Carlsberg misses first-half forecasts, warns of difficult year

[LONDON] Carlsberg missed half-year profit and volume forecasts on Thursday (Aug 14), with the Danish brewer warning it does not expect any improvement in the consumer environment for the rest of 2025.

The world’s third-largest brewer behind Anheuser-Busch InBev and Heineken nevertheless raised its full-year profit guidance, breaking with those rivals who opted to keep their forecasts unchanged as US tariffs drive uncertainties.

Volume growth or forecasts at all three brewers have disappointed in recent weeks as the sector battles with weak demand, tariff impacts and poor weather, leaving investors fretting over growth.

Carlsberg, which makes Kronenbourg 1664, Tuborg and Somersby, said it had grown first-half organic operating profit by 2.3 per cent, while organic volumes slipped 1.7 per cent – putting it just behind analyst expectations on both measures.

CEO Jacob Aarup-Andersen said the group had “delivered solid results in a difficult half year”.

“We don’t expect the consumer environment to improve over the remainder of the year,” he warned, adding Carlsberg could narrow its profit guidance thanks to its strong performance management and cost discipline.

It now expects annual operating profit growth of between 3 per cent and 5 per cent organically, compared with between 1 per cent and 5 per cent before.

Its half-year operating profit stood at 7.23 billion Danish crowns (S$1.44 billion), against analyst expectations for 7.35 billion crowns. REUTERS