Carlsberg Group (CARL) AGM 2026 summary

Opening remarks and agenda

• AGM convened with proper notice and quorum, chaired by Anders Stubbe Arndal; all board and employee-elected members were present.

• Agenda covered annual report approval, board discharges, profit distribution, remuneration, board elections, auditor appointment and authorizations.

Financial performance review

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

• Adjusted operating profit was DKK 14 billion, up 22.7%; adjusted net profit was DKK 8 billion, up 11%.

• Free cash flow was DKK 7 billion; net interest-bearing debt was DKK 61.6 billion and EBITDA gearing was 3.28, above target, with a target to return to range by end-2027.

• Annual Report 2025 approved by shareholders.

Board and executive committee updates

• Henrik Poulsen, Majken Schultz, Magdi Batato, Lilian Fossum Biner, Bob Kunze-Concewitz, Winnie Ma, Jens Hjorth and Punita Lal were re-elected; Henrik Poulsen was elected Chair and Majken Schultz Deputy Chair.

• Board composition highlighted equal gender representation, diversity and international experience.

• Board remuneration rose 3% to DKK 502,000, with no incentive pay for board members; minor committee fee increases were proposed.

• Amended executive remuneration policy permits a CEO bonus of up to 150% of salary.