Carlsberg Half-Year Report 2022

VOLUME GROWTH DRIVEN BY WESTERN EUROPE AND ASIA

Organic volume growth +8.9% (Q2: +8.7%)

• Organic volume growth in Western Europe +10.2%, Asia +13.2% and Central & Eastern Europe 0.3% (excluding Ukraine: +7%).
• Solid volume growth for premium brands: Tuborg +14%, Carlsberg +20%, 1664 Blanc -1% (excluding Ukraine: +5%), Grimbergen +11%, Somersby +2% and Brooklyn +44%.
• Alcohol-free brews -3% (excluding Ukraine: +4%).

REVENUE IMPACTED BY POSITIVE CHANNEL MIX

Organic revenue growth +20.7% (Q2: +18.7%)

• Revenue/hl +11%, primarily driven by channel mix, country mix and price increases.
• Reported revenue growth of 23.6% to DKK 35,447m due to a positive currency impact.

STRONG PROFIT AND CASH PERFORMANCE

Organic operating profit growth +31.8%

• Strong operating profit growth reflecting the on-trade recovery and strong Asia performance, partly offset by higher commodity prices and energy costs.
• Reported operating profit growth of +35.9% to DKK 6,442m and operating margin improvement of 170bp to 18.2%.
• Reported net profit of DKK -5,276m, impacted by impairment charges in Russia, Ukraine and Central & Eastern Europe recognised in March, in total amounting to DKK 10,401m.
• Adjusted net profit DKK 5,059m.
• Adjusted earnings per share (excluding treasury shares) +63.9% to DKK 35.9.
• Strong free cash flow of DKK 7,294m