Carlsberg's beer volumes continue to be challenged by a mix of cyclical and structural factors, declining by around 1% in the first half of the year. In response, the company's pivot to non-alcoholic drinks is progressing well, while portfolio mix effects in the beer business are also helping to offset volume declines. With the stock still trading for a meaningful discount to its historical valuation, I remain bullish on balance.
Soft drinks and other beverages delivered 7.8% growth, driven by gains in multiple markets, while beer volumes declined slightly.
Danish brewer Carlsberg reported first-half operating profit of 7.45 billion Danish crowns ($1.15 billion) on Wednesday, behind analyst expectations for 7.55 billion crowns, and narrowed the range of its full-year profit guidance to the upper end.
| Beverages Industry | Consumer Staples Sector | Jacob Aarup-Andersen CEO | XDUS Exchange | US1427952023 ISIN |
| DK Country | 36,998 Employees | 18 Mar 2026 Last Dividend | - Last Split | - IPO Date |
Carlsberg A/S is a venerable institution in the beverage industry, tracing its roots back to 1847. Based in Copenhagen, Denmark, the company has grown into a global entity, selling its products not just domestically but across the world, including significant markets like China and the United Kingdom. Carlsberg A/S has crafted a reputation for producing and distributing a diverse array of high-quality beverage products, ranging from its iconic beers to soft drinks and alcohol-free options, catering to a wide spectrum of consumer preferences and occasions.