Carlsberg misses H1 estimates but lifts profit outlook

(Sharecast News) - Carlsberg has narrowed its full-year profit target to the upper end of the guidance range following a solid first half, though shares fell sharply as interim figures missed estimates. The Danish brewer said on Thursday that it now expects organic operating profit growth of 3-5% in 2025, compared with previous guidance of 1-5%.

First-half revenues were up 18.2% year-on-year at DKK45.86bn (£5.29bn), coming in slightly shy of the DKK46.54bn consensus forecast.

Organic revenues were down 0.3% due to the loss of the San Miguel brand in the UK from the start of January. However, excluding the impact of San Miguel, organic revenues would have been 1.3% higher.

Total volumes were up 16% over last year to 76.3m hectolitres, with a 1.3% slip in beer volumes to 52.7mhl offset by a 91.4% surge in volumes of 'other beverages' to 23.6mhl. The consensus forecast was for total volumes of 76.6m.

Operating profits were 15.1% higher at DKK7.23bn, helped by increased revenues and margins, though reported net profit declined 4.7% to DKK3.56bn due to higher net financials, tax and the costs of integrating the Britvic business, which completed in January.

"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 chief executive 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, to create an even stronger Carlsberg."

Shares were 7.8% lower at DKK748.20 by 1523 in Copenhagen.