Profits at Carlsberg have beaten market forecasts as the Danish brewer benefited from better-than-expected synergies with Britvic.
Annual revenues at the group in 2025 shot up 18.8% to DKK89.1bn (£10.3bn) and volumes increased 17.7% following its first full year of ownership of the soft drinks supplier.
However, organic volumes declined 2% during the year after Carlsberg lost its licence to sell San Miguel.
Organic revenue growth excluding the impact of San Miguel rose 1.1% last year.
Carlsberg said its premium beer categories registered 5% growth in 2025, while soft drinks were up 3% and alcohol-free brews increased 4%.
Operating profits jumped 22.7% to DKK14bn (£1.6bn) thanks to gross margin improvements, cost efficiencies and higher-than-expected synergies with Britvic, which Carlsberg acquired in 2024.
Carlsberg added the plan for synergies in Britvic and the legacy Carlsberg UK business was ahead of schedule, with about 30% of the £110m savings delivered in 2025.
“2025 was a year of delivery,” CEO Jacob Aarup-Andersen said. “Navigating a challenging consumer environment, we successfully integrated Britvic, prepared to take over a substantial soft drinks business in central Asia, achieved positive results for our growth categories and accelerated growth in India.
“On the back of this, and supported by tight cost focus and our strong performance management processes, we achieved solid earnings growth.
“The Britvic acquisition represents a significant step for the group, strengthening our position in the growing soft drinks category. The integration is progressing ahead of plan, and we are realising synergies earlier and at a higher level than originally anticipated.
“We’ve taken significant steps towards building a broad and diversified beverage portfolio. This will not only enable us to meet a wider range of consumer needs and occasions but also strengthen our position as a world-class brewer. The combination of beer and soft drinks is therefore unlocking exciting new opportunities for both growth and value creation.”
Carlsberg expected 2026 organic growth of 2%-6% on the operating profit achieved last year.
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