Carlsberg
Consumer goods·CARL-B · Nasdaq Copenhagen·Fiscal year to 31/12/2025
Global brewing group with a portfolio that runs from Carlsberg and Tuborg to a range of local and regional beer brands, and a growing focus on alcohol-free and beer alternatives. A strong presence in Western Europe and Asia, particularly China and India through acquired local brands. Consumer-cyclical and exposed to raw material prices such as malt and aluminium.
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Asia and emerging markets
Geography
DriverNegative impact: weakens
“A selection of our brands in Asia: Growth in our Chinese business was offset by soft volumes in other markets, partly driven by the soft consumer sentiment across the region.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Through a disciplined, outlet-level strategy tailored to each state and strong in-market execution, we have consistently grown our market share – from 5% in 2011 to 23% in 2025 – securing a no. 1 or 2 position in five states out of the 22 states in which we operate.”
Annual report 2025A · The company itself
Geography
“Our partnership with PepsiCo has been further strengthened with the addition of our bottling agreement in Kazakhstan and Kyrgyzstan. This partnership represents a transformation of our businesses in these markets, and we are very excited about the opportunity to strengthen our presence in Central Asia.”
Annual report 2025A · The company itself
Geography
“A selection of our brands in Central & Eastern Europe and India: CEEI delivered strong results, positively impacted by the consolidation of the business in Nepal, the inclusion of Britvic’s Brazilian business and the sell-in of Pepsi products in Kazakhstan in Q4.”
Annual report 2025A · The company itself
Geography
“+5% premium volume growth (adjusted for San Miguel in the UK) ACCELERATE SAIL BRINGING ACCELERATE SAIL TO LIFE Geographical priorities Sustained volume growth and market share gain in India India presents a compelling growth opportunity for the beer category – and for Carlsberg – driven by economic expansion, urbanisation, rising incomes and increasing preference for beer, particularly among young adults. Our portfolio in this attractive market spans all beer segments, with brands such as Tuborg Strong, Tuborg Green, Carlsberg Elephant, Carlsberg Smooth and the recently launched 1664 Blanc in the super-premium segment.”
Annual report 2025A · The company itself
Geography
“Capturing growth in Central Asia Central Asia is a high-potential market cluster for us, supported by favourable demographics and rising GDP. In Kazakhstan, we have a strong no. 1 position in beer and no. 3 position in energy drinks, and in Kyrgyzstan a no. 1 position in imported beer and no. 2 position in energy drinks.”
Annual report 2025A · The company itself
Geography
“The new bottling agreement with PepsiCo for Kazakhstan and Kyrgyzstan will double our business in Kazakhstan, placing it among the Group’s top 10 markets.”
Annual report 2025A · The company itself
Geography
“Sales investments increased organically by around 5%, mainly due to higher activity in China and, in Kazakhstan, preparations for taking over the Pepsi business.”
Annual report 2025A · The company itself
Geography
“CapEx amounted to DKK 5,592m (2024: DKK 5,030m) and was impacted in particular by expansion investments in India and Vietnam, and the building of a new soft drinks plant and sales investments in preparation for taking over the Pepsi licence in Kazakhstan.”
Annual report 2025A · The company itself
Geography
“Beer volumes in Asia declined by 1.5%, mainly due to soft volumes in Laos and Vietnam.”
Annual report 2025A · The company itself
Geography
“Our business in Laos was impacted by the weak macroeconomic environment. Our volumes declined by midsingle-digit percentages.”
Annual report 2025A · The company itself
Geography
“Our volumes in Vietnam declined by low-double-digit percentages as our business was impacted by intensified competition, especially at the beginning of the year, reorganisation of our route-to-market, and heavy rainfall and flooding in the central part of the country – our stronghold – in Q4.”
Annual report 2025A · The company itself
Geography
“In Cambodia, total volumes declined, mainly due to continued weakness of the energy drinks business, which remains under significant competitive pressure.”
Annual report 2025A · The company itself
Geography
“Volumes in Malaysia and Singapore were impacted by soft consumer sentiment and the later sell-in to Chinese New Year celebrations in 2026.”
