Carlsberg A/S

On a CPM basis, revenue was DKK 47.1 billion, up 2.7% organically, with acquisitions adding 1.2% and FX reducing growth by 1.3%. Organic operating profit grew 5.9% and the operating margin reached 15.8%, up 30 bps; gross margin was 45.7%. Net profit increased 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, capex was DKK 3.6 billion, and net interest-bearing debt to EBITDA improved from 3.9x to 3.0x. For 2026, Carlsberg now expects organic growth in operating profit CPM of 4% to 6% (prior 2% to 6%), 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 half as evidence that the company’s multi-beverage strategy is working, highlighting solid growth across beer and soft drinks, faster-than-expected Britvic synergies, and expanding Pepsi partnerships. He repeatedly emphasized portfolio diversification and said the business has become more resilient, especially as soft drinks now represent a much larger share in Western Europe. His tone was confident and upbeat, but pragmatic, especially when addressing China: he described the weather hit as severe but temporary and said it was not a structural issue for the business.

Ulrica Fearn focused on the reported numbers, noting 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 pointed to free operating cash flow of DKK 3.7 billion, a DKK 859 million improvement in working capital outflow, and capex of DKK 3.6 billion tied to capacity and Pepsi-related investment in Kazakhstan plus expansions in India and Laos. She also highlighted leverage reduction to 3.0x net interest-bearing debt/EBITDA, the EUR 1.8 billion hybrid bond issuance, and lower 2026 net finance costs excluding FX of around DKK 1.8 billion due to bond redemptions and reclassifications.

Analysts focused on China, asking about the weather hit, distributor inventories, competitive pressure, and what H2 guidance assumes; management said Q3 would be soft as inventory works through the system, but stressed the impact is temporary and shared across the industry. Europe questions centered on beer demand, competitiveness, and COGS into 2027; management said Western Europe is seeing a solid start to Q3, with growth driven by soft drinks and stronger premium/alcohol-free beer, while 2027 cost inflation is hard to pin down but would likely be above 2026. Questions on Britvic, Pepsi, and the broader portfolio shift drew a clear answer that synergy momentum is strong, revenue synergies are showing in the U.K., and management is open to more Pepsi deals if they create shareholder value and do not require large new capital commitments.