Trading statement as at 31 March 2026

SOLID ORGANIC VOLUME GROWTH

Organic volume growth +2.8%

• Organic volume growth in Western Europe +1.2%, Asia +3.4% and Central & Eastern Europe and India (CEEI) +4.6%.
• Reported volume growth +5.3% to 35.1m hl.
• Growth categories: premium beer +3%, soft drinks +10%, alcohol-free brews +7% and Beyond Beer -2%.
• International brands: Carlsberg +10%, Tuborg +4% and 1664 Blanc +2%.

POSITIVE REVENUE/HL DEVELOPMENT

Organic revenue growth +3.6%

• Organic revenue/hl +1%: Western Europe up slightly, Asia +1% and CEEI +3%.
• Reported revenue growth +3.0% to DKK 20.7bn.

CONFIRMING 2026 EARNINGS GUIDANCE

• Organic growth of 2-6% on the 2025 operating profit (MPM) of DKK 13,996m.
• Based on the currency spot rates at 28 April, we assume no translation impact for 2026 (previously DKK -100m).

Group CEO Jacob Aarup-Andersen says: “We delivered a good start to 2026 with organic volume and revenue growth in all three regions, strong results for our strategic category growth drivers – premium beer, soft drinks and alcohol-free brews – and a return to solid growth in our Asia region.

“We’re excited about last week’s announcement regarding our expanded strategic partnership with PepsiCo in the Nordics and Baltics. The growth prospects and value creation opportunities from a business model that combines the Carlsberg and PepsiCo beverage portfolios are truly significant.”

Contacts

Investor Relations:  
Peter Kondrup +45 2219 1221      
Iben Steiness +45 2088 1232

Media Relations:   
Kenni Leth +45 5171 4368  

For more news, follow Carlsberg Group on LinkedIn or sign up at www.carlsberggroup.com/subscribe.

Carlsberg will present the results at a conference call today at 9.30 a.m. CEST. Dial-in information and a slide deck are available on www.carlsberggroup.com.