Carlsberg shares fall as first half 2026 results underwhelm
Denmark | Shares in Carlsberg fell on 19 August after the brewer reported first half results which were below consensus forecasts. Carlsberg's B shares were down 3.3 percent in late-morning Copenhagen trading. First-half revenue rose by just 2.6 percent to DKK 47 billion (USD 7.3 billion), while adjusted operating profit increased 4.5 percent to DKK 7.45 billion (USD 1.16 billion). Both results were slightly below forecasts.
Beer volumes declined 1.0 percent, mainly due to weakness in Poland, China and Ukraine, although soft drinks, non-alcoholic beer and other beverage volumes grew 7.8 percent organically. Total organic volumes increased 1.7 percent over the same period last year, less than the 1.9 percent analysts expected.
Soft drinks contributed 30 percent to Carlsberg’s volume sales. Mainstream beer contributed 49 percent, premium beer 16 percent, alcohol-free beers 3 percent and Beyond Beer 2 percent.
The company now expects organic operating profit growth of 4 percent to 6 percent for the full year, compared with its previous forecast of 2 percent to 6 percent. It said that faster-than-expected synergies from its acquisition of soft drinks firm Britvic and tight cost control had more than offset weakness in China, its largest market by volume.
Carlsberg seeks to deliver around 50 percent of the total GBP 110 million (USD 150 million) of anticipated Britvic synergies during 2026, ahead of its previous forecast of 30 percent to 40 percent.
