Finance
Carlsberg's annual profits beat estimates, brewer warns of more challenges in 2026
Published by Global Banking and Finance Review
Posted on February 4, 2026
2 min readLast updated: February 4, 2026
Global Banking and Finance Review
Company
Published by Global Banking and Finance Review
Posted on February 4, 2026
2 min readLast updated: February 4, 2026
Carlsberg's annual profits rose by 5% to 13.99 billion Danish crowns, surpassing analyst expectations of 13.82 billion crowns.
By Emma Rumney
LONDON, Feb 4 (Reuters) - Danish brewer Carlsberg on Wednesday reported a forecast-beating 5% rise in full-year operating profit, but warned it did not expect any improvements in a stubbornly difficult consumer environment.
The world’s third-largest brewer behind Anheuser‑Busch InBev and Heineken reported organic operating profit of 13.99 billion Danish crowns ($2.22 billion) before special items. Analysts had expected 13.82 billion crowns, according to a company‑compiled consensus.
It forecast between 2% and 6% growth in its current financial year. Analysts on average currently expect over 5% growth versus their estimates for 2025.
Brewers such as Carlsberg have been struggling to grow sales volumes, hit by everything from bad weather to geopolitical uncertainty.
Carlsberg said it did not expect any change in the consumer environment in 2026 and would maintain a focus on costs.
The company, which owns brands including Kronenbourg 1664, Tuborg and Somersby, has outperformed some peers amid weak global beer demand, supported by its acquisition of Britvic, which completed last year and doubled the share of soft drinks in its portfolio to 30% of volumes.
The group has also tightened spending on travel, consultants and headcount to protect earnings while managing pressures ranging from subdued consumer demand to the effects of U.S. tariffs and the war in Ukraine.
CEO Jacob Aarup-Andersen also pointed to the takeover of a soft drinks business in Central Asia and accelerated growth in India as supporting Carlsberg's performance.
"On the back of this, and supported by tight cost focus and our strong performance management processes, we achieved solid earnings growth," he said.
($1 = 6.3110 Danish crowns)
(Reporting by Emma Rumney, Editing by Louise Heavens)
Operating profit is the income generated from a company's core business operations, excluding deductions of interest and taxes. It reflects the efficiency of a company in managing its operational expenses.
Special items are non-recurring or unusual expenses or revenues that are not part of a company's regular operations. They can significantly impact financial results and are often reported separately for clarity.
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