Carlsberg As Shs A (CABHF) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Ladies and gentlemen, welcome to the Carlsberg FY2025 Financial Statement Conference Call. I am Heli, the conference call operator. I would like to remind you that all the participants will be in listen-only mode and the conference is being recorded. The presentation will be followed by a Q&A session. You can register for questions at any time by pressing star and 1 on your telephone. For operator assistance, please press star and 0. The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Jakob Arup-Andersen, CEO. Please go ahead. Thank you very much, operator, and good morning, everyone, and welcome to Carlsberg's full-year 2025 conference call. As said, my name is Jakob Arup-Andersen. I'm the group CEO, and I have with me our group CFO, Ulrike Föhr, and Vice President, Investor Relations, Peter Kontroth. 2025 has been an eventful year. We executed on major initiatives that will shape the future of Carlsberg, while at the same time we navigated through quite a volatile environment in the year. Let me summarize the key headlines for the year. We closed the BritBic transaction in mid of January. We upgraded synergy expectations and over-delivered on expected 2025 synergies. We delivered good underlying gross margin improvement, and we increased our capability investments across the company. As a consequence, we delivered continued solid profit development. We delivered operating margin improvement and improving cash flow, and delivered at the top end of the guidance range. Finally, we increased adjusted EPS by 11%, and we are increasing dividends by 7% to 29 kroners per share. Before going into the usual presentation, I'm going to hand over to Ulrike, who will go through the changes to our reporting that has and...