Income Statement

Revenue

+27%

+52%

10Y

Currency: DKK

	Dec-2001	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Jun-2005	Sep-2005	Dec-2005	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Jun-2016	Dec-2016	Jun-2017	Dec-2017	Jun-2018	Dec-2018	Jun-2019	Dec-2019	Jun-2020	Dec-2020	Jun-2021	Dec-2021	Jun-2022	Dec-2022	Jun-2023	Dec-2023	Jun-2024	Dec-2024	Jun-2025	Dec-2025
Revenue
Interest Expense	0	0	0	0	0	0	0	0	0	0	0	0	1 168	0	0	1 173	0	0	1 189	0	0	0	1 262	0	0	0	2 635	0	0	0	2 372	0	0	0	2 165	0	0	0	1 935	0	0	0	1 905	0	0	0	1 738	0	0	0	1 427	0	0	0	1 259	0	1 031	424	771	634	569	576	513	454	495	513	508	509	540	611	776	994	1 105	0	2 399
Revenue	34 419 N/A	35 022 +2%	35 701 +2%	35 642 0%	35 544 0%	34 827 -2%	34 318 -1%	34 779 +1%	34 626 0%	34 576 0%	35 376 +2%	35 747 +1%	36 284 +2%	37 056 +2%	37 539 +1%	38 047 +1%	39 479 +4%	59 563 +51%	41 083 -31%	69 197 +68%	62 585 -10%	44 217 -29%	44 750 +1%	45 323 +1%	50 225 +11%	56 238 +12%	59 944 +7%	62 294 +4%	62 376 +0%	60 290 -3%	59 382 -2%	58 569 -1%	58 920 +1%	60 271 +2%	60 054 0%	61 609 +3%	62 375 +1%	62 107 0%	63 561 +2%	63 808 +0%	64 404 +1%	65 551 +2%	66 468 +1%	66 397 0%	66 119 0%	64 951 -2%	64 350 -1%	64 542 +0%	64 646 +0%	65 347 +1%	64 506 -1%	65 081 +1%	64 850 0%	65 026 +0%	65 354 +1%	64 195 -2%	62 614 -2%	62 547 0%	60 655 -3%	60 445 0%	62 503 +3%	64 527 +3%	65 902 +2%	61 742 -6%	58 541 -5%	58 383 0%	60 097 +3%	66 872 +11%	70 265 +5%	72 606 +3%	73 585 +1%	74 600 +1%	75 011 +1%	82 100 +9%	89 095 +9%
Gross Profit
Cost of Revenue	0	0	0	0	(17 674)	0	0	(4 585)	(16 989)	(12 340)	(17 329)	(17 689)	(15 074)	(18 470)	(18 575)	(15 875)	(19 531)	(29 361)	(17 315)	(34 245)	(30 895)	(22 030)	(19 537)	(22 845)	(25 513)	(29 068)	(27 228)	(32 607)	(32 422)	(30 982)	(26 346)	(29 542)	(29 143)	(29 160)	(24 943)	(29 791)	(30 583)	(30 912)	(27 847)	(32 117)	(32 758)	(33 477)	(33 831)	(33 798)	(33 623)	(32 939)	(32 423)	(32 552)	(32 328)	(32 882)	(32 725)	(32 988)	(33 018)	(32 935)	(33 429)	(32 625)	(31 195)	(31 165)	(30 447)	(30 077)	(31 283)	(32 635)	(33 264)	(31 413)	(30 180)	(30 293)	(31 528)	(35 649)	(38 198)	(40 058)	(40 753)	(40 746)	(40 631)	(44 552)	(48 859)
