- Sales in three months to end of June inch up 0.6% to DKK25.73bn (US$4.03bn)
- For the first half of 2025, top-line flat at -0.3% – DKK45.86bn
- Group volumes dip 1.7% thanks mainly to ‘Asia’ region, sliding by 2.8%
Carlsberg has warned that the prevailing weak consumer sentiment will linger, although its latest sales have improved on the previous quarter.
Having started the year with a 1.5% decline in sales from the three months to the end of March, the Copenhagen-headquartered group today booked a flat (+0.6%) top-line performance in its second quarter. Subsequently, the first half of 2025 stood at -0.3% for sales versus the corresponding period a year ago.
As was the case in Q1’s results at the end of April, Carlsberg highlighted the conclusion at the start of 2025 of its longstanding production and distribution arrangement in the UK with Spain’s Mahou San Miguel. Stripping out the loss of the San Miguel brand in the country, group sales were up by 2.4% in the second quarter and by 1.3% in H1.
On a geographical basis, Carlsberg’s home reporting region dipped in sales terms by 0.8%, although reported sales (which feature in the chart below) were impacted “heavily” by both the San Miguel situation and the acquisition of soft drinks business Britvic, which completed in January. Standout performances were flagged from the UK, where volumes (excl. San Miguel) leapt by high single digits thanks to brand Carlsberg as well as Poretti and 1664 Kronenbourg, while “easy weather comparables” across Scandinavian markets helped in H1. France cycled weak comparables a year ago, with the Somersby cider brand debuting in the country “with initial good results”.
Trading was more challenging in ‘Asia’, however, where sales were down over the half year by 1.9%. Despite successes for the likes of Carlsberg and Tuborg in China, where H1 volumes inched up 1%, “intensified competitive activities” pulled in Vietnam, where volumes slid by the mid-teens. Across the border in Laos, meanwhile, a hyperinflationary environment prompted price increases that also contributed to the region’s poorer showing.
Finally, the ‘Central & Eastern Europe and India’ region grew its six-month sales by 3.1% as volumes in India were up by low double digits, led by Carlsberg Elephant and Tuborg Green.
“The group delivered solid results in a difficult half year, with good market share development in all three regions, particularly in Western Europe, driven by good progress for premium beer, alcohol-free brews and soft drinks,” said CEO Jacob Aarup-Andersen.
“We don’t expect the consumer environment to improve over the remainder of the year. Nevertheless, we’re continuing our long-term investments in key brands and capabilities, including in areas such as digital, marketing and value management … .”
See below for a company-sourced video, featuring Aarup-Andersen and CFO Ulrica Fearn.
