix and conducts deep dives into selected risks at least
once a year. The identified risks, including risk development,
are subsequently monitored to ensure that plans are in place
to manage the individual risks, such as strategic, operational,
financial and compliance risks.
The Supervisory Board may choose to delegate the monitoring
of one or more specific risks to a board committee, which then
reports back to the Supervisory Board on progress.
The Executive Committee (ExCom) is responsible for reviewing
the overall risk exposure associated with the Group’s activities
and ensuring that appropriate actions are taken.
Risk management process
Our risk management process ensures timely identification and
proactive management of risks and uncertainties throughout
the year.
We apply a combined top-down and bottom-up approach
across markets, regions and functions to identify current and
emerging risks. New risk themes are also captured through a
review of the external landscape, including changes in
technology, regulation, consumer behaviour and
competitoractivity.
Risks are assessed using standard criteria to evaluate the
likelihood and potential impact on our operating profit, brand
and reputation, and operations. Local and functional
workshops applying the same principles and methodology as
Group-level assessments are held regularly, and at least on an
annual basis. This risk management approach enables the
business to prioritise the most significant risks over the next
3-5years.
These principal risks are reviewed by ExCom, which considers
changes in the risk environment and the adequacy of
mitigation plans. Each risk is assigned to an ExCom member,
who is responsible for ensuring that appropriate mitigation
activities are in place.
ExCom conducts a review of the principal risks and mitigation
plans – including deep dives into heightened risks – at least
twice a year. These risks are also presented to and discussed
with the Supervisory Board at least annually.
Read about the management of sustainability risks in the
sustainability statement.
Identified risks
The most significant risks are presented in the following
paragraphs.
Other material risks include supply chain disruption, ESG and
human rights concerns, maintaining product quality and
safety, talent and workforce shortage, and failure to embed
strategic partnerships.
Geopolitical and macroeconomic
volatility
Risk movement
Increased versus last year.
Description
Geopolitical risk, including ongoing global tensions, civil unrest
and conflict across key markets, has become increasingly
dynamic and impacts our operational resilience.
Macroeconomic and financial volatility includes inflationary
pressures, interest rate fluctuations, currency instability and
unemployment, and can impact consumer sentiment and our
financial flexibility.
Mitigation
We monitor the global geopolitical situation on an ongoing
basis and develop scenarios to plan for emerging tensions.
We have robust financial planning and resilience measures in
place across our markets, operational sites and product
categories. We employ scenario planning, agile financial
management and value management capabilities to address
volatility and adapt to market-specific challenges. Our rigorous
performance management system enables us to quickly adapt
to changes in the trading environment.
These measures aim to safeguard growth, maintain financial
flexibility and ensure operational stability across our key markets.
Consumer preferences
Risk movement
Increased versus last year.
Description
Consumer preferences are continuously changing, including
shifts in consumption occasions, liquid preferences, alcohol
intake, and purchasing habits and patterns.
Carlsberg faces a risk to market share, volume loss and long-
term growth if we fail to respond by adapting and evolving our
product portfolio in line with changing consumer trends and
the changing beverage landscape.
Mitigation
Our Accelerate SAIL strategy provides a clear focus on
stepping up investment in support of the key growth categories
of premium beer, alcohol-free brews, soft drinks and Beyond
Beer. See pages 19-21 for examples of how we execute on
Accelerate SAIL.
The acquisition of Britvic and the takeover of the Pepsi
franchise in Kazakhstan and Kyrgyzstan have increased our
exposure to the structurally growing soft drinks category and
further strengthened our diverse portfolio.
In addition, we are maintaining our responsible drinking
agenda. Read more on this in the sustainability statement.
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 32
GOVERNANCE
RISK MANAGEMENT
Digital transformation
Risk movement
Increased versus last year.
Description
Carlsberg faces rapidly evolving changes across technology
adoption and artificial intelligence, e-commerce and digital
marketing. Failure to respond and adapt could reduce
efficiency, limit competitiveness and hinder growth
opportunities.
Mitigation
Even in an overall challenging market environment, we continue
to step up investment behind modernising and strengthening
our digital platform for greater operational resilience.
The ongoing improvement programme includes a move away
from legacy systems and fragmentation across the business,
data integration, infrastructure upgrades and further
application of AI throughout our organisation.
Legal compliance
Risk movement
Decreased versus last year.
Description
Carlsberg faces significant competition law, anti-bribery and
corruption, trade sanctions and data privacy risks throughout
its operations. Failure to comply with the applicable laws and
requirements across our markets may result in significant fines,
legal claims and reputational damage.
The Group is party to certain ongoing lawsuits and disputes.
These are described in section 3.4 of the consolidated
financialstatements.
Mitigation
We maintain a strong tone from the top and continuously
review and strengthen the Group-wide control framework
covering legal compliance areas, including, but not limited to,
competition law, anti-bribery and corruption and trade
sanctions to reflect areas of increased regulatory focus.
We have strengthened our approach to legal compliance risks,
with proactive mitigations and core controls being consistently
applied across our markets.
We recently refreshed our Code of Ethics and Conduct, and
simplified our global legal policies. Mandatory training is
provided to all relevant employees on a regular basis to ensure
that these policies are thoroughly understood.
Read more about our compliance efforts in the
sustainability statement.
Cyber and IT security
Risk movement
Increased versus last year.
Description
The Carlsberg Group relies heavily on technology and IT
infrastructure. Cyber vulnerabilities or the non-availability of
critical IT systems could have severe financial, regulatory and
reputational consequences for our business.
Mitigation
Our Chief Information Security Officer (CISO) leads an
independent cyber security function within our IT organisation.
The CISO coordinates risk mitigation plans and activities with
ExCom and the Supervisory Board.
As the cyber security threat assessment has intensified in
recent years, we have strengthened our protective work to
counter the risk. Furthermore, we deploy a wide array of
advanced defensive technologies, as well as continuing to
embed our risk management framework in all layers of the
organisation. We undertake regular testing of our security
controls via an ongoing series of technological audits and
breach simulations.
As the threat landscape remains difficult, we are continuing to
invest in improving our security and mitigation activities.
Emerging regulatory changes and tax
Risk movement
New.
Description
Carlsberg is facing a rapidly evolving global regulatory and tax
landscape that is becoming more complex, fragmented and
dynamic, creating uncertainty and compliance challenges
across our markets.
Heightened debate about public health concerns may result in
restrictions on alcohol marketing or sales, while strained public
finances and trade tensions could result in new barriers,
increased taxes and higher excise duties.
Mitigation
We maintain proactive and regular horizon-scanning activities
across our markets for potential policy developments and
regulatory changes that could impact our product offerings
and operational compliance.
We engage in fact-based dialogue with relevant stakeholders on
changes in regulation, including within the areas of tax and excise
duties, either directly or through relevant industry associations.
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 33
GOVERNANCE RISK MANAGEMENT
Our governance framework aims to ensure value
creation, safeguard active and transparent
stewardship across the Group and reduce risk.
The governing bodies of the Carlsberg Group are the
Supervisory Board and the Executive Committee, which
includes the Executive Board. None of the members of the
Supervisory Board are involved in the executive management
of the Group.
The Supervisory Board hires and supervises the Executive
Board, which consists of two members, the Group CEO and the
CFO, who are formally registered as executive directors of
Carlsberg A/S.
Recommendations on
corporategovernance
The Supervisory Board is responsible for the Group’s corporate
governance framework and compliance with the Danish
corporate governance recommendations.
The Group complies with all but one of the current
recommendations:
• With respect to the recommendation to publish quarterly
reports, the Group has chosen to only publish full- and half-
year reports.
Our statutory report on corporate governance includes the full
list of recommendations, with comments on the Group’s
position on each recommendation. It can be downloaded here:
Our Compass
The Group is dedicated to conducting business with integrity in
a responsible, honest and ethical manner. Living by these
values – our Compass – is an integrated part of our strategy,
Accelerate SAIL, mitigates risks and protects our reputation as
a responsible brewer.
Our Compass consists of a Code of Ethics & Conduct and our
Group policies, which guide everyone in the Group on everyday
decisions and actions, setting out the ethical standards for our
behaviour both within the Company and towards external
business partners, such as customers and suppliers.
Our policies can be downloaded here:
The Supervisory Board is responsible for overseeing that the
Executive Committee has an adequate system and resources in
place to ensure compliance with the Group’s codes and policies
in relation to its business activities.
Our Executive Committee members complete training on our
Anti-Bribery and Corruption Policy and Code of Ethics and
Conduct every three years, and are informed of key
developments in this area in an ongoing manner, as necessary.
The impact of Living by our Compass in relation to material
ESG topics is presented in the sustainability statement.
The Annual General Meeting
The 2025 Annual General Meeting (AGM) took place on 17
March. The minutes of the meeting are available on
www.carlsberggroup.com.
Rules and deadlines applying to the AGM and other general
meetings are stipulated in the Company’s Articles of
Association, available on www.carlsberggroup.com along with
other AGM-related information.
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 34
GOVERNANCE
CORPORATE GOVERNANCE
1
Supervisory Board meetings
Board member Chairship meetings attended Board meetings attended
Henrik Poulsen
1,2
(Chair)
n n n n n n n n n n n n n n
Majken Schultz
1
(Deputy Chair)
n n n n n n n n n n n n n n
Mikael Aro
1,2
n n
g g g g g
Magdi Batato
1,2
n n n n n n n
Lilian Fossum Biner
1,2
n n n n n n n
Richard Burrows
1
n n
g g g g g
Eva Vilstrup Decker
3
n n n n n n n
Jens Hjorth
1
g g
n n n n n
Søren Knudsen
3
g g g g
n n n
Bob Kunze-Concewitz
1,2
n n n n n n n
Punita Lal
1,2
n n n n n n n
Erik Lund
3
n n n n n n n
Winnie Ma
1,2
g g
n n n n n
Ivan Nielsen
3
n n n n n n n
Olayide Oladokun
3
n n n n
g g g
Søren-Peter Fuchs Olesen
1
n n
g g g g g
Peter Petersen
3
n n n n n n n
1
Elected by the General Meeting.
2
Independent.
3
Employee-elected.
n Attended meeting.
n Did not attend meeting.
gNot a board member at the time.
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 35
GOVERNANCE CORPORATE GOVERNANCE
The Carlsberg Foundation
The Carlsberg Foundation is the Company’s largest
shareholder. According to its Charter, the foundation
must own shares equivalent to at least 51% of the
votes in Carlsberg A/S. At 31 December, the Carlsberg
Foundation held 30% of the capital and 78% of the
votes in Carlsberg A/S.
The foundation is a long-term, value-oriented
shareholder, supporting the Group in creating
sustainable value growth through the execution of its
strategy and adherence to the Company’s capital
allocation priorities.
The foundation has participated pro rata in the share
buy-back programmes.
In 2025, dividends received by the foundation
amounted to DKK 1.1bn.
The dividends from Carlsberg A/S are given back to
society by granting funds to foster and support
academic research within natural sciences, humanities
and social sciences, and funds for cultural and socially
beneficial purposes.
The foundation also grants funds to the Carlsberg
Research Laboratory for basic research, unrelated to
the Company’s commercial activities.
