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Carlsberg Group (CARL) investor relations material
Carlsberg Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Reported revenue grew 17.8% year-over-year to DKK 24.1 billion, mainly driven by the Britvic acquisition and Gorkha Brewery consolidation, while organic revenue declined 1.4% due to the loss of San Miguel, soft consumer sentiment, and the Ukraine war.
Reported volume growth was 16.2%, with organic volume down 3.0%; excluding San Miguel, organic volume was down 1.7%.
Premium and international brands, including Tuborg and 1664, posted strong growth, offsetting declines in mainstream beer.
Britvic integration is progressing well, with expected cost synergies raised to GBP 110 million.
Full-year earnings guidance and 2025 organic operating profit growth of 3-5% are maintained, with cost actions supporting continued investment.
Financial highlights
Q3 reported revenue reached DKK 24,139 million, up 17.8% year-over-year; organic revenue per hectoliter increased 2% across all regions, driven by price increases and product mix.
Britvic contributed 21.5% to reported revenue growth.
Western Europe reported revenue up 37.2%, Asia down 5.7%, CEEI up 3.1%.
Total beverage volumes rose 16.2% to 40.6m hl, with organic volumes down 3.0%.
Premium and soft drinks categories showed organic growth, while alcohol-free brews and Beyond Beer declined.
Outlook and guidance
Organic operating profit growth expected at 3-5% for 2025, including a 2-3 percentage point negative impact from San Miguel.
Britvic is expected to contribute GBP 250 million in operating profit.
Currency impact on operating profit estimated at DKK -200 million; net financial expenses (ex-FX) at DKK 2.4 billion; tax rate at 23%; CapEx outlook around DKK 7 billion.
Britvic synergy increase: what's next?
Cost base adjustments: specific actions?
Teisseire restructuring: expected impact?
Quantify Britvic integration cash costs for 2025.
Impact of China's anti-extravagance decree on on-trade?
Detail cost base adjustments beyond discretionary spend.
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Next Carlsberg Group earnings date
Q4 20256 Feb, 2026
Next Carlsberg Group earnings date
Q4 20256 Feb, 2026
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Frequently asked questions
Carlsberg A/S operates in the production and sale of beer and other beverage products. The company offers beer, cider, sparkling drinks and water brands. The beverage portfolio includes brands such as: Carlsberg Group, Tuborg, Kronenbourg, Somersby Cider, Grimbergen, Somersby Apple Cider and Safbrew. It also provides hefeweizen beer under the Jacobsen brand; and Carlsberg Radler under the Jacobsen Old Fashioned brand. In addition, it distributes a number of beverages from other breweries like Heineken and Anheuser-Busch InBev.
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