Annual report 2025A · The company itself
Geography
“Central & Eastern Europe and India delivered a strong set of results for the year. Reported volume growth in CEEI was 8.6% due to the consolidation of our business in Nepal and the inclusion of Britvic’s Brazilian business.”
Annual report 2025A · The company itself
Geography
“In India, our business had another good year, delivering highsingle-digit percentage growth after a strong finish to the year.”
Annual report 2025A · The company itself
Geography
“There was also very strong growth for soft drinks in Q4, as we started shipments of the Pepsi products in the quarter. We prepared for the takeover during the year, hiring additional sales force and supply chain staff, investing in coolers and building a new bottling facility, expected to be operational in H2 2026.”
Annual report 2025A · The company itself
Geography
“Volumes in our Export & License business declined slightly, impacted by soft Tuborg volumes and lower Somersby volumes in Asia Pacific.”
Annual report 2025A · The company itself
Geography
“Group volumes for the year will be positively impacted by the takeover of the Pepsi licence in Kazakhstan and Kyrgyzstan, which will add approximately 1.5 percentage points to the organic volume development. As we will use co-packers until our own soft drinks plant is ready, no profit contribution from the Pepsi volumes is expected in 2026.”
Annual report 2025A · The company itself
Beer and beverages
End markets
StrategyPositive impact: strengthens
“Our Accelerate SAIL strategy provides a clear focus on stepping up investment in support of the key growth categories of premium beer, alcohol-free brews, soft drinks and Beyond Beer. See pages 19-21 for examples of how we execute on Accelerate SAIL.”
Annual report 2025A · The company itself
Market
“We took significant steps in 2024 and 2025 to increase our exposure to the combination of beer and soft drinks, unlocking new opportunities for growth and value creation. Building a consumer-centric, diversified beverage portfolio strengthens our position as a world-class brewer with an attractive portfolio of international brands, including Carlsberg, Tuborg and 1664 Blanc, and local brands, such as Falcon in Sweden, Chongqing in China and Pirinsko in Bulgaria, and enables us to meet a wider range of consumer needs and occasions.”
Annual report 2025A · The company itself
Market
“We deliver attractive portfolios for all consumer occasions Our brand portfolio is an appealing mix of international and local premium beer brands, local core mainstream beer brands, and alcohol-free brews, Beyond Beer and soft drinks brands.”
Annual report 2025A · The company itself
Market
“The new bottling agreement with PepsiCo for Kazakhstan and Kyrgyzstan will double our business in Kazakhstan, placing it among the Group’s top 10 markets.”
Annual report 2025A · The company itself
Market
“The collaboration between Lao Brewery and PepsiCo has lasted more than five decades, playing a key role in growing the soft drinks category in Laos and bringing iconic brands such as Pepsi, Mirinda, 7UP and Sting to local consumers. In January 2025, we expanded the partnership further to include PepsiCo’s snack products, followed by the launch of Lipton Ready-to-Drink tea in July.”
Annual report 2025A · The company itself
Market
“Soft drinks and other beverages volumes doubled due to Britvic. The organic growth of 1.7% was higher than for beer and was driven by mid-single-digit volume growth in Western Europe and very strong growth in CEEI due to Pepsi shipments in Kazakhstan in Q4.”
Annual report 2025A · The company itself
Market
“Organic revenue development of -0.6% was impacted by the loss of the San Miguel brand (“San Miguel”) in the UK from 1 January 2025.”
Annual report 2025A · The company itself
Market
“The acquisition of Britvic has transformed our UK business, and added Irish and French soft drinks businesses to the regional footprint. More than 55% of regional volumes are now soft drinks.”
Annual report 2025A · The company itself
Market
“The volume development was impacted by the loss of San Miguel, excluding which volumes grew organically 1.3%, mainly driven by the 4.3% growth for soft drinks and other beverages, and strong growth for premium beer (excluding San Miguel) and AFB.”
Annual report 2025A · The company itself
Market
“Volumes in Denmark grew by low-single-digit percentages, driven by soft drinks, energy drinks, premium and AFB.”
Annual report 2025A · The company itself
Market
“Our Swedish business had another very good year with solid growth, driven by soft drinks and premium beer, the latter supported by growth for 1664 Blanc and Eriksberg.”
