Carlsberg As Class A · OMXCOP:CARL_A
Carlsberg As Class A — Carlsberg As Shs A — FY 2025 Earnings Presentation
16 slides from Carlsberg As Class A's earnings presentation, Feb 5, 2026
Slide 1: 2025 Financial Statement Presentation
2025 FINANCIAL STATEMENT PRESENTATION 1
Slide 2: Forward-looking statements
FY 2025 FINANCIAL STATEMENT PRESENTATION 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 res
Slide 3: Reporting according to Management-defined Performance Measures (MPM)
FY 2025 FINANCIAL STATEMENT PRESENTATION Reporting according to Management-defined Performance Measures (MPM) DEFINITIONS APPLIED IN 2025 REPORTING ORGANIC Development excluding the impact of acquisitions, currencies and amortisation of intangible assets recognised in purchase price allocation (PPA)
Slide 4: Management-defined Performance Measurements (MPM) reconciliation
FY 2025 FINANCIAL STATEMENT PRESENTATION Management-defined Performance Measurements (MPM) reconciliation DKK million 2025 2024 MPM Reported adjustments1 MPM Reported Gross profit 40,236 66 40,302 34,380 Operating profit 13,356 640 13,996 11,411 Special items -1,926 -640 -2,566 -519 Shareholders in
Slide 5: Strong reported volume and revenue growth
FY 2025 FINANCIAL STATEMENT PRESENTATION Strong reported volume and revenue growth REVENUE +18.8% -0.6% +1.1% Reported Organic Organic, excl. San Miguel1 TOTAL VOLUMES +17.7% -2.0% -0.6% Reported Organic Organic, excl. San Miguel1 REVENUE/HL +1.4% Organic OPERATING PROFIT +22.7% +5.0% MPM Organic 1
Slide 6: Continued progress on Accelerate SAIL
FY 2025 FINANCIAL STATEMENT PRESENTATION Continued progress on Accelerate SAIL DRIVING PORETTI UEFA DEVELOPING IN THE UK SPONSORSHIP DIGITAL AND COMMERCIAL EXECUTION KAZAKHSTAN & 1-LITRE ADVANCING ESG KYRGYZSTAN CANS IN CHINA 6
Slide 7: Good progress for growth categories and international brands
FY 2025 FINANCIAL STATEMENT PRESENTATION Good progress for growth categories and international brands Growth Share of total +4% +2% +2% +5% PREMIUM1 +5% 16% SOFT DRINKS2 3% 30% Western Europe2 +5% AFB +4% 3% BEYOND BEER -4% 2% ¹ Excluding impact from San Miguel 2 Organic growth 7
Slide 8: Britvic: strong delivery and cost synergies ahead of plan
FY 2025 FINANCIAL STATEMENT PRESENTATION Britvic: strong delivery and cost synergies ahead of plan INTEGRATION AND SYNERGIES • GBP 110m cost synergy expectation (increased from GBP 100m on 1 October) PEPSI UK • Integration and synergy realisation ahead of plans • Synergy achievement in 2025: ~30% of
Slide 9: Western Europe
FY 2025 FINANCIAL STATEMENT PRESENTATION WESTERN EUROPE REPORTED ORGANIC ORGANIC EXCL. GROWTH GROWTH SAN MIGUEL Total volume +46.7% -2.8% +1.3% UK (organic business) • HSD volume growth (excl. San Miguel) Revenue/hl +1.1% • Strong growth for premium portfolio • Market share improvement in both on- a
Slide 10: Asia
FY 2025 FINANCIAL STATEMENT PRESENTATION ASIA REPORTED ORGANIC GROWTH GROWTH Total volume -2.4% -2.4% CHINA • +1% volume growth in a declining market Revenue/hl +1.3% • Continued growth in premium and Big Cities • Solid growth of key brands: Carlsberg, Tuborg and WFSM Revenue -5.8% -1.2% LAOS Operat
Slide 11: Central & Eastern Europe and India
FY 2025 FINANCIAL STATEMENT PRESENTATION CENTRAL & EASTERN REPORTED ORGANIC EUROPE AND INDIA GROWTH GROWTH Total volume +8.6% -0.6% INDIA • HSD volume growth Revenue/hl +3.3% • Continued market share gains • Good growth of Carlsberg Elephant and Tuborg Strong Revenue +10.4% +2.7% UKRAINE Operating p
Slide 12: Key financials (1/2)
FY 2025 FINANCIAL STATEMENT PRESENTATION Key financials (1/2) REVENUE OPERATING ADJUSTED PROFIT (MPM) EPS (MPM)2 +18.8% +22.7% +11.1% -0.6%1 +5.0%1 2025 DKK 89.1bn 2025 DKK 14.0bn 2025 DKK 61.0 2024 DKK 75.0bn 2024 DKK 11.4bn 2024 DKK 54.9 • Reported growth significantly • Cost of sales/hl1 +1% • Sp
Slide 13: Key financials (2/2)
FY 2025 FINANCIAL STATEMENT PRESENTATION Key financials (2/2) FREE OPERATING NIBD/ ROIC (MPM) CASH FLOW EBITDA DKK 7.0bn 3.28x 10.8% 2025 DKK 7.0bn 2025 3.28x 2025 10.8% 2024 DKK 6.4bn 2024 1.73x 2024 13.8% • Organic EBITDA +3.0%; reported • Net interest-bearing debt • Impacted by Britvic EBITDA +19
Slide 14: Strong growth in dividends
FY 2025 FINANCIAL STATEMENT PRESENTATION Strong growth in dividends Dividend per share 29.0 27.0 27.0 27.0 24.0 21.0 22.0 18.0 16.0 9.0 10.0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Adj. earnings per share (MPM) (DKK) 61.0 55.7 54.6 54.9 43.6 44.9 41.0 35.2 32.3 28.1 25.4 2015 2016 201
Slide 15: 2026 earnings expectations
FY 2025 FINANCIAL STATEMENT PRESENTATION 2026 earnings expectations Organic growth of 2-6% on the 2025 operating profit (MPM) of DKK 13,996m KEY ASSUMPTIONS • Translation impact on operating profit: around DKK -100m, based on the spot rates at 3 February • Net finance costs (excluding FX): DKK 2.2bn
Slide 16: Q&A
FY 2025 FINANCIAL STATEMENT PRESENTATION Q&A 16