Carlsberg As Class A · OMXCOP:CARL_A
Carlsberg As Class A — Carlsberg As Shs A — Q3 2025 Earnings Presentation
10 slides from Carlsberg As Class A's earnings presentation, Oct 30, 2025
Slide 1: Q3 2025 Trading Statement
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Slide 2: Disclaimer
Q3 2025 TRADING 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 respect
Slide 3: Strong reported growth
Q3 2025 TRADING STATEMENT Strong reported growth Organic results impacted by San Miguel1, soft consumer sentiment and war REVENUE +17.8% -1.4% +0.2% Reported Organic Organic, excl. San Miguel TOTAL VOLUMES +16.2% -3.0% -1.7% Reported Organic Organic, excl. San Miguel REVENUE/HL +2% Organic 1 Loss of
Slide 4: Good progress for growth categories and international brands
Q3 2025 TRADING STATEMENT Good progress for growth categories and international brands +3% +2% +6% Share of volume1 Volume growth Q3 28% SOFT DRINKS +4% 17% PREMIUM +5%2 3% AFB +6% /-2% 3 2% BEYOND BEER -10% ¹ YTD Q3 2025. 2 Excluding the impact from San Miguel in the UK. 3 Excluding Ukraine. 4
Slide 5: Britvic integration continuing, with progress according to plan
Q3 2025 TRADING STATEMENT Britvic integration continuing, with progress according to plan INTEGRATION AND SYNERGIES • GBP 110m cost synergy expectation (increased from GBP 100m on 1 October) • Integration and synergy realisation progressing according to plans BUSINESS PERFORMANCE • 4% volume growth
Slide 6: Western Europe
Q3 2025 TRADING STATEMENT WESTERN EUROPE ORGANIC REPORTED ORGANIC EXCL. GROWTH GROWTH SAN MIGUEL TOTAL UK (ORGANIC BUSINESS) VOLUME +48.0% -2.6% +1.3% • DD growth for the Carlsberg brand • Very strong growth for premium portfolio, excl. San Miguel REVENUE/ • Market share improvement in both on- and
Slide 7: Asia
Q3 2025 TRADING STATEMENT ASIA REPORTED ORGANIC GROWTH GROWTH TOTAL CHINA VOLUME -1.2% -1.2% • Market share improvement • Flat overall volumes in declining market (-2%) REVENUE/ • • Continued premium growth in Big Cities Revenue/hl slightly up, positive impact from product mix partly HL +1% offset b
Slide 8: Central & Eastern Europe and India
Q3 2025 TRADING STATEMENT CENTRAL & EASTERN EUROPE AND INDIA REPORTED GROWTH ORGANIC GROWTH TOTAL INDIA VOLUME +2.5% -5.2% • Volumes impacted by monsoon • Growth resuming at the end of the quarter • Continued market share gains REVENUE/ HL +3% UKRAINE • Market impacted by the escalation of the war •
Slide 9: 2025 earnings expectations unchanged
Q3 2025 TRADING STATEMENT 2025 earnings expectations unchanged Organic operating profit growth of 3-5%1 BRITVIC • Operating profit contribution of GBP 250m KEY ASSUMPTIONS • Translation impact on operating profit: around DKK -200m (unchanged), based on the spot rates at 29 October, excluding impact
Slide 10: Q3 2025 Trading Statement Q&A
Q3 2025 TRADING STATEMENT Q&A 10