Carlsberg A/S

On a CPM basis, revenue was DKK 47.1 billion, up 2.7% organically, with a 1.2% acquisition contribution and a 1.3% FX headwind. Organic operating profit grew 5.9% and operating margin improved 30 bps to 15.8%; gross margin was 45.7%, and gross profit grew 1.8% organically. Net profit rose 6% to DKK 4.3 billion and EPS rose 6% to DKK 32.4. Free operating cash flow was DKK 3.7 billion, up DKK 776 million, and net interest-bearing debt to EBITDA fell from 3.9x to 3.0x. For 2026, Carlsberg now expects organic operating profit growth of 4% to 6% versus 2% to 6% previously, net finance costs excluding FX of around DKK 1.8 billion, CapEx of DKK 6 billion to DKK 7 billion, and a tax rate of 23%.

Jacob Aarup-Andersen framed the quarter as evidence that the portfolio shift toward a multi-beverage company is working, with solid growth across beer, soft drinks and growth categories. He repeatedly emphasized that Britvic is already improving revenue, profit, margins and ROIC, while Pepsi partnerships and the Sapporo deal expand the business into higher-growth markets and categories. His tone was confident and constructive, but he was careful to stress disciplined capital allocation and value creation rather than growth for its own sake.

Ulrica Fearn focused on the CPM reporting changes under IFRS 18 and then walked through the financials: revenue of DKK 47.1 billion, gross margin of 45.7%, operating margin of 15.8%, net profit of DKK 4.3 billion and EPS of DKK 32.4. She highlighted free operating cash flow of DKK 3.7 billion, working capital outflow of minus DKK 859 million, CapEx of DKK 3.6 billion, and leverage improvement to 3.0x net debt/EBITDA, supported by EUR 1.8 billion of hybrid bonds. On outlook, she said synergies are running ahead of plan, with about 80% of total Britvic synergies now expected by year-end, net finance costs excluding FX lowered to around DKK 1.8 billion, and CapEx and tax guidance unchanged.

Analysts pressed on China, asking how much of the Q2 weakness was weather versus demand, what distributor inventories look like, and whether Q3 would remain soft. Management said the weather hit was severe, especially in some strongholds, that distributor stocks are higher than expected because of weak sell-out, and that Q3 in China should be soft; they did not give a specific volume guide, but said the issue is temporary and not structural. Questions also focused on H2 guidance, Britvic synergies, European beer demand, and 2027 costs; management said H2 will not get major support from Kazakhstan profitability or COGS, while Britvic synergies are running ahead of plan, Western Europe remains constructive, and 2027 cost inflation is hard to pin down but should be above 2026 and well below the 2022-2023 cost push.