Carlsberg Group (CARL) Q1 2026 earnings summary

Executive summary

• Achieved a strong start to 2026 with 2.8% organic volume growth and 3.6% organic revenue growth, supported by all regions and robust performance in premium beer, soft drinks, and alcohol-free brews.

• Reported revenue up 3.0% to DKK 20.7bn, with reported volume up 5.3% to 35.1m hl.

• Growth categories delivered 7% aggregate growth year-over-year.

• Confirmed full-year earnings guidance and announced a major expansion of the PepsiCo partnership, taking over franchises in Denmark, Finland, and the Baltics from 2029.

• Positive revenue per hectoliter in all regions, driven by price and mix improvements.

Financial highlights

• Organic revenue grew 3.6% year-over-year; reported revenue up 3.0% as positive acquisition impact from Britvic (+2.7%) was offset by -3.3% currency headwinds.

• Revenue per hectoliter improved by 1% across all regions.

• Western Europe: 1.2% organic volume growth, 1.5% organic revenue growth, 5.6% reported revenue growth (Britvic acquisition +4.6%).

• Asia: 3.4% organic volume growth, 4.4% organic revenue growth, but -1.9% reported revenue due to -6.3% currency impact.

• Central & Eastern Europe and India: 4.6% organic volume growth, 8.1% organic revenue growth, 3.1% reported revenue growth (currency headwinds).

Outlook and guidance

• Maintains full-year guidance of 2%-6% organic operating profit growth on 2025 base of DKK 13,996m.

• Expects flat cost of sales per hectoliter for the group, with regional variations.

• No expected currency translation impact for 2026; financial expenses (ex-FX) expected at DKK 2.2bn, effective tax rate ~23%, CapEx DKK 6-7bn.