Annual report 2025A · The company itself
Market
“Soft drinks and other beverages delivered strong organic volume growth of 7.1%, mainly due to the sell-in of Pepsi products in Kazakhstan in Q4.”
Annual report 2025A · The company itself
Chains in: Grain and agricultural commodities strengthens, Consumer preference shifts mixed effect, Packaging weakens
Digitalisation
Technology
DriverMixed impact: mixed
“Carlsberg faces rapidly evolving changes across technology adoption and artificial intelligence, e-commerce and digital marketing. Failure to respond and adapt could reduce efficiency, limit competitiveness and hinder growth opportunities.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“We also accelerated our digital transformation. We launched our first global IT capability centre in Gurugram, India, which will serve as a talent engine for growth and help us scale innovation across the Group.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“In 2025, we continued our long-term investments in key brands and capabilities, including in areas such as digital, marketing, e-commerce and value management.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“In 2025, we launched Servd, our next-generation eB2B ordering platform, built to meet the evolving needs of our customers as they move from offline to online ordering – delivering simplicity, speed and an intuitive digital experience.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“We took field sales execution to the next level with the launch of our One Metric portal, which transforms real shelf data and image recognition into actionable insights, offering comprehensive reporting, trend spotting and real-time monitoring, unlocking stronger sales execution for our 6,000 sales representatives, who make 19 million visits annually across 29 markets.”
Annual report 2025A · The company itself
Chains in: Cybersecurity (products and services) strengthens, Public investment and infrastructure strengthens
Chains out: this strengthens IT consulting and public-sector IT
E-commerce
Technology
DriverMixed impact: mixed
“Carlsberg faces rapidly evolving changes across technology adoption and artificial intelligence, e-commerce and digital marketing. Failure to respond and adapt could reduce efficiency, limit competitiveness and hinder growth opportunities.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“In 2025, we continued our long-term investments in key brands and capabilities, including in areas such as digital, marketing, e-commerce and value management.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“In 2025, we launched Servd, our next-generation eB2B ordering platform, built to meet the evolving needs of our customers as they move from offline to online ordering – delivering simplicity, speed and an intuitive digital experience.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“In the current soft consumer environment, growth has been particularly strong in the modern off-trade and ecommerce channels, which are gaining strength as consumer habits shift.”
Annual report 2025A · The company itself
M&A and consolidation
Macro
StrategyPositive impact: strengthens
““We’re very satisfied with the Britvic acquisition and the increased synergy target of GBP 110m, achieved through strong execution of our integration plans across Britvic and Carlsberg.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Reported revenue grew by 18.8%, driven by the Britvic acquisition.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“We are exploring different options for increasing shareholder value which may potentially include an IPO of our business in India, but no final decision has been made.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“The acquisition of Britvic and the takeover of the Pepsi franchise in Kazakhstan and Kyrgyzstan have increased our exposure to the structurally growing soft drinks category and further strengthened our diverse portfolio.”
Annual report 2025A · The company itself
Artificial intelligence
Technology
DriverMixed impact: mixed
“Carlsberg faces rapidly evolving changes across technology adoption and artificial intelligence, e-commerce and digital marketing. Failure to respond and adapt could reduce efficiency, limit competitiveness and hinder growth opportunities.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“We also accelerated our digital transformation. We launched our first global IT capability centre in Gurugram, India, which will serve as a talent engine for growth and help us scale innovation across the Group.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“We took field sales execution to the next level with the launch of our One Metric portal, which transforms real shelf data and image recognition into actionable insights, offering comprehensive reporting, trend spotting and real-time monitoring, unlocking stronger sales execution for our 6,000 sales representatives, who make 19 million visits annually across 29 markets.”
Annual report 2025A · The company itself
Chains out: this strengthens Data centres, strengthens Semiconductors and electronic components, strengthens Semiconductor industry
Solar power
Technology
InputNegative impact: weakens
“In 2025, we took a significant step forward in our commitment to renewable energy by signing three new power purchase agreements in Sweden, Norway and Finland. While the vast majority of our operations already run on renewable energy through purchased certificates, these agreements will add new renewable capacity to national grids and further support our commitment to sustainability.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“In 2025, we expanded our use of renewable energy through new power purchase agreements (PPAs) in the Nordics, accelerating the transition to green electricity across our production sites.”
