Carlsberg delivers “robust revenue growth” in Q3

Carlsberg has delivered “robust revenue growth” according to its Q3 trading statement, supported by an increase in sales across its alcohol-free and soft drinks categories.

The group experienced organic volume growth in Western Europe of +0.3%, and Central & Eastern Europe and India (CEEI) +7.5% while volumes of its Carlsberg brand were up 3% with Tuborg remaining flat.

Looking ahead, Carlsberg said that organic operating profit growth is still expected at 4-6% on the 2025 operating profit (CPM) of DKK 13,686m.

Jacob Aarup-Andersen, group CEO at Carlsberg, said the group “delivered robust revenue growth in Q3”, reflecting good momentum in many markets and the resilience of its multi-beverage portfolio, which “more than compensated” for the challenging trading environment in China.

He added: “We further strengthened our strategic partnership with PepsiCo by expanding our collaboration into Azerbaijan, Armenia and Georgia, providing a strong platform to further develop a multi-beverage portfolio across the region.

“We expect the Sapporo joint venture in Southeast Asia to complete by the end of the year, and we’re progressing the potential IPO of our Indian business. We’re pleased with our Q3 performance and maintain our full-year earnings guidance.”

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