1
Management and share of the underrepresented
gender, parent company, Carlsberg A/S
2
2025 Target
Supervisory Board
Total members 13
Gender split Women 38% / Men 62%
AGM-elected members, total 8
Gender split Women 50% / Men 50% 37.5%
Employee-elected members, total 5
Underrepresented gender (women) 20% 40%
Executive Board
Total members 2
Gender split Women 50% / Men 50%
Other management levels
3
Total members 3
Gender split Women 67% / Men 33% 33%
2
Reporting and targets in accordance with the Danish Gender Balance Act.
3
Other management levels employed by Carlsberg A/S in Denmark, as defined by the
Danish Companies Act.
Supervisory Board
evaluationprocess
Each year, the Chair of the Supervisory Board heads a
structured evaluation of the Board’s work, accomplishments
and competencies.
In 2025, the evaluation process included a report produced by
an external provider based on questionnaires completed
anonymously, as well as individual conversations between the
Chair and each board member.
During the evaluation process, the Supervisory Board members
generally expressed that the Board covers relevant matters,
that board agendas and meetings are well planned and
address relevant topics, that time and discussions are well
prioritised, that material and presentations are of a high
quality, and that all relevant perspectives are considered when
decisions are made. The members also expressed that they
appreciate the open discussions, mutual trust and constructive
cooperation with ExCom and other management members.
The evaluation resulted in a list of ideas to improve the board
work and an action plan with specific initiatives for 2026.
The work of the Supervisory Board
The main topics of discussion at the Supervisory Board
meetings in 2025 are presented in the box on page 37.
The Group CEO and the CFO always attend the Supervisory
Board meetings and, in order to ensure transparency, the
members of ExCom are also invited and attend when relevant.
This gives the Supervisory Board better insight into the
business and exposure to the full group of senior executives.
In connection with most Supervisory Board meetings, key
people from the Group present a market, a function, a specific
risk or other relevant topics.
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 36
GOVERNANCE CORPORATE GOVERNANCE
Board committees
The Supervisory Board has established three board
committees: the People & Culture Committee, the
Remuneration Committee and the Audit Committee.
Each year, the Supervisory Board considers whether the
number and scope of the committees are appropriate.
Committee members are appointed for one year at a time. The
members of the respective committees and their meeting
attendance are shown in the tables on this and the followingpage.
The People & Culture Committee
The Terms of Reference for the People & Culture Committee
are available on www.carlsberggroup.com.
In 2025, the Committee had particular focus on:
• Review of the Specification of Competencies for board
members to ensure that they reflect the skills and
experiences needed to best support the execution of
Accelerate SAIL.
• Succession planning at Supervisory Board and management
level, evaluating the composition of ExCom, and the
composition, structure and size of the Supervisory Board and
its committees.
• Performance evaluation of ExCom.
• Carlsberg’s talent development programmes and processes.
• Carlsberg’s DE&I strategy, progress and ambitions.
• The company culture, including employee surveys in light of
Accelerate SAIL and its growth ambitions.
People & Culture Committee members andmeetings
Committee member Committee meetings attended
Henrik Poulsen
1
(Chair)
n n n
Lilian Fossum Biner
1
g
n n
Richard Burrows
1
n
g g
Punita Lal
1
n n n
Majken Schultz
n n n
1
Independent. n Attended meeting. g Not a committee member at the time.
The Remuneration Committee
The Terms of Reference for the Remuneration Committee are
available on www.carlsberggroup.com.
In 2025, the main activities of the Remuneration
Committeewere:
• Consideration of the revised Remuneration Policy for
approval at the 2026 AGM.
• Review of compensation and incentive levels for the
Executive Board, the Executive Committee and other key
positions, including in relation to external peer benchmark
reports.
• Review of long-term incentive targets for the new award, in
light of the acquisition of Britvic – particularly in relation to
the ROIC component.
The work of the Committee is described in more detail in the
Remuneration Report, available on www.carlsberggroup.com.
Remuneration Committee members andmeetings
Committee member Committee meetings attended
Magdi Batato
1
(Chair)
n n n n
Jens Hjorth
g
n n n
Bob Kunze-Concewitz
1
n n n n
Søren-Peter Fuchs Olesen
n
g g g
Henrik Poulsen
1
n n n n
1
Independent. n Attended meeting. g Not a committee member at the time.
The Audit Committee
The Terms of Reference for the Audit Committee are available
on www.carlsberggroup.com.
In 2025, the Audit Committee consisted of three members. The
Audit Committee is appointed for one year at a time. All three
members of the Committee qualify as being independent of
the Company.
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 37
GOVERNANCE CORPORATE GOVERNANCE
The work of the Supervisory Board
Main topics of review and discussion in 2025
Governance, compliance and
riskmanagement
• Review of the outcome of the 2024 board evaluation
process, including follow-up on all suggestions in 2025.
• 2025 board evaluation, including development of a plan
with suggested improvements for 2026.
• Compliance risks and set-up, including discussion of
compliance-enhancing efforts.
• An enhanced enterprise risk management approach and
anchoring of the same in the Board.
• Various risk deep dives based on the enterprise
management review.
• Internal audit and control reports, working processes and
continued improvement.
• IT and cyber security strategy.
• Compliance with the EU sustainability reporting regulation.
• Relevant issues and ways of working with the
externalauditor.
• Approved the initiation of an audit tender process for the
purpose of recommending an external auditor for
election at the 2027 Annual General Meeting.
• Approval of the external auditor for election at the
2025AGM.
Strategy
• Review of Accelerate SAIL priorities and their execution.
• The ESG programme Together Towards ZERO
andBeyond.
• R&D, innovation, brand portfolio and branding initiatives,
quality, digital agenda and AI, and other strategic pillars.
• Organic growth opportunities, including commercial
priorities and three-year plans.
• Review of inorganic growth opportunities and completing
the acquisition of Britvic.
• Selected market and function deep dives.
• Overseeing the continued embedding of cost focus and
implementation of cost programmes.
• Monitoring capital structure, funding and dividends.
Organisation, people, succession planning
and talent management
• Supervisory Board composition and succession planning.
• Succession planning for the Executive Management.
• The Group's people agenda, including people-related
aspects of Accelerate SAIL.
• The diversity, equity and inclusion agenda.
• Bonus structures in incentive programmes, ensuring
support of and alignment with Accelerate SAIL.
The committee members have the relevant financial expertise
and necessary experience of the Company’s sector.
The Audit Committee works according to the Terms of Reference
and a detailed annual meeting plan, which are reviewed and
approved by the Supervisory Board prior to the beginning of
each financial year. The Supervisory Board approved the Audit
Committee meeting plan for 2026 and the current Terms of
Reference at the Supervisory Board meeting in December 2025.
In 2025, the Audit Committee had particular focus on a number
of areas, including:
• Monitoring the effectiveness of the control environment and
overseeing the progress on improving and further developing
the effectiveness of the controls over financial and
sustainability reporting.
• Monitoring the external financial and sustainability reporting
and accounting judgements, including the accounting
treatment in relation to the acquisition of Britvic.
• Monitoring the work of the external auditors.
• Monitoring the audit tender process initiated by the
Supervisory Board in 2025, with the purpose of
recommending an external audit firm for appointment at the
2027 Annual General Meeting.
• Reviewing the progress of the work of and actions taken by
the Group Internal Audit function.
• Reviewing the work regarding SpeakUp matters.
• Reviewing financial risk management and insurance.
• Reviewing the risk management process and deep dives into
selected risks.
• Reviewing enterprise risk management (ERM) processes
andgovernance.
• Reviewing Group policies.
• Reviewing Group tax matters.
• Reviewing succession planning for finance personnel.
• Reviewing a refreshed version of the Carlsberg Code ofConduct.
Audit Committee members andmeetings
Committee member Committee meetings attended
Lilian Fossum Biner
1
(Chair)
n n n n n
Mikael Aro
1
n
g g g g
Magdi Batato
1
n n n n n
Richard Burrows
1
n
g g g g
Bob Kunze-Concewitz
1
g
n n n n
1
Independent. n Attended meeting. g Not a committee member at the time.
Internal control and risk
management related to the overall
control environment for the
financial reporting process
The Supervisory Board and ExCom have overall responsibility
for the Carlsberg Group’s internal control environment.
The Audit Committee is responsible for monitoring the
effectiveness of the overall internal control environment and
risk management systems, in particular related to the financial
reporting process.
In 2025, the Group undertook a full refresh of its global policy
framework and updated relevant policies, standards and
procedures in key areas of financial reporting.
The global policies, standards and procedures apply to all
subsidiaries, and we expect standards similar to those set out
in the Carlsberg codes and policies for non-controlled entities.
The Group’s internal control framework for financial reporting
is designed to reduce and mitigate financial risks identified and
ensure reliable internal and external financial reporting. It
defines roles and responsibilities, and provides assurance that
key risks are covered by internal control activities.
While systems and processes are not standardised across all
entities, all entities are subject to the same set of internal
keycontrols.
The Group continuously seeks to strengthen the internal
control environment through standardisation, automation,
strong analytics and transparent governance supplemented by
continuous training of employees involved in carrying out
internal controls.
The internal financial control framework is monitored through
biannual self-assessment of the effectiveness of the
implemented controls and continuous testing of performance
by the Group’s Internal Control function. The monitoring of the
performance of the controls focuses on the adequacy of the
controls, their design and operating effectiveness, and the
efficiency of the overall controlling processes.
Risk assessment
In the internal control framework for financial reporting, the
Group has identified the risks that could have a direct or
indirect material impact on the financial statements. Group
entities are required to carry out and document the internal
controls defined by the Group to cover the key risks identified.
Furthermore, Group entities are required to maintain mapping
of risks related to the segregation of duties and to implement
necessary compensating controls, thereby continuously
strengthening the internal control environment and enforcing
optimal segregation of duties in the ERP systems.
The segregation of duties within the main ERP systems is
continuously monitored by the Group’s Internal Control function.
Control activities and monitoring
The Group has implemented a formalised financial reporting
process, budget process, estimates and monthly reporting on
actual performance. The accounting information reported by
all Group companies is reviewed by controllers with regional or
functional in-depth knowledge of the individual companies/
functions and by technical accounting specialists.
Controllers are continuously updated on best practice relating
to internal financial controls, and trained in new accounting
and reporting requirements.
The entities in the Group are dependent on IT systems. Any
weaknesses in the system controls or IT environment are
compensated for by manual controls to mitigate any
significant risk relating to the financial reporting.
The Audit Committee’s monitoring covers both the internal
control environment and business risk.
The financial risks are assessed and reviewed at multiple levels
in the Group, including monthly performance review meetings
at ExCom level, periodic review of control documentation, and
audits performed by Group Internal Audit.
Group Internal Audit
Group Internal Audit provides objective and independent
assessment of the adequacy, effectiveness and quality of the
Group’s internal controls. Group Internal Audit works in
accordance with a charter, which is reviewed periodically and
approved by the Audit Committee.
Taking into account the annual review of business risks (see
pages 32-33), an internal audit plan is drawn up for the year.
The plan is reviewed and approved by the Audit Committee.
In 2025, Group Internal Audit conducted audits mainly in the
areas of key operational processes, financial reporting controls,
brewery operations, compliance (internal and external
regulation) and information technology.
In addition, Group Internal Audit continuously assesses the
adequacy of actions implemented by management to address
previously raised risks and control issues.
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 38
GOVERNANCE CORPORATE GOVERNANCE
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 39
GOVERNANCE CORPORATE GOVERNANCE
1
The information contained in this text box constitutes our compliance with section 99d of the Danish Financial Statements Act.
