Carlsberg Group (CARL) Q3 2026 earnings summary

Executive summary

• Q3 organic revenue grew 3.0% and reported revenue rose 4.9% to DKK 25,281m; organic volume increased 0.3% and revenue/hl rose 3%.

• Growth-category volumes increased 5%; performance was strong in CEE&I, while Asia declined, led by China.

• FY2026 organic operating profit growth guidance remained 4–6% on the 2025 CPM base of DKK 13,686m.

Financial highlights

• Revenue growth comprised 3.0% organic growth, 1.8% positive currency impact and 0.1% acquisition impact.

• Revenue/hl rose 3%, with positive price and mix in Western Europe (+2%), Asia (+2%) and CEE&I (+4%).

• Soft drinks and other beverages grew 8.5%; soft drinks volumes increased 9%, alcohol-free brews 11%, Beyond Beer 3% and Pepsi 18%.

• Premium beer volumes excluding China grew mid-single digits, while total premium beer volumes declined 3%.

Outlook and guidance

• FY2026 organic operating profit growth guidance remained 4–6% on the 2025 CPM operating profit base of DKK 13,686m.

• At 28 October spot rates, the expected 2026 operating profit translation impact was DKK +100m, versus no impact previously.

• Guidance assumptions include net finance costs excluding FX of DKK 1.8bn, a reported tax rate of 23% and CapEx of DKK 6–7bn.

• 2027 COGS and logistics costs are expected to rise versus 2026, with inflation below 2022–23 levels; efficiencies and pricing are intended to protect margins.