Carlsberg A/S
CSE:CARL B
Carlsberg A/S
Nestled in the heart of Copenhagen since 1847, Carlsberg A/S has traversed a storied path from its humble beginnings as a local brewery to becoming one of the globe's leading brewing enterprises. Founded by J.C. Jacobsen, the company's quest was not merely about producing beer but crafting a legacy of passion, precision, and innovation. Guided by a scientific approach to brewing, Carlsberg pioneered advancements that altered the industry's trajectory—including the development of purified yeast in the late 19th century. This relentless drive for excellence and modernization propelled Carlsberg beyond Danish borders, carving its name into the international scene.
Today, Carlsberg continues to operate with a dynamic blend of tradition and modern business acumen. Its portfolio boasts well-known brands such as Tuborg and Kronenbourg, alongside its flagship Carlsberg beer. The company generates revenue predominantly through the production, distribution, and marketing of a diverse range of beer and beverage offerings. With strategic acquisitions and the expansion of its operations into emerging markets across Asia and Eastern Europe, Carlsberg leverages its global distribution network to penetrate competitive beer markets. In balancing cost management with sustainable practices, Carlsberg has carved a unique niche, aligning its business operations with the growing demand for environmentally responsible and high-quality beverages. Through these thoughtful strategies, Carlsberg maintains its venerable status in the ever-competitive brewing industry.
Revenue Growth: Carlsberg delivered strong revenue growth of 11%, mainly driven by higher pricing and premium brand expansion, especially in Asia.
Profit & Margins: Organic operating profit grew by 5.2% despite significant cost pressures, though both gross margin and operating margin declined by 160 basis points.
Upgraded Outlook: Management raised full-year organic operating profit growth guidance to 4–7%, up from the previous -2% to 5%, reflecting strong year-to-date performance.
Shareholder Returns: Initiated a second DKK 1 billion share buyback program and maintained a dividend payout ratio near 50%.
Cost Environment: Input, energy, and salary costs remain high, with COGS per hectoliter up 13%; management expects cost pressure to persist in H2.
Strategic Progress: Continued investment in premiumization, brand marketing, and expansion in Asia; new strategy SAIL'27 off to a solid start.
Russia Update: Unexpected Russian state intervention in Baltika Breweries will lead to deconsolidation and a large non-cash write-down, but no equity impact.
CEO Transition: Cees ’t Hart reflected on achievements and is handing over to Jacob Aarup-Andersen as new CEO from September.
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