Carlsberg A/S

CARLSBERG GROUP

H1 2026

FINANCIAL

STATEMENT

www.carlsberggroup.com

SOLID TOP-LINE DEVELOPMENT AND EARNINGS GROWTH

FINANCIAL STATEMENT AS AT 30 JUNE 2026

Unless otherwise stated, comments in this announcement refer to H1 performance. The following definitions are used in this announcement. CPM: Carlsberg performance measures (corresponding to the Group’s internally defined management performance measures).

Organic: CPM development excluding the impact of currencies and acquisitions. IFRS reported: reported development in accordance with IFRS. 2025 figures have been restated in accordance with IFRS 18 and CPM. See note 1 for reconciliation of CPM and IFRS reported figures.

Good organic volume growth

• Total volume growth +2.8%.

• Organic volume growth +1.7%: Western Europe +0.1%, Asia 0.0% and Central & Eastern Europe and India (CEEI)

+6.2%.

• Growth categories (organic growth): soft drinks +9%, premium beer +1%, alcohol-free brews +11% and

Beyond Beer +1%.

• International brands: Tuborg +3%, Carlsberg +6%, 1664 Blanc -1% and Pepsi +17%.

Revenue/hl growth in all regions

Comments refer to CPM.

• Organic revenue growth +2.7%.

• Revenue/hl +1%: Western Europe +1%, Asia +2% and CEEI +3%.

• Revenue growth +2.6% to DKK 47,053m.

Strong organic operating profit growth and fast deleveraging

Comments refer to CPM.

• Organic operating profit growth +5.9%.

• Operating profit growth +4.5% to DKK 7,448m.

• Operating margin improvement +30bp to 15.8%.

• Net profit growth +6.0% to DKK 4,288m.

• Increase in earnings per share +6.0% to DKK 32.4.

• Growth in free operating cash flow to DKK 3,694m (H1 2025: DKK 2,918m).

• Reduction in NIBD/EBITDA to 3.0x.

See page 11 for comments on the IFRS reported financial statements.

2026 earnings guidance range narrowed towards the upper end

• Organic operating profit growth now expected at 4-6% (previously 2-6%) on the 2025 operating profit (CPM)

of DKK 13,686m.

• Based on currency spot rates at 18 August, we assume no translation impact on operating profit for 2026

(unchanged).

Group CEO Jacob Aarup-Andersen says: “Carlsberg delivered solid top-line and earnings growth for the first half-year

despite the continued uncertain macro environment, and we saw sustained good progress on our key strategic

priorities, with particularly strong growth for soft drinks and alcohol-free brews. We signed a strategic partnership with

Sapporo, further strengthening our premium beer portfolio, and announced the expansion of our partnership with

PepsiCo across the Nordics, the Baltics and Azerbaijan.

“As a result of our disciplined cost focus, performance management and faster-than-expected delivery of the Britvic

synergies, we’re narrowing our full-year earnings guidance towards the upper end of the range.

“We’re committed to reaching our financial 2.5x leverage target and will make strong progress towards this in 2026

thanks to free cash flow delivery, the hybrid bond issue and the expected proceeds from Sapporo’s investment in our

new joint venture.”

Carlsberg will present the results at a conference call today at 9.30 a.m. CET. Dial-in information and a slide deck will

be available on www.carlsberggroup.com.

Contacts

Investor Relations: Peter Kondrup +45 2219 1221

Iben Steiness +45 2088 1232

Media Relations: Kenni Leth +45 5171 4368

For more news, follow the Carlsberg Group on LinkedIn or sign up at www.carlsberggroup.com/subscribe

Carlsberg Group H1 2026 Financial Statement Carlsberg A/S

1 J.C. Jacobsens Gade

1799 Copenhagen V

CVR no. 61056416

LEI 5299001O0WJQYB5GYZ19

Telephone: +45 3327 3300

contact@carlsberg.com

www.carlsberggroup.com

Company announcement 9/2026

www.carlsberggroup.com

KEY FIGURES AND FINANCIAL RATIOS

H1 2026 H1 2025² 2025² H1 2026 2025 H1² 2025²

Volumes (million hl)

Beer 52.2 52.7 99.0 52.2 52.7 99.0

Soft drinks and other beverages 26.2 23.6 49.0 26.2 23.6 49.0

Total 78.4 76.3 148.0 78.4 76.3 148.0

Income statement

Revenue 47,053 45,855 89,095 47,053 45,855 89,095

Gross profit 21,496 21,129 40,481 21,423 21,078 39,860

EBITDA³ 9,961 9,550 18,474 9,495 8,494 16,178

Operating profit 7,448 7,125 13,686 6,637 5,727 10,232

Other investing income and expenses 168 228 483 168 228 483

Profit before financing and income taxes 7,616 7,353 14,169 7,046 6,270 11,337

Financing income and expenses -1,220 -1,284 -2,623 -1,258 -1,057 -2,324

Profit before income taxes 6,396 6,069 11,546 5,788 5,213 9,013

Income taxes -1,450 -1,357 -2,638 -1,331 -1,194 -2,035

Profit for the period 4,946 4,712 8,908 4,457 4,019 6,978

Attributable to

Non-controlling interests 658 668 1,032 656 658 1,023

Interest payments to hybrid bondholders - - - - - -

Shareholders in Carlsberg A/S (net profit) 4,288 4,044 7,876 3,801 3,361 5,955

Statement of financial position

Invested capital 104,988 101,669 101,403 - - -

Invested capital excl. goodwill 37,464 34,839 34,769 - - -

Net interest-bearing debt (NIBD)⁴ 56,799 64,633 61,617 - - -

DKK million Carlsberg performance measures (CPM)¹ IFRS reported

H1 2026 H1 2025² 2025² H1 2026 H1 2025² 2025²

Statement of cash flows

Acquisition of property, plant and equipment

and intangible assets (CapEx) - - - -3,562 -2,713 -5,592

Free operating cash flow - - - 3,694 2,918 8,252

Financial ratios

Gross margin % 45.7 46.1 45.4 45.5 46.0 44.7

EBITDA margin % 21.2 20.8 20.7 20.2 18.5 18.2

Operating margin % 15.8 15.5 15.4 14.1 12.5 11.5

Effective tax rate % 22.7 22.4 22.8 23.0 22.9 22.6

Return on invested capital (ROIC) % 10.8 11.2 10.6 - - -

ROIC excl. goodwill % 30.9 31.5 31.0 - - -

NIBD/EBITDA x 3.0 3.9 3.3 - - -

Stock market ratios

Earnings per share DKK 32.4 30.6 59.6 28.7 25.4 45.1

Share price (B shares) DKK - - - 857 897 835

Weighted average number of shares, excl.

treasury shares 1,000 - - - 132,243 132,154 132,165

¹ Carlsberg performance measures (CPM) represent management’s view of particular aspects of the Group’s financial performance and supplement the amounts

reported in accordance with IFRS Accounting Standards.

² Comparative figures have been restated.

³ IFRS reported EBITDA is consistent with operating profit before depreciation, amortisation and impairments within the scope of IAS 36.

⁴ NIBD including 50% of hybrid bonds.

DKK million Carlsberg performance measures (CPM)¹ IFRS reported

Carlsberg Group H1 2026 Financial Statement

Company announcement 9/2026

19 August 2026

Page 3 of 36

www.carlsberggroup.com

SUPPORTING LONG-TERM VALUE GROWTH

In a challenging and uncertain macro environment, we continue to invest in and execute on our long-term strategic

growth drivers and remain committed to our Accelerate SAIL strategy.

In April, we announced the expansion of our strategic partnership with PepsiCo to become the PepsiCo bottler in

Denmark, Finland and the three Baltic states as of 1 January 2029. In July, we announced that we are taking over the

PepsiCo bottling agreement in Azerbaijan from 1 January 2027, which is expected to double our business in this market.

These new agreements mean we will have PepsiCo bottling agreements in 15 markets in 2029.

The commercial and financial momentum of Britvic remains strong. Synergy delivery progressed successfully and

ahead of plan, thanks to disciplined and relentless execution by the local teams. Consequently, we expect to deliver

approximately 50% of the total GBP 110m synergies in 2026, compared to the previous expectation of 30-40%. As a

result, we will have delivered approximately 80% of synergies by the end of 2026.

In July, we entered into an agreement with Sapporo Breweries to form a major strategic joint venture across Southeast

Asia and Hong Kong and a partnership in the UK. Building on our successful collaboration selling Sapporo Premium

Beer in Malaysia, Hong Kong and Singapore since 2024, the joint venture will include our existing operations in these

markets as well as in Laos, Vietnam and Cambodia. Carlsberg will have perpetual exclusive rights to produce and

distribute Sapporo Premium Beer across these markets. Carlsberg will hold a 75% stake in the joint venture, receive a

cash consideration of USD 643m from Sapporo and retain full operational control in the markets.

Reinforcing our commitment to sustainability, we launched our updated ESG programme, Brewing Tomorrow, which

raises our climate ambition through updated absolute Scope 3 reduction targets and new sugar-reduction goals in line

with the growth of our soft drinks portfolio. Alongside the strategy, we published our Climate Transition Plan, providing

greater transparency on our pathway towards our 2040 climate ambition. We also extended our partnership with

WWF to protect even more water resources in Asia.

Growth categories

Soft drinks

Our largest growth category is soft drinks, which in H1 accounted for 31% of total volumes, growing organically by 9%.

We saw very good performance for the category across markets, including in our Pepsi markets in the UK, Sweden,

Norway and Laos. Strong organic growth was also supported by the addition of the Pepsi portfolio in Kazakhstan

following the take-over of the licence at the end of 2025. Excluding Kazakhstan, organic soft drinks volume growth

was 4%.

Now the second-largest brand overall in the Group, Pepsi grew by 17.0%, driven by all major markets and Kazakhstan.

Premium beer portfolio

Our premium beer portfolio grew by 1%, as good growth in Western Europe and CEEI was partly offset by lower

volumes of local premium brands in China in Q2.

Premium Carlsberg volumes were up by 16%, with very strong growth seen in many markets, including China,

supported by successful Chinese New Year and summer football campaigns. Strong growth in India was driven by

Carlsberg. Total Carlsberg volumes grew by 6% because of flat mainstream Carlsberg volumes.

Premium Tuborg beer volumes grew by 2%, supported by growth in China. Total Tuborg beer volumes grew by 3%,

supported by mid-single-digit growth in CEEI, including double-digit growth in India.

1664 Blanc grew by high-single-digit in CEEI, saw flat volumes in Western Europe but declined in China, resulting in

total brand volumes being slightly down.

Alcohol-free brews (AFB)

AFB volumes grew by 11%, driven by 15% growth in Western Europe and mid-single-digit growth in CEEI.

We achieved volume growth in almost all European markets across the two regions, with particularly strong growth in

the large AFB markets of France, Poland, Switzerland and Ukraine, driven by alcohol-free brew offerings for both our

international and local brands, including Tuborg, 1664 Blanc, Tourtel, 1664 Bière, Falcon, Mythos and Okocim.

Beyond Beer

Beyond Beer volumes grew by 1%, mainly as a result of double-digit growth for Garage, partly offset by lower

Somersby volumes in Poland.

