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Carlsberg Group
Carlsberg Group (CARL) investor relations material
Carlsberg Group Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary4 Feb, 2026
Executive summary
Reported revenue grew 18.8% to DKK 89.1bn, driven by Britvic acquisition, with operating profit (MPM) up 22.7% to DKK 14.0bn and adjusted EPS (MPM) up 11.1% to DKK 61.0.
Britvic integration delivered ahead of plan, with 30% of GBP 110m cost synergies realized in 2025 and DKK 2.2bn in operating profit.
Free operating cash flow reached DKK 7.0bn, up from DKK 6.4bn in 2024, supported by Britvic.
Adjusted net profit (MPM) increased 10.7% to DKK 8.1bn; dividend per share raised by 7% to DKK 29.
Management-defined performance measures (MPMs) introduced to align reporting, adjusting for PPA-related amortization from Britvic.
Financial highlights
Total reported volumes up 17.7%, mainly from Britvic; organic volumes declined slightly, mainly in Asia.
Gross margin (MPM) declined by 60 bps to 45.2% due to Britvic's lower margin; organic gross margin improved by 30 bps.
Net interest-bearing debt rose to DKK 61.6bn post-Britvic; leverage at 3.28x EBITDA.
Adjusted net profit MPM was DKK 8bn; adjusted EPS MPM grew 11.1% to DKK 61.
Free cash flow was negative DKK 21.7bn due to Britvic acquisition; free operating cash flow positive at DKK 7.0bn.
Outlook and guidance
2026 expected to see a stable but subdued consumer environment, with continued geopolitical and inflationary pressures.
Organic operating profit MPM growth guided at 2%-6% for 2026.
Britvic synergy realization to reach 60%-70% after two years; 30%-40% of GBP 110m expected in 2026.
CapEx expected at DKK 6-7bn; effective tax rate around 23%.
Volume boost of ~1.5% expected from Pepsi license in Kazakhstan and Kyrgyzstan, but no profit contribution in 2026.
Britvic integration: 2025 net financial effect?
Pepsi Central Asia: long-term profit strategy?
India IPO exploration: rationale?
New Britvic synergy realization timeline
2026 special items and OOI outlook
PepsiCo partnership expansion outlook
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Next Carlsberg Group earnings date
Q1 202629 Apr, 2026
Carlsberg Group
Next Carlsberg Group earnings date
Q1 202629 Apr, 2026
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Frequently asked questions
Carlsberg A/S operates in the production and sale of beer and other beverage products. The company offers beer, cider, sparkling drinks and water brands. The beverage portfolio includes brands such as: Carlsberg Group, Tuborg, Kronenbourg, Somersby Cider, Grimbergen, Somersby Apple Cider and Safbrew. It also provides hefeweizen beer under the Jacobsen brand; and Carlsberg Radler under the Jacobsen Old Fashioned brand. In addition, it distributes a number of beverages from other breweries like Heineken and Anheuser-Busch InBev.
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