Carlsberg As Class A · OMXCOP:CARL_A
Carlsberg As Class A — Carlsberg As Shs A — H1 2025 Earnings Presentation
12 slides from Carlsberg As Class A's earnings presentation, Aug 14, 2025
Slide 1: H1 2025 Financial Statement
H1 2025 FINANCIAL STATEMENT 1
Slide 2: Disclaimer
H1 2025 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: Strong reported volume and revenue growth
H1 2025 FINANCIAL STATEMENT Strong reported volume and revenue growth REPORTED ORGANIC TOTAL VOLUMES Excluding San Miguel, organic development -0.4% +16.0% -1.7% REVENUE/HL +1% REVENUE Excluding San Miguel, organic growth +1.3% +18.2% -0.3% OPERATING PROFIT +15.1% +2.3% 3
Slide 4: Good progress for growth categories and international brands
H1 2025 FINANCIAL STATEMENT Good progress for growth categories and international brands +5% +2% 0% PREMIUM1 +5% +15% AFB +7% SOFT DRINKS2 0% Western Europe2 +6% BEYOND BEER -1% ¹ Excluding impact from San Miguel 2 Organic growth 4
Slide 5: Britvic integration on track
H1 2025 FINANCIAL STATEMENT Britvic integration on track INTEGRATION AND SYNERGIES • Integration and synergy realisation on-going and progressing according to plans BUSINESS PERFORMANCE • Good growth of key brands such as Pepsi Max, Tango and Jimmy’s • UK organic volume growth +1%, Ireland +2% • Tot
Slide 6: Western Europe
H1 2025 FINANCIAL STATEMENT Western Europe ORGANIC EXCL. REPORTED ORGANIC SAN MIGUEL UK TOTAL VOLUME +44.6% -1.7% +2.4% • HSD volume growth (excl. San Miguel) • Solid market share improvement THE NORDICS REVENUE/HL +1% • LSD volume growth • Growth for soft drinks, premium beer and AFB offsetting dec
Slide 7: Asia
H1 2025 FINANCIAL STATEMENT Asia TOTAL VOLUMES1 -2.8% CHINA • 1% volume growth driven by premium portfolio and Big REVENUE/HL1 City growth • Flat market share +1% LAOS • MSD volume decline with all beverages categories REVENUE1 impacted by weak macroeconomy -1.9% VIETNAM • DD volume decline, impacte
Slide 8: Central & Eastern Europe and India (CEEI)
H1 2025 FINANCIAL STATEMENT Central & Eastern Europe and India (CEEI) TOTAL VOLUMES INDIA +9.5%1 0%2 • DD volume growth • Continued market share gains REVENUE/HL2 UKRAINE +3% • Market impacted by the intensification of the war • MSD volume decline, but with good growth for premium REVENUE KAZAKHSTAN
Slide 9: Key financials (1)
H1 2025 FINANCIAL STATEMENT Key financials (1) REVENUE OPERATING ADJUSTED PROFIT EPS +18.2%¹ +15.1%¹ +4.7% -0.3%2 +2.3%2 H1 H1 H1 DKK 45.9bn DKK 7.2bn DKK 30.4 2025¹ 2025¹ 2025¹ H1 H1 H1 DKK 38.8bn DKK 6.3bn DKK 29.1 2024¹ 2024¹ 2024¹ • Growth impacted by Britvic and the loss of • Cost of sales/hl f
Slide 10: Key financials (2)
H1 2025 FINANCIAL STATEMENT Key financials (2) FREE OPERATING NIBD/ ROIC CASH FLOW EBITDA DKK 2.7bn 3.46x 11.5% H1 H1 H1 DKK 2.7bn 3.46x 11.5% 2025 2025¹ 2025 H1 H1 H1 DKK 3.6bn 1.65x 14.2% 2024 2024 2024 • Reported EBITDA +15.9%; organic EBITDA • Net interest-bearing debt DKK 64.6bn • The impact of
Slide 11: 2025 earnings expectations narrowed towards the upper end
H1 2025 FINANCIAL STATEMENT 2025 earnings expectations narrowed towards the upper end Organic operating profit growth of 3-5%1 (previously 1-5%) BRITVIC • Assumed operating profit contribution of GBP 250m unchanged KEY ASSUMPTIONS • Translation impact on operating profit: around DKK -200m (unchanged
Slide 12: Q&A
H1 2025 FINANCIAL STATEMENT Q&A 12