Annual report 2025A · The company itself
Wind power
Technology
InputNegative impact: weakens
“In 2025, we took a significant step forward in our commitment to renewable energy by signing three new power purchase agreements in Sweden, Norway and Finland. While the vast majority of our operations already run on renewable energy through purchased certificates, these agreements will add new renewable capacity to national grids and further support our commitment to sustainability.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“In 2025, we expanded our use of renewable energy through new power purchase agreements (PPAs) in the Nordics, accelerating the transition to green electricity across our production sites.”
Annual report 2025A · The company itself
Chains in: Interest rates weakens, Energy security strengthens
Chains out: this strengthens Steel, strengthens Rare earths and critical raw materials, strengthens Renewables auctions and subsidies, strengthens Power grid expansion
Media and entertainment
End markets
StrategyPositive impact: strengthens
“In 2025, it was the fastest growing world lager in the UK. The strong growth of almost 120% was supported by an impactful advertising campaign, “Welcome to the lake”, aimed at inspiring its audience to look beyond the ordinary.”
Annual report 2025A · The company itself
Retail
End markets
Market
“Adjusting for this, volumes grew by high-single-digit percentages in a soft market, with market share gains in both the on- and off-trade. These achievements were driven by growth in both mainstream and premium beer, and strong performance in both channels for brands such as Carlsberg, Poretti and 1664 Kronenbourg.”
Annual report 2025A · The company itself
Chains in: Consumer spending strengthens
Consumer spending
Macro
DriverNegative impact: weakens
“Against a backdrop of subdued consumer sentiment and a challenging trading environment, we delivered strong reported growth, successfully integrated Britvic, and focused on building a resilient business for the long term.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“The mainstream portfolio declined, impacted by weak consumer sentiment.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Macroeconomic and financial volatility includes inflationary pressures, interest rate fluctuations, currency instability and unemployment, and can impact consumer sentiment and our financial flexibility.”
Annual report 2025A · The company itself
Chains in: Inflation weakens
Chains out: this strengthens Retail, strengthens Hospitality and leisure, strengthens Premium consumers, strengthens Grocery retail and private label
Interest rates
Macro
DriverNegative impact: weakens
“Net interest-bearing debt/EBITDA was 3.28x (2024: 1.73x).”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Macroeconomic and financial volatility includes inflationary pressures, interest rate fluctuations, currency instability and unemployment, and can impact consumer sentiment and our financial flexibility.”
Annual report 2025A · The company itself
Chains in: Public debt and fiscal policy strengthens, Inflation strengthens
Chains out: this weakens Construction, weakens Real estate, weakens Wind power, weakens Housing market, weakens Office and commercial property, weakens Residential rental, weakens Residential construction
Consumer preference shifts
End markets
DriverMixed impact: mixed
“Consumer preferences are continuously changing, including shifts in consumption occasions, liquid preferences, alcohol intake, and purchasing habits and patterns. Carlsberg faces a risk to market share, volume loss and longterm growth if we fail to respond by adapting and evolving our product portfolio in line with changing consumer trends and the changing beverage landscape.”
Annual report 2025A · The company itself
Chains out: this mixed effect Beer and beverages
Geopolitical uncertainty
Macro
DriverNegative impact: weakens
“In an increasingly volatile and unsafe environment caused by the war, our volumes in Ukraine declined by double-digit percentages, with the decline accelerating in H2 as the war intensified across the country.”
Annual report 2025A · The company itself
Chains out: this strengthens Defence budgets, strengthens Energy security, strengthens Tariffs and trade policy, weakens Global trade volumes, strengthens Sea freight and freight rates, weakens Reconstruction of Ukraine
Inflation
Macro
DriverNegative impact: weakens
“Cost of sales/hl increased by slightly less than 0.8% organically, with efficiency improvements partly offsetting inflationary pressure, product mix and underabsorption of fixed costs because of lower volumes.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“We maintained our focus on costs, supporting our efforts to offset inflation and increase growth investments in brands and commercial activities.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Revenue/hl increased by high-single-digit percentages, driven by price increases taken to offset the inflationary pressure.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Revenue/hl delivered solid growth of 3.3% as a result of price increases and a positive product mix.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Macroeconomic and financial volatility includes inflationary pressures, interest rate fluctuations, currency instability and unemployment, and can impact consumer sentiment and our financial flexibility.”
