Carlsberg reports first volume growth in over a year as Q1 2026 sales rise 3.6%
Carlsberg returns to volume growth in Q1 2026, driven by premium and non-alcoholic drinks, while warning of continued cost pressures from Middle East geopolitical tensions.
DENMARK – Carlsberg has reported its first quarterly volume growth in more than a year, signaling a positive start to 2026 even as geopolitical tensions in the Middle East threaten to increase costs and weigh on consumer demand.
The Danish brewer recorded organic sales growth of 3.6% in the first quarter of 2026, supported by gains in premium beer and non-alcoholic beverages.
Organic volumes rose 2.8% to 35.1 million hectoliters, while total volumes increased 5.3%, including a 2.5% contribution from its acquisition of Britvic.
Premium beer volumes grew by 3%, while non-alcoholic drinks recorded a stronger 7% increase, continuing to outperform the broader beer category and supporting revenue growth per hectoliter.
Chief Executive Officer Jacob Aarup-Andersen said the company is preparing for prolonged uncertainty linked to the ongoing conflict in the Middle East. “We’re planning for a continued crisis for the rest of the year,” he told Reuters, noting that ripple effects on supply chains and commodities could persist through most of 2026.
He added that the company had delivered a solid start to the year across all regions. “We delivered a good start to 2026 with organic volume and revenue growth in all three regions, strong results for our strategic category growth drivers – premium beer, soft drinks and alcohol-free brews – and a return to solid growth in our Asia region,” he said.
The Central & Eastern Europe and India (CEEI) region recorded the strongest performance, with organic revenue growth of 8.1%, driven by a 4.6% increase in volumes and 3% growth in revenue per hectoliter.
Reported revenue growth in the region stood at 3.1%, impacted by currency depreciation in India, Ukraine, and Nepal. Volume growth was supported by strong demand in India and Nepal, as well as growth in soft drinks in Kazakhstan following the company’s takeover of the Pepsi license in late 2025.
In Asia, organic revenue rose 4.4%, supported by a 3.4% increase in volumes and a 1% improvement in revenue per hectoliter. Western Europe posted modest growth, with revenue increasing 1.5% and volumes rising 1.2%, driven by solid performance in the Nordics and the United Kingdom, although Poland experienced a slower start to the year.
Carlsberg also highlighted its expanded strategic partnership with PepsiCo in the Nordics and Baltics as a key growth opportunity. “The growth prospects and value creation opportunities from a business model that combines the Carlsberg and PepsiCo beverage portfolios are truly significant,” Aarup-Andersen said.
The company maintained its full-year guidance, expecting organic operating profit growth of between 2% and 6% in 2026.
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