Carlsberg Group H1 2026 Financial Statement

Company announcement 9/2026

19 August 2026

Page 4 of 36

www.carlsberggroup.com

2026 EARNINGS GUIDANCE NARROWED

In H1, we delivered solid top-line and earnings growth despite the challenging and volatile macro environment. We do

not expect any material changes in the external environment or consumer sentiment for the remainder of the year.

The Britvic integration is progressing ahead of plan, and we now expect to deliver approximately 50% of the GBP 110m

synergies in 2026 compared to the previous expectation of 30-40%.

We are narrowing our earnings guidance range for 2026 towards the upper end thanks to the solid performance in H1,

the expected higher synergy delivery in Britvic in 2026, continued disciplined cost focus and performance management,

and good visibility into the important summer months, all of which more than offset the soft Chinese market.

Consequently, we now expect:

• Organic operating profit growth at 4-6% (previously 2-6%) on the 2025 operating profit (CPM) of DKK 13,686m.

Based on currency spot rates at 18 August, we assume no translation impact on operating profit for 2026 (unchanged).

Other relevant assumptions

• Investing and financing income and expenses (CPM), excluding foreign exchange losses or gains, of around DKK

1.8bn (previously DKK 2.2bn). The reduction is due to the redemption of EMTN bonds following the hybrid bond issue

in Q2 and IFRS 18 reclassifications.

• Effective tax rate of around 23% (IFRS reported).

• Capital expenditure (CapEx) of around 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 13 for the full forward-looking statements disclaimer.

Carlsberg Group H1 2026 Financial Statement

Company announcement 9/2026

19 August 2026

Page 5 of 36

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GROUP PERFORMANCE

Comments on Group and regional performance on pages 6-10 relate to Carlsberg performance measure (CPM)

figures, unless otherwise stated. 2025 comparative figures have been restated.

The following definitions are used. CPM: Carlsberg performance measures (corresponding to the Group’s internally

defined management performance measures). Organic: CPM development excluding the impact of currencies and

acquisitions.

Change

H1 2025 Organic Acq., net FX 2026 Change

Volumes (million hl)

Beer 52.7 -1.0 % 0.0 % - 52.2 -1.0 %

Soft drinks and other beverages 23.6 7.8 % 3.5 % - 26.2 11.3 %

Total volume 76.3 1.7 % 1.1 % - 78.4 2.8 %

DKK million

Revenue (CPM) 45,855 2.7 % 1.2 % -1.3 % 47,053 2.6 %

Operating profit (CPM) 7,125 5.9 % -0.1 % -1.3 % 7,448 4.5 %

Operating margin (%) (CPM) 15.5 15.8 30bp

Total volumes grew by 2.8% (Q2: +0.8%) with an organic contribution of 1.7% (Q2: +0.8%). The positive acquisition

impact was due to the Britvic acquisition, consolidated from 16 January 2025. Soft drinks and other beverages delivered

continued high growth of +7.8%, driven by solid growth in multiple markets. Beer volumes declined slightly by 1.0%,

mainly because of Poland, China and Ukraine.

Revenue/hl increased organically by 1% (Q2: +1%) with positive contributions from all three regions, driven by price

increases and a positive category mix within beer, partly offset by country mix. Organic revenue growth was 2.7% (Q2:

+2.1%). Revenue grew by 2.6%, as the positive acquisition impact from Britvic (consolidated from 16 January 2025) was

offset by currency developments, mainly in India, the UK, China and Ukraine.

Gross profit increased organically by 1.8%. The gross margin declined by 40bp to 45.7%, impacted by the Pepsi

business in Kazakhstan and the Britvic acquisition.

Total operating expenses decreased organically by approximately 1%.

Income from associates was positively impacted by strong earnings growth for SuperBock in Portugal, while the year-

on-year decline was due to property gains in Carlsberg Byen in 2025.

Organic operating profit growth was 5.9% with solid growth in all three regions. Operating profit grew by 4.5% to

DKK 7,448m (2025: DKK 7,125m). The operating margin improved by 30bp to 15.8%, positively impacted by the Britvic

synergies.

Investing and financing income and expenses, excluding foreign exchange losses and gains, were DKK -990m (H1 2025:

DKK -982m).

The effective tax rate was 22.7% (IFRS reported: 23.0%).

Non-controlling interests declined slightly to DKK 658m. Consequently, net profit grew by 6.0% to DKK 4,288m.

Earnings per share grew by 6.0% to DKK 32.4.

Return on invested capital (ROIC) (12-month average) was 10.8%. This was a decline of 40bp, which was mostly due to

the Britvic acquisition and the capacity expansion in Kazakhstan. ROIC excluding goodwill was 30.9% (H1 2025: 31.5%).

Net interest-bearing debt (NIBD) was DKK 56.8bn (H1 2025: DKK 64.6bn). The debt reduction was the result of the

solid operating free cash flow and the issuance of hybrid bonds, partly offset by the dividend payments of DKK 4.4bn

in March. In accordance with IFRS, the hybrid bonds are accounted for as equity in the statement of financial position.

However, in line with Moody’s and Fitch debt calculation practices we include 50% of the hybrid bonds in NIBD.

Consequently, net interest-bearing debt/EBITDA was reduced significantly to 3.0x (H1 2025: 3.9x).

Carlsberg Group H1 2026 Financial Statement

Company announcement 9/2026

19 August 2026

Page 6 of 36

www.carlsberggroup.com

REGIONAL PERFORMANCE

WESTERN EUROPE

Change

H1 2025 Organic Acq., net FX 2026 Change

Volumes (million hl)

Beer 13.5 -3.9 % 0.0 % - 13.0 -3.9 %

Soft drinks and other beverages 17.5 3.2 % 4.0 % - 18.7 7.2 %

Total 31.0 0.1 % 2.3 % - 31.7 2.4 %

DKK million

Revenue (CPM) 25,489 0.9 % 1.9 % -0.1 % 26,174 2.7 %

Operating profit (CPM) 3,305 8.7 % -0.1 % 0.5 % 3,605 9.1 %

Operating margin (%) (CPM) 13.0 13.8 80bp

Total volumes grew by 2.4%, supported by the Britvic acquisition. Organic volumes were flat (Q2: -0.7%). Soft drinks

and other beverages grew organically by 3.2% driven by good growth in the UK and the Nordics. Beer volumes

declined by 3.9%, impacted by continued difficult market conditions in Poland.

Revenue/hl increased organically by 1% (Q2: +1%) thanks to price increases and a positive beer category mix resulting

from growth in premium beer and alcohol-free brews, partly offset by channel mix due to continued softness in the on-

trade channel. Revenue/hl was also impacted by the growth of soft drinks, which has a lower revenue/hl than beer.

Organic revenue growth was 0.9% (Q2: +0.5%), while revenue growth was 2.7% (Q2: +0.6%) due to the Britvic

acquisition.

The region delivered solid organic operating profit growth of 8.7%. Operating profit grew by 9.1%, and the operating

margin improved by 80bp to 13.8%. The organic operating profit growth and margin improvement were supported by

strong delivery of the Britvic synergies and tight cost control.

Market comments

In the UK, soft drinks delivered mid-single-digit volume growth. Our total soft drinks portfolio achieved mid-single-digit

growth, outperforming both the off- and on-trade market in volume and value. We saw even stronger growth for the

Pepsi portfolio, thanks to brands such as Pepsi, Pepsi Max, 7UP, Lipton and poppi, which was launched earlier in the

year with very good initial results. Beer volumes delivered low-single-digit growth, driven by solid growth for Poretti,

1664 Bière and Mythos, partly offset by lower Carlsberg volumes. Total volumes grew organically by low-single-digit

percentages. The on-trade channel remains under pressure, while we saw solid growth for our off-trade volumes.

The four Nordic markets delivered low-single-digit volume growth with growth in all markets except Finland. Sweden

delivered good growth across the portfolio, including soft drinks (mainly Pepsi Max), premium beer, alcohol-free brews

and mainstream beer. Growth in Norway was driven by soft drinks, alcohol-free brews and premium beer, especially

towards the end the quarter, supported by the football excitement. In Denmark too, growth was driven by the growth

categories – premium beer, alcohol-free brews and soft drinks – while in Finland, growth for these categories was

offset by lower mainstream beer volumes, resulting in a slight decline in total volumes.

In France, the beer market grew, and we delivered low-single-digit percentage volume growth, driven by strong growth

for the alcohol-free brew Tourtel, and further supported by our premium beer portfolio and 1664 Bière. The lower-

mainstream brand Kronenbourg Red & White declined.

In Poland, alcohol-free brews and the Beyond Beer brand Garage grew strongly, but total volumes declined by low-

double-digit percentages, impacted by the continued soft market and market share loss due to intensified price

competition in the lower mainstream beer category.

In Switzerland, we saw solid growth for premium and alcohol-free brews, offsetting slightly lower mainstream beer

volumes.

Carlsberg Group H1 2026 Financial Statement

Company announcement 9/2026

19 August 2026

Page 7 of 36

www.carlsberggroup.com

REGIONAL PERFORMANCE

ASIA

Change

H1 2025 Organic Acq., net FX 2026 Change

Volumes (million hl)

Beer 22.1 -0.9 % 0.0 % - 21.9 -0.9 %

Soft drinks and other beverages 3.0 6.8 % 0.0 % - 3.2 6.8 %

Total 25.1 0.0 % 0.0 % - 25.1 0.0 %

DKK million

Revenue (CPM) 11,208 1.7 % 0.0 % -1.8 % 11,195 -0.1 %

Operating profit (CPM) 2,899 3.0 % 0.1 % -1.4 % 2,948 1.7 %

Operating margin (%) (CPM) 25.9 26.3 40bp

In Asia, total volumes were flat (Q2: -3.3%). The beer volume benefited from volume growth in Southeast Asia but

declined by 0.9% (Q2: -4.0%), mainly due to soft volumes in China in Q2 when the already soft market was impacted

by severe weather conditions. Soft drinks and other beverages delivered solid volume growth of 6.8% (Q2: +1.4%),

driven by Laos.

Revenue/hl increased organically by 2% (Q2: +2.1%), resulting in organic revenue growth of 1.7% (Q2: -1.3%). Revenue

was flat (Q2: +1.8%), impacted by weak currencies in Q1, which reversed in Q2, when the currency impact was positive,

mainly due to the Chinese and Laotian currencies.

Operating profit grew organically by 3.0%. The operating margin improved by 40bp to 26.3%, driven by a solid

earnings improvement in our Southeast Asia markets.

Market comments

The Chinese market remained soft. Following modest volume growth in Q1, our volumes in Q2 declined by 6%,

resulting in a 3% volume decline for H1. The Q2 decline was exacerbated by severe weather conditions in the central

and southern part of China, impacting our strongholds, particularly Chongqing, and several big cities. Our international

premium portfolio delivered solid growth, with more than 20% growth for the Carlsberg brand, but the local

mainstream portfolio declined because of the Chongqing brand.

In Laos, we delivered mid-single-digit percentage growth. The macroeconomic conditions and overall beverage market

improved. We saw growth for soft drinks and both premium and mainstream beer.

In Vietnam, our volumes grew by more than 20%, positively impacted by easy comparables due to last year’s

restructuring activities and market growth. We estimate that our market share stabilised, driven by the large Huda beer

brand. 1664 Blanc grew by double-digit percentages.