Gross Profit	0 N/A	0 N/A	0 N/A	0 N/A	17 870 N/A	0 N/A	0 N/A	5 275 N/A	17 637 +234%	12 794 -27%	18 047 +41%	18 058 +0%	21 210 +17%	18 586 -12%	18 964 +2%	22 172 +17%	19 948 -10%	30 202 +51%	23 768 -21%	34 952 +47%	31 690 -9%	22 187 -30%	25 213 +14%	22 478 -11%	24 712 +10%	27 170 +10%	32 716 +20%	29 687 -9%	29 954 +1%	29 308 -2%	33 036 +13%	29 027 -12%	29 777 +3%	31 111 +4%	35 111 +13%	31 818 -9%	31 792 0%	31 195 -2%	35 714 +14%	31 691 -11%	31 646 0%	32 074 +1%	32 637 +2%	32 599 0%	32 496 0%	32 012 -1%	31 927 0%	31 990 +0%	32 318 +1%	32 465 +0%	31 781 -2%	32 093 +1%	31 832 -1%	32 091 +1%	31 925 -1%	31 570 -1%	31 419 0%	31 382 0%	30 208 -4%	30 368 +1%	31 220 +3%	31 892 +2%	32 638 +2%	30 329 -7%	28 361 -6%	28 090 -1%	28 569 +2%	31 223 +9%	32 067 +3%	32 548 +1%	32 832 +1%	33 854 +3%	34 380 +2%	37 548 +9%	40 236 +7%
Operating Income
Operating Expenses	(31 428)	(31 758)	(32 296)	(32 296)	(14 672)	(31 848)	(31 482)	(27 144)	(14 688)	(18 837)	(14 399)	(14 534)	(18 019)	(15 510)	(15 823)	(18 886)	(16 161)	(24 457)	(19 807)	(28 899)	(25 511)	(17 430)	(20 052)	(17 331)	(18 267)	(19 753)	(25 587)	(21 388)	(21 160)	(20 258)	(23 919)	(19 216)	(19 386)	(19 896)	(25 311)	(21 425)	(21 938)	(22 224)	(26 213)	(22 501)	(22 685)	(22 775)	(23 064)	(22 913)	(22 948)	(22 773)	(22 576)	(22 827)	(22 972)	(23 112)	(23 057)	(23 174)	(23 577)	(23 718)	(23 866)	(23 593)	(23 464)	(22 694)	(21 620)	(21 544)	(22 034)	(21 899)	(22 507)	(20 636)	(19 030)	(18 643)	(18 776)	(20 068)	(21 577)	(21 958)	(22 355)	(23 297)	(23 629)	(25 953)	(27 624)
Selling, General & Administrative	0	0	0	0	(14 617)	0	0	(505)	(14 884)	(1 364)	(2 144)	(2 204)	(17 027)	(8 837)	(12 470)	(17 631)	(16 608)	(25 068)	(18 343)	(29 413)	(25 910)	(17 775)	(18 890)	(17 775)	(18 990)	(20 485)	(23 034)	(22 084)	(21 565)	(20 455)	(21 132)	(19 769)	(20 060)	(20 603)	(22 509)	(21 692)	(22 137)	(22 435)	(23 656)	(22 686)	(22 909)	(23 021)	(23 097)	(23 066)	(23 014)	(22 795)	(22 596)	(22 862)	(23 085)	(23 371)	(23 328)	(23 477)	(23 788)	(23 912)	(24 067)	(23 801)	(23 696)	(22 892)	(20 263)	(21 617)	(20 847)	(21 992)	(20 654)	(20 716)	(17 144)	(18 531)	(18 851)	(20 144)	(19 915)	(22 025)	(20 767)	(23 404)	(21 824)	(26 083)	(25 563)
Research & Development	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(94)	0	0	0	(99)	0	0	0	(85)	0	0	0	(15)	0	(104)	0	(120)	0	(127)	0	(133)	0	(123)	0	0	0	(107)	0	(132)	0	(142)	0	(152)
Depreciation & Amortization	(303)	(326)	(352)	(356)	(375)	(378)	(377)	(385)	(379)	0	0	0	(1 604)	0	0	(1 666)	0	0	(1 731)	0	0	0	(1 647)	0	0	0	(2 513)	0	0	0	(2 581)	0	0	0	(2 728)	0	0	0	(2 671)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(1 444)	0	(1 242)	0	(1 905)	0	(1 682)	0	0	0	(1 651)	0	(1 665)	0	(1 799)	0	(2 526)
