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Carlsberg: Carlsberg Delivers Strong Top-Line and Profit Growth in H1 2025

Carlsberg reported a strong set of results for H1 2025, driven by the consolidation of Britvic. The company delivered solid organic performance in a challenging environment, with good market share development in all three regions and returning to volume growth in Q2 in Western Europe ex San Miguel and in CEEI. Reported volumes were up 16%, revenue grew 18.2%, and reported operating profit increased by 15.1%. Organic volume growth was impacted by the loss of San Miguel in the UK, but adjusting for this, total volumes in Q2 delivered slight growth, and revenue grew by 2.4%. The company saw good growth in premium beer, alcohol-free brews, and soft drinks in Western Europe, with growth rates of 5%, 7%, and mid-single digits, respectively.

CARL-B.CO

DKK 846.2

1.49%

A-Score: 5.3/10

Publication date: August 14, 2025

Full Report

Author: Analystock.ai

📋 Highlights
  • Strong H1 2025 Performance Reported volumes up 16%, revenue grew 18.2%, and operating profit increased 15.1%, driven by Britvic consolidation.
  • Britvic Integration Progress Synergy realization on track, with updated full-year operating profit guidance raised to 3–5% (up from 1–5%).
  • Western Europe Growth 44.6% reported volume growth (2.4% organic), led by 5% premium beer growth and 7% alcohol-free brews growth.
  • Asia Margins Improve Organic operating profit grew 7.3% despite 2.8% volume decline, aided by supply chain efficiencies boosting margins.
  • CEEI Profit Decline 9.5% reported volume growth but 3.6% operating profit drop, due to cost pressures and margin compression.

Regional Performance

In Western Europe, reported total volumes grew by 44.6%, with organic volume growth of 2.4% excluding San Miguel. Revenue per hectoliter improved by 1%, supported by a positive mix and price increases. In Asia, total volumes declined by 2.8%, with a slightly lower decline for beer. Revenue per hectoliter increased organically by 1%, and operating profit grew organically by 7.3%. In CEEI, reported volume growth was 9.5%, with organic volume growth being flat. Revenue per hectoliter grew by 3%, and operating profit declined by 3.6%.

Guidance and Outlook

The company narrowed its full-year guidance for organic operating profit growth towards the upper end of the previous guidance range, thanks to the solid performance in the first half and strong performance management. The company is updating its earnings guidance range for 2025, expecting organic growth in operating profit of 3% to 5% compared to its previous guidance of 1% to 5%. CEO Jacob Aarup-Andersen stated, "We are confident in our ability to deliver compounding earnings growth for shareholders."

Valuation

The stock currently trades at a P/E ratio of 14.51, which is reasonable given the company's strong top-line and profit growth. The dividend yield of 3.59% and free cash flow yield of 6.55% also suggest that the stock is attractively priced. With a ROIC of 11.27% and ROE of 28.93%, the company's profitability and return on capital are strong, which should support the stock's valuation.

Carlsberg's A-Score