Carlsberg Group (CARL) AGM 2025 summary

Opening remarks and agenda

• AGM convened with 79.4% of share capital and 92.73% of votes represented.

• Agenda covered financial review, dividend, remuneration, board elections, auditor appointment and capital reduction.

• Meeting logistics, security and participation information provided.

Financial performance review

• Revenue reached DKK 75bn, with 2.4% organic growth; operating profit was DKK 11.4bn, up 6% organically.

• Net profit was DKK 6.9bn for continuing business and DKK 9.1bn including the Russia sale; continuing-business EPS rose 0.6% to DKK 54.9.

• Free cash flow was DKK 9.8bn; year-end net interest-bearing debt was DKK 27.4bn, or 1.73x EBITDA.

• DKK 5.6bn returned to shareholders through a DKK 2bn share buyback and DKK 3.6bn dividend.

• 2024 Annual Report approved, with discharge granted to the Supervisory Board and Executive Board.

Board and executive committee updates

• Jens Hjorth and Winnie Ma elected to the Supervisory Board; Henrik Poulsen, Majken Schultz, Magdi Batato, Lilian Fossum Biner, Bob Kunze-Concewitz and Punita Lal re-elected.

• Henrik Poulsen elected Chair and Majken Schultz Deputy Chair; three board members stepped down, recognized for their contributions.

• ExCom strengthened with new competencies in technology, marketing and HR.