Other Operating Expenses	(31 125)	(31 432)	(31 944)	(31 940)	320	(31 470)	(31 105)	(26 254)	575	(17 473)	(12 255)	(12 330)	612	(6 673)	(3 353)	411	447	611	267	514	399	345	485	444	723	732	(40)	696	405	197	(206)	553	674	707	(74)	267	199	211	114	185	224	246	127	153	66	22	119	35	113	259	356	303	211	194	216	208	336	198	207	73	182	93	185	80	(81)	(112)	75	76	96	67	209	107	136	130	617
Operating Income	2 991 N/A	3 264 +9%	3 405 +4%	3 346 -2%	3 198 -4%	2 979 -7%	2 836 -5%	3 050 +8%	2 949 -3%	3 399 +15%	3 648 +7%	3 524 -3%	3 191 -9%	3 076 -4%	3 141 +2%	3 286 +5%	3 787 +15%	5 745 +52%	3 961 -31%	6 053 +53%	6 179 +2%	4 757 -23%	5 161 +8%	5 147 0%	6 445 +25%	7 417 +15%	7 129 -4%	8 299 +16%	8 794 +6%	9 050 +3%	9 117 +1%	9 811 +8%	10 391 +6%	11 215 +8%	9 800 -13%	10 393 +6%	9 854 -5%	8 971 -9%	9 501 +6%	9 190 -3%	8 961 -2%	9 299 +4%	9 573 +3%	9 686 +1%	9 548 -1%	9 239 -3%	9 351 +1%	9 163 -2%	9 346 +2%	9 353 +0%	8 724 -7%	8 919 +2%	8 255 -7%	8 373 +1%	8 059 -4%	7 977 -1%	7 955 0%	8 688 +9%	8 588 -1%	8 824 +3%	9 186 +4%	9 993 +9%	10 131 +1%	9 693 -4%	9 331 -4%	9 447 +1%	9 793 +4%	11 155 +14%	10 490 -6%	10 590 +1%	10 477 -1%	10 557 +1%	10 751 +2%	11 595 +8%	12 612 +9%
Pre-Tax Income
Interest Income Expense	0	0	0	0	(629)	0	0	0	(239)	0	0	0	(319)	(491)	(715)	(603)	(925)	(1 269)	(431)	(1 421)	(1 230)	(911)	(622)	(1 317)	(1 888)	(2 500)	(1 855)	(3 810)	(3 534)	(3 414)	(1 811)	(2 484)	(2 236)	(2 166)	(1 460)	(2 077)	(2 395)	(2 003)	(1 305)	(1 719)	(1 510)	(1 634)	(1 435)	(1 028)	(956)	(699)	(887)	(480)	(424)	(442)	(483)	(409)	(372)	(483)	(832)	(1 214)	(139)	(497)	(173)	(115)	(250)	(375)	(188)	(86)	40	33	(134)	(42)	362	420	35	(202)	28	(534)	(1 603)
Non-Reccuring Items	32	32	14	43	(72)	(25)	(2)	(50)	(401)	(558)	(1 108)	(1 185)	(598)	(4)	(293)	(386)	117	743	(160)	202	(302)	(585)	(427)	(433)	(413)	(540)	(873)	(1 711)	(1 704)	(1 715)	(534)	(838)	(749)	(1 031)	52	(679)	(788)	665	(133)	(235)	1 314	317	(1 525)	(1 658)	(3 184)	(3 221)	(481)	(461)	(475)	(526)	(1 289)	(1 370)	(1 448)	(9 072)	(8 638)	(8 139)	261	(140)	(4 563)	(4 666)	(274)	(522)	557	763	(246)	(459)	1 066	385	(705)	(100)	(384)	(364)	(420)	(866)	(1 817)
Gain/Loss on Disposition of Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1 719	1 739	0	0	40	0	0	0	33	0	0	0	13	169	(44)	23	24	26	199	604	0	0	52	0	0	0	0	0	0	0	0	0	0