Our businesses in Malaysia and Singapore showed solid performance, delivering high-single-digit growth. The

Carlsberg brand did particularly well, and we saw continued good traction for the Sapporo brand, which we launched in

2024. We recently launched the Chongqing brand in Malaysia to address the growing consumer interest in authentic

Chinese beer brands.

Carlsberg Group H1 2026 Financial Statement

Company announcement 9/2026

19 August 2026

Page 8 of 36

www.carlsberggroup.com

REGIONAL PERFORMANCE

CENTRAL & EASTERN EUROPE AND INDIA (CEEI)

Change

H1 2025 Organic Acq., net FX 2026 Change

Volumes (million hl)

Beer 17.1 1.1 % 0.0 % - 17.3 1.1 %

Soft drinks and other beverages 3.1 34.1 % 3.8 % - 4.3 37.9 %

Total 20.2 6.2 % 0.6 % - 21.6 6.8 %

DKK million

Revenue (CPM) 9,151 9.2 % 0.6 % -4.1 % 9,677 5.7 %

Operating profit (CPM) 1,520 7.8 % 0.0 % -4.6 % 1,567 3.2 %

Operating margin (%) (CPM) 16.6 16.2 -40bp

Our CEEI region delivered organic volume growth of 6.2% (Q2: +7.3%), mainly driven by soft drinks and other

beverages delivering strong growth of 34.1%, which was largely due to the ramp-up of the Pepsi business in

Kazakhstan. Beer volumes grew by 1.1% thanks to strong growth in India and Nepal, partly offset by weak volumes in

Ukraine.

Revenue/hl grew organically by 3% (Q2: +2%) as a result of price increases and a positive product mix. Revenue grew

organically by 9.2% (Q2: +10.0%). Revenue growth was 5.7% (Q2: +7.5%) due to negative currency movements, mainly

in India and Ukraine.

The region delivered good organic operating profit growth of 7.8% thanks to the strong top-line growth and easy

comparables, as H1 2025 was impacted by certain one-off events. The operating margin declined due to margin

dilution from the large Pepsi business in Kazakhstan, which is not profitable in 2026.

Market comments

Our very positive trajectory continued in India. Our business delivered mid-teen volume growth in H1 (January-June),

seeing accelerating volume growth in Q2 (April-June) compared with Q1 (January-March), driven by both Carlsberg

and Tuborg. 1664 Blanc grew strongly from a low base, as we continued to expand distribution.

In Nepal, our volumes grew by mid-teens percentages, driven by strong growth for our mainstream beer brand, Gorkha

Strong, and the Carlsberg and Tuborg brands in the premium category.

In Kazakhstan, volumes grew strongly by approximately 70% following the Pepsi licence take-over in Q4 2025. The

construction of our new soft drinks bottling facility is progressing well, and it is expected to be operational by the end

of Q3, after which we will start in-sourcing production from current toll fillers.

In Ukraine, the market and our business were impacted by the war. While volumes declined by mid-single-digit

percentages, revenue/hl increased, supported by growth for our premium portfolio and alcohol-free brews.

Our business in Brazil returned to growth following last year’s portfolio and SKU rationalisation. The business delivered

mid-single-digit volume growth, driven by energy drinks, fruit shoots and juices. Profitability and cash generation

improved.

Volumes in the Export & License business grew slightly.

Carlsberg Group H1 2026 Financial Statement

Company announcement 9/2026

19 August 2026

Page 9 of 36

www.carlsberggroup.com

NOT ALLOCATED COSTS AND

NON-BEVERAGE ACTIVITIES

Not allocated costs are incurred for ongoing support of the Group’s overall operations and strategic development. In

particular, they cover some of the costs of running central functions, including marketing.

Non-beverage activities are the operation of the Carlsberg Research Laboratory and the 25% non-controlling holding

in the Carlsberg Byen company in Copenhagen. These activities are reported separately from the beverage activities.

Not allocated and non-beverage activities, net, amounted to DKK -672m (2025: DKK -599m). The increase was mainly

due to last year’s real estate gain in the Carlsberg Byen company.

Carlsberg Group H1 2026 Financial Statement

Company announcement 9/2026

19 August 2026

Page 10 of 36

www.carlsberggroup.com

COMMENTS ON THE FINANCIAL STATEMENTS

Accounting policies

This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting, as issued by the

International Accounting Standards Board (IASB) and adopted by the EU, and additional Danish disclosure

requirements for interim financial reporting by listed companies.

The Group adopted IFRS 18 Presentation and Disclosure in Financial Statements with effect from 1 January 2026. IFRS

18 replaces IAS 1 Presentation of Financial Statements and introduces new requirements for the presentation and

disclosure of financial performance. The standard includes:

• Mandatory subtotals in the income statement, including operating profit and profit before financing and income

taxes.

• Classification of income and expenses into operating, investing and financing categories.

• Enhanced requirements for aggregation and disaggregation of information.

• Disclosure requirements for management-defined performance measures (MPMs).

• Consequential amendments to other IFRS Accounting Standards, including IAS 34.

The Group has applied IFRS 18 retrospectively. Comparative figures have been restated to reflect the presentation

requirements of the new standard.

Except for the adoption of IFRS 18, the consolidated financial statements have been prepared using accounting policies

for recognition and measurement consistent with those applied to the consolidated financial statements for 2025.

Comments on the financial statements on pages 11-12 relate to reported IFRS figures. 2025 comparative figures have

been restated.

Income statement

Revenue amounted to DKK 47,053m, an increase of 2.6%, driven by volume growth in Western Europe and CEEI.

Cost of sales amounted to DKK 25,630m (2025: DKK 24,777m), impacted by higher volumes. The gross margin was

45.5% (2025: 46.0%). The decline was the result of the large Pepsi business in Kazakhstan and the Britvic acquisition.

Sales and marketing expenses of DKK 7,624m were flat year on year, while distribution expenses of DKK 4,430m were

up by 1%. Administrative expenses declined by 18.5% to DKK 2,732m. The decline was mainly due to significantly lower

integration costs related to Britvic, lower costs related to acquisition and disposal of entities, and a small positive

impact (DKK 38m) from foreign currency and fair value adjustments compared to a negative impact of DKK 227m in

2025.

Consequently, operating profit increased by 15.9% to DKK 6,637m.

Share of profit of associates was DKK 241m (2025: DKK 315m), mainly due to the expected lower property gains in

Carlsberg Byen. Other investing income and expenses were DKK 168m (2025: DKK 228m), mainly due to lower interest

and dividend income. A specification of other investing income and expenses is included in note 5.

Financing expenses, net, were DKK -1,258m (2025: DKK -1,057m). A specification of financing expenses, net, is included

in note 5.

Tax totalled DKK -1,331m (2025: DKK -1,194m). The effective tax rate was 23.0% (2025: 22.9%).

Non-controlling interests were DKK 656m (2025: DKK 658m).

The Carlsberg Group’s share of consolidated profit (net profit) was DKK 3,801m (2025: DKK 3,361m).

Statement of financial position

Assets

Total assets amounted to DKK 163,710m at 30 June 2026 (31 December 2025: DKK 153,955m).

Total non-current assets amounted to DKK 127,735m at 30 June 2026 (31 December 2025: DKK 124,706m). The small

increase was impacted by currency adjustments and investments in sales equipment and returnable packaging.

Current assets amounted to DKK 35,975m at 30 June 2026 (31 December 2025: DKK 29,249m). The increase was due

to the seasonality impact on inventories and trade receivables, in total amounting to DKK 20,406m, up DKK 5,853m

compared with 31 December 2025.

Carlsberg Group H1 2026 Financial Statement

Company announcement 9/2026

19 August 2026

Page 11 of 36

www.carlsberggroup.com

Equity and liabilities

Total equity amounted to DKK 44,796m at 30 June 2026 (31 December 2025: DKK 30,676m), of which DKK 28,478m

was attributable to shareholders in Carlsberg A/S, DKK 13,452m to hybrid bond holders and DKK 2,866m to non-

controlling interests.

The net change in equity of DKK 14,120m is explained by the hybrid bonds issued in May (DKK 13,452m), the profit for

the period (DKK 4,457m) and total dividends paid (DKK -4,525m).

Total liabilities decreased to DKK 118,914m versus DKK 123,279m at 31 December 2025.

Long- and short-term borrowings declined to DKK 60,112m (31 December 2025: DKK 70,623m), mainly due to the

repurchase of EMTN bonds following the issuance of hybrid bonds.

Current liabilities excluding short-term borrowings were impacted by normal seasonality and increased to DKK 45,714m

(31 December 2025: DKK 39,375m). The most significant increase was trade payables, which rose by DKK 4,134m

compared with 31 December 2025. The increase in other liabilities of DKK 1,891m mainly related to excise duties and

VAT payables.

Cash flow

Free operating cash flow was DKK +3,694m (2025: DKK +2,918m), while free cash flow amounted to DKK +2,762m

(2025: DKK -26,227m because of the Britvic acquisition). Net cash flow amounted to DKK -486m (2025: DKK

-2,087m).

Cash flow from operating activities

Cash flow from operating activities amounted to DKK 7,060m against DKK 5,553m in 2025. The improvement was due

to higher earnings and a less negative change in total working capital compared with 2025.

EBITDA grew to DKK 9,495m (2025: DKK 8,494m).

The change in total working capital was DKK -859m (2025: DKK -1,715m). The change in trade working capital was

DKK -653m (2025: DKK -753m). Average trade working capital to revenue (MAT) was -15.6% (31 December 2025:

-15.6%). The change in other working capital was DKK -206m (2025: DKK -962m).

Cash flow from investing activities

Cash flow from investing activities was DKK -4,298m (2025: DKK -31,780m).

Operational investments totalled DKK -3,366m (2025: DKK -2,635m). Acquisition of property, plant and equipment and

intangible assets (CapEx) amounted to DKK -3,562m (2025: DKK -2,713m), and included soft drinks capacity and sales

investments in Kazakhstan and capacity expansion investments in India and Laos.

Total financial investments amounted to DKK -932m. Financial investments in 2025 were impacted by the Britvic

acquisition and amounted to DKK -29,145m.

Cash flow from financing activities

Cash flow from financing activities was DKK -3,248m (2025: DKK +24,140m), positively impacted by the issuance of

hybrid bonds offset by the buy-back of EMTN bonds (DKK -12,199m), and dividends to shareholders in Carlsberg A/S

(DKK -3,844m) and non-controlling interests (DKK -586m).

Financing

At 30 June 2026, gross financial debt amounted to DKK 60.1bn (2025: DKK 74.1bn) and net interest-bearing debt to

DKK 56.8bn (2025: DKK 64.6bn).

The difference between gross financial debt and net interest-bearing debt mainly comprised cash and cash equivalents

of DKK 9.2bn and 50% of the hybrid bonds, equivalent to DKK -6.7bn.

Of the gross financial debt, 85% (DKK 51.1bn) was long term, i.e. with maturity of more than one year from 30 June

2026. At the end of June 2026, the duration was 4.8 years.

Britvic incentive scheme

In line with Carlsberg’s commitments as part of the Britvic acquisition, we are continuing to operate the Britvic Ireland

share incentive programme, which was converted to be settled with Carlsberg shares as part of the acquisition process.

