Carlsberg Group (CARL) investor relations material

Opening remarks and agenda

• AGM chaired by Anders Stubbe Arndal, with all board and employee-elected members present; agenda and proposals were made available in advance, and the meeting was lawfully convened with 93% of votes represented.

Financial performance review

• Revenue reached DKK 89.1 billion, up 19% year-on-year, driven by the Britvic acquisition.

• Operating profit (adjusted for Britvic amortizations) was DKK 14 billion, up 22.7%; net profit (adjusted) was DKK 8 billion, up 11%.

• Free cash flow was DKK 7 billion; net interest-bearing debt rose to DKK 61.6 billion due to Britvic.

• Special items totaled DKK 1.9 billion, mainly from Britvic integration and restructuring.

• EBITDA gearing reached 3.28, above the 2.5 target, with a plan to return to target by end of 2027.

Strategic initiatives and plans

• Major acquisition of Britvic, expanding into soft drinks and strengthening the Pepsi partnership, with cost synergies raised to GBP 110 million.

• Launched updated sustainability program, Brewing Tomorrow, with ambitious targets for CO2, water, packaging, and regenerative agriculture.

• Focus on premium, non-alcoholic, and soft drink categories, with strong growth in India, the UK, and Central Asia.

• Continued investment in Ukraine and exit from Russia finalized in 2024.