Annual report 2025A · The company itself
Chains out: this weakens Consumer spending, strengthens Interest rates
China
Geography
DriverNegative impact: weakens
“A selection of our brands in Asia: Growth in our Chinese business was offset by soft volumes in other markets, partly driven by the soft consumer sentiment across the region.”
Annual report 2025A · The company itself
Geography
“Building a consumer-centric, diversified beverage portfolio strengthens our position as a world-class brewer with an attractive portfolio of international brands, including Carlsberg, Tuborg and 1664 Blanc, and local brands, such as Falcon in Sweden, Chongqing in China and Pirinsko in Bulgaria, and enables us to meet a wider range of consumer needs and occasions.”
Annual report 2025A · The company itself
Geography
“Sales investments increased organically by around 5%, mainly due to higher activity in China and, in Kazakhstan, preparations for taking over the Pepsi business.”
Annual report 2025A · The company itself
Geography
“In China, our volumes grew by almost 4% in Q4, leading to full-year volume growth of approximately 1%. The growth was driven by mid-single-digit growth of our premium portfolio, including Carlsberg, Tuborg and Wind Flower Snow Moon, and continued solid growth in the big cities.”
Annual report 2025A · The company itself
Currency exposure
Macro
DriverNegative impact: weakens
“The adverse currency impact mainly related to the Chinese, Laotian, Vietnamese, Kazakh and Ukrainian currencies.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Reported revenue was -5.8%, impacted by the weaker Laotian and Chinese currencies.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Macroeconomic and financial volatility includes inflationary pressures, interest rate fluctuations, currency instability and unemployment, and can impact consumer sentiment and our financial flexibility.”
Annual report 2025A · The company itself
Climate change and extreme weather
Macro
DriverNegative impact: weakens
“Our volumes in Vietnam declined by low-double-digit percentages as our business was impacted by intensified competition, especially at the beginning of the year, reorganisation of our route-to-market, and heavy rainfall and flooding in the central part of the country – our stronghold – in Q4.”
Annual report 2025A · The company itself
Chains out: this weakens Agriculture and food production
EU climate and energy policy
Regulation
DriverNegative impact: weakens
“Carlsberg is facing a rapidly evolving global regulatory and tax landscape that is becoming more complex, fragmented and dynamic, creating uncertainty and compliance challenges across our markets. Heightened debate about public health concerns may result in restrictions on alcohol marketing or sales, while strained public finances and trade tensions could result in new barriers, increased taxes and higher excise duties.”
Annual report 2025A · The company itself
Chains out: this strengthens Circular economy and recycling, strengthens Energy efficiency
Growing middle class
Geography
DriverPositive impact: strengthens
“Read about our partnership with PepsiCo on page 22. +3% soft drinks organic volume growth Portfolio choices Continued momentum for premium portfolio Premium beer is a significant growth category globally, driven by demographic shifts, urbanisation, consumer preferences and innovations. We leverage both our global premium brands, such as Tuborg, Carlsberg and 1664 Blanc, and strong local premium brands to capture different market segments, and our premium beer portfolio is a key volume and value growth engine.”
Annual report 2025A · The company itself
Tariffs and trade policy
Macro
DriverNegative impact: weakens
“Carlsberg is facing a rapidly evolving global regulatory and tax landscape that is becoming more complex, fragmented and dynamic, creating uncertainty and compliance challenges across our markets. Heightened debate about public health concerns may result in restrictions on alcohol marketing or sales, while strained public finances and trade tensions could result in new barriers, increased taxes and higher excise duties.”
Annual report 2025A · The company itself
Chains in: Geopolitical uncertainty strengthens
Chains out: this weakens Global trade volumes
Urbanisation
Geography
DriverPositive impact: strengthens
“Read about our partnership with PepsiCo on page 22. +3% soft drinks organic volume growth Portfolio choices Continued momentum for premium portfolio Premium beer is a significant growth category globally, driven by demographic shifts, urbanisation, consumer preferences and innovations. We leverage both our global premium brands, such as Tuborg, Carlsberg and 1664 Blanc, and strong local premium brands to capture different market segments, and our premium beer portfolio is a key volume and value growth engine.”
