Carlsberg Misses H1 Targets, Narrows 2025 Profit Outlook Higher

Carlsberg A/S reported first-half 2025 results that fell short of market expectations, with revenue of DKK 45.86 billion and net income of DKK 3.56 billion against analyst estimates of DKK 46.6 billion and DKK 3.87 billion, respectively. Operating profit came in at DKK 7.23 billion, also below consensus forecasts. The Danish brewer said organic operating profit rose 2.3 percent in the period while organic volumes slipped 1.7 percent, reflecting weaker consumer demand and tariff-related pressures. Warm summer weather supported sales of core brands such as Tuborg and Kronenbourg 1664, but management cautioned that overall market conditions remain challenging. Despite the miss, Carlsberg narrowed its full-year guidance to the upper end, now expecting organic operating-profit growth of 3 percent to 5 percent, compared with a prior range of 1 percent to 5 percent. Chief Executive Officer Jacob Aarup-Andersen said the company delivered “solid results in a difficult half” but does not foresee any improvement in the consumer environment for the remainder of 2025.