Trading statement as at 31 March 2024

RESILIENT VOLUME GROWTH

Organic volume growth +2.0%

• Organic volume growth in Western Europe +0.2%, Asia +3.1% and Central & Eastern Europe and India (CEEI) +2.2%.
• Total premium beer category +8%, Beyond Beer -1%, alcohol-free brews +2%.
• International premium brand volume development: Tuborg +8%, Carlsberg +15%, 1664 Blanc 0%, Brooklyn -1%, Grimbergen +6% and Somersby -4%.

REVENUE/HL GROWTH ACROSS REGIONS

Organic revenue growth +6.4%

• Revenue/hl +4%, with positive contribution from all three regions.
• Organic revenue growth in Western Europe +5.1%, Asia +7.6% and CEEI +7.3%.
• Reported revenue growth +4.4% to DKK 17.1bn, impacted by currencies.

SUPPORTING SHAREHOLDER RETURNS

New quarterly share buy-back programme

• A new quarterly share buy-back programme, amounting to DKK 1.0bn, will be launched today.

2024 EARNINGS GUIDANCE MAINTAINED

• Organic operating profit growth of 1-5%.
• Based on the currency spot rates at 29 April, we assume a translation impact of around DKK -250m for the full year (previously DKK -100m).

Group CEO Jacob Aarup-Andersen says: “We’ve had a solid start to the year with volume and revenue growth in all three regions. We’re particularly satisfied with the growth of our premium portfolio and the volume and revenue growth in Asia, both of which are important strategic growth drivers for the Group. Q1 performance was in line with expectations, and we maintain our full-year earnings outlook.”

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. CET. Dial-in information and a slide deck are available on www.carlsberggroup.com.