Upholding data ethics
The Carlsberg Group is committed to earning and keeping the
trust of our consumers, business partners, employees and
other stakeholders as we strive to brew for a better today
and tomorrow. As explained in our corporate Data Ethics
Standard, which can be found on www.carlsberggroup.com/
live up to this commitment – within a globalised and digitised
business environment – is to only use personal data
consistently with our four ethical pillars:
1. Keeping data safe
We take measures to ensure that any data shared and
used – whether personal or business data – is protected
through robust security features, effective processes for
their implementation, and reliable IT applications and
providers. Through these actions, we protect the digital
wellbeing of our many stakeholders by safeguarding all of
their data in our care, including in our information systems,
from the exponentially growing risks of illegal and
damaging conduct by individuals or groups acting either
carelessly or intentionally for financial gain or other
pernicious reasons.
2. Complying with data protection laws
The Carlsberg Group has effective and meaningful privacy
and data protection standards in place, not only to comply
with the many evolving regulatory requirements across our
global markets, but also to promote the trust of those
countries’ citizens, leaders and business communities. To
comply with local requirements, the Carlsberg Group
directs that all personal data, however and wherever used
in our business operations, must be handled in strict
accordance with the data protection standards set out in
our internal policies and standards.
3. Using data respectfully
The Carlsberg Group respects individual privacy as part of
our greater commitment to ethical business conduct and
stakeholder dignity. For our workers, our commitment to a
fair, respectful, safe and non-discriminatory workplace
includes the lawful, fair and limited handling of their data
as part of our working relationship. When collecting and
using consumer data to better produce and market our
products, the Carlsberg Group does so ethically, for
example by not acting in any way to promote the drinking
of alcohol to minors, by enabling consumers’ autonomy
over how their data is processed through transparent
privacy notifications, and by reducing the privacy impact of
digital technologies that we use.
4. Embedding data ethics in the organisation
Our Data Ethics Standard is approved by the Carlsberg
Group executive management team. In addition to top
management being committed to prioritising data ethics, it
is also embedded throughout the organisation in various
polices, manuals and guidance, which detail Carlsberg’s
standards of privacy, data protection and responsible use
of data. These standards are promoted through employee
training, communication and continuous improvement of
underlying processes, technology, and organisational and
technical controls.
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 40
GOVERNANCE
SUPERVISORY BOARD
HENRIK POULSEN MAJKEN SCHULTZ MAGDI BATATO LILIAN FOSSUM BINER EVA VILSTRUP DECKER
CHAIR DEPUTY CHAIR
JENS HJORTH SØREN KNUDSEN BOB KUNZE-CONCEWITZ PUNITA LAL ERIK LUND
WINNIE MA IVAN NIELSEN PETER PETERSEN
HENRIK POULSEN
CHAIR (SINCE 2022)
Nationality: Danish
Year of birth: 1967
Appointed (until): 2021 (2026)
Board function: Non-executive, independent director
Board committees: People & Culture Committee (Chair) and
Remuneration Committee (member)
Shareholding (B shares): 5,829 (2024: 5,829)
Henrik Poulsen has extensive executive and board experience
in large international companies, significant financial
knowledge and in-depth knowledge of mergers and
acquisitions, strategy, risk management, ESG, transformation
and innovation. He is Senior Advisor to A.P. Moller Holding.
Henrik is Chair of the Board of Directors at Faerch and a
member of the Board of Directors of Bertelsmann SE & Co.
MAJKEN SCHULTZ
DEPUTY CHAIR (SINCE 2022)
Nationality: Danish
Year of birth: 1958
Appointed (until): 2019 (2026)
Board function: Non-executive, non-independent director
Board committees: People & Culture Committee (member)
Shareholding (B shares): 400 (2024: 150)
Majken Schultz has substantial experience as a professor and
advisor in change management, organisational culture and
branding, and in how companies address future climate goals.
She has 25 years of board experience in companies working in
areas such as finance, consumer products and food. In addition
to her analytical and strategic capabilities, she has a broad
international network and expertise.
Majken holds a PhD and is a Professor of Management and
Organisation Studies at Copenhagen Business School and Chair
of the Board of Directors of the Carlsberg Foundation. She is
actively involved in the Danish business community and is a
founder partner in the CBS board education programme. She is
a member of the Danish Committee on Foundation Governance.
MAGDI BATATO
Nationality: Swiss
Year of birth: 1959
Appointed (until): 2018 (2026)
Board function: Non-executive, independent director
Board committees: Remuneration Committee (Chair) and Audit
Committee (member)
Shareholding (B shares): 3,500 (2024: 3,000)
Magdi Batato was COO at Nestlé 2015-2024. He has
international experience and significant expertise within
procurement and supply chain operations and efficiency, health
& safety and ESG, including environmental and human rights-
related matters. He has extensive knowledge of emerging
markets, having held several positions across Asia, the Middle
East and Africa. In addition, he has a broad understanding of
the assessment and management of business risks.
Magdi is Chair of the IDH board (an NGO specialised in
farmers’ livelihoods and overall sustainable value chains),
Executive in Residence at the IMD Business School, Senior
Advisor with the Boston Consulting Group and Advisor on the
board of o9.
LILIAN FOSSUM BINER
Nationality: Swedish
Year of birth: 1962
Appointed (until): 2019 (2026)
Board function: Non-executive, independent director
Board committees: Audit Committee (Chair) and People &
Culture Committee (member)
Shareholding (B shares): 550 (2024: 550)
Lilian Fossum Biner has wide experience from a range of
consumer-facing industries. She has substantial experience of
financial management and control, strategic pricing, HR
matters and multiple brand strategy.
Lilian is a member of the Board of Directors and of the Audit
Committee of Alfa Laval and Scania, a member of the Board
of Directors and Chair of the Audit Committee at Pandora, and
a member of the Board of Directors of Röko.
EVA VILSTRUP DECKER
Nationality: Danish
Year of birth: 1964
Appointed (until): 2014 (2026)
Board function: Employee representative
Board committees: None
Shareholding (B shares): 68 (2024: 68)
Eva Vilstrup Decker is Senior Director, Customer Service &
Sourcing, Carlsberg Breweries A/S. She is an employee
representative on the Board of Carlsberg Breweries A/S.
JENS HJORTH
Nationality: Danish
Year of birth: 1964
Appointed (until): 2025 (2026)
Board function: Non-executive, non-independent director
Board committees: Remuneration Committee (member)
Shareholding (B shares): 100
Jens Hjorth has a broad international network and
substantial experience of leading diverse high-performing
teams, developing advanced technology instruments for large
international facilities, recruiting and developing human talent,
and exploring interdisciplinary initiatives in science and art.
Jens Hjorth holds a PhD and is a Professor of Astrophysics and
a Villum Investigator at the Niels Bohr Institute, University of
Copenhagen. He was the founder and director of the Dark
Cosmology Centre (2005-2018) and the Instrument Center for
Danish Astrophysics (2004-2013). He is the co-founder and co-
lead of the University of Copenhagen career programme UCPH
Forward (2018-). Jens is a member of the Board of Directors of
the Carlsberg Foundation.
SØREN KNUDSEN
Nationality: Danish
Year of birth: 1963
Appointed (until): 2025 (2026)
Board function: Employee representative
Board committees: None
Shareholding (B shares): 54
Søren Knudsen is Interim Director at the Carlsberg
ResearchLaboratory.
BOB KUNZE-CONCEWITZ
Nationality: Austrian
Year of birth: 1967
Appointed (until): 2024 (2026)
Board function: Non-executive, independent director
Board committees: Audit Committee (member) and
Remuneration Committee (member)
Shareholding (B shares): 5,000 (2024: 2,500)
Bob Kunze-Concewitz has extensive beverage industry
experience, not least from being CEO of Campari Group
2007-2024. Bob has an impressive track record of value
creation, underpinned by marketing and commercial
excellence, in-depth knowledge of category and portfolio
management, premiumisation and activation, as well as the
ability to build the business foundations for success, including
structuring functions and standardising processes. He also
brings strong competencies within organic growth, acquisitions,
emerging markets, innovation, and diversity and inclusion.
Bob is a member of the Board of Directors of Campari, a
member of the Board of Directors, of the Remuneration
Committee and of the People & Governance Committee of
Imperial Brands, and a member of the Board of Directors and
Audit Committee and Chair of the Remuneration Committee of
Luigi Lavazza. He is a member of the Board of Directors of
West Cork Distillers Ltd.
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 41
GOVERNANCE SUPERVISORY BOARD
PUNITA LAL
Nationality: Indian
Year of birth: 1962
Appointed (until): 2022 (2025)
Board function: Non-executive, independent director
Board committees: People & Culture Committee (member)
Shareholding (B shares): 0 (2024: 0)
Punita Lal has over 30 years of experience in the consumer
packaged goods industry in general, and beverages in
particular. Her extensive experience spans multiple disciplines,
geographies and cultures, particularly in Asia, where she has
worked across China, India, Hong Kong and Singapore. Her
areas of expertise are growth strategy, marketing and
leadership. She has in-depth expertise in building brands,
understanding consumer behaviour, product development and
portfolio management.
Punita has extensive board experience across blue-chip
corporates in India and Singapore, and is currently a member
of the Board of Directors and the Audit, Compensation &
Management Development and Nominating Committees of
DBS Group Bank based out of Singapore.
ERIK LUND
Nationality: Danish
Year of birth: 1964
Appointed (until): 2015 (2026)
Board function: Employee representative
Board committees: None
Shareholding (B shares): 54 (2024: 54)
Erik Lund is Head Brewer at the Carlsberg
ResearchLaboratory.
WINNIE MA
Nationality: Chinese
Year of birth: 1968
Appointed (until): 2025 (2026)
Board function: Non-executive, independent director
Board committees: None
Shareholding (B shares): 0
Winnie Ma is President, Asia region, at VF Corporation, where
she leads a multi-cultural, cross-functional organisation in Asia
Pacific, with emphasis on China. She has held senior marketing
positions at Mars, The Coca-Cola Company and Unilever.
Winnie is a seasoned leader in the FMCG sector. She has
profound insights into the market and consumers in China and
Asia Pacific, as well as a proven track record of driving
sustainable and profitable business growth and increasing total
shareholder return.
IVAN NIELSEN
Nationality: Danish
Year of birth: 1965
Appointed (until): 2023 (2026)
Board function: Employee representative
Board committees: None
Shareholding (B shares): 0 (2024: 0)
Ivan Nielsen is a Brewery Worker at Carlsberg Supply
Company Danmark A/S, where he is an employee
representative on the Board.
PETER PETERSEN
Nationality: Danish
Year of birth: 1969
Appointed (until): 2025 (2026)
Board function: Employee representative
Board committees: None
Shareholding (B shares): 0
Peter Petersen is President of the Staff Association and
Process Lead at Carlsberg Supply Company Danmark A/S.
Peter is an employee representative on the Board of
CarlsbergBreweries.
The Supervisory Board members’ full CVs are available online
at: www.carlsberggroup.com/who-we-are/about-the-
carlsberg-group/supervisory-board/
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 42
GOVERNANCE SUPERVISORY BOARD
Carlsberg A/S is listed on Nasdaq Copenhagen.
The Company has around 66,000 registered
shareholders.
Carlsberg has two share classes: Carlsberg A and Carlsberg
B. An A share carries 20 votes, while a B share carries two
votes and is entitled to a preferential dividend. The B share is
included in the Nasdaq OMX Nordic Large Cap and OMXC20
blue-chip indices.
