Carlsberg As Class A · OMXCOP:CARL_A
Carlsberg As Class A — Carlsberg As Shs A — H1 2026 Earnings Presentation
15 slides from Carlsberg As Class A's earnings presentation, Aug 19, 2026
Slide 1: H1 2026 Financial Statement
H1 2026 FINANCIAL STATEMENT 1
Slide 2: Disclaimer
H1 2026 FINANCIAL STATEMENT Disclaimer FORWARD-LOOKING STATEMENTS This presentation 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 respe
Slide 3: Implementing IFRS 18 and introducing Carlsberg performance measures (CPM)
H1 2026 FINANCIAL STATEMENT Implementing IFRS 18 and introducing Carlsberg performance measures (CPM) IFRS 18 DKK million 2025 Reported Changes 2025 IFRS 18 CPM adjustments 2025 CPM • Implemented by Carlsberg as of 1 January INCOME STATEMENT 2026, mandatory from 2027 Revenue 89,095 - 89,095 - 89,095
Slide 4: Carlsberg performance measures (CPM) bridge
H1 2026 FINANCIAL STATEMENT Carlsberg performance measures (CPM) bridge ADJUSTMENTS Foreign Acquisition, Share of exchange and Amortisation of disposal and H1 2026 profits of fair value intangible assets Integration Impairment ownership H1 2026 DKK million IFRS basis associates adjustments recognise
Slide 5: Solid top-line and earnings growth
H1 2026 FINANCIAL STATEMENT Solid top-line and earnings growth CPM 1 (organic growth) VOLUMES • Growth categories 2 +6% +1.7% REVENUE/HL • Positive in all three regions +1% • Positive impact from price and category mix REVENUE • Growth driven by volume and +2.7% revenue/hl OPERATING PROFIT • Operati
Slide 6: Our volume split – 51% of volumes in our growth categories
H1 2026 FINANCIAL STATEMENT Our volume split – 51% of volumes in our growth categories1 4% 1% 12% Soft drinks 2% 30% Western Europe 54% Asia 30% Premium beer 30% 57% 3% Alcohol-free 9% brews (AFB) 49% GROUP 4% 12% Mainstream beer 13% Beyond Beer 16% CEEI 4% (and other) 3% 67% 1 Soft drinks, premium
Slide 7: Continued progress for growth categories and international brands
H1 2026 FINANCIAL STATEMENT Continued progress for growth categories and international brands Organic growth +17% +6% +3% -1% SOFT DRINKS +9% PREMIUM +1% AFB +11% BEYOND BEER +1% 7
Slide 8: Strengthening our portfolio and positions in growth categories
H1 2026 FINANCIAL STATEMENT Strengthening our portfolio and positions in growth categories Expanding Pepsi markets from 1 January 2029 • Denmark • Finland • Latvia • Estonia • Lithuania Taking over the Pepsi license in Azerbaijan from 1 January 2027 Creating strategic partnership with Sapporo • Esta
Slide 9: Western Europe
H1 2026 FINANCIAL STATEMENT Western Europe CPM, organic growth UK TOTAL VOLUMES +0.1% • Soft drinks up MSD • Pepsi and Pepsi Max outperforming the market in off- and on-trade • Beer volume growth driven by Poretti, 1664 and Mythos, partly GROWTH CATEGORIES1 +4% offset by lower Carlsberg volumes THE
Slide 10: Asia
H1 2026 FINANCIAL STATEMENT Asia CPM, organic growth CHINA TOTAL VOLUMES Flat • Soft beer market exacerbated by severe weather in central and southern part of China impacting consumption and our volumes in Q2 GROWTH CATEGORIES1 +1% • Strong growth for Carlsberg and increasing Tuborg volumes LAOS REV
Slide 11: Central & Eastern Europe and India
H1 2026 FINANCIAL STATEMENT Central & Eastern Europe and India CPM, organic growth INDIA TOTAL VOLUMES +6.2% • Mid-teens volume growth • Strong growth of Carlsberg, Tuborg and 1664 Blanc GROWTH CATEGORIES1 +18% NEPAL • Mid-teen volume growth supported by local mainstream Gorkha brand and internation
Slide 12: Key financials, CPM (1/2)
H1 2026 FINANCIAL STATEMENT Key financials, CPM¹ (1/2) REVENUE OPERATING EPS PROFIT +2.7% 2 +5.9% 2 +6.0% H1 H1 H1 DKK 47.1bn DKK 7.4bn DKK 32.4 2026 2026 2026 H1 H1 H1 DKK 45.9bn DKK 7.1bn DKK 30.6 2025 2025 2025 • Organic growth driven by volume and • Gross profit +1.8%2 • Investing and financing
Slide 13: Key financials, CPM (2/2)
H1 2026 FINANCIAL STATEMENT Key financials, CPM¹ (2/2) FREE OPERATING NIBD/ ROIC CASH FLOW EBITDA DKK +3.7bn 3.0x 10.8% H1 H1 H1 DKK 3.7bn 3.0x 10.8% 2026 2026¹ 2026 H1 H1 H1 DKK 2.9bn 3.9x 11.2% 2025 2025¹ 2025 • Organic EBITDA +5.6%; EBITDA +4.3%, • Net interest-bearing debt DKK 56.8bn • Impacted
Slide 14: Narrowing the range for 2026 earnings expectations
H1 2026 FINANCIAL STATEMENT Narrowing the range for 2026 earnings expectations Organic growth of 4-6% (previously 2-6%) on the 2025 operating profit (CPM) of DKK 13,686m KEY ASSUMPTIONS • No translation impact on operating profit, based on the spot rates at 18 August (unchanged) • Net finance costs
Slide 15: H1 2026 Financial Statement Q&A
H1 2026 FINANCIAL STATEMENT Q&A 15