Carlsberg Misses H1 Forecasts but Raises Full-Year Profit Guidance
Carlsberg reported weaker-than-expected half-year profit and volume results on Thursday, warning it does not expect the consumer environment to improve in the remainder of 2025.
The Danish brewer — the world’s third largest after Anheuser-Busch InBev and Heineken — raised its full-year profit outlook, in contrast to rivals that kept forecasts unchanged amid U.S. tariff uncertainty.
Brewers across the sector have faced challenges in recent weeks, with volume growth and forecasts disappointing due to weak demand, tariff effects, and poor weather. This has left investors concerned about growth prospects.
Carlsberg, known for brands such as Kronenbourg 1664, Tuborg, and Somersby, reported a 2.3% increase in first-half organic operating profit. Organic volumes fell 1.7%, coming in slightly below analyst expectations on both measures.
CEO Jacob Aarup-Andersen said the group delivered “solid results in a difficult half-year” but warned that market conditions are unlikely to improve in 2025. He added that strong performance management and cost control could allow the company to narrow its profit guidance.
Carlsberg now expects full-year organic operating profit growth between 3% and 5%, up from its previous range of 1% to 5%.
First-half operating profit reached 7.23 billion Danish crowns ($1.13 billion), compared with analyst expectations of 7.35 billion crowns.
