Carlsberg Half-Year Report 2024

A number of events in 2023 and 2024 have an impact on the year-on-year comparison for H1 and FY 2024. These include the following items, which you may wish to consider in your modelling. Please note that the items listed below are not exhaustive and that other factors may affect the comparisons for H1 and FY 2024 versus the same period last year. 

Western Europe

In the Q1 2024 announcement, we commented on the YTD revenue/hl:

“Revenue/hl grew in all markets, supported by the rollover of last year’s price increases and price actions taken in Q1 2024. In addition, revenue/hl was positively impacted by around 180bp from the inclusion of excise duties in the UK following the termination of the Kronenbourg 1664 licensee agreement in June 2023.”

At the Q1 2024 conference call, we commented on France:

“It was a bit of a tough start to the year in France where the market is in decline and we are seeing intensified competitive behavior in the market.”

At the Q1 2024 conference call, we commented on the volume outlook for the year: “We do think there is some sort of element of positive volume growth coming out of Western Europe this summer from both easy weather comps and the sport events.”