Carlsberg posts better-than-expected profits as Britvic deal lifts earnings, widens 2026 outlook
Carlsberg beat profit forecasts in 2025, driven by Britvic synergies, but warned demand pressures persist in 2026.
DENMARK – Carlsberg has reported stronger-than-expected annual profits, supported by contributions from its newly acquired soft drinks business Britvic, while widening its guidance for 2026 amid softer consumer demand across the alcoholic drinks industry.
The Danish brewer said full-year operating profit rose 5% to 14 billion Danish crowns (US$2.03 billion), exceeding analysts’ expectations of 13.82 billion crowns (US$2.00 billion), based on a company-compiled consensus.
Carlsberg said synergies from the Britvic acquisition are progressing faster than planned, with around 30% of the targeted £110 million (US$140 million) in savings already realised.
The £3.3 billion (US$4.19 billion) takeover of Britvic, owner of brands including Robinsons and J2O, was completed early last year.
Overall sales volumes increased 17.7%, driving an 18.8% rise in total revenue year-on-year. Revenue reached 89.1 billion Danish crowns (US$12.92 billion), broadly in line with analyst expectations of 89.63 billion crowns (US$13.00 billion).
However, organic volumes declined slightly by 0.6%, reflecting the termination of Carlsberg’s contract to brew and distribute San Miguel lager in the UK. The licence was transferred last year to AB InBev by Mahou San Miguel, the brand’s owner.
Beer volumes fell to 99 million hectolitres from 101.2 million hectolitres a year earlier. In contrast, volumes in the soft drinks and other beverages category doubled to 49.0 million hectolitres from 24.5 million hectolitres, largely due to the Britvic acquisition.
Chief executive Jacob Aarup-Andersen said the company expects to deliver cost synergies from Britvic earlier than initially planned.
“We’ve taken significant steps towards building a broad and diversified beverage portfolio,” he said. “The combination of beer and soft drinks is therefore unlocking exciting new opportunities for both growth and value creation.”
Adjusted operating profit rose to 13.36 billion Danish crowns (US$1.94 billion) from 11.41 billion crowns (US$1.65 billion) a year earlier.
Looking ahead, Carlsberg said it expects organic operating profit growth of between 2% and 6% in 2026, compared with 5% growth achieved last year, as the group navigates cautious consumer spending driven by health trends and cost pressures.
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