Carlsberg Full-Year Report 2022

STRONG VOLUME GROWTH, PARTICULARLY IN ASIA

Organic volume growth 5.7%

• Organic volume development in Western Europe +5.4%, Asia +10.3% and Central & Eastern Europe -0.1% (excluding Ukraine +4.9%).
• Volume growth of international premium brands: Carlsberg +14%, Tuborg 9%, Grimbergen +11% and Somersby +1%. 1664 Blanc -4% impacted by lower volumes in Ukraine and China.
• Alcohol-free brews in Western Europe +7%; total alcohol-free brews excluding Ukraine +1%.

STRONG REVENUE GROWTH, DRIVEN BY ALL REGIONS

Organic revenue growth 15.6%

• Reported revenue growth of 16.9% to DKK 70,265m.
• Revenue/hl +9%, with strong growth in all regions.

VERY STRONG OPERATING PROFIT AND CASH PERFORMANCE

Organic operating profit growth 12.2%

• Operating profit growth reflecting on-trade recovery in Western Europe and strong Asia performance, particularly in H1, partly offset by higher commodity prices and energy costs.
• Reported operating profit growth of 13.2% to DKK 11,470m. Operating margin 16.3%.
• Reported net profit of DKK -1,063m, impacted by write-downs of DKK 10,735m.
• Adjusted net profit increase of 39.6% to DKK 9,694m.
• Adjusted earnings per share increase of 43.6% to DKK 69.3. For continuing operations, increase of 23.9% to DKK 55.7.
• Free cash flow DKK 9,884m.