Three-month sales - to end of March - decline 1.5% to DKK20.12bn (US$3.07bn)Non-renewal of San Miguel licence in UK pulls on top lineQuarterly volumes down 2.3%, "exacerbated" by San Miguel lossCarlsberg has flagged "a rather unique and uncertain external context" during the first three months of 2025, as quarterly sales ducked below the water line.The group's top line slipped by 1.5% on the corresponding period a year ago, hampered by the decision by Mahou San Miguel last year not to renew the production and distribution arrangement in the UK for its namesake beer brand. Stripping out the lo
San Miguel effect pulls on Carlsberg in Q1- results data
‘It was a soft start to the year, impacted by the … continued subdued consumer spending in an environment with increased macroeconomic volatility.’

Olly has been reporting on the beverage industry as a B2B journalist since 2003. He spent 18 years at Just Drinks, 16 of which as managing editor. Since joining Global Drinks Intel in 2022, he's interviewed the CEOs for brand owners including AB InBev, Campari Group, Carlsberg, Heineken and Suntory Global Spirits and has a bulging contacts book from across beverage alcohol worldwide.



