Carlsberg raises 2026 profit guidance
Carlsberg Group has raised its full-year earnings guidance after delivering solid top-line and profit growth during the first half of 2026, with strong performances from soft drinks and alcohol-free brews supporting the results.
DÍON is situated atop the former Central Bank of Ireland on Dublin’s Dame Street
Organic revenue increased 2.7% during the first half, while reported revenue rose 2.6% to DKK 47.1 billion.
Organic operating profit increased 5.9%, with reported operating profit up 4.5% to DKK 7.45 billion.
The group also reported a 30-basis-point improvement in operating margin to 15.8%, while net profit increased 6% to DKK 4.29 billion.
Free operating cash flow rose to DKK 3.69 billion, compared with DKK 2.92 billion in the first half of 2025.
Across its growth categories, soft drinks increased 9% organically, while alcohol-free brews grew 11%.
Premium beer increased 1% and Beyond Beer also grew 1%.
International brands also performed strongly, with Carlsberg up 6%, Tuborg up 3% and Pepsi up 17%.
The performance comes as Carlsberg continues to integrate Britvic following its acquisition, with the group highlighting faster-than-expected delivery of synergies alongside disciplined cost management as key contributors to its earnings performance.
In Western Europe, organic operating profit increased 8.7%, while reported operating profit rose 9.1%.
The region’s operating margin improved by 80 basis points to 13.8%, supported by Britvic synergies and tight cost control.
Carlsberg said its UK soft drinks portfolio achieved mid-single-digit volume growth during the period, outperforming both the off-trade and on-trade markets in volume and value.
The group also pointed to continued growth in premium beer and alcohol-free brews, although this was partly offset by ongoing softness in the on-trade channel.
As a result of the first-half performance, Carlsberg has narrowed its 2026 organic operating profit growth guidance to 4-6%, compared with its previous forecast of 2-6%, moving expectations towards the upper end of the previous range.
Group CEO Jacob Aarup-Andersen said the company had delivered solid top-line and earnings growth despite an uncertain macroeconomic environment, while making progress on its strategic priorities.
The group also highlighted its new strategic partnership with Sapporo, which is intended to strengthen its premium beer portfolio, as well as an expanded PepsiCo partnership covering the Nordics, Baltics and Azerbaijan.
Carlsberg said it remains committed to reducing leverage towards its 2.5x target, with free cash flow generation, a hybrid bond issue and expected proceeds from Sapporo’s investment in its new joint venture supporting that ambition.
The results come as Carlsberg continues to operate in a challenging consumer environment, with the group balancing growth in premium, alcohol-free and soft drinks against pressure in some traditional beer and on-trade markets.
The company said it had good visibility into the important summer months, supporting its decision to move its earnings expectations towards the upper end of its previous guidance range.
