Year starts well for Carlsberg despite gloomy prognosis – results data

Carlsberg has trumped its nearest – geographically speaking – rival in the first quarter of 2023, although like Amsterdam-headquartered Heineken, the Danish brewer has seen its alcohol-free stable stutter in the period.

For the three months to the end of March, Copenhagen-based Carlsberg posted a 14.2% top-line increase. The showing follows 2022’s 15.6% rise, while also stymying the group’s February expectation that “higher prices in combination with generally high inflation may have a negative impact on beer consumption in some of our markets” this year.

Last month, Heineken reported a lift in Q1 sales of 8.9%.

While the namesake lager brand delivered a 4% volumes fillip, the company's alcohol-free portfolio was collectively down by 6% in the three months. Heineken witnessed a similar turn of events, with Heineken 0.0 down by "a low single-digit" in volume terms over the same period.

Carlsberg's three reporting regions all boasted double-digit increases in values with 'Central & Eastern Europe' the standout at almost a third up [+29.6%]. While commentary was light, the region's +0.9% volumes shift suggests price increases played their part in the performance.

Elsewhere, 'Western Europe' was also helped by pricing "in order to mitigate significantly higher costs" while the ongoing easing of Covid-19-related restrictions in China provided the double-whammy of stronger trading and softer year-prior comparisons.

For 2023, Carlsberg reiterated its cautious tone from earlier this year: "The impact on volumes and mix from the higher beer prices and continued high inflation in general remains uncertain, particularly in Europe," the group said.

Later this year, CEO Cees 't Hart will make way for Jacob Aarup-Andersen after eight years in charge.

Carlsberg's official Q1 2023 results announcement.

Group presentation on recent performance.

How will 2023 treat Carlsberg? – CEO Cees ‘t Hart speaks exclusively to Global Drinks Intel