The programme awards employees a number of Carlsberg B-shares, which are distributed based on pre-agreed

profitability targets on an annual basis.

The programme corresponds in all material aspects to the pre-existing Britvic scheme (in place since 2013), which has

been approved by the Irish tax authorities. The plan runs on a continuous basis, and is managed under rules governed

by a trust and administered by a third party in full compliance with the plan rules.

Carlsberg Group H1 2026 Financial Statement

Company announcement 9/2026

19 August 2026

Page 12 of 36

www.carlsberggroup.com

FINANCIAL CALENDAR

The financial year follows the calendar year, and the following schedule has been set for the remainder of 2026:

29 October Q3 trading statement

FORWARD-LOOKING

STATEMENTS

This Company announcement contains forward-looking statements, including, but not limited to, guidance,

expectations, strategies, objectives and statements regarding future events or prospects with respect to the Group’s

future financial and operating results. Forward-looking statements include, without limitation, any statement that may

predict, forecast, indicate or imply future results, performance or achievements, and may contain words such as

"expect", "estimate", "intend", "will be", "will continue", "will result", "could", "may", "might" or any variations of such words

or other words with similar meanings. Forward-looking statements are subject to risks and uncertainties that could

cause the Group’s actual results to differ materially from the results discussed in such forward-looking statements.

Prospective information is based on management’s then current expectations or forecasts. Such information is subject

to the risk that such expectations or forecasts, or the assumptions underlying such expectations or forecasts, may

change. The Group assumes no obligation to update any such forward-looking statements to reflect actual results,

changes in assumptions or changes in other factors affecting such forward-looking statements.

Some important risk factors that could cause the Group’s actual results to differ materially from those expressed in its

forward-looking statements include, but are not limited to: economic and political uncertainty (including interest rates

and exchange rates), financial and regulatory developments, demand for the Group’s products, increasing industry

consolidation, competition from other breweries, the availability and pricing of materials used by the Group, cost of

energy, production- and distribution-related issues, IT failures, market-driven price reductions, litigation, environmental

issues and other unforeseen factors. The nature of the Group’s business means that risk factors and uncertainties may

arise, and it may not be possible for management to predict all such risk factors, nor to assess the impact of all such

risk factors on the Group’s business or the extent to which any individual risk factor, or combination of factors, may

cause results to differ materially from those contained in any forward-looking statement. Accordingly, forward-looking

statements should not be relied on as a prediction of actual results.

Carlsberg Group H1 2026 Financial Statement

Company announcement 9/2026

19 August 2026

Page 13 of 36

www.carlsberggroup.com

MANAGEMENT STATEMENT

The Supervisory Board and Executive Board have discussed and approved the interim report of the Carlsberg Group for

the period 1 January – 30 June 2026.

The interim report, which has not been audited or reviewed by the Company’s auditor, has been prepared in

accordance with IAS 34 Interim Financial Reporting, as issued by the International Accounting Standards Board (IASB)

and adopted by the EU, and additional Danish disclosure requirements for interim financial reporting by listed

companies.

In our opinion, the interim report gives a true and fair view of the Carlsberg Group’s assets, liabilities and financial

position at 30 June 2026, and the results of the Carlsberg Group’s operations and cash flow for the period 1 January –

30 June 2026. Further, in our opinion the Management’s review (pages 2-14) includes a fair review of the development

in the Carlsberg Group’s operations and financial matters, the result for the period, and the financial position as a

whole, as well as describing the most significant risks and uncertainties affecting the Group.

Besides what has been disclosed in the interim report, no changes in the Group’s most significant risks and

uncertainties have occurred relative to what was disclosed in the consolidated financial statements for 2025.

Copenhagen, 19 August 2026

Executive Board of Carlsberg A/S

Jacob Aarup-Andersen

Group CEO

Ulrica Fearn

CFO

Supervisory Board of Carlsberg A/S

Henrik Poulsen

Chair

Majken Schultz

Deputy Chair

Magdi Batato Lilian Fossum Biner Eva Vilstrup Decker

Jens Hjorth Søren Knudsen Bob Kunze-Concewitz

Punita Lal Roshanak Chalambari Winnie Ma

Ivan Nielsen

Carlsberg Group H1 2026 Financial Statement

Company announcement 9/2026

19 August 2026

Page 14 of 36

www.carlsberggroup.com

FINANCIAL STATEMENTS

Income statement

Statement of comprehensive income

Statement of financial position

Statement of changes in equity

Statement of cash flows

Note 1 Carlsberg performance measures (CPM)

Note 2

Reconciliation of changes in operating profit performance

measures for 2025

Note 3 Segment information by region (CPM)

Note 4 Segment information by activity (CPM)

Note 5 Investing and financing income and expenses

Note 6 Debt and credit facilities

Note 7 Net interest-bearing debt

Note 8 Restatement of comparative figures

Carlsberg Group H1 2026 Financial Statement

Company announcement 9/2026

19 August 2026

Page 15 of 36

www.carlsberggroup.com

INCOME

STATEMENT

DKK million H1 2026 H1 2025¹ 2025¹

Revenue 47,053 45,855 89,095

Cost of sales -25,630 -24,777 -49,235

Gross profit 21,423 21,078 39,860

Distribution expenses -4,430 -4,371 -8,469

Sales and marketing expenses -7,624 -7,629 -14,832

Administrative expenses -2,732 -3,351 -6,327

Operating profit 6,637 5,727 10,232

Share of profit of associates 241 315 622

Other investing income and expenses 168 228 483

Profit before financing and income taxes 7,046 6,270 11,337

Financing income and expenses -1,258 -1,057 -2,324

Profit before income taxes 5,788 5,213 9,013

Income taxes -1,331 -1,194 -2,035

Profit for the period 4,457 4,019 6,978

Attributable to

Non-controlling interests 656 658 1,023

Shareholders in Carlsberg A/S (net profit) 3,801 3,361 5,955

DKK

Earnings per share of DKK 20 (EPS) 28.7 25.4 45.1

Diluted earnings per share of DKK 20 (EPS-D) 28.7 25.4 44.9

¹ Comparative figures have been restated.

STATEMENT OF

COMPREHENSIVE INCOME

DKK million H1 2026 H1 2025 2025

Profit for the period 4,457 4,019 6,978

Other comprehensive income

Retirement benefit obligations -81 -62 234

Income taxes 21 15 -48

Items that will not be reclassified to the income statement -60 -47 186

Foreign exchange adjustments of foreign entities 977 -3,312 -3,250

Hyperinflation restatement of equity - 26 26

Fair value adjustments of hedging instruments -244 300 291

Income taxes 39 -68 -29

Items that will be reclassified to the income statement 772 -3,054 -2,962

Other comprehensive income 712 -3,101 -2,776

Total comprehensive income 5,169 918 4,202

Attributable to

Non-controlling interests 681 360 756

Shareholders in Carlsberg A/S 4,488 558 3,446

Total comprehensive income 5,169 918 4,202

Carlsberg Group H1 2026 Financial Statement

Company announcement 9/2026

19 August 2026

Page 16 of 36

www.carlsberggroup.com

STATEMENT OF

FINANCIAL POSITION

ASSETS

Goodwill 60,124 59,396 59,324

Intangible assets 23,899 24,139 23,907

Property, plant and equipment 34,011 31,281 32,780

Financial assets 9,701 7,979 8,695

Total non-current assets 127,735 122,795 124,706

Inventories 7,902 8,019 7,110

Trade receivables 12,504 11,559 7,443

Other receivables 5,916 4,967 5,111

Deposits and securities 487 653 –

Cash and cash equivalents 9,166 9,447 9,585

Total current assets 35,975 34,645 29,249

Total assets 163,710 157,440 153,955

DKK million 30 June 2026 30 June 2025¹ 31 Dec. 2025¹

EQUITY AND LIABILITIES

Equity, shareholders in Carlsberg A/S 28,478 24,818 27,804

Hybrid bonds 13,452 – –

Non-controlling interests 2,866 2,748 2,872

Total equity 44,796 27,566 30,676

Borrowings 51,139 66,811 61,452

Tax liabilities, provisions, retirement benefit obligations etc. 13,088 13,348 13,281

Total non-current liabilities 64,227 80,159 74,733

Borrowings 8,973 7,269 9,171

Trade payables 31,011 28,786 26,877

Deposits on returnable packaging materials 2,016 1,979 1,702

Other liabilities 12,687 11,681 10,796

Total current liabilities 54,687 49,715 48,546

Total liabilities 118,914 129,874 123,279

Total equity and liabilities 163,710 157,440 153,955

¹ Comparative figures have been restated.

DKK million 30 June 2026 30 June 2025¹ 31 Dec. 2025¹

Carlsberg Group H1 2026 Financial Statement

Company announcement 9/2026

19 August 2026

Page 17 of 36

www.carlsberggroup.com

STATEMENT OF CHANGES IN EQUITY

DKK million Shareholders in Carlsberg A/S

2026

capital

Currency

translation

Hedging

reserves

Total

reserves

Retained

earnings Total Hybrid bonds

Non-

controlling

interests

Total

equity

Equity at 1 January 2,653 -3,444 250 -3,194 28,345 27,804 - 2,872 30,676

Profit for the period - - - - 3,801 3,801 - 656 4,457

Other comprehensive income - 842 -96 746 -59 687 - 25 712

Total comprehensive income for the period - 842 -96 746 3,742 4,488 - 681 5,169

Acquisition of treasury shares - - - - -8 -8 - - -8

Share-based payments - - - - 88 88 - - 88

Dividends paid to shareholders - - - - -3,836 -3,836 - -689 -4,525

Issue of hybrid bonds - - - - - - 13,452 - 13,452

Transaction costs, hybrid bonds - - - - -71 -71 - - -71

Income taxes - - - - 16 16 - - 16

Non-controlling interests - - - - -3 -3 - 2 -1

Total changes in equity - 842 -96 746 -72 674 13,452 -6 14,120

Equity at 30 June 2,653 -2,602 154 -2,448 28,273 28,478 13,452 2,866 44,796

DKK million Shareholders in Carlsberg A/S

2025

capital

Currency

translation

Hedging

reserves

Total

reserves

Retained

earnings Total Hybrid bonds

Non-

controlling

interests

Total

equity

Equity at 1 January 2,685 -597 101 -496 25,582 27,771 - 2,841 30,612

Profit for the period - - - - 3,361 3,361 - 658 4,019

Other comprehensive income - -2,614 -117 -2,731 -72 -2,803 - -298 -3,101

Total comprehensive income for the period - -2,614 -117 -2,731 3,289 558 - 360 918

Cancellation of treasury shares -32 - - - 32 - - - -

Share-based payments - - - - 64 64 - - 64

Dividends paid to shareholders - - - - -3,569 -3,569 - -453 -4,022

Non-controlling interests - - - - -6 -6 - - -6

Total changes in equity -32 -2,614 -117 -2,731 -190 -2,953 - -93 -3,046

Equity at 30 June 2,653 -3,211 -16 -3,227 25,392 24,818 - 2,748 27,566

Carlsberg Group H1 2026 Financial Statement

Company announcement 9/2026

19 August 2026

Page 18 of 36

www.carlsberggroup.com

STATEMENT OF CASH FLOWS

Operating profit 6,637 5,727 10,232

Depreciation, amortisation and impairments 2,858 2,767 5,946

Operating profit before depreciation, amortisation and impairments 9,495 8,494 16,178

Other non-cash items 2 310 403

Change in trade working capital -653 -753 874

Change in other working capital -206 -962 -1,234

Restructuring costs paid -163 -217 -14

Income taxes paid -1,415 -1,319 -2,469

Cash flow from operating activities 7,060 5,553 13,738

Acquisition of property, plant and equipment -3,369 -2,516 -4,924

Acquisition of intangible assets -193 -197 -668

Disposal of property, plant and equipment and intangible assets 196 78 106

Total operational investments -3,366 -2,635 -5,486

Free operating cash flow 3,694 2,918 8,252

Acquisition of subsidiaries -29 -29,181 -29,421

Acquisition of associates - -5 -15

Disposal of associates - 161 183

Change in financial investments -496 -634 24

Change in financial receivables -910 5 51

Interest received 127 183 338

Dividends received 376 326 612

Total financial investments -932 -29,145 -28,228

Cash flow from investing activities -4,298 -31,780 -33,714

Free cash flow 2,762 -26,227 -19,976

Shareholders in Carlsberg A/S -3,844 -3,569 -3,573

Hybrid bonds 13,381 - -

Non-controlling interests -586 -532 -864

External financing -12,199 28,241 23,056

Cash flow from financing activities -3,248 24,140 18,619

Net cash flow -486 -2,087 -1,357

Cash and cash equivalents at 1 January 9,551 11,510 11,510

Foreign exchange adjustment of cash and cash equivalents 86 -547 -602

Cash and cash equivalents at period-end² 9,151 8,876 9,551

¹ Comparative figures have been restated.