As a supplement to its Copenhagen listing, the Group has a
sponsored level 1 ADR (American Depository Receipt)
programme with J.P. Morgan. The ADRs trade over-the-
counter in the USA under the symbol CABGY. More
information on the ADR programme is available on
www.carlsberggroup.com.
Major shareholders
At 31 December 2025, the Company’s largest shareholder was
the Carlsberg Foundation with 30% of the capital and 78% of
the votes. In accordance with section 29 of the Danish
Securities Trading Act, Massachusetts Financial Services
Company (Boston, USA) has notified Carlsberg that it owns
more than 5% of the share capital.
Shareholder returns
The Carlsberg Group’s dividend policy targets an adjusted
payout ratio of around 50%. For more information, seepage14.
Investor relations
The Carlsberg Group aims to give shareholders and the market
the best possible insight into factors considered relevant for
ensuring market-efficient and fair pricing of the Company’s
shares. This is achieved through the quality, consistency and
continuity of the information provided to the market, which is
handled by the Group’s Investor Relations department.
We observe a four-week silent period prior to the publication
of the annual and half-year reports, and a two-week silent
period prior to the Q1 and Q3 trading statements.
More information
www.carlsberggroup.com provides comprehensive
information about the Group and its shares and bonds,
including company announcements, annual and half-year
financial statements and quarterly trading statements, share
prices and financial data, investor presentations, webcasts
and transcripts, and a financial and event calendar.
At the end of 2025, a total of 26 brokers had coverage of the
Company. The analysts’ names and consensus estimates can
be found on www.carlsberggroup.com.
Financial calendar 2026
Date
Annual General Meeting 16 March
Q1 trading statement 29 April
H1 interim financial statement 19 August
Q3 trading statement 29 October
Share information
Share class
A B Total
Number of issued shares
1
33,699,252 98,957,554 132,656,806
Number of issued shares, excl. treasury shares
1
33,699,252 98,472,822 132,172,074
Carlsberg Foundation
33,136,435 6,643,288 39,779,723
Votes per share
20 2
Par value
DKK 20 DKK 20
Share price, year-end
940 835
Proposed dividend per share
29 29
1
At 31 December 2025.
Shareholder geographic split Carlsberg B share 2025 (DKK)
(excluding the Carlsberg Foundation and treasury shares)
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 43
GOVERNANCE
SHARE INFORMATION
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
500
600
700
800
900
1000
1100
g
US 35%
g
DK 20%
g
UK 20%
g
Other Europe 15%
g
Other 10%
The index below summarises the European Sustainability Reporting Standards (ESRS) disclosure for the sustainability statement incorporated in the management review. See the sustainability statement for all
other disclosures on the eight topical standards that are material to Carlsberg and have guided the preparation of our sustainability statement.
ESRS DR ESRS paragraph Disclosures required by ESRS Section in management review / paragraphs in section Page
GOV-1 (ESRS 2) 21 a Number of executive/non-executive members Corporate governance
• Composition of the Executive Committee
• Composition of the Supervisory Board
34
35
GOV-1 (ESRS 2) 21 b Information about representation of employees and other workers
GOV-1 (ESRS 2) 21 c Information about member's experience relevant to sectors, products and geographic locations of undertaking Corporate governance
• Composition of the Executive Committee
• Composition of the Supervisory Board (Competencies)
34
36
GOV-1 (ESRS 2) 21 d Percentage of members of administrative, management and supervisory bodies by gender and other aspects of diversity Corporate governance
• Composition of the Executive Committee
• Composition of the Supervisory Board (Diversity)
34
36
GOV-1 (ESRS 2) 21 e Percentage of independent board members Corporate governance
• Composition of the Supervisory Board
35
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 44
GOVERNANCE
ESRS DATA POINTS
This Annual Report contains forward-looking statements,
including statements about the Group’s sales, revenues,
earnings, spending, margins, cash flow, inventory, products,
actions, plans, strategies, objectives and guidance with respect
to the Group's future results.
Forward-looking statements include, without limitation, any
statement that may predict, forecast, indicate or imply future
results, performance or achievements, and may contain the
words “believe, anticipate, expect, estimate, intend, plan,
project, will be, will continue, will result, could, may, might”, or
any variations of such words or other words with similar
meanings. Any such 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:
geopolitical volatility, financial and economic uncertainty
(including interest rates and exchange rates), financial and
regulatory developments, legal and regulatory compliance,
demand for the Group’s products, increasing industry
consolidation, competition from other breweries, the
availability and pricing of raw materials and packaging
materials, cost of energy, production- and distribution-related
issues, information technology failures, breach or unexpected
termination of contracts, market-driven price reductions,
market acceptance of new products, changes in consumer
preferences, launches of rival products, stipulation of fair value
in the opening balance sheet of acquired entities, litigation,
cyber and IT threats, issue of new trade sanctions,
environmental issues and other unforeseen factors. New risk
factors can 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.
ESEF data
Domicile of entity Denmark
Description of nature of entity’s operations
andprincipal activities
Country of incorporation Denmark
Principal place of business Global
Legal form of entity A/S
Name of reporting entity or other means of
identification
Address of entity's registered office 1 J. C. Jacobsens Gade
Phone number +45 3327 3300
Corporate website www.carlsberggroup.com
CVR No. 61056416
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 45
GOVERNANCE
FORWARD-LOOKING STATEMENTS AND ESEF
In this section
General disclosures
47 Disclosure requirements index
49 Reporting principles of the sustainability statement
50 Our value chain and business model
51 Our material topics
53 Our ESG programme
54 ESG governance
56 Our stakeholders
Environment
57 E1 Climate change
67 E3 Water and marine resources
70 E4 Biodiversity and ecosystems
74 E5 Resource use and circular economy
Social
78 S1 Own workforce
85 S2 Workers in the value chain
88 S4 Consumers and end-users
Governance
92 G1 Business conduct
Appendices
95 Appendix 1: Data points that derive from other
EUlegislation
97 Appendix 2: EU Taxonomy
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 46
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 47
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 48
GENERAL DISCLOSURES OVERVIEW
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 49
GENERAL DISCLOSURES OVERVIEW
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 50
GENERAL DISCLOSURES OVERVIEW
Agriculture
Packaging
Production &
administration
Distribution
Selling &
marketing
Packaging reuse
& recycling
Short term
Medium term
Long term
Agriculture
Packaging
Production &
administration
Distribution
Selling &
marketing
Packaging reuse
& recycling
Short term
Medium term
Long term
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 51
GENERAL DISCLOSURES
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 52
GENERAL DISCLOSURES OUR MATERIAL TOPICS
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 53
GENERAL DISCLOSURES
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 54
GENERAL DISCLOSURES
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 55
GENERAL DISCLOSURES ESG GOVERNANCE
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 56
GENERAL DISCLOSURES
Agriculture
Packaging
Production &
administration
Distribution
Selling & marketing
Packaging reuse &
recycling
Short term
Medium term
Long term
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 57
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 58
ENVIRONMENT CLIMATE CHANGE E1
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 59
ENVIRONMENT CLIMATE CHANGE E1
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 60
ENVIRONMENT CLIMATE CHANGE E1
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 61
ENVIRONMENT CLIMATE CHANGE E1
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 62
ENVIRONMENT CLIMATE CHANGE E1
e
1
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 63
ENVIRONMENT CLIMATE CHANGE E1
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 64
ENVIRONMENT CLIMATE CHANGE E1
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 65
ENVIRONMENT CLIMATE CHANGE E1
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 66
ENVIRONMENT CLIMATE CHANGE E1
Agriculture
Packaging
Production &
administration
Distribution
Selling & marketing
Packaging reuse &
recycling
Short term
Medium term
Long term
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 67
ENVIRONMENT
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 68
ENVIRONMENT WATER AND MARINE RESOURCES E3
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 69
ENVIRONMENT WATER AND MARINE RESOURCES E3
Agriculture
Packaging
Production &
administration
Distribution
Selling & marketing
Packaging reuse &
recycling
Short term
Medium term
Long term
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 70
ENVIRONMENT
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 71
ENVIRONMENT BIODIVERSITY AND ECOSYSTEMS E4
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 72
ENVIRONMENT BIODIVERSITY AND ECOSYSTEMS E4
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 73
ENVIRONMENT BIODIVERSITY AND ECOSYSTEMS E4
Agriculture
Packaging
Production &
administration
Distribution
Selling & marketing
Packaging reuse &
recycling
Short term
Medium term
Long term
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 74
ENVIRONMENT
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 75
ENVIRONMENT RESOURCE USE AND CIRCULAR ECONOMY E5
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 76
ENVIRONMENT RESOURCE USE AND CIRCULAR ECONOMY E5
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 77
ENVIRONMENT RESOURCE USE AND CIRCULAR ECONOMY E5
Agriculture
Packaging
Production &
administration
Distribution
Selling & marketing
Packaging reuse &
recycling
Short term
Medium term
Long term
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 78
SOCIAL
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 79
SOCIAL OWN WORKFORCE S1
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 80
SOCIAL OWN WORKFORCE S1
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 81
SOCIAL OWN WORKFORCE S1
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 82
SOCIAL OWN WORKFORCE S1
1
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 83
SOCIAL OWN WORKFORCE S1
1
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 84
SOCIAL OWN WORKFORCE S1
Agriculture
Packaging
Production &
administration
Distribution
Selling & marketing
Packaging reuse &
recycling
Short term
Medium term
Long term
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 85
SOCIAL
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 86
