Carlsberg Group reported a 5.9% increase in organic operating profit for the first half of 2026, supported by volume growth in soft drinks and premium beer categories. Revenue rose 2.7% to DKK 47.1 billion, while operating profit reached DKK 7.4 billion on a constant price/mix basis, expanding margins by 30 basis points to 15.8%.
The Copenhagen-based brewer maintained its dividend track record with a 3.2% yield, while net profit increased 5.8% to DKK 4.3 billion. Earnings per share climbed 6.0% to DKK 32.4. Free operating cash flow grew to DKK 3.7 billion from DKK 2.9 billion in the same period last year.
Growth categories, now representing 51% of total group volumes, expanded 6% collectively. Soft drinks accounted for 30% of volumes with a 9% organic increase, driven by a 17% rise in Pepsi-branded beverages. Premium beer, comprising 16% of volumes, grew 1% overall, with Carlsberg Danish Pilsner up 6% and Tuborg Green rising 3%. Alcohol-free brews surged 11%.
Regional performance varied, with Western Europe delivering 8.7% organic operating profit growth and an 80-basis-point margin improvement to 13.8%. Asia posted a 40-basis-point margin gain to 26.3%, while Central & Eastern Europe and India saw operating profit growth of 7.8% despite a 40-basis-point margin decline to 16.2%. Kazakhstan’s volume grew 70% following the Pepsi license takeover in late 2025.
Carlsberg also outlined strategic moves, including a joint venture with Sapporo that will see the Japanese brewer pay USD 643 million for a 25% stake in Carlsberg’s Southeast Asian operations. The company expects to capture DKK 110 million in Britvic synergies by year-end, with 80% already realized ahead of schedule.
Full-year 2026 guidance was raised to 4-6% organic operating profit growth from the prior 2-6% range. The group’s net interest-bearing debt to EBITDA improved to 3.0x from 3.9x, while return on invested capital declined to 10.8% from 11.2%.
CEO Jacob Aarup-Andersen highlighted the contribution of Britvic, stating the integration had exceeded expectations. CFO Ulrica Fearn noted the successful transition to new accounting standards reflected the robustness of Carlsberg’s data systems.
