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Carlsberg holds profit guidance despite weak China sales - Finance news and analysis from Global Banking & Finance Review
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Carlsberg holds profit guidance despite weak China sales

Published by Global Banking & Finance Review

Posted on October 29, 2026

2 min read

· Last updated: October 29, 2026

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Carlsberg Holds 2024 Profit Guidance as China Sales Lag but Q3 Meets Forecasts

Carlsberg’s Q3 2024 Financial Performance and Market Overview

By Jacob Gronholt-Pedersen

Q3 Sales Results and Analyst Expectations

COPENHAGEN, Oct 29 (Reuters) - Danish brewer Carlsberg held its full-year profit guidance on Thursday after third-quarter sales matched expectations, though China remained a weak spot.  

CEO Statement on Revenue Growth

• "The group delivered robust revenue growth in Q3, reflecting good momentum in many markets and the resilience of our multi-beverage portfolio, which more than compensated for the challenging trading environment in China," CEO Jacob Aarup-Andersen said in a statement

Sales Figures and Analyst Poll

• Carlsberg said third-quarter sales reached 25.3 billion Danish crowns ($3.78 billion), up 5% from the same period last year. Analysts had expected sales of 25.2 billion crowns in a poll conducted by the company

Regional Performance Highlights

Asia Market and China Challenges

• Organic volume sales in Asia dropped 6.7% in the quarter, mainly due to weak consumer sentiment in China and severe rainfall during the peak season in June and July, Carlsberg said

Outlook for Operating Profit

• The company said it still expects organic operating profit to grow by 4-6% this year

Total Volume Sales and Analyst Comparison

• Total volume sales rose organically by 0.3% to 40.8 million hectolitres in the quarter, compared to the 41 million expected by analysts

Product Portfolio Performance

Premium Beer Segment

• Carlsberg's premium beer portfolio declined by 3%, mostly due to weak sales in China but supported by solid growth in Europe and in South Asia, it said

Currency Exchange Rate

($1 = 6.6949 Danish crowns)

Reporting and Editing Credits

(Reporting by Jacob Gronholt-Pedersen, editing by Terje Solsvik)

Key Takeaways

  • Q3 sales rose 5% year‑on‑year to DKK 25.3 bn, in line with analyst expectations of DKK 25.2 bn, supporting maintained profit guidance.
  • Organic volumes in Asia fell 6.7%, largely due to China’s weak consumer sentiment and severe rainfall, while total organic volumes edged up just 0.3%, slightly below expectations.
  • Carlsberg continues to rely on soft‑drinks, alcohol‑free beer growth, Britvic synergies and disciplined cost controls to offset Chinese softness and sustain guidance at 4–6% organic operating profit growth.
  • Analysts including UBS, Jefferies and Barclays highlight that China—accounting for around 30% of Carlsberg’s beer volumes—is the key swing factor; weather distortions and destocking may be temporary, offering upside if volumes normalize.

Frequently Asked Questions

Did Carlsberg maintain its profit guidance for 2024?
Yes, Carlsberg held its full-year profit guidance despite weaker sales in China.
How much did Carlsberg’s Q3 sales grow compared to last year?
Carlsberg’s third-quarter sales rose by 5% from the same period last year to 25.3 billion Danish crowns.
What caused the decline in Carlsberg’s Asia sales?
Asia sales dropped mainly due to weak consumer sentiment in China and severe rainfall during the peak season.
How did Carlsberg’s premium beer portfolio perform in Q3?
The premium beer portfolio declined by 3%, mostly due to weak sales in China, partly offset by growth in Europe and South Asia.
What is Carlsberg’s expected organic operating profit growth for 2024?
Carlsberg expects organic operating profit to grow by 4-6% this year.

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