Carlsberg Group (CARL) AGM 2025 summary

Opening remarks and agenda

• AGM convened in accordance with legal and statutory requirements, with 79.4% of share capital and 92.73% of votes represented.

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

• Practical information on meeting logistics, security, and participation was provided.

Financial performance review

• Revenue reached DKK 75 billion, with organic growth of 2.4% and operating profit of DKK 11.4 billion (6% organic growth).

• Net profit for continuing business was DKK 6.9 billion; total net profit including Russia sale was DKK 9.1 billion.

• Earnings per share for continuing business rose 0.6% to DKK 54.9.

• Free cash flow was DKK 9.8 billion; net interest-bearing debt at year-end was DKK 27.4 billion (1.73x EBITDA).

• Share buyback of DKK 2 billion and dividend payout of DKK 3.6 billion, totaling DKK 5.6 billion returned to shareholders.

Board and executive committee updates

• Two new board members proposed: Winnie Ma (Asia expertise) and Jens Hjorth (Carlsberg Foundation).

• Three board members stepped down, recognized for significant contributions.

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