SOCIAL WORKERS IN THE VALUE CHAIN S2
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 87
SOCIAL WORKERS IN THE VALUE CHAIN S2
Agriculture
Packaging
Production &
administration
Distribution
Selling & marketing
Packaging reuse &
recycling
Short term
Medium term
Long term
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 88
SOCIAL
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 89
SOCIAL CONSUMERS AND END-USERS S4
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 90
SOCIAL CONSUMERS AND END-USERS S4
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 91
SOCIAL CONSUMERS AND END-USERS S4
Agriculture
Packaging
Production &
administration
Distribution
Selling & marketing
Packaging reuse &
recycling
Short term
Medium term
Long term
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 92
GOVERNANCE
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 93
GOVERNANCE BUSINESS CONDUCT G1
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 94
GOVERNANCE BUSINESS CONDUCT G1
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 95
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 96
APPENDIX 1 DATA POINTS THAT DERIVE FROM OTHER EU LEGISLATION
Climate change
mitigation (5)
Climate change
adaptation (6)
Water (7)
Pollution (8)
Circular economy
(9)
Biodiversity (10)
Climate change
mitigation (11)
Climate change
adaptation (12)
Water (13)
Pollution (14)
Circular economy
(15)
Biodiversity (16)
Minimum
safeguards (17)
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 97
Climate change
mitigation (5)
Climate change
adaptation (6)
Water (7)
Pollution (8)
Circular economy
(9)
Biodiversity (10)
Climate change
mitigation (11)
Climate change
adaptation (12)
Water (13)
Pollution (14)
Circular economy
(15)
Biodiversity (16)
Minimum
saf
eguards (17)
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 98
APPENDIX 2 EU TAXONOMY
Climate change
mitigation (5)
Climate change
adaptation (6)
Water (7)
Pollution (8)
Circular
economy (9)
Biodiversity (10)
Climate change
mitigation (11)
Climate change
adaptation (12)
Water (13)
Pollution (14)
Circular
economy (15)
Biodiversity (16)
Minimum
saf
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 99
APPENDIX 2 EU TAXONOMY
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 100
APPENDIX 2 EU TAXONOMY
CONSOLIDATED FINANCIAL
STATEMENTS
In this section
CONSOLIDATED FINANCIAL STATEMENTS
102 Income statement
102 Statement of comprehensive income
103 Statement of financial position
104 Statement of changes in equity
105 Statement of cash flows
SECTION 1
OPERATING ACTIVITIES
106 1.1
Significant events in the period
107 1.2
Segmentation of operations
110
1.3 Operating expenses and inventories
111
1.4
Cash flow from operating activities
112 1.5
Trade and other receivables
SECTION 2
ASSET BASE AND RETURNS
116 2.1
Segmentation of assets and returns
118 2.2 Intangible assets and property, plant
andequipment
122 2.3
Impairment
SECTION 3
SPECIAL ITEMS, PROVISIONS AND OTHER
LIABILITIES
128 3.1
Special items
130 3.2
Provisions
131 3.3
Other liabilities
131 3.4
Contingent liabilities
SECTION 4
FINANCING COSTS, CAPITAL STRUCTURE
AND EQUITY
132 4.1 Financial risk management and capital structure
133 4.2 Equity
135 4.3 Earnings per share
135 4.4 Financial income and expenses
137 4.5 Financial assets and liabilities
138 4.6 Net interest-bearing debt
138 4.7 Borrowings and cash
140 4.8 Interest rate risk
142 4.9 Foreign exchange and commodity risk
145 4.10 Funding and liquidity risk
SECTION 5
ACQUISITIONS, NON-CONTROLLING
INTERESTS AND ASSOCIATES, DISPOSALS
AND DISCONTINUED OPERATIONS
148 5.1
Acquisitions
152 5.2
Non-controlling interests and associates
154 5.3
Disposals and discontinued operations
SECTION 6
TAX
155 6.1
Income tax
156 6.2
Deferred tax assets and liabilities
SECTION 7
STAFF COSTS AND REMUNERATION
158 7.1 Staff costs
159 7.2 Remuneration
159 7.3 Share-based payments
161 7.4 Retirement benefit obligations
and similar obligations
SECTION 8
OTHER DISCLOSURE REQUIREMENTS
166 8.1 Hyperinflation
168 8.2 Fees to auditors
168 8.3 Related parties
169 8.4 Events after the reporting period
SECTION 9
BASIS FOR PREPARATION
170 9.1 Significant accounting estimates and
judgements
170 9.2 General accounting policies
172 9.3 Changes in accounting policies
172 9.4 New legislation
173 9.5 Key definitions
SECTION 10
GROUP COMPANIES
174 10 Group companies
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 101
INCOME
STATEMENT
DKK million Section 2025 2024
Revenue 1.2.1 89,095 75,011
Cost of sales 1.3.1 -48,859 -40,631
Gross profit 40,236 34,380
Sales and distribution expenses 1.3.2 -23,128 -19,242
Administrative expenses -4,961 -4,381
Other operating activities, net 1.3.3 549 38
Share of profit after tax of associates 5.2 660 616
Operating profit before special items 13,356 11,411
Special items, net 3.1 -1,926 -519
Financial income 4.4 1,136 959
Financial expenses 4.4 -3,516 -1,864
Profit before tax 9,050 9,987
Income tax 6.1 -2,072 -1,982
Profit from continuing operations 6,978 8,005
Net result from discontinued operations 5.3 - 2,258
Profit for the period 6,978 10,263
Attributable to
Non-controlling interests 5.2 1,023 1,147
Shareholders in Carlsberg A/S (net profit) 5,955 9,116
DKK
Earnings per share 4.3
Earnings per share of DKK 20 (EPS) 45.1 68.7
Continuing operations 45.1 51.7
Discontinued operations - 17.0
Diluted earnings per share of DKK 20 (EPS-D) 44.9 68.6
Continuing operations 44.9 51.6
Discontinued operations - 17.0
STATEMENT OF
COMPREHENSIVE INCOME
DKK million Section 2025 2024
Profit for the period 6,978 10,263
Other comprehensive income
Retirement benefit obligations 7.4 234 -96
Income tax 6.1 -48 13
Items that will not be reclassified to the income statement 186 -83
Foreign exchange adjustments of foreign entities 4.2, 4.4 -3,250 874
Hyperinflation restatement of equity 8.1 26 2,428
Fair value adjustments of hedging instruments 4.2, 4.4 291 2
Income tax 6.1 -29 30
Items that will be reclassified to the income statement -2,962 3,334
Other comprehensive income -2,776 3,251
Total comprehensive income 4,202 13,514
Attributable to
Non-controlling interests 756 2,138
Shareholders in Carlsberg A/S 3,446 11,376
Total comprehensive income for the period arises from
Continuing operations 4,202 11,256
Discontinued operations - 2,258
Total comprehensive income 4,202 13,514
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 102
STATEMENT OF
FINANCIAL POSITION
DKK million
Section 31 Dec. 2025 31 Dec. 2024
ASSETS
Non-current assets
Intangible assets 2.2, 2.3 83,231 53,176
Property, plant and equipment 2.2, 2.3 32,780 27,053
Investments in associates 5.2 4,325 4,546
Retirement benefit assets 7.4 999 -
Receivables 1.5 860 814
Deferred tax assets 6.2 2,511 2,056
Total non-current assets 124,706 87,645
Current assets
Inventories 1.3.1 7,110 5,953
Trade receivables 1.5 7,709 4,940
Tax receivables 386 410
Other receivables 1.5 2,990 2,258
Prepayments 1,469 1,185
Deposits and securities 4.7.2 - 59
Cash and cash equivalents 4.7.2 9,585 11,542
Total current assets 29,249 26,347
Total assets 153,955 113,992
DKK million Section 31 Dec. 2025 31 Dec. 2024
EQUITY AND LIABILITIES
Equity
Share capital 4.2.1 2,653 2,685
Reserves -3,194 -496
Retained earnings 28,345 25,582
Equity, shareholders in Carlsberg A/S 27,804 27,771
Non-controlling interests 2,872 2,841
Total equity 30,676 30,612
Non-current liabilities
Borrowings 4.6, 4.7.1 61,452 27,392
Retirement benefit obligations 7.4 1,297 1,304
Deferred tax liabilities 6.2 8,675 5,081
Provisions 3.2 1,863 2,085
Other liabilities 3.3 1,446 1,495
Total non-current liabilities 74,733 37,357
Current liabilities
Borrowings 4.6, 4.7.1 9,171 10,748
Trade payables 26,877 23,295
Deposits on returnable packaging materials 1,702 1,728
Provisions 3.2 1,226 950
Tax payables 1,392 1,204
Other liabilities 3.3 8,178 8,098
Total current liabilities 48,546 46,023
Total liabilities 123,279 83,380
Total equity and liabilities 153,955 113,992
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 103
STATEMENT OF
CHANGES IN EQUITY
2025
Section
Shareholders in Carlsberg A/S
DKK million
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 - - - - 5,955 5,955 1,023 6,978
Other comprehensive income 4.2.2 - -2,847 149 -2,698 189 -2,509 -267 -2,776
Total comprehensive income for the period - -2,847 149 -2,698 6,144 3,446 756 4,202
Acquisition of treasury shares 4.2.1 - - - - -4 -4 - -4
Cancellation of treasury shares 4.2.1 -32 - - - 32 - - -
Share-based payments 7.3 - - - - 128 128 - 128
Dividends paid to shareholders 4.2.1 - - - - -3,569 -3,569 -821 -4,390
Non-controlling interests 5.2 - - - - 32 32 96 128
Total changes in equity -32 -2,847 149 -2,698 2,763 33 31 64
Equity at 31 December 2,653 -3,444 250 -3,194 28,345 27,804 2,872 30,676
2024
Section
Shareholders in Carlsberg A/S
DKK million
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 - - - - 9,116 9,116 1,147 10,263
Other comprehensive income 4.2.2 - 2,042 281 2,323 -63 2,260 991 3,251
Total comprehensive income for the period - 2,042 281 2,323 9,053 11,376 2,138 13,514
Cancellation of treasury shares 4.2.1 -62 - - - 62 - - -
Share-based payments 7.3 - - - - 100 100 - 100
Dividends paid to shareholders 4.2.1 - - - - -3,601 -3,601 -1,376 -4,977
Share buy-back 4.2.1 - - - - -1,960 -1,960 - -1,960
Non-controlling interests 5.2 - - - - -1,378 -1,378 -436 -1,814
Total changes in equity -62 2,042 281 2,323 2,276 4,537 326 4,863
Equity at 31 December 2,685 -597 101 -496 25,582 27,771 2,841 30,612
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 104
STATEMENT OF
CASH FLOWS
DKK million Section 2025 2024
Operating profit before special items 13,356 11,411
Depreciation, amortisation and impairment losses 2.2 5,428 4,370
Operating profit before depreciation, amortisation and impairment losses 18,784 15,781
Other non-cash items -572 -635
Change in trade working capital 730 471
Change in other working capital -1,293 -1,108
Restructuring costs and other special items paid -1,381 -220
Interest etc. received 341 456
Interest etc. paid -1,672 -1,091
Income tax paid -2,506 -2,342
Cash flow from operating activities 1.4 12,431 11,312
Acquisition of property, plant and equipment 2.2 -4,924 -4,668
Acquisition of intangible assets 2.2 -668 -362
Disposal of property, plant and equipment and intangible assets 2.2 106 85
Change in on-trade loans 1.4 66 1
Total operational investments -5,420 -4,944
Free operating cash flow 7,011 6,368
Acquisition of subsidiaries 5.1 -29,421 254
Disposal of subsidiaries - -27
Acquisition of associates 5.2 -15 -161
Disposal of associates 5.2 183 -
Change in financial investments 4.7.2 24 2,179
Change in financial receivables -61 389
Dividends received 612 792
Total financial investments -28,678 3,426
Cash flow from investing activities -34,098 -1,518
Free cash flow -21,667 9,794
DKK million Section 2025 2024
Shareholders in Carlsberg A/S 4.2.1 -3,573 -3,601
Share buy-back 4.2.1 - -1,960
Non-controlling interests 4.2.1 -864 -6,463
External financing 4.7.1 24,747 -1,911
Cash flow from financing activities 20,310 -13,935
Net cash flow from continuing operations -1,357 -4,141
Net cash flow from discontinued operations 5.3 - 2,258
Net cash flow -1,357 -1,883
Cash and cash equivalents at 1 January 11,510 13,382
Foreign exchange adjustment of cash and cash equivalents -602 11
Cash and cash equivalents at 31 December¹ 4.7.2 9,551 11,510
¹ Cash and cash equivalents are reported less bank overdrafts.
