Carlsberg Q3 sales plunge as softer consumer demand prompts cost controls
Carlsberg posts lower quarterly sales and volumes amid weak consumer sentiment, U.S. tariffs, and geopolitical uncertainty.
DENMARK – Carlsberg has reported a decline in underlying sales and volumes for the third quarter, reflecting a challenging global consumer environment and prompting the company to tighten cost controls.
The Danish brewer, ranked as the world’s third-largest, said organic sales fell 1.4% compared to the same period last year, while organic volumes declined 3%.
Total revenue for the quarter rose 18% to DKK 24.14bn (US$3.77bn), driven largely by the acquisition of Britvic in January. The figure was slightly below analyst expectations of DKK 24.21 billion (US$3.75M).
Despite the boost from Britvic, reduced consumer spending, U.S. tariffs, and broader geopolitical uncertainties weighed on demand for premium and low-alcohol beer products, key growth segments for leading global brewers.
Performance varied across regions. Western Europe recorded a 1.3% organic sales increase, supported by the integration of Britvic’s soft drinks portfolio alongside Carlsberg’s established beer brands.
In contrast, Asia posted a 1.2% decline, while Central and Eastern Europe, including India, saw a 5.2% drop. Category performance was mixed, with premium beer up 5% and soft drinks climbing 4%. Alcohol-free brews declined 2%, and the beyond-beer category contracted by 10%.
International brand momentum remained solid. Tuborg increased 2%, Carlsberg rose 3%, and 1664 Blanc saw a 6% lift. For the first nine months of the year, revenue advanced 18.1% to DKK 69.9 billion (US$10.83M).
Carlsberg reaffirmed its full-year guidance for organic operating profit growth of 3–5%, surpassing last year’s 2.4% increase but below the company’s long-term target of 4–6%.
Chief executive Jacob Aarup-Andersen stated that consumer sentiment continues to be subdued and confirmed that the company has taken measures since early summer to realign its cost structure.
The group has tightened spending and prioritized efficiency initiatives and digital investments to support profitability and safeguard long-term growth.
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