Carlsberg Group (CARL) Q2 2026 earnings summary

Executive summary

• Achieved solid top-line and earnings growth in H1 2026, with organic revenue up 2.7% and operating profit up 5.9%.

• Britvic synergies are being realized faster than expected, contributing to margin and ROIC improvements.

• Strategic partnerships expanded, including a major joint venture with Sapporo and extended PepsiCo bottling agreements.

• Growth categories (soft drinks, premium beer, alcohol-free brews, Beyond Beer) accounted for 51% of volumes, with soft drinks up 9%, alcohol-free brews up 11%, and premium beer up 1%.

• Implemented IFRS 18 and Carlsberg Performance Measures (CPM) for enhanced reporting alignment.

Financial highlights

• Organic revenue grew 2.7% year-over-year to DKK 47.1 billion, driven by both volume and price/mix.

• Operating profit (CPM) up 5.9% organically to DKK 7.4bn; operating margin expanded by 30 bps to 15.8%.

• Net profit increased 6% to DKK 4.3 billion; EPS up 6% to DKK 32.4.

• Free operating cash flow was DKK 3.7 billion, up from DKK 2.9 billion in H1 2025.

• Net interest-bearing debt to EBITDA reduced from 3.9x to 3.0x.

Outlook and guidance

• Full-year organic operating profit CPM growth expected at 4%-6%, up from previous 2%-6%.

• No material changes assumed in external environment or consumer sentiment for H2.

• CapEx guidance unchanged at DKK 6-7 billion; tax rate assumption at 23%.

• Net finance costs (excl. FX) expected to be around DKK 1.8 billion, lower due to bond redemption and reclassification.

• Britvic synergy delivery for 2026 raised to 50% of GBP 110m, with 80% expected by year-end.