² Cash and cash equivalents less bank overdrafts.

DKK million H1 2026 H1 2025¹ 2025¹

Carlsberg Group H1 2026 Financial Statement

Company announcement 9/2026

19 August 2026

Page 19 of 36

www.carlsberggroup.com

NOTE 1

CARLSBERG PERFORMANCE

MEASURES (CPM)

Management uses a number of financial performance measures in its public communications

that are not totals or subtotals specified by IFRS Accounting Standards. Those measures that

meet the definition of management-defined performance measures in IFRS 18 are referred to

below as management-defined performance measures. The Group uses the broader term

“Carlsberg performance measures” (CPM) for these measures and related adjusted line items

and ratios.

Carlsberg performance measures represent management’s view of particular aspects of the

Group’s financial performance and supplement the amounts reported in accordance with IFRS

Accounting Standards. They are not substitutes for IFRS measures and may not be directly

comparable with similarly titled measures presented by other companies.

Management believes that the measures provide useful information because they facilitate

assessment of the Group’s underlying financial performance, support comparison of

performance between reporting periods, and provide information consistent with the measures

used by management in monitoring the business and communicating financial performance

externally. In particular, the measures distinguish the effect of specified transactions and events

that management does not consider representative of the Group’s underlying performance

from the results reported in accordance with IFRS Accounting Standards.

The tables present the calculation of each Carlsberg performance measure and reconcile it with

the most directly comparable total or subtotal specified by IFRS Accounting Standards. Each

measure is calculated by adjusting the applicable IFRS total or subtotal for the items described

below. The adjustments are applied consistently to all affected income statement line items

and reporting periods.

Reconciliation of IFRS income statement with CPM basis measures

Adjustments

DKK million

H1 2026

IFRS

reported

Share of

profit of

associates

Foreign

exchange

and fair

value

adjustments

Amortisation

of intangible

assets

recognised in

PPA

Integration

costs

Restructurings

Impairment

losses

Acquisition,

disposal and

ownership

transaction

costs

Total

H1 2026

CPM

Revenue 47,053 - - - - - - - - 47,053

Cost of sales -25,630 - - 24 3 49 -3 - 73 -25,557

Gross profit¹ 21,423 - - 24 3 49 -3 - 73 21,496

Distribution expenses -4,430 - - - - -18 3 - -15 -4,445

Sales and marketing expenses -7,624 - - 295 - 30 - - 325 -7,299

Administrative expenses -2,732 - -38 - 56 83 - 25 126 -2,606

Share of profit of associates - 241 - - - - 61 - 302 302

Operating profit¹ 6,637 241 -38 319 59 144 61 25 811 7,448

Share of profit of associates 241 -241 - - - - - - -241 -

Other investing income and expenses 168 - - - - - - - - 168

Profit before financing and income 7,046 - -38 319 59 144 61 25 570 7,616

Financing income and expenses -1,258 - 38 - - - - - 38 -1,220

Profit before income taxes¹ 5,788 - - 319 59 144 61 25 608 6,396

Income taxes -1,331 - - -78 -9 -29 - -3 -119 -1,450

Profit for the period¹ 4,457 - - 241 50 115 61 22 489 4,946

Attributable to

Non-controlling interests 656 - - - - 2 - - 2 658

Shareholders in Carlsberg A/S (net profit) 3,801 - - 241 50 113 61 22 487 4,288

¹ The adjusted measure of this subtotal is a management-defined performance measure as defined in IFRS 18.

Carlsberg Group H1 2026 Financial Statement

Company announcement 9/2026

19 August 2026

Page 20 of 36

www.carlsberggroup.com

Management-defined performance measures

Gross profit (CPM) represents IFRS reported gross profit adjusted for amortisation of

intangible assets recognised in purchase price allocations, integration costs, restructuring costs,

impairment losses, acquisition- and disposal-related costs, and derecognition or reversal of

PPA-related balances. Management uses gross profit (CPM) to assess the underlying

profitability of revenue and calculate gross margin (CPM). Management believes that the

measure provides useful information about the Group’s underlying gross profitability and

comparability between reporting periods by excluding the specified CPM adjustments included

in cost of sales.

Operating profit (CPM) represents IFRS reported operating profit adjusted for the Group’s

share of profit of associates, foreign exchange and fair value adjustments, and the other CPM

adjustments described below. Management uses operating profit (CPM) to assess the Group’s

underlying operating performance and as the basis for communicating its operating profit

expectations. Management believes that including the share of profit of associates reflects the

contribution from strategic associate investments to operating performance, while excluding

the other specified adjustments facilitates comparison of the underlying development in

operating performance between reporting periods.

Profit before income taxes (CPM) represents IFRS reported profit before income taxes

adjusted for the CPM adjustments included in operating, investing and financing income and

expenses. Management uses profit before income taxes (CPM) to assess the Group’s

underlying performance before tax and calculate the effective tax rate (CPM). Management

believes the measure facilitates comparison of the Group’s pre-tax performance and the related

effective tax rate between reporting periods.

Profit for the period (CPM) represents IFRS reported profit for the period adjusted for the CPM

adjustments and the related income tax effects. Management uses profit for the period (CPM)

to assess underlying earnings and calculate earnings per share (CPM). Management believes

the measure provides useful information about earnings attributable to the Group’s activities

after tax, excluding the effect of the specified CPM adjustments.

Reconciliation of individual CPMs

Adjustments

DKK million

H1 2026

IFRS

reported

Share of

profit of

associates

Foreign

exchange

and fair

value

adjustments

Amortisation

of intangible

assets

recognised in

PPA

Integration

costs

Restructurings

Impairment

losses

Acquisition,

disposal and

ownership

transaction

costs

Total

H1 2026

CPM

Operating profit 6,637 241 -38 319 59 144 61 25 811 7,448

Income taxes attributable to operating

profit -1,329 - 10 -78 -9 -29 - -3 -109 -1,438

Operating profit after taxes

1,2

5,308 241 -28 241 50 115 61 22 702 6,010

Operating profit 6,637 241 -38 319 59 144 61 25 811 7,448

Depreciation, amortisation and

impairment losses 2,858 - - -319 - -26 - - -345 2,513

EBITDA

1,3

9,495 241 -38 - 59 118 61 25 466 9,961

Profit before financing and income taxes 7,046 - -30 - - - - - -30

Operating profit -6,637 - 38 - - - - - 38

Share of profit of associates -241 - - - - - - - -

Financing income and expenses -1,258 - 92 - - - - - 92

Other investing and financing income

and expenses, net¹ -1,090 - 100 - - - - - 100 -990

Income tax effect of CPM adjustments

EBITDA - 10 - -9 -25 - -3 -27

Other investing and financing income

and expenses, net - -22 - - - - - -22

Effect of CPM adjustments, non-

controlling interests

Operating profit after taxes 19 2 - - 2 - - 23

EBITDA 19 2 - - 2 - - 23

Other investing and financing income

and expenses, net - -4 - - - - - -4

¹ The adjusted measure of this subtotal is a management-defined performance measure as defined in IFRS 18.

IFRS reported operating profit after tax is calculated as reported operating profit less the current and deferred income tax effects attributable to the income and expenses included in reported operating profit.

³ IFRS reported EBITDA is consistent with operating profit before depreciation, amortisation and impairments within the scope of IAS 36.

Operating profit after tax (CPM) represents operating profit (CPM) after deduction of the income taxes attributable to operating profit (CPM).

Management uses operating profit after tax (CPM) as the earnings measure to calculate return on invested capital (ROIC) and ROIC excluding

goodwill. Management believes the measure provides useful information about the Group’s underlying operating performance after tax and

facilitates an assessment of the return generated on the capital invested in the Group’s operations.

Carlsberg Group H1 2026 Financial Statement

Company announcement 9/2026

19 August 2026

Page 21 of 36

www.carlsberggroup.com

EBITDA (CPM) represents operating profit (CPM) before depreciation, amortisation and impairment losses included in

that measure. Among other things, management uses EBITDA (CPM) to assess operating cash-generating capacity

and calculate the Group’s leverage ratio. Management believes the measure provides useful information about

operating performance before the effects of depreciation, amortisation, impairment and the other specified CPM

adjustments.

Other investing and financing income and expenses, net (CPM) represents IFRS reported other investing income and

expenses, and financing income and expenses, presented on a combined net basis and adjusted for foreign exchange

adjustments. Management uses the measure in its assessment and external communication of the Group’s underlying

investing and financing result. Management believes that excluding foreign exchange adjustments provides useful

information because such effects may fluctuate between reporting periods and are not viewed by management as

indicative of the underlying cost of financing and return on investments.

CPM adjustments

An item is included as a CPM adjustment only when it meets the definition of one of the adjustment categories below

and its exclusion is consistent with the calculation method applied to the relevant CPM. The assessment considers the

item’s nature, function, size, persistence and circumstances. An item does not qualify for adjustment solely because it is

unusual, infrequent or significant in amount. Management reviews the classification and measurement of CPM

adjustments, and applies the criteria consistently to transactions and events with comparable characteristics.

The following adjustments are made when calculating the Carlsberg performance measures:

• Share of profit of associates is included in operating profit (CPM) because management views the Group’s strategic

associate investments as contributing to underlying operating performance. Any impairment loss relating to an

associate continues to be presented within the investing category and is separately identified as an impairment

adjustment if it meets the Group’s CPM criteria.

• Foreign exchange and fair value adjustments comprise relevant foreign exchange effects and related fair value

movements. Management excludes these effects because their period-to-period volatility may obscure the

development in operating performance. The adjustment does not imply that the underlying exposures or related risk

management decisions are outside management’s responsibility. The adjustments are reallocated between operating

and investing or financing measures, as applicable, without affecting profit before income taxes (CPM), except where

the underlying adjustment is itself excluded from that measure.

