Carlsberg Group (CARL) Corporate presentation summary

Group performance and financial highlights

• Achieved total volumes of 148.0 million hl, up 17.7%, and revenue of DKK 89.1bn, up 18.8%.

• Operating profit reached DKK 14.0bn, a 22.7% increase, with free operating cash flow at DKK 7.0bn.

• Net interest-bearing debt stood at DKK 61.6bn at year-end 2025.

• Adjusted EPS rose to DKK 61.0, and dividend per share increased to DKK 29.0.

• Shareholder cash returns grew, with share buy-backs to resume when leverage target is met.

Strategic direction and portfolio

• Focus on accelerating premium beer, alcohol-free brews, and expanding soft drinks and Beyond Beer.

• Growth prioritized in Asia, strongholds, and high-potential markets.

• Execution excellence driven by digital transformation, supply chain management, and innovation.

• ESG progress includes 8% emissions reduction, 51% recycled packaging, and 31% no/low-alcohol brews.

• Ambition to build a consumer-centric, diversified beverage portfolio for accelerated growth.

Soft drinks expansion and Britvic acquisition

• Soft drinks now represent 30% of group volumes and revenue, with proven market success.

• Britvic acquisition expected to deliver GBP 110m in cost synergies by October 2025.

• Operating profit contribution from Britvic projected at GBP 253m in 2025.

• Expanded PepsiCo partnership to cover nine markets from 2026.

• Soft drinks and beer create value chain synergies, reducing costs and driving revenue.