Carlsberg Q3 Report 2023

VOLUMES IMPACTED BY A CHALLENGING CONSUMER ENVIRONMENT AND THE WEATHER

Organic volume development -3.0% (9M: -0.6%)

• Organic volume development in Western Europe -5.2%, Asia +1.5% and Central & Eastern Europe -6.3%.
• Premium beer portfolio flat. Alcohol-free brews +6%.
• International premium brands: Tuborg +3%, Carlsberg -4%, Brooklyn +27%, 1664 Blanc -2% and Somersby -7%.

CONTINUED STRONG REVENUE/HL GROWTH

Organic revenue growth +5.8% (9M: +9.2%)

• Revenue/hl +9% (9M: +10%), with strong growth in Western Europe and Central & Eastern Europe.
• Organic revenue growth in Western Europe +7.0%, Asia +3.7% and Central & Eastern Europe +6.3%.
  • Reported revenue growth of 0.3% to DKK 20.3bn (9M: +4.3% to DKK 58.1bn), impacted by currencies.

UNCHANGED EARNINGS EXPECTATIONS

• Organic growth in operating profit of +4% to +7%.
• Based on the spot rates at 30 October, we assume a translation impact on operating profit of around DKK -900m for 2023 (unchanged).

All three regions contributed to the organic revenue growth of 5.8% (9M: +9.2%), which was the result of revenue/hl growth of 9% (9M: +10%), partly offset by an organic volume decline of 3.0%  (9M: -0.6%). Reported revenue grew by 0.3% to DKK 20.3bn (9M: +4.3% to DKK 58.1bn) because of an adverse currency effect of -6.2% (9M: -5.5%), primarily related to Asian currencies. The net acquisition impact was +0.7% (9M: +0.6%).