Carlsberg delivers mixed Q3 with soft drinks offsetting beer weakness

Investing.com -- Carlsberg AS (OTC:CABGY) on Thursday reported third-quarter results that showed organic volume growth of 0.3% and organic revenue growth of 3.0%, slightly below analyst expectations of 0.7% and 2.7%, respectively.

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Reported revenue rose 4.9% to DKK 25,281m, exceeding the consensus estimate of DKK 25,096m, supported by a positive currency impact and a 3% increase in revenue per hectoliter. The company's multi-beverage strategy showed resilience as soft drinks volumes surged 9% and alcohol-free brews grew 11%, offsetting a 3.5% decline in beer volumes.

However, beer volumes fell 3.5%, with premium beer down 3%, as the company faced challenging conditions in China due to weak sentiment and destocking following peak-season rainfall.

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Regionally, Western Europe posted organic volume growth of 0.3% and revenue growth of 2.5%, ahead of the 2.0% consensus. Asia struggled with volumes down 6.7% and revenue declining 4.6%, worse than analyst estimates, primarily due to weakness in China where beer volumes fell 7.9%. Central & Eastern Europe and India delivered strong performance with volumes up 7.5% and revenue growth of 11.7%.

"The Group delivered robust revenue growth in Q3, reflecting good momentum in many markets and the resilience of our multi-beverage portfolio, which more than compensated for the challenging trading environment in China," said Group CEO Jacob Aarup-Andersen.

The company maintained its 2026 organic operating profit growth guidance of 4-6% based on 2025 operating profit of DKK 13,686m. Carlsberg now expects a positive currency translation impact of around DKK 100m on operating profit for 2026, compared to no impact previously.

Carlsberg expanded its strategic partnership with PepsiCo into Azerbaijan, Armenia and Georgia, and expects its Sapporo joint venture in Southeast Asia to complete by year-end. The company is also progressing a potential IPO of its Indian business.

Original Article

Carlsberg delivers mixed Q3 with soft drinks offsetting beer weakness

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