• Amortisation of intangible assets recognised in purchase price allocations comprises amortisation of acquired

brands, customer relationships, licences and other identifiable intangible assets recognised in business combinations.

Management excludes amortisation because it results from acquisition accounting and comparable internally

generated intangible assets are generally not recognised, which affects comparability between acquired and

organically developed businesses.

• Integration costs comprise separately identifiable costs directly attributable to integrating acquired businesses or

activities that are incremental to ongoing operations and incurred within a defined integration period. These costs

may include dedicated integration personnel, consultancy, IT migration and other directly associated implementation

costs.

• Restructurings comprise income and expenses arising from significant changes to the Group’s business or operating

model, including redundancies, closure and dismantling costs, and gains or losses on disposal of assets directly

affected by an approved restructuring. The adjustment is limited to qualifying restructuring activities and does not

include expenditure associated with ordinary operational improvements.

• Impairment losses comprise impairments and subsequent reversals associated with qualifying restructuring activities,

impairments identified through testing of goodwill and brands, and other individually significant impairment losses

that management does not consider representative of underlying performance.

• Costs related to acquisitions, disposals and ownership transaction costs comprise directly attributable costs arising

from acquisition and disposal of subsidiaries, associates and other equity interests, and from other transactions

involving changes in the Group’s ownership structure, including the listing of non-controlling shareholdings in a

subsidiary. These costs are adjusted because they arise from ownership transactions and are not considered

meaningful in assessing the development in the Group’s underlying operating performance.

• Gains and losses on the disposal, step acquisition or step disposal of subsidiaries and associates comprise gains

and losses arising when the Group obtains or loses control of a subsidiary, disposes of an interest in an associate, or

changes its ownership interest in a subsidiary or associate in a transaction that results in a change in the applicable

accounting method. This includes remeasurement gains and losses arising from interests retained or previously held.

These effects are adjusted because they result from changes in the Group’s ownership structure and related

accounting requirements, and are not considered meaningful in assessing the development in underlying operating

performance.

• Gains and losses on the disposal of property, plant and equipment or intangible assets of a significant nature

comprise significant gains and losses arising from disposal of non-current assets outside the ordinary course of the

Group’s operations, including significant production facilities, buildings, brands and other intangible assets. These

effects are adjusted when their nature and significance mean that they are not considered meaningful in assessing

the development in underlying operating performance. Gains and losses arising from replacement or disposal of

operating assets in the ordinary course of business are not included in this category.

• Reversal or derecognition of PPA-related balances comprises income and expenses arising from the subsequent

derecognition, reversal or release of assets and liabilities recognised as part of a purchase price allocation. These

effects are adjusted because they originate from acquisition accounting and are not considered meaningful in

assessing the development in the Group’s underlying operating performance.

Carlsberg Group H1 2026 Financial Statement

Company announcement 9/2026

19 August 2026

Page 22 of 36

www.carlsberggroup.com

• Other specifically identified CPM adjustments comprise individually significant income or expenses arising from

events or transactions that do not fall within another defined CPM adjustment category and that, because of their

nature and magnitude, are not considered representative of the Group’s underlying operating performance. The

category may include significant effects of legal claims, compensation arrangements and similar matters. An item is

not adjusted solely because it is unusual, occurs infrequently or is significant in amount. This category is not a

residual category for unfavourable, unusual or non-recurring items. Inclusion requires a documented assessment that

the item has characteristics consistent with the purpose of the relevant CPM and that it cannot faithfully be classified

within another CPM adjustment category.

Not all adjustment categories are applicable in all reporting periods. The occurrence of an adjustment is not, in itself,

evidence that a similar item will not recur in a future reporting period.

Other Carlsberg performance measures

Ratios, per-share amounts and individual income or expense line items are not themselves MPMs because they are not

subtotals of income and expenses. However, a subtotal used as the numerator or denominator of a ratio is included as

an MPM when it meets the definition in IFRS 18. The Group also uses the following performance measures that are not

MPMs:

• Gross margin (CPM)

• Operating margin (CPM)

• Return on invested capital

• Return on invested capital excluding goodwill

• Leverage ratio

• Effective tax rate (CPM)

• Earnings per share (CPM)

• Adjusted individual income and expense line items

Income tax and non-controlling interest effects

The income tax effect of each reconciling item is presented separately in the tables and is determined based on the tax

consequences of the underlying adjustment in the relevant jurisdiction. If an adjustment relates to more than one

jurisdiction, the tax effect is determined by reference to the applicable tax consequences in each jurisdiction. No tax

effect is recognised for an adjustment that is not deductible or taxable, or when recognition of a tax effect is otherwise

not appropriate under IFRS Accounting Standards.

Income taxes attributable to operating profit comprise the current and deferred income tax effects attributable to the

income and expenses included in IFRS reported operating profit. Income taxes attributable to operating profit (CPM)

are calculated by adjusting this amount for the income tax effects of the reconciling items between IFRS reported

operating profit and operating profit (CPM), determined using the methodology described above.

The effect attributable to non-controlling interests is determined for each reconciling item based on the ownership

interest of the relevant non-controlling shareholders in the entity in which the adjustment arose, after taking account of

the related tax effect where applicable. The resulting effects are reflected in the reconciliation of profit attributable to

non-controlling interests with profit attributable to shareholders in Carlsberg A/S.

Comparative information and consistency

The comparative information for H1 2025 and FY 2025 has been prepared using the same definitions and calculation

methods as those applied for H1 2026. The measures and adjustments have been applied consistently across the

periods presented. Following the adoption of IFRS 18, management has reassessed the definitions and calculation

methods applied to the Group’s performance measures. Comparative information has been restated on a consistent

basis. The changes align the measures with the revised presentation of the income statement, and provide a clearer

and more consistent representation of management’s view of the Group’s financial performance.

Carlsberg Group H1 2026 Financial Statement

Company announcement 9/2026

19 August 2026

Page 23 of 36

www.carlsberggroup.com

Reconciliation of IFRS income statement with CPM basis measures - H1 2025

Revenue 45,855 - - - - - - - - 45,855

Cost of sales -24,777 - - 32 2 8 9 - 51 -24,726

Gross profit¹ 21,078 - - 32 2 8 9 - 51 21,129

Distribution expenses -4,371 - - - - - - - - -4,371

Sales and marketing expenses -7,629 - - 301 1 3 - - 305 -7,324

Administrative expenses -3,351 - 227 - 268 29 - 156 680 -2,671

Share of profit of associates - 315 - - - - 47 - 362 362

Operating profit¹ 5,727 315 227 333 271 40 56 156 1,398 7,125

Share of profit of associates 315 -315 - - - - - - -315 -

Other investing income and expenses 228 - - - - - - - - 228

Profit before financing and income 6,270 - 227 333 271 40 56 156 1,083 7,353

Financing income and expenses -1,057 - -227 - - - - - -227 -1,284

Profit before income taxes¹ 5,213 - - 333 271 40 56 156 856 6,069

Income taxes -1,194 - - -80 -52 -15 -15 -1 -163 -1,357

Profit for the period¹ 4,019 - - 253 219 25 41 155 693 4,712

Attributable to

Non-controlling interests 658 - - - - 1 9 - 10 668

Shareholders in Carlsberg A/S (net profit) 3,361 - - 253 219 24 32 155 683 4,044

¹ The adjusted measure of this subtotal is a management-defined performance measure as defined in IFRS 18.

Adjustments

DKK million

H1 2025

IFRS

reported

Share of

profit of

associates

Foreign

exchange

and fair

value

adjustments

Amortisation

of intangible

assets

recognised in

PPA

Integration

costs Restructurings

Impairment

losses

Acquisition,

disposal and

ownership

transaction

costs Total

H1 2025

CPM

Carlsberg Group H1 2026 Financial Statement

Company announcement 9/2026

19 August 2026

Page 24 of 36

www.carlsberggroup.com

Reconciliation of individual CPMs - H1 2025

Adjustments

DKK million

H1 2025

IFRS

reported

Share of

profit of

associates

Foreign

exchange

and fair

value

adjustments

Amortisation

of intangible

assets

recognised in

PPA

Integration

costs Restructurings

Impairment

losses

Acquisition,

disposal and

ownership

transaction

costs Total

H1 2025

CPM

Operating profit 5,727 315 227 333 271 40 56 156 1,398 7,125

Income taxes attributable to operating

profit -1,163 - -47 -80 -52 -15 -15 -1 -210 -1,373

Operating profit after taxes

1,2

4,564 315 180 253 219 25 41 155 1,188 5,752

Operating profit 5,727 315 227 333 271 40 56 156 1,398 7,125

Depreciation, amortisation and

impairment losses 2,767 - - -333 - -9 - -342 2,425

EBITDA

1,3

8,494 315 227 - 271 40 47 156 1,056 9,550

Profit before financing and income taxes 6,270 - 11 - - - - - 11

Operating profit -5,727 - - - - - - - -

Share of profit of associates -315 - - - - - - - -

Financing income and expenses -1,057 - -164 - - - - - -164

Other investing and financing income

and expenses, net¹ -829 - -153 - - - - - -153 -982

Income tax effect of CPM adjustments

EBITDA - -47 - -52 -15 - -1 -115

Other investing and financing income

and expenses, net - 39 - - - - - 39

Effect of CPM adjustments, non-

controlling interests

Operating profit after taxes 16 -2 - - 1 9 - 24

EBITDA 16 -2 - - 1 9 - 24

Other investing and financing income

and expenses, net - - - - - - - -

¹ The adjusted measure of this subtotal is a management-defined performance measure as defined in IFRS 18.

³ IFRS reported EBITDA is consistent with operating profit before depreciation, amortisation and impairments within the scope of IAS 36.

Carlsberg Group H1 2026 Financial Statement

Company announcement 9/2026

19 August 2026

Page 25 of 36

www.carlsberggroup.com

Reconciliation of IFRS income statement with CPM basis measures - FY 2025

Revenue 89,095 - - - - - - - - 89,095

Cost of sales -49,235 - - 66 8 168 233 - 146 621 -48,614

Gross profit¹ 39,860 - - 66 8 168 233 - 146 621 40,481

Distribution expenses -8,469 - - - - -27 12 - - -15 -8,484

Sales and marketing expenses -14,832 - - 574 - 178 24 - - 776 -14,056

Administrative expenses -6,327 - 299 - 487 193 248 185 - 1,412 -4,915

Share of profit of associates - 622 - - - - 38 - - 660 660

Operating profit¹ 10,232 622 299 640 495 512 555 185 146 3,454 13,686

Share of profit of associates 622 -622 - - - - - - - -622 -

Other investing income and expenses 483 - - - - - - - - - 483

Profit before financing and income taxes 11,337 - 299 640 495 512 555 185 146 2,832 14,169

Financing income and expenses -2,324 - -299 - - - - - -299 -2,623

Profit before income taxes¹ 9,013 - - 640 495 512 555 185 146 2,533 11,546

Income taxes -2,035 - - -166 -110 -212 -76 -1 -38 -603 -2,638

Profit for the period¹ 6,978 - - 474 385 300 479 184 108 1,930 8,908

Attributable to

Non-controlling interests 1,023 - - - - 3 6 - - 9 1,032

Shareholders in Carlsberg A/S (net profit) 5,955 - - 474 385 297 473 184 - 1,921 7,876

¹ The adjusted measure of this subtotal is a management-defined performance measure as defined in IFRS 18.