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 105
In this section
DKKbn
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 106
SECTION 1
OPERATING ACTIVITIES
106 1.1 Significant events in the period
107 1.2 Segmentation of operations
108 1.2.1 Revenue
108 1.2.2 Operating profit before special items
108 1.2.3 Operating margin
110 1.3 Operating expenses and inventories
110 1.3.1 Cost of sales and inventories
110 1.3.2 Sales and distribution expenses
111 1.3.3 Other operating activities, net
111 1.4 Cash flow from operating activities
112 1.5 Trade and other receivables
112 1.5.1 Receivables
113 1.5.2 On-trade loans
113 1.5.3 Credit risk
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 107
SECTION 1 OPERATING ACTIVITIES
Section 1.2
Segmentation of operations continued
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 108
SECTION 1 OPERATING ACTIVITIES
Section 1.2
Segmentation of operations continued
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 109
SECTION 1 OPERATING ACTIVITIES
Accounting policies
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 110
SECTION 1 OPERATING ACTIVITIES
Section 1.3
Operating expenses and inventories continued
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 111
SECTION 1 OPERATING ACTIVITIES
Section 1.4
Cash flow from operating activities continued
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 112
SECTION 1 OPERATING ACTIVITIES
Section 1.5
Trade and other receivables continued
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 113
SECTION 1 OPERATING ACTIVITIES
Section 1.5
Trade and other receivables continued
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 114
SECTION 1 OPERATING ACTIVITIES
Section 1.5
Trade and other receivables continued
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 115
SECTION 1 OPERATING ACTIVITIES
In this section
DKKbn
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 116
116 2.1 Segmentation of assets and returns
118 2.2 Intangible assets and property,
plant and equipment
122 2.3 Impairment
122 2.3.1 Recognised impairments
123 2.3.2 Impairment test of goodwill
125 2.3.3 Impairment test of brands
127 2.3.4 Sensitivity tests
Section 2.1
Segmentation of assets and returns continued
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 117
SECTION 2 ASSET BASE AND RETURNS
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 118
SECTION 2 ASSET BASE AND RETURNS
Section 2.2
Intangible assets and property, plant and equipment continued
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 119
SECTION 2 ASSET BASE AND RETURNS
Section 2.2
Intangible assets and property, plant and equipment continued
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 120
SECTION 2 ASSET BASE AND RETURNS
Section 2.2
Intangible assets and property, plant and equipment continued
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 121
SECTION 2 ASSET BASE AND RETURNS
Section 2.2
Intangible assets and property, plant and equipment continued
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 122
SECTION 2 ASSET BASE AND RETURNS
Section 2.3
Impairment continued
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 123
SECTION 2 ASSET BASE AND RETURNS
Section 2.3
Impairment continued
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 124
SECTION 2 ASSET BASE AND RETURNS
Section 2.3
Impairment continued
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 125
SECTION 2 ASSET BASE AND RETURNS
Section 2.3
Impairment continued
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 126
SECTION 2 ASSET BASE AND RETURNS
Section 2.3
Impairment continued
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 127
SECTION 2 ASSET BASE AND RETURNS
In this section
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 128
128 3.1 Special items
130 3.2 Provisions
131 3.3 Other liabilities
131 3.4 Contingent liabilities
SECTION 3
SPECIAL ITEMS, PROVISIONS
AND OTHER LIABILITIES
Section 3.1
Special items continued
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 129
SECTION 3 SPECIAL ITEMS, PROVISIONS AND OTHER LIABILITIES
Section 3.1
Special items continued
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 130
SECTION 3 SPECIAL ITEMS, PROVISIONS AND OTHER LIABILITIES
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 131
SECTION 3 SPECIAL ITEMS, PROVISIONS AND OTHER LIABILITIES
In this section
DKKbn
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 132
132 4.1 Financial risk management and
capitalstructure
133 4.2 Equity
135 4.3 Earnings per share
135 4.4 Financial income and expenses
137 4.5 Financial assets and liabilities
138 4.6 Net interest-bearing debt
138 4.7 Borrowings and cash
140 4.8 Interest rate risk
142 4.9 Foreign exchange and commodity risk
142 4.9.1 Net revenue
142 4.9.2 Operating profit
143 4.9.3 Net finance
143 4.9.4 Consolidated profit and other comprehensive
income
144 4.9.5 Impact on financial statements and sensitivity
analysis
144 4.9.6 Commodity risk
145 4.10 Funding and liquidity risk
SECTION 4
FINANCING COSTS,
CAPITAL STRUCTURE
AND EQUITY
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 133
SECTION 4 FINANCING COSTS, CAPITAL STRUCTURE AND EQUITY
Section 4.2
Equity continued
Accounting policies
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 134
SECTION 4 FINANCING COSTS, CAPITAL STRUCTURE AND EQUITY
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 135
SECTION 4 FINANCING COSTS, CAPITAL STRUCTURE AND EQUITY
Section 4.4
Financial income and expenses continued
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 136
SECTION 4 FINANCING COSTS, CAPITAL STRUCTURE AND EQUITY
Section 4.4
Financial income and expenses continued
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 137
SECTION 4 FINANCING COSTS, CAPITAL STRUCTURE AND EQUITY
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 138
SECTION 4 FINANCING COSTS, CAPITAL STRUCTURE AND EQUITY
Section 4.7
Borrowings and cash continued
1
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 139
SECTION 4 FINANCING COSTS, CAPITAL STRUCTURE AND EQUITY
Section 4.7
Borrowings and cash continued
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 140
SECTION 4 FINANCING COSTS, CAPITAL STRUCTURE AND EQUITY
Section 4.8
Interest rate risk continued
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 141
SECTION 4 FINANCING COSTS, CAPITAL STRUCTURE AND EQUITY
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 142
SECTION 4 FINANCING COSTS, CAPITAL STRUCTURE AND EQUITY
Section 4.9
Foreign exchange and commodity risk continued
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 143
SECTION 4 FINANCING COSTS, CAPITAL STRUCTURE AND EQUITY
Section 4.9
Foreign exchange and commodity risk continued
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 144
SECTION 4 FINANCING COSTS, CAPITAL STRUCTURE AND EQUITY
Section 4.9
Foreign exchange and commodity risk continued
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 145
SECTION 4 FINANCING COSTS, CAPITAL STRUCTURE AND EQUITY
Section 4.10
Funding and liquidity risk continued
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 146
SECTION 4 FINANCING COSTS, CAPITAL STRUCTURE AND EQUITY
Section 4.10
Funding and liquidity risks continued
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 147
SECTION 4 FINANCING COSTS, CAPITAL STRUCTURE AND EQUITY
In this section
This section describes the acquisition of the Britvic Group, which was completed on 16 January,
and the acquisition of Gorkha Brewery in Nepal in 2024. The section also includes the Group’s
investments in associates.
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 148
148 5.1 Acquisitions
152 5.2 Non-controlling interests and associates
154 5.3 Disposals and discontinued operations
SECTION 5
ACQUISITIONS, NON-
CONTROLLING INTERESTS AND
ASSOCIATES, DISPOSALS AND
DISCONTINUED OPERATIONS
Section 5.1
Acquisitions continued
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 149
SECTION 5 ACQUISITIONS, NON-CONTROLLING INTERESTS AND ASSOCIATES, DISPOSALS AND DISCONTINUED OPERATIONS
Section 5.1
Acquisitions continued
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 150
SECTION 5 ACQUISITIONS, NON-CONTROLLING INTERESTS AND ASSOCIATES, DISPOSALS AND DISCONTINUED OPERATIONS
Section 5.1
Acquisitions continued
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 151
SECTION 5 ACQUISITIONS, NON-CONTROLLING INTERESTS AND ASSOCIATES, DISPOSALS AND DISCONTINUED OPERATIONS
Section 5.2
Non-controlling interests and associates
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 152
SECTION 5 ACQUISITIONS, NON-CONTROLLING INTERESTS AND ASSOCIATES, DISPOSALS AND DISCONTINUED OPERATIONS
Section 5.2
Non-controlling interests and associates continued
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 153
SECTION 5 ACQUISITIONS, NON-CONTROLLING INTERESTS AND ASSOCIATES, DISPOSALS AND DISCONTINUED OPERATIONS
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 154
SECTION 5 ACQUISITIONS, NON-CONTROLLING INTERESTS AND ASSOCIATES, DISPOSALS AND DISCONTINUED OPERATIONS
In this section
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 155
155 6.1 Income tax
156 6.2 Tax assets and liabilities
Section 6.1
Income tax continued
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 156
SECTION 6 TAX
Section 6.2
Deferred tax assets and liabilities continued
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 157
SECTION 6 TAX
In this section
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 158
158 7.1 Staff costs
159 7.2 Remuneration
159 7.3 Share-based payments
161 7.4 Retirement benefit obligations and similar obligations
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 159
SECTION 7 STAFF COSTS AND REMUNERATION
Section 7.3
Share-based payments continued
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 160
SECTION 7 STAFF COSTS AND REMUNERATION
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 161
SECTION 7 STAFF COSTS AND REMUNERATION
Section 7.4
Retirement benefit obligations
and similar obligations continued
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 162
SECTION 7 STAFF COSTS AND REMUNERATION
Section 7.4
Retirement benefit obligations
and similar obligations continued
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 163
SECTION 7 STAFF COSTS AND REMUNERATION
Section 7.4
Retirement benefit obligations
and similar obligations continued
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 164
SECTION 7 STAFF COSTS AND REMUNERATION
Section 7.4
Retirement benefit obligations
and similar obligations continued
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 165
SECTION 7 STAFF COSTS AND REMUNERATION
In this section
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 166
166 8.1 Hyperinflation
168 8.2 Fees to auditors
168 8.3 Related parties
169 8.4 Events after the reporting period
SECTION 8
OTHER DISCLOSURE
REQUIREMENTS
Section 8.1
Hyperinflation continued
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 167
SECTION 8 OTHER DISCLOSURE REQUIREMENTS
Section 8.1
Hyperinflation continued
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 168
SECTION 8 OTHER DISCLOSURE REQUIREMENTS
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 169
SECTION 8 OTHER DISCLOSURE REQUIREMENTS
In this section
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 170
SECTION 9
BASIS FOR PREPARATION
170 9.1 Significant accounting estimates and judgements
170 9.2 General accounting policies
172 9.3 Changes in accounting policies
172 9.4 New legislation
173 9.5 Key definitions
Section 9.2
General accounting policies continued
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 171
SECTION 9 BASIS FOR PREPARATION
Section 9.2
General accounting policies continued
Section 9.4
New legislation
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 172
SECTION 9 BASIS FOR PREPARATION
1
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 173
SECTION 9 BASIS FOR PREPARATION
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 174
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 175
SECTION 10 GROUP COMPANIES
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 176
SECTION 10 GROUP COMPANIES
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 177
