On October 30, Carlsberg Group released its Q3 2025 trading statement, showing robust reported growth overshadowed by persistent market challenges. Total volume surged 16.2%, driven by Britvic’s 21.5% acquisition impact and Gorkha Brewery consolidation, while organic volumes fell 3.0%. Revenue rose 17.8% to DKK 24,139 million, with organic development down 1.4%. Revenue per hectolitre increased 2%, supported by pricing and positive product mix across all regions.
Britvic integration continues to deliver, with total cost synergies raised to GBP 110 million on October 1 from GBP 100 million. Commercial continuity and synergy execution remain on track, offsetting softer beer demand and enhancing UK retail efficiencies—Pepsi Max now shares shelf space with Carlsberg 0.0 in supermarkets.
Excluding San Miguel, premium beer grew organically 5%, supported by strong performances in Asia and Western Europe. Carlsberg volumes increased 8%, driven by very strong growth in Asia, particularly China. Reported total brand volumes grew 3%. Tuborg volumes rose 2%, mainly from premium markets like China and Vietnam, though mainstream volumes were pressured in India, Denmark, and Norway. 1664 Blanc accelerated to 6% growth, thriving in Western Europe and CEEI markets, despite weaker China volumes.
Soft drinks volumes grew organically 4%, led by the Nordics, Switzerland, and Laos, with China’s local propositions showing momentum from a low base. Alcohol-free brews declined 2% but grew 6% excluding Ukraine, including 9% in Western Europe and double-digit gains in Kazakhstan, Greece, and Croatia. Beyond Beer fell 10%, significantly impacted by lower volumes in Ukraine and Poland.
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Western Europe posted 37.2% reported revenue growth, primarily from acquisitions (38.3%), with organic revenue up 2.1% excluding San Miguel. Adjusted volumes grew 1.3%, driven by premium beer, alcohol-free brews, and soft drinks. Asia showed sequential improvement, with organic revenue down 0.6% and volumes off 1.2%. Central & Eastern Europe and India (CEEI) saw organic revenue decline 2.8% and volumes drop 5.2%, weighed by Ukraine’s heightened war impact and weak consumer sentiment in Kazakhstan.
CEO Jacob Aarup-Andersen stated: “We delivered strong reported growth driven by the Britvic acquisition. We also achieved solid underlying volume and revenue growth in Western Europe and saw sequential improvement in Asia, supported by strong performance of our premium portfolio in most markets. These results were achieved despite continued challenging consumer sentiment across our regions and a heightened adverse impact from the war on our business in Ukraine.”
Since early summer, Carlsberg has taken decisive cost actions to protect earnings growth and enable uninterrupted investments in commercial and digital initiatives. Full-year organic operating profit growth guidance remains 3-5%, assuming a DKK -200 million translation impact.
As consumers navigate tight budgets, Carlsberg’s premium focus and Britvic synergies highlight a balanced strategy for long-term resilience.
