Carlsberg Group has reported strong third-quarter growth, boosted by its acquisition of Britvic earlier this year and continued momentum in premium beer and soft drinks across Western Europe.
The brewer’s reported volumes rose 16.2 per cent in the three months to September, reflecting the consolidation of Britvic’s results for the first time. Organic volumes, however, declined 3 per cent, impacted by weaker demand in Asia and Central & Eastern Europe.
Reported revenue increased 17.8 per cent to DKK 24.1 billion (£2.85bn), again lifted by the Britvic deal, while organic revenue slipped 1.4 per cent. Excluding San Miguel, organic revenue in Western Europe grew 2.1 per cent, offsetting softer results in Asia (-0.6 per cent) and Central & Eastern Europe and India (-2.8 per cent). Revenue per hectolitre rose 2 per cent, with all three regions contributing positively.
Carlsberg completed the acquisition of Britvic plc in January 2025, merging the UK soft drinks group with its Carlsberg Marston’s Brewing Company (CMBC) to form Carlsberg Britvic. The company said integration of the Britvic business “continues to progress very well”, and it has now raised its expected cost synergies to £110m, up from £100m previously.
Carlsberg CEO Jacob Aarup-Andersen said the results reflected the benefits of the Britvic acquisition and a strong showing from the brewer’s premium brands, including Carlsberg, Tuborg and 1664 Blanc.
“We delivered strong reported growth driven by the Britvic acquisition. We also achieved solid underlying volume and revenue growth in Western Europe and saw sequential improvement in Asia, supported by strong performance of our premium portfolio in most markets,” he said.
“These results were achieved despite continued challenging consumer sentiment across our regions and a heightened adverse impact from the war on our business in Ukraine.”
Aarup-Andersen added that the group had been “taking decisive actions to adjust our cost base” in response to softer market conditions, to protect earnings and maintain investment in commercial and digital initiatives.
The company said growth categories continued to show promise, with premium beer (excluding San Miguel) up 5 per cent, soft drinks up 4 per cent, and alcohol-free brews up 6 per cent when excluding Ukraine. Its international brands also performed well, with Tuborg up 2 per cent, Carlsberg up 3 per cent, and 1664 Blanc up 6 per cent.
Carlsberg maintained its full-year outlook for organic operating profit growth of 3–5 per cent, with currency translation expected to have a DKK -200m impact on 2025 earnings.
In the UK, the company reported double-digit growth for the Carlsberg brand, strong gains across its premium portfolio, and market share improvements in both the on- and off-trade.
Aarup-Andersen said Carlsberg remained confident in the strategic rationale of the Britvic acquisition.
“We continue to have strong confidence in the advantages of combining beer and soft drinks and the long-term value creation opportunities offered by the Britvic acquisition,” he commented.