Adjustments

DKK million

FY 2025

IFRS

reported

Share of

profit of

associates

Foreign

exchange

and fair

value

adjustments

Amortisation

of intangible

assets

recognised in

PPA

Integration

costs Restructurings

Impairment

losses

Acquisition,

disposal and

ownership

transaction

costs

Reversal or

derecognition

of PPA-

balances Total

FY 2025

CPM

Carlsberg Group H1 2026 Financial Statement

Company announcement 9/2026

19 August 2026

Page 26 of 36

www.carlsberggroup.com

Reconciliation of individual CPMs - FY 2025

Adjustments

DKK million

FY 2025

IFRS

reported

Share of

profit of

associates

Foreign

exchange

and fair

value

adjustments

Amortisation

of intangible

assets

recognised in

PPA

Integration

costs Restructurings

Impairment

losses

Acquisition,

disposal and

ownership

transaction

costs

Reversal or

derecognition

of PPA-

balances Total

FY 2025

CPM

Operating profit 10,232 622 299 640 495 512 555 185 146 3,454 13,686

Income taxes attributable to operating

profit -2,107 - -58 -166 -110 -212 -76 -1 -38 -661 -2,768

Operating profit after taxes

1,2

8,125 622 241 474 385 300 479 184 108 2,793 10,918

Operating profit 10,232 622 299 640 495 512 555 185 146 3,454 13,686

Depreciation, amortisation and

impairment losses 5,946 - - -640 - -1 -517 - - -1,158 4,788

EBITDA

1,3

16,178 622 299 - 495 511 38 185 146 2,296 18,474

Profit before financing and income taxes 11,337 - - - - - - - - -

Operating profit -10,232 - - - - - - - - -

Share of profit of associates -622 - - - - - - - - -

Financing income and expenses -2,324 - -112 - - - - - - -112

Other investing and financing income

and expenses, net¹ -1,841 - -112 - - - - - - -112 -1,953

Income tax effect of CPM adjustments

EBITDA - -58 -166 -110 -212 -76 -1 -38 -661

Other investing and financing income and

expenses, net

- 28 - - - - - - 28

Effect of CPM adjustments, non-

controlling interests

Operating profit after taxes 34 - - - 3 6 - - 43

EBITDA 34 - - - 3 6 - - 43

Other investing and financing income and

expenses, net

- 1 - - - - - - 1

¹ The adjusted measure of this subtotal is a management-defined performance measure as defined in IFRS 18.

³ IFRS reported EBITDA is consistent with operating profit before depreciation, amortisation and impairments within the scope of IAS 36.

Carlsberg Group H1 2026 Financial Statement

Company announcement 9/2026

19 August 2026

Page 27 of 36

www.carlsberggroup.com

NOTE 2

RECONCILIATION OF CHANGES IN OPERATING PROFIT

PERFORMANCE MEASURES FOR 2025

FY 2025 13,356 640 13,996 -44 -34 -33 -199 13,686

H1 2025 6,964 333 7,297 -32 -8 -18 -114 7,125

H2 2025 6,392 307 6,699 -12 -26 -15 -85 6,561

¹ Adjusted for amortisation of intangible assets recognised in purchase price allocations.

Reported 2025 IFRS 18 impact Restated 2025

DKK million

Operating profit

before special

items (IAS 1)

Amortisation of

intangible assets

recognised in

PPA

Operating profit

before special

items (MPM)¹ On-trade loans Other interest

War related cost

& donations Financial items

Operating profit

(CPM)

Carlsberg Group H1 2026 Financial Statement

Company announcement 9/2026

19 August 2026

Page 28 of 36

www.carlsberggroup.com

Income and expenses from on-trade loans have been reclassified from other operating

activities, net, (above operating profit) to other investing income and expenses (below

operating profit).

Other interest have been reclassified from income taxes and financial expenses to

administrative expenses.

War-related expenses and donations have been reclassified from special items, net

(below operating profit) to relevant functional expense lines above operating profit.

Financial items, including bank fees and other financial fees, have been reclassified from

financial items to relevant functional expense lines above operating profit.

NOTE 3

SEGMENT INFORMATION BY REGION (CPM)

Carlsberg performance measures (CPM)

Q2 2026 Q2 2025¹ H1 2026 H1 2025¹ 2025¹

Beer (million hl)

Western Europe 7.6 8.0 13.0 13.5 26.5

Asia 10.6 11.0 21.9 22.1 38.0

Central & Eastern Europe and India 10.6 10.4 17.3 17.1 34.5

Total 28.8 29.4 52.2 52.7 99.0

Soft drinks and other beverages (million hl)

Western Europe 10.3 10.1 18.7 17.5 36.9

Asia 1.7 1.7 3.2 3.0 5.5

Central & Eastern Europe and India 2.5 1.7 4.3 3.1 6.6

Total 14.5 13.5 26.2 23.6 49.0

Revenue (DKK million)

Western Europe 15,016 14,923 26,174 25,489 51,746

Asia 5,468 5,372 11,195 11,208 19,274

Central & Eastern Europe and India 5,842 5,432 9,677 9,151 18,062

Not allocated 3 5 7 7 13

Beverages, total 26,329 25,732 47,053 45,855 89,095

Non-beverage

- - - - -

Total 26,329 25,732 47,053 45,855 89,095

¹ The 2025 comparative figures for Western Europe and CEEI have been restated to reflect the Group’s internal reporting structure following the integration of Britvic.

Operating profit before depreciation, amortisation and impairments (EBITDA, DKK million)

Western Europe 4,816 4,488 9,696

Asia 3,729 3,671 5,874

Central & Eastern Europe and India 2,014 1,934 4,141

Not allocated -607 -639 -1,315

Beverages, total 9,952 9,454 18,396

Non-beverage 9 96 78

Total 9,961 9,550 18,474

Reconciliation

Adjustments (CPM)

-466 -1,056 -2,296

Operating profit before depreciation, amortisation and impairments (IFRS reported) 9,495 8,494 16,178

Operating profit (DKK million)

Western Europe 3,605 3,305 7,318

Asia 2,948 2,899 4,427

Central & Eastern Europe and India 1,567 1,520 3,287

Not allocated -762 -694 -1,453

Beverages, total 7,358 7,030 13,579

Non-beverage 90 95 107

Total 7,448 7,125 13,686

Reconciliation

Adjustments (CPM)

-811 -1,398 -3,454

Operating profit (IFRS reported) 6,637 5,727 10,232

¹ Comparative figures have been restated.

Refer to reconciliation of IFRS income statement to CPM basis measures.

H1 2026 H1 2025¹ 2025¹

Carlsberg Group H1 2026 Financial Statement

Company announcement 9/2026

19 August 2026

Page 29 of 36

www.carlsberggroup.com

Operating margin (%)

Western Europe 13.8 13.0 14.1

Asia 26.3 25.9 23.0

Central & Eastern Europe and India 16.2 16.6 18.2

Not allocated - - -

Beverages, total 15.6 15.3 15.2

Non-beverage - - -

Total 15.8 15.5 15.4

Reconciliation

Adjustments (CPM)

-1.7 -3.0 -3.9

Operating margin (IFRS reported) 14.1 12.5 11.5

¹ Comparative figures have been restated.

Refer to reconciliation of IFRS income statement to CPM basis measures.

H1 2026 H1 2025¹ 2025¹

Invested capital, period-end

Western Europe 70,646 70,644 68,457

Asia 19,661 18,668 19,823

Central & Eastern Europe and India 13,093 11,438 12,007

Not allocated 585 255 184

Beverages, total 103,985 101,005 100,471

Non-beverage 1,003 664 932

Total 104,988 101,669 101,403

Invested capital excl. goodwill, period-end

Western Europe 24,096 23,975 22,222

Asia 4,063 3,866 4,827

Central & Eastern Europe and India 7,717 6,079 6,604

Not allocated 585 255 184

Beverages, total 36,461 34,175 33,837

Non-beverage 1,003 664 932

Total 37,464 34,839 34,769

Return on invested capital, ROIC (%), 12-month average

Western Europe 9.2 9.0 8.7

Asia 18.3 18.8 18.2

Central & Eastern Europe and India 22.3 23.0 23.1

Not allocated - - -

Beverages, total 10.8 11.3 10.6

Non-beverage - - -

Total 10.8 11.2 10.6

Return on invested capital excl. goodwill (%), 12-month average

Western Europe 27.4 25.0 25.9

Asia 81.9 89.6 80.9

Central & Eastern Europe and India 39.2 40.5 42.8

Not allocated - - -

Beverages, total 31.2 32.1 31.4

Non-beverage - - -

Total 30.9 31.5 31.0

¹ Comparative figures have been restated.

DKK million

30 June 2026 30 June 2025¹ 2025¹

Carlsberg Group H1 2026 Financial Statement

Company announcement 9/2026

19 August 2026

Page 30 of 36

www.carlsberggroup.com

NOTE 4

SEGMENT INFORMATION BY ACTIVITY (CPM)

Carlsberg performance measures (CPM)

DKK million H1 2026 H1 2025¹ FY 2025¹

Beverages Non-beverage Total Beverages Non-beverage Total Beverages Non-beverage Total

Revenue 47,053 - 47,053 45,855 - 45,855 89,095 - 89,095

Cost of sales -25,566 9 -25,557 -24,726 - -24,726 -48,614 - -48,614

Distribution expenses -4,445 - -4,445 -4,371 - -4,371 -8,484 - -8,484

Sales and marketing expenses -7,299 - -7,299 -7,325 1 -7,324 -14,056 - -14,056

Administrative expenses -2,671 65 -2,606 -2,665 -6 -2,671 -4,908 -7 -4,915

Share of profit of associates 286 16 302 262 100 362 546 114 660

Operating profit 7,358 90 7,448 7,030 95 7,125 13,579 107 13,686

Other investing income and expenses 170 -2 168 234 -6 228 491 -8 483

Profit before financing and income taxes 7,528 88 7,616 7,264 89 7,353 14,070 99 14,169

Financing income and expenses -1,221 1 -1,220 -1,284 - -1,284 -2,619 -4 -2,623

Profit before income taxes 6,307 89 6,396 5,980 89 6,069 11,451 95 11,546

Income taxes -1,453 3 -1,450 -1,360 3 -1,357 -2,686 48 -2,638

Profit for the period 4,854 92 4,946 4,620 92 4,712 8,765 143 8,908

Operating margin (%) 15.6 15.8 15.3 15.5 15.2 15.4

Attributable to

Non-controlling interests 658 - 658 668 - 668 1,032 - 1,032

Shareholders in Carlsberg A/S (net profit) 4,196 92 4,288 3,952 92 4,044 7,733 143 7,876

¹ Comparative figures have been restated.