Annual report 2025A · The company itself
Europe
Geography
Geography
“Building a consumer-centric, diversified beverage portfolio strengthens our position as a world-class brewer with an attractive portfolio of international brands, including Carlsberg, Tuborg and 1664 Blanc, and local brands, such as Falcon in Sweden, Chongqing in China and Pirinsko in Bulgaria, and enables us to meet a wider range of consumer needs and occasions.”
Annual report 2025A · The company itself
Geography
“In 2025, we expanded our partnership with PepsiCo from five to seven markets, adding the UK and Ireland. In late 2025, Kazakhstan and Kyrgyzstan also became Pepsi markets in the Group.”
Annual report 2025A · The company itself
Geography
“A selection of our brands in Western Europe: Western Europe delivered strong reported growth due to the Britvic acquisition. We saw good growth for our growth categories in many markets, but organic development was impacted by the loss of the San Miguel brand in the UK.”
Annual report 2025A · The company itself
Geography
“Integrating Britvic in the UK The Britvic acquisition has transformed our scale in the UK, making Carlsberg Britvic the second-largest beverage provider – and the largest combined beer and soft drinks provider – in the UK. The integration of Britvic commenced immediately following completion.”
Annual report 2025A · The company itself
Geography
“In Poland, our volumes declined by low-single-digit percentages in a market that declined by mid-single-digit percentages. We saw double-digit percentage growth for premium beer and AFB, and mid-single-digit percentage growth for Beyond Beer, while mainstream beer declined.”
Annual report 2025A · The company itself
Geography
“In Switzerland, there was good growth for soft drinks and AFB, while total volumes were impacted by the weak consumer sentiment affecting the on-trade channel in particular.”
Annual report 2025A · The company itself
Geography
“In a flat French market, we grew volumes slightly, driven by premium beer and AFB. We saw particularly good results for Brooklyn, our local craft portfolio and Tourtel Twist.”
Annual report 2025A · The company itself
Geography
“We grew market share in a slightly declining Greek market. Our local brands, Kaiser and Mythos, were the main drivers of the market share improvement.”
Annual report 2025A · The company itself
Geography
“In Bulgaria, we delivered another year of solid market share improvement, mainly driven by our international premium brands and alcohol-free brews.”
Annual report 2025A · The company itself
Nordics
Geography
Geography
“Our Swedish business had another very good year with solid growth, driven by soft drinks and premium beer, the latter supported by growth for 1664 Blanc and Eriksberg.”
Annual report 2025A · The company itself
Geography
“Despite supply chain issues at the beginning of the year, our business in Norway delivered low-single-digit percentage volume growth, driven by soft drinks – especially flavoured water – and AFB, with particularly strong growth for Frydenlund and Munkholm.”
Annual report 2025A · The company itself
Geography
“In Finland, we saw good results for our growth categories, with growth for AFB and soft drinks, and flat volumes for premium beer in a soft market.”
Annual report 2025A · The company itself
Denmark
Geography
Geography
“Building a consumer-centric, diversified beverage portfolio strengthens our position as a world-class brewer with an attractive portfolio of international brands, including Carlsberg, Tuborg and 1664 Blanc, and local brands, such as Falcon in Sweden, Chongqing in China and Pirinsko in Bulgaria, and enables us to meet a wider range of consumer needs and occasions.”
Annual report 2025A · The company itself
Geography
“Volumes in Denmark grew by low-single-digit percentages, driven by soft drinks, energy drinks, premium and AFB.”
Annual report 2025A · The company itself
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 89.1 bn DKK |
| Revenue growth vs. the year before, same method | 18.8 % |
| EBITDA reported by the company | 18.78 bn DKK |
| Net debt debt incl. leasing minus cash | 61.04 bn DKK |
| Diluted EPS per share | 44.9 DKK |
Source: annual report (ESEF) A. See the report
Criteria
| Profit | ✓ |
| Growing | ✓ |
| Healthy balance sheet | ✗ |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.