Carlsberg As Stock Earnings Reports

Carlsberg closed the Britvic acquisition in January 2025 and integrated it quickly, delivering stronger-than-expected cost synergies (≈30% of the upgraded GBP 110m target achieved in 2025) and contributing materially to reported revenue (+18.8%), volumes (+17.7%) and operating profit (+22.7%). Management introduced Management-defined Performance Measures (MPMs) to exclude PPA-related amortization (DKK ~640m in 2025) and prepare for early adoption of IFRS 18. Organic revenue was roughly flat (-0.6%) but would have been +1.1% excluding the loss of San Miguel in the U.K.; organic operating profit grew ~5% with sequential improvement into H2. Key regional highlights: strong U.K. performance post-Britvic (Pepsi Max share gains and rapid brand momentum), mixed Asia with improving China trends (Q4 stronger; 1L can format gaining traction) and solid CEEI results with strong India performance (IPO under exploration to enhance shareholder value). Kazakhstan Pepsi license ramp adds ~1.5 p.p. to group organic volume growth in 2026. Net interest-bearing debt rose to DKK 61.6bn (3.28x EBITDA); management expects to reduce leverage to ≤2.5x by end-2027 and maintain a ~50% payout policy, proposing a DKK 29 dividend (+7%). 2026 outlook: expect subdued consumer environment, flattish COGS/hl through efficiencies, CapEx DKK 6–7bn, financial expenses (ex FX) ~DKK 2.2bn, tax ~23%, and organic operating profit MPM growth of 2–6% (guidance intentionally conservative given macro/FX uncertainty).