This article first appeared on GuruFocus .
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Adjusted EPS:Increased by 11%.
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Dividends:Increased by 7% to DKK29 per share.
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Reported Revenue Growth:18.8% increase.
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Operating Profit Growth:22.7% increase.
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Organic Operating Profit Growth:5% increase.
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Gross Margin MPM:Declined by 60 basis points to 45.2%.
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Net Interest-Bearing Debt:DKK61.6 billion.
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Net Interest-Bearing Debt to EBITDA:3.28 times.
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Return on Invested Capital MPM:10.8%.
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Free Operating Cash Flow:DKK7 billion.
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Britvic Acquisition Contribution:DKK15.6 billion in revenue and DKK2.2 billion in operating profit.
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Volume Growth:Total reported volumes up by 17.7%.
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Organic Revenue Growth (excluding San Miguel):1.1% increase.
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Effective Tax Rate:22.9%.
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CapEx:DKK5.6 billion, 6.3% of revenue.
Release Date: February 04, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Carlsberg AS ( CABGY ) closed the Britvic transaction and over-delivered on expected 2025 synergies.
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The company reported an 11% increase in adjusted EPS and a 7% increase in dividends to DKK29 per share.
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Carlsberg AS ( CABGY ) achieved strong top and bottom-line growth, with reported revenue up by 18.8% and operating profit by 22.7%.
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The Pepsi portfolio gained more than 1% volume and value market share in the UK, showcasing strong performance.
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The company is exploring an IPO for its business in India to potentially increase shareholder value.
Negative Points
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The organic revenue development was negatively impacted by the loss of San Miguel in the UK, resulting in a minus 0.6% organic growth.
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Volumes in Asia declined slightly, mainly driven by soft consumer sentiment in Laos and Vietnam.
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The French beer market remained flat, with mainstream beer volumes declining due to softness in certain brands.
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The Vietnamese business faced challenges due to intense promotional activity and adverse weather conditions, leading to a double-digit volume decline.
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The company anticipates a subdued consumer environment in 2026 due to geopolitical uncertainties, impacting consumer sentiment and behavior.
Q & A Highlights
Q: What is Carlsberg's outlook for the Chinese market in 2026, given the 1% volume growth in 2025? A: Jacob Aarup-Andersen, CEO, stated that while Carlsberg does not provide monthly exit rates, they were pleased with the 4% growth in Q4 2025, which was better than the market. The company expects a stable beer market in China for 2026, with continued growth opportunities, particularly in big cities and winning channels like e-commerce. However, they remain cautious about consumer sentiment throughout the year.
Q: How does Carlsberg view its guidance of 2% to 6% organic operating profit growth for 2026, considering the Britvic synergies and Kazakhstan's Pepsi license? A: Ulrica Fearn, CFO, explained that while Britvic synergies and the Kazakhstan Pepsi license provide some support, the company remains conservative due to the uncertain and volatile global environment. They anticipate increased marketing investments and some pressure on SG&A from inflation and IT projects, which justifies the cautious guidance.
Q: Can you elaborate on the performance of Britvic in Q4 2025 and its impact on Carlsberg's UK business? A: Jacob Aarup-Andersen highlighted that Britvic's UK volumes were up 7% in Q4, with strong performance from the Pepsi brand. The integration has enhanced Carlsberg's relationships with key retailers, allowing for more strategic partnership discussions and innovation planning. The acquisition has provided a different vantage point for Carlsberg in the UK market.
Q: What is the strategic rationale behind exploring an IPO for Carlsberg's India business? A: Jacob Aarup-Andersen stated that the exploration of an IPO for the India business is driven by the aim to create shareholder value. The decision is based on assessing whether an IPO would generate adequate shareholder value, but no final decision has been made yet.
Q: How is Carlsberg progressing with the integration of Britvic, and what are the expectations for synergy realization? A: Jacob Aarup-Andersen noted that Carlsberg is ahead of schedule with Britvic's integration, expecting to realize 60% to 70% of cost synergies by the end of 2026. The focus is now on procurement and logistics synergies, with the expectation to achieve synergies faster than the original five-year plan.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