SECTION 10 GROUP COMPANIES
PARENT COMPANY
FINANCIAL STATEMENTS
In this section
PARENT COMPANY FINANCIAL STATEMENTS
179 Income statement
179 Statement of comprehensive income
180 Statement of financial position
181 Statement of changes in equity
181 Statement of cash flows
182 Notes
SECTION 1
SUBSIDIARIES AND RELATED PARTIES
182 1.1 Investments in subsidiaries
182 1.2 Related parties
SECTION 2
CAPITAL STRUCTURE
184 2.1 Financial items
184 2.2 Net interest-bearing debt
185 2.3 Share capital
SECTION 3
STAFF COSTS AND REMUNERATION
186 3.1 Staff costs and remuneration
186 3.2 Retirement benefit obligations
SECTION 4
OTHER DISCLOSURE REQUIREMENTS
187 4.1 Other operating activities, net
187 4.2 Cash flow
187 4.3 Provisions
187 4.4 Asset base and leases
187 4.5 Fees to auditors
188 4.6 Tax
188 4.7
Contingent liabilities and other commitments
188 4.8 Events after the reporting period
SECTION 5
GENERAL ACCOUNTING POLICIES
189 5 General accounting policies
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 178
INCOME
STATEMENT
DKK million Section 2025 2024
Administrative expenses -39 -35
Other operating activities, net 4.1 -9 -25
Operating profit before special items -48 -60
Special items, net - 4
Financial income 2.1 3,578 3,619
Financial expenses 2.1 -14 -53
Profit before tax 3,516 3,510
Income tax 4.6 47 -21
Profit for the period 3,563 3,489
Attributable to
Dividend to shareholders 3,847 3,625
Reserves -284 -136
Profit for the period 3,563 3,489
STATEMENT OF
COMPREHENSIVE INCOME
DKK million Section 2025 2024
Profit for the period 3,563 3,489
Other comprehensive income
Retirement benefit obligations 3.2 -4 -3
Income tax 4.6 1 1
Items that will not be reclassified to the income statement -3 -2
Other comprehensive income -3 -2
Total comprehensive income 3,560 3,487
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 179
PARENT COMPANY FINANCIAL STATEMENTS
STATEMENT OF
FINANCIAL POSITION
DKK million Section 31 Dec. 2025 31 Dec. 2024
ASSETS
Non-current assets
Property, plant and equipment 4.4 230 231
Investments in subsidiaries 1.1 25,575 25,697
Receivables 368 357
Deferred tax assets 4.6 94 59
Total non-current assets 26,267 26,344
Current assets
Receivables 1.2 18 27
Tax receivables 18 25
Other receivables 375 199
Total current assets 411 251
Total assets 26,678 26,595
DKK million Section 31 Dec. 2025 31 Dec. 2024
EQUITY AND LIABILITIES
Equity
Share capital 2.3 2,653 2,685
Retained earnings 23,679 23,521
Total equity 26,332 26,206
Non-current liabilities
Retirement benefit obligations 3.2 29 29
Provisions 4.3 16 15
Total non-current liabilities 45 44
Current liabilities
Borrowings 1.2 110 162
Trade payables 39 38
Provisions 4.3 1 8
Other liabilities 151 137
Total current liabilities 301 345
Total liabilities 346 389
Total equity and liabilities 26,678 26,595
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 180
PARENT COMPANY FINANCIAL STATEMENTS
STATEMENT OF
CHANGES IN EQUITY
DKK million Shareholders in Carlsberg A/S
2025 Section Share capital Retained earnings Total equity
Equity at 1 January 2,685 23,521 26,206
Profit for the period 3,563 3,563
Other comprehensive income - -3 -3
Total comprehensive income for the period - 3,560 3,560
Cancellation of treasury shares -32 32 -
Share-based payments 3.1 - 1 1
Share-based payments to employees in subsidiaries - 134 134
Share buy-back 2.3 - - -
Dividends paid to shareholders 2.3 - -3,569 -3,569
Total changes in equity -32 158 126
Equity at 31 December 2,653 23,679 26,332
2024
Equity at 1 January 2,747 25,419 28,166
Profit for the period 3,489 3,489
Other comprehensive income - -2 -2
Total comprehensive income for the period - 3,487 3,487
Cancellation of treasury shares -62 62 -
Share-based payments 3.1 - 1 1
Share-based payments to employees in subsidiaries - 113 113
Share buy-back 2.3 - -1,960 -1,960
Dividends paid to shareholders 2.3 - -3,601 -3,601
Total changes in equity -62 -1,898 -1,960
Equity at 31 December 2,685 23,521 26,206
STATEMENT
OF CASH FLOWS
DKK million Section 2025 2024
Operating profit before special items -48 -60
Depreciation and amortisation 16 14
Operating profit before depreciation and amortisation -32 -46
Other non-cash items -14 3
Change in working capital 92 69
Interest etc. received 14 19
Interest etc. paid -12 -108
Income tax paid 19 71
Cash flow from operating activities 67 8
Acquisition of property, plant and equipment -14 -15
Disposal of property, plant and equipment and intangible assets 16 -
Total operational investments 2 -15
Dividends from subsidiaries 1.2 3,564 3,598
Capital reductions in subsidiaries 1.2 - 1,660
Total financial investments 3,564 5,258
Cash flow from investing activities 3,566 5,243
Free cash flow 3,633 5,251
Shareholders in Carlsberg A/S 2.3 -3,569 -5,561
External financing 2.2 -64 310
Cash flow from financing activities -3,633 -5,251
Net cash flow - -
Cash and cash equivalents at 1 January - -
Cash and cash equivalents at 31 December - -
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 181
PARENT COMPANY FINANCIAL STATEMENTS
SECTION 1
SUBSIDIARIES AND RELATED
PARTIES
Section 1.1
Investments in subsidiaries
Investments in subsidiaries
DKK million 2025 2024
Cost
Cost at 1 January 25,697 27,271
Capital reductions - -1,660
Share-based payments to employees, net -122 86
Cost at 31 December 25,575 25,697
Carrying amount at 31 December 25,575 25,697
Share-based payments to employees in subsidiaries comprise exercised as well as outstanding share-based incentive instruments.
Please see section 10 in the consolidated financial statements for a list of companies in the Carlsberg Group.
Accounting estimates and judgements
Indications of impairment of investments in subsidiaries are assessed annually by management. Impairment tests are performed by
applying the same principles as the tests for impairment of goodwill in the Group, cf. section 2.3 in the consolidated financial statements.
It is management’s assessment that no indications of impairment existed at year-end 2025. Impairment tests have therefore not
been carried out for subsidiaries.
Accounting policies
Dividends on investments in subsidiaries are recognised in the Parent Company income statement in the financial year in which the
dividend is declared.
Investments in subsidiaries are measured at the lower of cost and recoverable amount.
Share-based payments granted to employees of the Company’s subsidiaries and the recharge of expenses to the subsidiaries in
connection with the employees’ exercise of share-based awards are recognised as contributions to and reductions of the investment
in the subsidiaries respectively.
Section 1.2
Related parties
The Carlsberg Foundation, H.C. Andersens Boulevard 35, 1553 Copenhagen V, Denmark, exercises control over Carlsberg A/S. The
foundation holds 30.0% (2024: 29.6%) of the shares and 77.5% (2024: 77.3%). of the voting power in Carlsberg A/S, excluding
treasury shares.
The following transactions took place between the Carlsberg Foundation and the Carlsberg Group in 2025:
• The Carlsberg Foundation received a dividend from Carlsberg A/S and participated pro rata in the Carlsberg A/S share buy-back.
• Carlsberg A/S received statutory funding and grants for research and development.
• Home of Carlsberg A/S, a 100%-owned subsidiary of the Carlsberg Group, hosted and administered events at the Carlsberg
Academy, which is owned by the Carlsberg Foundation.
• Carlsberg A/S leased parking spaces from the Carlsberg Foundation.
• Carlsberg Breweries A/S leased storage facilities in the researcher apartments in Carlsberg Byen.
• The Group delivered beer and soft drinks to the Carlsberg Foundation.
These transactions are described in further detail in sections 4.2 and 8.3 in the consolidated financial statements.
It is estimated that the benefit for the Carlsberg Group corresponds to the value of the services provided to the Carlsberg Foundation,
which in turn corresponds to what each party would have had to pay to have the same deliverables provided by external parties.
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 182
PARENT COMPANY FINANCIAL STATEMENTS
Other related parties
Related parties also comprise Carlsberg A/S’ Supervisory Board and Executive Board, their close family members and companies in
which these persons have significant influence. During the year, there were no transactions between these parties and the Group,
except for remuneration as disclosed in section 3.1.
No losses on loans to or receivables from subsidiaries and associates were recognised or provided for in either 2025 or 2024.
Transactions with subsidiaries
DKK million 2025 2024
Other operating activities, net 42 33
Interest income 14 21
Interest expenses -7 -48
Dividends received 3,564 3,598
Capital reductions - 1,660
Recharge of share-based payments 82 83
Loans 366 355
Receivables 18 26
Borrowings -110 -162
Trade payables -7 -9
The fair value of receivables from subsidiaries corresponds to the carrying amount in all material respects.
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 183
PARENT COMPANY FINANCIAL STATEMENTS
SECTION 2
CAPITAL STRUCTURE
Section 2.1
Financial items
Financial items recognised in the income statement
DKK million 2025 2024
Financial income
Interest income 14 21
Dividends from subsidiaries 3,564 3,598
Total 3,578 3,619
Financial expenses
Interest expenses -7 -48
Other -7 -5
Total -14 -53
Financial items, net 3,564 3,566
Interest income relates to interest on loans to subsidiaries, whereas interest expenses relate to borrowings incurred and repaid during
the year.
No financial items were recognised in other comprehensive income. The average effective interest rate on loans to subsidiaries was
3.16% (2024: 4.04%) and on borrowings from subsidiaries 4.32% (2024: 4.73%).
Section 2.2
Net interest-bearing debt
DKK million 2025 2024
Borrowings 110 162
Gross interest-bearing debt 110 162
Loans to subsidiaries -366 -355
Net interest-bearing debt -256 -193
Changes in net interest-bearing debt
Net interest-bearing debt at 1 January -193 -503
Cash flow from operating activities, excluding interest-bearing part -67 -8
Cash flow from investing activities -3,566 -5,243
Share buy-back - 1,960
Dividends to shareholders 3,569 3,601
Other 1 -
Total change -63 310
Net interest-bearing debt at 31 December -256 -193
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 184
PARENT COMPANY FINANCIAL STATEMENTS
Section 2.3
Share capital
Class A shares Class B shares Total share capital
Shares of
DKK 20
Nominal
value,
DKK ’000
Shares of
DKK 20
Nominal
value,
DKK ’000
Shares of
DKK 20
Nominal
value,
DKK ’000
1 January 2024 33,699,252 673,985 103,657,554 2,073,151 137,356,806 2,747,136
Cancellation of treasury shares - - -3,100,000 -62,000 -3,100,000 -62,000
31 December 2024 33,699,252 673,985 100,557,554 2,011,151 134,256,806 2,685,136
Cancellation of treasury shares - - -1,600,000 -32,000 -1,600,000 -32,000
31 December 2025 33,699,252 673,985 98,957,554 1,979,151 132,656,806 2,653,136
A shares carry 20 votes per DKK 20 share. B shares carry two votes per DKK 20 share. A preferential right to an 8% non-cumulative dividend is attached to B shares. Apart from votes and
dividends, all shares rank equally.
At the Annual General Meeting on 17March 2025, it was decided to reduce the share capital of Carlsberg A/S by a nominal amount
of DKK 32,000,000 to a nominal amount of DKK 2,653,136,120 by cancelling 1,600,000 of the B shares held by the Company, each
with a nominal value of DKK 20. The cancellation was completed on 26May 2025. These shares had been repurchased as part of
the Company’s share buy-back programme.
Dividends
The proposed dividend of DKK 29.00 per share (2024: DKK 27.00 per share), amounting to DKK 3,847m (2024: DKK 3,625m), has
been included in retained earnings at 31 December 2025.
Dividends to be paid out in 2026 for 2025, net of dividends on treasury shares held at 31 December 2025, will amount to DKK 3,833m
(paid out in 2025 for 2024: DKK 3,566m). Dividends paid out in 2025 for 2024, net of dividends on treasury shares, amounted to DKK
3,569m (paid out in 2024 for 2023: DKK 3,601m). Dividends paid out to shareholders in Carlsberg A/S do not impact taxable income
in Carlsberg A/S.
