Carlsberg As Class A · OMXCOP:CARL_A
Carlsberg As Class A — Carlsberg As Shs A — Q1 2026 Earnings Presentation
13 slides from Carlsberg As Class A's earnings presentation, Apr 29, 2026
Slide 1: Q1 2026 Trading Statement
Q1 2026 TRADING STATEMENT 1
Slide 2: Disclaimer
Q1 2026 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: A good start to the year
Q1 2026 TRADING STATEMENT A good start to the year Organic growth VOLUMES • Growth categories1 +7% +2.8% REVENUE/HL • Positive in all three regions +1% • Positive impact from price and mix REVENUE • Reported change +3.0% +3.6% • Acquisition impact +2.7% • Currency impact -3.3% 1 Premium beer, soft d
Slide 4: Good progress for growth categories and international brands
Q1 2026 TRADING STATEMENT Good progress for growth categories and international brands Organic growth +10% +4% +2% PREMIUM +3% SOFT DRINKS +10% AFB +7% BEYOND BEER -2% 4
Slide 5: Expanding strategic partnership with PepsiCo in the Nordics and Baltics
Q1 2026 TRADING STATEMENT Expanding strategic partnership with PepsiCo in the Nordics and Baltics • Expanding our Pepsi markets from 1/1/2029 CURRENT PEPSI MARKETS • Denmark • Finland • Latvia • Estonia • Lithuania • Solidifying longstanding strategic partnership • Growth prospects and value creatio
Slide 6: Cutting carbon, protecting nature, inspiring choice, empowering people
Q1 2026 TRADING STATEMENT 6 CUTTING PROTECTING INSPIRING EMPOWERING CARBON NATURE CHOICE PEOPLE Reducing emissions & Safeguarding & restoring the Innovating & enabling Creating a safe, respectful building climate ecosystems that sustain us informed & mindful & inclusive growth culture resilience con
Slide 7: Updated and approved Science Based Targets; decarbonization roadmap towards 2032
Q1 2026 TRADING STATEMENT Updated and approved Science Based Targets; decarbonization roadmap towards 2032, outlined in our Climate Transition Plan 7
Slide 8: Western Europe slightly up
Q1 2026 TRADING STATEMENT WESTERN EUROPE Organic growth TOTAL VOLUME +1.2% UK GROWTH CATEGORIES1 +5% • Strong growth ahead of market in both soft drinks and beer • MSD volume growth of soft drinks supported by good results for Pepsi portfolio REVENUE/HL slightly up THE NORDICS • HSD volume growth su
Slide 9: Asia
Q1 2026 TRADING STATEMENT ASIA Organic growth TOTAL VOLUME +3.4% CHINA GROWTH CATEGORIES1 +6% • Growth for premium, driven by Carlsberg, Tuborg and WFSM and supported by Big Cities • Modest overall growth impacted by lower mainstream volume due REVENUE/HL +1% to soft economic environment and tough c
Slide 10: Central & Eastern Europe and India
Q1 2026 TRADING STATEMENT CENTRAL & EASTERN EUROPE AND INDIA Organic growth TOTAL VOLUME +4.6% INDIA GROWTH CATEGORIES1 +14% • Double-digit volume growth • Strong growth of Tuborg Strong and Carlsberg Elephant REVENUE/HL +3% NEPAL • Strong volume growth supported by the local Gorkha brand and Tuborg
Slide 11: Middle East conflict
Q1 2026 TRADING STATEMENT Middle East conflict • No significant impact from the conflict in the Middle East at this time • Considerable experience in successfully mitigating impact from uncertainty and substantial changes in operating environment • COVID-19, war in Ukraine, high inflation • Monitori
Slide 12: Confirming 2026 earnings expectations
Q1 2026 TRADING STATEMENT Confirming 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: no impact, based on the spot rates at 28 April • Net finance costs (excluding FX): DKK 2.2bn • Reported e
Slide 13: Q&A
Q1 2026 TRADING STATEMENT Q&A 13