Total Other Income	(255)	(723)	(780)	(792)	0	(886)	(802)	(706)	0	(378)	(727)	(927)	(623)	(535)	(262)	(405)	0	0	(341)	0	0	0	(478)	0	0	0	(1 520)	0	0	0	(1 067)	0	0	0	(547)	0	0	0	(533)	0	0	0	(226)	(466)	1 273	1 273	(241)	(588)	(588)	(588)	(299)	(435)	(435)	(435)	(335)	95	(784)	(164)	(353)	(352)	(342)	(334)	(272)	(591)	(136)	(79)	(278)	(287)	(186)	(247)	(298)	(300)	(372)	(373)	(142)
Pre-Tax Income	2 768 N/A	2 573 -7%	2 639 +3%	2 597 -2%	2 497 -4%	2 068 -17%	2 032 -2%	2 294 +13%	2 309 +1%	2 463 +7%	1 813 -26%	1 412 -22%	1 651 +17%	2 046 +24%	1 871 -9%	1 892 +1%	2 979 +57%	5 219 +75%	3 029 -42%	4 834 +60%	4 647 -4%	3 261 -30%	3 634 +11%	3 397 -7%	4 144 +22%	4 377 +6%	2 881 -34%	2 778 -4%	3 556 +28%	3 921 +10%	5 705 +45%	6 489 +14%	7 406 +14%	8 018 +8%	7 845 -2%	7 637 -3%	6 671 -13%	7 633 +14%	7 530 -1%	7 236 -4%	8 765 +21%	7 982 -9%	8 106 +2%	8 273 +2%	6 681 -19%	6 592 -1%	7 782 +18%	7 634 -2%	7 859 +3%	7 797 -1%	6 686 -14%	6 705 +0%	6 000 -11%	(1 617) N/A	(1 733) -7%	(1 112) +36%	7 249 N/A	7 910 +9%	3 523 -55%	3 717 +6%	8 519 +129%	9 366 +10%	10 228 +9%	9 779 -4%	9 041 -8%	8 942 -1%	10 447 +17%	11 211 +7%	9 961 -11%	10 663 +7%	9 830 -8%	9 691 -1%	9 987 +3%	9 822 -2%	9 050 -8%
Net Income
Tax Provision	(617)	(610)	(724)	(727)	(723)	(581)	(516)	(629)	(590)	(643)	(452)	(306)	(382)	(501)	(527)	(521)	(842)	(1 444)	(858)	(1 391)	(1 262)	(806)	(1 038)	(974)	(1 261)	(1 383)	312	345	126	26	(1 538)	(1 650)	(1 838)	(1 958)	(1 885)	(1 931)	(1 605)	(1 536)	(1 838)	(1 761)	(1 995)	(2 048)	(1 861)	(1 892)	(1 635)	(1 586)	(1 833)	(1 803)	(1 874)	(1 885)	(1 748)	(1 759)	(1 658)	(770)	(849)	(1 175)	(2 392)	(2 457)	(1 458)	(1 475)	(2 386)	(2 574)	(2 751)	(2 586)	(2 233)	(2 194)	(2 427)	(2 436)	(1 778)	(1 875)	(1 859)	(1 828)	(1 982)	(2 045)	(2 072)
Income from Continuing Operations	2 151	1 963	1 915	1 870	1 774	1 487	1 516	1 665	1 719	1 820	1 361	1 106	1 269	1 545	1 344	1 371	2 137	3 775	2 171	3 443	3 385	2 455	2 596	2 423	2 883	2 994	3 193	3 123	3 682	3 947	4 167	4 839	5 568	6 060	5 960	5 706	5 066	6 097	5 692	5 475	6 770	5 934	6 245	6 381	5 046	5 006	5 949	5 831	5 985	5 912	4 938	4 946	4 342	(2 387)	(2 582)	(2 287)	4 857	5 453	2 065	2 242	6 133	6 792	7 477	7 193	6 808	6 748	8 020	8 775	8 183	8 788	7 971	7 863	8 005	7 777	6 978
