Carlsberg has narrowed its guidance for annual profits to the upper end of its expected range thanks to disciplined cost focus and quicker-than-anticipated synergies from the Britvic combination.
The Danish brewer now expected annual organic operating profit growth of between 4% and 6%. It previously forecast growth of between 2% and 6%.
Carlsberg said it would benefit from about 50% of the total expected £110m synergies from Britvic in 2026, compared with previous expectations of 30% to 40%.
Organic revenues increased 2.8% to DKK 47.1bn (£5.4bn) in the first half of 2026 as volumes rose 2.7%.
A 6.2% jump in volumes in the Central & Eastern Europe and India region helped offset flat growth in Western Europe and Asia.
Carlsberg said its first-half performance was boosted by soft drinks, which registered organic sales growth of 9%, and alcohol-free brews, up 11%.
In the UK, soft drinks delivered mid-single-digit volume growth, outperforming in the off- and on-trade market.
The group said it registered “even stronger growth” in the UK for the Pepsi portfolio, thanks to the Pepsi, Pepsi Max, 7UP, Lipton and Poppi brands. Beer volumes delivered low-single-digit growth, driven by a solid performance for Poretti, 1664 Bière and Mythos, partly offset by lower Carlsberg volumes.
Carlsberg group operating profits increased 4.5% year on year to DKK 7.45bn (£850m) in the first six months of 2026.
The group slightly missed analyst expectations on volumes, sales and profits for the period.
CEO Jacob Aarup-Andersen said Carlsberg managed “solid” topline and earnings growth in the half despite the continued uncertain macro environment.
“As a result of our disciplined cost focus, performance management and faster-than-expected delivery of the Britvic synergies, we’re narrowing our full-year earnings guidance towards the upper end of the range,” he added.
“We’re committed to reaching our financial 2.5x leverage target and will make strong progress towards this in 2026 thanks to free cashflow delivery, the hybrid bond issue and the expected proceeds from Sapporo’s investment in our new joint venture.”
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