Carlsberg Group H1 2026 Financial Statement

Company announcement 9/2026

19 August 2026

Page 31 of 36

www.carlsberggroup.com

NOTE 5

INVESTING AND FINANCING INCOME AND EXPENSES

Other investing income and expenses

DKK million H1 2026 H1 2025¹ 2025¹

Other investing income

Interest income 152 187 335

Interest income, on-trade loans 30 35 50

Dividend income - 20 93

Gains on financial assets - - 13

Total 182 242 491

Other investing expenses

Interest expenses - -1 -6

Impairment of on-trade loans -6 -2 -

Losses on financial assets - - -2

Foreign exchange losses -8 -11 -

Total -14 -14 -8

Other investing income and expenses 168 228 483

¹ Comparative figures have been restated.

Financing income and expenses

DKK million H1 2026 H1 2025¹ 2025¹

Financing income

Foreign exchange gains - 164 112

Interest on plan assets, defined benefit plans 111 112 523

Total 111 276 635

Financing expenses

Interest expenses -1,126 -1,154 -2,322

Capitalised financing expenses 11 9 12

Interest expenses on obligations, defined benefit plans -112 -116 -518

Interest expenses, lease liabilities -50 -33 -92

Bank fees - -39 -39

Foreign exchange losses -92 - -

Total -1,369 -1,333 -2,959

Financing income and expenses -1,258 -1,057 -2,324

¹ Comparative figures have been restated.

Other investing and financing income and expenses, net (CPM)

DKK million H1 2026 H1 2025¹ 2025¹

Other Investing and financing income and expenses

Other investing income and expenses 168 228 483

Financing income and expenses -1,258 -1,057 -2,324

Total -1,090 -829 -1,841

Foreign currency adjustments, net, recognised in:

Other investing income and expenses 8 11 -

Financing income and expenses 92 -164 -112

Total 100 -153 -112

Other investing and financing income and expenses, net (CPM) (excluding foreign

exchange) -990 -982 -1,953

¹ Comparative figures have been restated.

Carlsberg Group H1 2026 Financial Statement

Company announcement 9/2026

19 August 2026

Page 32 of 36

www.carlsberggroup.com

NOTE 6

DEBT AND CREDIT FACILITIES

Time to maturity for non-current borrowings

DKK million

Financial liabilities, 30 June 2026 1-2 years 2-3 years 3-4 years 4-5 years > 5 years Total

Issued bonds 472 5,775 14,753 519 26,704 48,223

Bank borrowings 1 169 145 34 - 349

Lease liabilities 509 367 240 185 1,016 2,317

Other non-current borrowings - - 1 1 248 250

Total 982 6,311 15,139 739 27,968 51,139

Financial liabilities, 30 June 2025 16,710 280 6,479 14,465 28,877 66,811

Currency split of net financial debt

DKK million

30 June 2026 30 June 2025

EUR 34,337 50,065

USD 1,608 936

CHF 3,078 1,913

GBP 11,921 13,942

Other currencies -485 -2,876

Total 50,459 63,980

¹ After currency swap.

Committed credit facilities

DKK million

30 June 2026 30 June 2025

< 1 year 10,122 8,525

1-2 years 982 16,710

2-3 years 6,312 280

3-4 years 15,139 6,633

4-5 years 15,687 29,438

> 5 years 41,419 28,877

Total 89,661 90,463

Current 10,122 8,525

Non-current 79,539 81,938

Carlsberg Group H1 2026 Financial Statement

Company announcement 9/2026

19 August 2026

Page 33 of 36

www.carlsberggroup.com

NOTE 7

NET INTEREST-BEARING DEBT

Net interest-bearing debt breakdown

DKK million H1 2026 H1 2025 2025

Issued bonds 48,223 64,477 58,834

Bank borrowings 349 261 297

Lease liabilities 2,317 2,055 2,303

Other non-current borrowings 250 18 18

Total non-current borrowings 51,139 66,811 61,452

Issued bonds 2,933 4,206 6,074

Bank borrowings 188 658 221

Lease liabilities 656 487 610

Other current borrowings 5,196 1,918 2,266

Total current borrowings 8,973 7,269 9,171

Gross financial debt 60,112 74,080 70,623

Deposits and securities -487 -653 -

Cash and cash equivalents -9,166 -9,447 -9,585

Net financial debt 50,459 63,980 61,038

Hybrid bonds¹ 6,726 - -

Total net financing 57,185 63,980 61,038

Deferred considerations 1,493 1,449 -278

Loans to associates, interest-bearing portion -336 -255 -433

On-trade loans, net -399 -461 1,446

Other receivables, net -1,144 -80 -156

Other interest-bearing assets, net -386 653 579

Net interest-bearing debt 56,799 64,633 61,617

¹ Hybrid bonds are included at 50% of the notional amount.

Carlsberg Group H1 2026 Financial Statement

Company announcement 9/2026

19 August 2026

Page 34 of 36

www.carlsberggroup.com

NOTE 8

RESTATEMENT OF COMPARATIVE FIGURES

Income statement

H1 2025 H2 2025 2025

DKK million IAS 1 Changes IFRS 18 IAS 1 Changes IFRS 18 IAS 1 Changes IFRS 18

Revenue 45,855 - 45,855 43,240 - 43,240 89,095 - 89,095

Cost of sales -24,747 -30 -24,777 -24,112 -346 -24,458 -48,859 -376 -49,235

Gross profit 21,108 -30 21,078 19,128 -346 18,782 40,236 -376 39,860

Sales and distribution expenses -12,135 12,135 - -10,993 10,993 - -23,128 23,128 -

Distribution expenses - -4,371 -4,371 - -4,098 -4,098 - -8,469 -8,469

Sales and marketing expenses - -7,629 -7,629 - -7,203 -7,203 - -14,832 -14,832

Administrative expenses -2,483 -868 -3,351 -2,478 -498 -2,976 -4,961 -1,366 -6,327

Other operating activities, net 112 -112 - 437 -437 - 549 -549 -

Share of profit of associates 362 -362 - 298 -298 - 660 -660 -

Operating profit 6,964 -1,237 5,727 6,392 -1,887 4,505 13,356 -3,124 10,232

Special items, net -541 541 - -1,385 1,385 - -1,926 1,926 -

Share of profit of associates - 315 315 - 307 307 - 622 622

Other investing income and expenses - 228 228 - 255 255 - 483 483

Profit before financing and income taxes - -153 6,270 - 60 5,067 - -93 11,337

Financial income 484 -484 - 652 -652 - 1,136 -1,136 -

Financial expenses -1,694 1,694 - -1,822 1,822 - -3,516 3,516 -

Financing income and expenses - -1,057 -1,057 - -1,267 -1,267 - -2,324 -2,324

Profit before income taxes 5,213 - 5,213 3,837 -37 3,800 9,050 -37 9,013

Income taxes -1,194 - -1,194 -878 37 -841 -2,072 37 -2,035

Profit for the period 4,019 - 4,019 2,959 - 2,959 6,978 - 6,978

Attributable to

Non-controlling interests 658 - 658 365 - 365 1,023 - 1,023

Shareholders in Carlsberg A/S (net profit) 3,361 - 3,361 2,594 - 2,594 5,955 - 5,955

DKK

Earnings per share of DKK 20 (EPS) 25.4 - 25.4 19.7 - 19.7 45.1 - 45.1

Diluted earnings per share of DKK 20 (EPS-D) 25.4 - 25.4 19.5 - 19.5 44.9 - 44.9

Carlsberg Group H1 2026 Financial Statement

Company announcement 9/2026

19 August 2026

Page 35 of 36

www.carlsberggroup.com

Statement of cash flows

H1 2025 H2 2025 2025

DKK million IAS 1 Changes IFRS 18 IAS 1 Changes IFRS 18 IAS 1 Changes IFRS 18

Operating profit 6,964 -1,237 5,727 6,392 -1,887 4,505 13,356 -3,124 10,232

Depreciation, amortisation and impairments 2,757 10 2,767 2,671 508 3,179 5,428 518 5,946

Operating profit before depreciation, amortisation and impairments 9,721 -1,227 8,494 9,063 -1,379 7,684 18,784 -2,606 16,178

Other non-cash items -309 619 310 -263 356 93 -572 975 403

Change in trade working capital -838 85 -753 1,568 59 1,627 730 144 874

Change in other working capital -659 -303 -962 -634 362 -272 -1,293 59 -1,234

Restructuring costs paid -701 484 -217 -680 883 203 -1,381 1,367 -14

Interest etc. received 185 -185 - 156 -156 - 341 -341 -

Interest etc. paid -770 770 - -902 902 - -1,672 1,672 -

Income taxes paid -1,319 - -1,319 -1,187 37 -1,150 -2,506 37 -2,469

Cash flow from operating activities 5,310 243 5,553 7,121 1,064 8,185 12,431 1,307 13,738

Acquisition of property, plant and equipment -2,516 - -2,516 -2,408 - -2,408 -4,924 - -4,924

Acquisition of intangible assets -197 - -197 -471 - -471 -668 - -668

Disposal of property, plant and equipment and intangible assets 78 - 78 28 - 28 106 - 106

Change in on-trade loans -6 6 - 72 -72 - 66 -66 -

Total operational investments -2,641 6 -2,635 -2,779 -72 -2,851 -5,420 -66 -5,486

Free operating cash flow 2,669 249 2,918 4,342 992 5,334 7,011 1,241 8,252

Acquisition of subsidiaries -29,181 - -29,181 -240 - -240 -29,421 - -29,421

Acquisition of associates -5 - -5 -10 - -10 -15 - -15

Disposal of associates 161 - 161 22 - 22 183 - 183

Change in financial investments -634 - -634 658 - 658 24 - 24

Change in financial receivables -31 36 5 -30 76 46 -61 112 51

Interest received - 183 183 - 155 155 - 338 338

Dividends received 326 - 326 286 - 286 612 - 612

Total financial investments -29,364 219 -29,145 686 231 917 -28,678 450 -28,228

Cash flow from investing activities -32,005 225 -31,780 -2,093 159 -1,934 -34,098 384 -33,714

Free cash flow -26,695 468 -26,227 5,028 1,223 6,251 -21,667 1,691 -19,976

Shareholders in Carlsberg A/S -3,569 - -3,569 -4 - -4 -3,573 - -3,573

Non-controlling interests -532 - -532 -332 - -332 -864 - -864

External financing 28,709 -468 28,241 -3,962 -1,223 -5,185 24,747 -1,691 23,056

Cash flow from financing activities 24,608 -468 24,140 -4,298 -1,223 -5,521 20,310 -1,691 18,619

Net cash flow -2,087 - -2,087 730 - 730 -1,357 - -1,357

Cash and cash equivalents at beginning of period 11,510 - 11,510 8,876 - 8,876 11,510 - 11,510

Foreign exchange adjustment of cash and cash equivalents -547 - -547 -55 - -55 -602 - -602

Cash and cash equivalents at period-end 8,876 - 8,876 9,551 - 9,551 9,551 - 9,551

Carlsberg Group H1 2026 Financial Statement

Company announcement 9/2026

19 August 2026

Page 36 of 36

www.carlsberggroup.com

In addition to the changes to the income statement and

statement of cash flows, a few minor adjustments have been

made to the statement of financial position:

• Goodwill has been separated from intangible assets and is

presented as a separate line item. For FY 2025, goodwill

amounted to DKK 59,324m.

• On-trade loans have been reclassified from trade receivables

to other receivables. For FY 2025, current on-trade loans

amounted to DKK 266m.