Share buy-back and treasury shares
On 8 July 2024, the Group terminated its share buy-back programme following the announcement of the Group’s recommended
offer to acquire Britvic plc, and so the Group did not execute any share buy-backs in 2025.
According to the authorisation of the Annual General Meeting, the Supervisory Board may, in the period until 13 March 2027, allow
the Company to acquire treasury shares up to a total holding of 10% of the nominal share capital at a price quoted on Nasdaq
Copenhagen at the time of acquisition with a deviation of up to 10%. The permitted holding of treasury shares covers those acquired
in share buy-back programmes. The Company holds no class A shares.
Transactions with shareholders in Carlsberg A/S
2025 2024
Dividends to shareholders -3,569 -3,601
Acquisition of treasury shares – -1,960
Total -3,569 -5,561
At 31 December 2025, the fair value of treasury shares amounted to DKK 405m (2024: DKK 1,503m). The holdings of treasury shares
are specified in section 4.2 in the consolidated financial statements.
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 185
PARENT COMPANY FINANCIAL STATEMENTS
SECTION 3
STAFF COSTS AND
REMUNERATION
Section 3.1
Staff costs and remuneration
Staff costs and remuneration
DKK million 2025 2024
Salaries and other remuneration 104 99
Retirement benefit costs - defined contribution plans 7 6
Share-based payments 34 25
Total 145 130
Staff costs are included in the following items in the income statement
Administrative expenses 2 2
Other operating activities, net 75 69
Total staff costs recognised by the Parent Company 77 71
Staff costs recognised by other Group companies 68 59
Total 145 130
The Company had an average of 93 (2024: 92) full-time employees during the year.
The remuneration of the Supervisory Board, executive directors and key management personnel is described in detail in the
Remuneration Report.
In 2025, the Supervisory Board received total remuneration of DKK 10.93m (2024: DKK11.00m), comprising fixed salary only.
Share-based incentive programmes
The executive directors in the Parent Company are the same as for the Carlsberg Group. Please refer to section 7.3 in the
consolidated financial statements for information on share-based incentive programmes for the executive directors.
Performance shares
Besides the executive directors, one employee in the Parent Company participates in the Group’s performance share programmes as
described in section 7.3 in the consolidated financial statements. Refunds etc. between Carlsberg A/S and its subsidiaries are
recognised directly in equity.
Accounting policies
Staff costs are recognised in the financial year in which the employee renders the related service. The fair value of share-based
incentives, which is expensed over the vesting period of the programme according to the service conditions, is recognised in staff
costs and offset directly against equity.
The fair value of share-based incentives granted to employees in subsidiaries is recognised as investments in subsidiaries and offset
directly against equity.
The difference between the purchase price and the selling price for the exercise of share-based incentives is settled between
Carlsberg A/S and the individual subsidiary, and offset directly against investments in subsidiaries.
The difference between the fair value of the Parent Company’s equity instruments and the exercise price of outstanding share-
based incentives is recognised as a receivable and offset directly against investments in subsidiaries.
Share-based incentives granted to the Parent Company’s own employees are recognised and measured in accordance with the
accounting policies used by the Group.
Section 3.2
Retirement benefit obligations
Retirement benefit obligations and similar obligations comprise payments to retired directors that are not covered by an insurance
company. The plan is unfunded.
Total obligations amounted to DKK 29m (2024: DKK 29m) and include actuarial losses of DKK 4m (2024: DKK 2m) and benefits
paid in the year of DKK 4m (2024: DKK 4m).
Of the expected payment obligation, DKK 4m (2024: DKK 4m) is due within one year, DKK 16m (2024: DKK 16m) between one and
five years and DKK 9m (2024: DKK 9m) after more than five years from the reporting date.
The underlying actuarial assumptions are based on local economic and labour market conditions. In 2024 and 2025, the discount
rate was 0.5% and the rate of increase in future retirement benefit obligations was 0%.
Retirement benefit obligations had no impact on the income statement in either 2025 or 2024. DKK-4m (2024: DKK -3m) was
recognised in other comprehensive income.
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PARENT COMPANY FINANCIAL STATEMENTS
SECTION 4
OTHER DISCLOSURE
REQUIREMENTS
Section 4.1
Other operating activities, net
Other operating activities, net
DKK million 2025 2024
Gain on disposal of property, plant and equipment 16 -
Real estate, net -1 -1
Research activities, including the Carlsberg Research Laboratory -25 -24
Other, net 1 -
Total -9 -25
Other operating activities are secondary to the principal activities of the Group and include income and expenses relating to rental
properties and research activities.
Research expenses are partially financed through funding received from the Carlsberg Foundation for the operation of the Carlsberg
Research Laboratory and other grants.
Accounting policies
The funding and grants are recognised in the income statement in the same period as the activities to which they relate.
Section 4.2
Cash flow
Change in working capital of DKK 92m (2024: DKK 69m) consists of receivables of DKK -169m (2024: 73m), trade payables and
other liabilities of DKK14m (2024: DKK -73m), and retirement benefit obligations and provisions of DKK73m (2024: DKK 69m).
Cash flow from operational investments of DKK 2m (2024: DKK -15m) comprises acquisition and disposal of property, plant
andequipment.
Section 4.3
Provisions
Provisions primarily comprise warranty provisions regarding real estate disposed of and provisions for ongoing disputes.
At 31 December 2025, total provisions amounted to DKK 17m (2024: DKK 23m). Provisions amounting to DKK 4m (2024: DKK 6m)
were utilised in 2025. Of the total provisions, DKK 1m (2024: DKK 8m) falls due within one year and DKK 16m (2024: DKK 15m)
between one and five years from the end of the reporting period.
Section 4.4
Asset base and leases
Property, plant and equipment totalled DKK 230m (2024: DKK 231m) and comprised land and buildings of DKK 191m (2024: DKK
195m) and plant and machinery of DKK 39m (2024: DKK 36m).
Depreciation and amortisation of DKK 16m (2024: DKK 14m) was included in administrative expenses.
All lease contracts in Carlsberg A/S at 31 December 2025 related to short-term leases and leases of low-value assets. The lease
expenses recognised in the income statement amounted to DKK 1m (2024: DKK 0m). Such contracts comprise the lease of copy and
printing machines, coffee machines, parking spaces, small IT devices and similar equipment.
Section 4.5
Fees to auditors
Fees to auditors appointed by the Annual General Meeting
DKK million 2025 2024
Statutory audit 0.5 0.5
Assurance engagements 0.2 0.2
Other services 0.1 0.1
Total 0.8 0.8
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 187
PARENT COMPANY FINANCIAL STATEMENTS
Section 4.6
Tax
Reconciliation of tax for the year
DKK million 2025 2024
Calculated tax on profit at 22% 774 772
Adjustments to tax for prior years -37 41
Non-deductible expenses - -1
Dividends and other tax-exempt items -784 -791
Tax for the year -47 21
Total tax income for the year recognised in the income statement of DKK 47m (2024: expense of DKK 21m) was primarily affected
by non-taxable dividends and adjustments to tax for prior years.
Specification of deferred tax
Deferred tax assets Deferred tax liabilities
DKK million 2025 2024 2025 2024
Property, plant and equipment 4 5 6 5
Provisions and retirement benefit obligations 41 40 - -
Tax losses 55 19 - -
Total before offset 100 64 6 5
Offset -6 -5 -6 -5
Deferred tax assets and liabilities at 31 December 94 59 - -
Expected to be used as follows
Within one year 3 3 - -
After more than one year 91 56 - -
Total 94 59 - -
The unrecognised tax asset from tax losses amounted to DKK 20m (2024: DKK 55m).
As the administration company in the mandatory Danish joint taxation regime, Carlsberg A/S has unlimited and joint legal
responsibility with the other Danish companies for Danish withholding taxes.
Accounting estimates and judgements
Carlsberg A/S recognises deferred tax assets, including the tax base of tax losses carried forward, if management assesses that
these tax assets can be offset against positive taxable income in the foreseeable future. This judgement is made annually and
based on budgets and business plans for the coming years.
Accounting policies
Carlsberg A/S is the administration company for the mandatory Danish joint tax regime. Taxes calculated under this regime are
fully distributed between relevant entities.
The Parent Company has applied the exception to recognise and disclose information about deferred tax in the OECD/EU Pillar
Two Model Rules and their local implementation.
Section 4.7
Contingent liabilities and other commitments
Carlsberg A/S has issued guarantees to subsidiaries in Sweden for pension obligations of DKK 402m (2024: DKK 394m) and
guarantees for pension obligations in the UK, cf. section 7.4 in the consolidated financial statements.
Carlsberg A/S is jointly registered for Danish VAT and excise duties with Carlsberg Breweries, Carlsberg Danmark, Carlsberg Supply
Company Danmark and various other Danish subsidiaries, and is jointly and severally liable for payment of VAT and excise duties.
Carlsberg A/S is party to certain lawsuits, disputes etc. of various scopes. In management’s opinion, apart from items recognised in
the statement of financial position or disclosed in the financial statements, the outcome of these lawsuits, disputes etc. will not have
a material negative effect on the Company’s financial position.
Section 4.8
Events after the reporting period
Apart from the events recognised or disclosed in the financial statements, no events have occurred after the reporting date of
importance to the financial statements.
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 188
PARENT COMPANY FINANCIAL STATEMENTS
SECTION 5
GENERAL ACCOUNTING POLICIES
The financial statements of Carlsberg A/S for 2025 have been prepared in accordance with IFRS Accounting Standards as adopted by
the EU and further requirements in the Danish Financial Statements Act.
The financial statements are presented in Danish kroner (DKK), which is the presentation currency.
The accounting policies for the Parent Company are the same as for the Group, cf. section 9 in the consolidated financial statements
and the individual sections.
Significant accounting estimates and judgements
In preparing Carlsberg A/S’ financial statements, management makes various accounting estimates and judgements that form the
basis of presentation, recognition and measurement of the Company’s assets and liabilities.
The estimates and judgements made are based on historical experience and other factors that management assesses to be reliable,
but that by their very nature are associated with uncertainty and unpredictability. These estimates and judgements may therefore
prove incomplete or incorrect, and unexpected events or circumstances may arise.
The significant accounting estimates and judgements made and accounting policies specific to the Parent Company are presented in
the explanatory notes.
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 189
PARENT COMPANY FINANCIAL STATEMENTS
Executive Board of Carlsberg A/S
Supervisory Board of Carlsberg A/S
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 190
REPORTS
MANAGEMENT STATEMENT
Report on the audit of the Financial Statements
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 191
REPORTS
INDEPENDENT AUDITOR’S REPORTS
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 192
REPORTS INDEPENDENT AUDITOR’S REPORTS
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 193
REPORTS INDEPENDENT AUDITOR’S REPORTS
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 194
REPORTS INDEPENDENT AUDITOR’S REPORTS
CVR no 33 77 12 31
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 195
REPORTS
CVR no 33 77 12 31
Carlsberg Group Annual Report 2025 Management review Sustainability statement Financial statements Reports 196
REPORTS INDEPENDENT AUDITOR’S LIMITED ASSURANCE REPORT ON THE SUSTAINABILITY STATEMENT
Carlsberg A/S
J.C. Jacobsens Gade 1
1799 Copenhagen V
Denmark
Phone +45 3327 3300
www.carlsberggroup.com
CVR No. 61056416