Income to Minority Interest	(957)	(851)	(820)	(852)	(763)	(638)	(653)	(705)	(763)	(812)	(556)	(211)	(169)	(235)	(231)	(261)	(290)	(442)	(287)	(463)	(419)	(276)	(299)	(300)	(382)	(450)	(572)	(584)	(618)	(613)	(565)	(558)	(599)	(642)	(609)	(649)	(582)	(547)	(543)	(575)	(570)	(604)	(638)	(636)	(582)	(470)	(478)	(489)	(507)	(539)	(524)	(555)	(576)	(449)	(344)	(267)	(371)	(530)	(806)	(816)	(824)	(875)	(908)	(848)	(778)	(860)	(1 163)	(1 289)	(1 171)	(1 219)	(1 011)	(1 063)	(1 147)	(1 094)	(1 023)
Net Income (Common)	1 194 N/A	1 112 -7%	1 095 -2%	1 018 -7%	1 011 -1%	849 -16%	863 +2%	960 +11%	956 0%	1 008 +5%	805 -20%	895 +11%	1 100 +23%	1 310 +19%	1 113 -15%	1 110 0%	1 847 +66%	3 333 +80%	1 884 -43%	2 980 +58%	2 966 0%	2 179 -27%	2 297 +5%	2 123 -8%	2 501 +18%	2 544 +2%	2 621 +3%	2 539 -3%	3 064 +21%	3 334 +9%	3 602 +8%	4 281 +19%	4 969 +16%	5 418 +9%	5 351 -1%	5 057 -5%	4 484 -11%	5 550 +24%	5 149 -7%	4 900 -5%	6 200 +27%	5 330 -14%	5 607 +5%	5 745 +2%	4 464 -22%	4 536 +2%	5 471 +21%	5 342 -2%	5 478 +3%	5 373 -2%	4 414 -18%	4 391 -1%	3 766 -14%	(2 836) N/A	(2 926) -3%	(2 554) +13%	4 486 N/A	4 923 +10%	1 259 -74%	1 426 +13%	5 309 +272%	5 917 +11%	6 569 +11%	6 345 -3%	6 030 -5%	6 202 +3%	6 846 +10%	(1 457) N/A	(1 063) +27%	7 708 N/A	(40 788) N/A	(40 544) +1%	9 116 N/A	8 941 -2%	5 955 -33%
EPS (Diluted)	14.39 N/A	13.4 -7%	13.19 -2%	12.26 -7%	12.18 -1%	10.22 -16%	10.39 +2%	11.56 +11%	12.74 +10%	13.44 +5%	9.14 -32%	9.52 +4%	12.52 +32%	13.93 +11%	11.84 -15%	11.8 0%	19.64 +66%	35.08 +79%	19.83 -43%	31.7 +60%	31.55 0%	22.93 -27%	24.17 +5%	22.34 -8%	23.15 +4%	16.62 -28%	22.02 +32%	16.59 -25%	20.02 +21%	21.79 +9%	23.54 +8%	27.98 +19%	32.47 +16%	35.41 +9%	34.99 -1%	33.05 -6%	29.3 -11%	36.27 +24%	33.65 -7%	32.02 -5%	40.52 +27%	34.83 -14%	36.64 +5%	37.54 +2%	29.17 -22%	29.64 +2%	35.74 +21%	34.92 -2%	35.81 +3%	35.13 -2%	28.85 -18%	28.69 -1%	24.61 -14%	-18.53 N/A	-19.12 -3%	-16.69 +13%	29.32 N/A	32.17 +10%	8.24 -74%	9.38 +14%	34.69 +270%	38.92 +12%	43.5 +12%	42.87 -1%	41.02 -4%	42.77 +4%	47.54 +11%	-10.33 N/A	-7.6 +26%	56.33 N/A	-299.71 N/A	-304.43 -2%	68.58 N/A	67.65 -1%	44.93 -34%

Income Statement Balance Sheet Cash Flow Statement

Carlsberg A/S
OTC:CABJF

Income Statement

Earnings Waterfall
Carlsberg A/S

Income Statement
Carlsberg A/S

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Carlsberg A/S OTC:CABJF

Income Statement

Earnings Waterfall Carlsberg A/S

Income Statement Carlsberg A/S

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Company

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Carlsberg A/S
OTC:CABJF

Earnings Waterfall
Carlsberg A/S

Income Statement
Carlsberg A/S