The Carlsberg Group reported strong headline growth for the third quarter of 2025, primarily driven by the acquisition of Britvic. While reported volumes surged by 16.2%, organic volumes fell 3.0% due to weaker markets in Asia and Central & Eastern Europe. Excluding the discontinued San Miguel business, organic volume decline was limited to 1.7%.
In Western Europe, where the company saw an organic increase of 1.3%, the combination of Britvic’s soft drink portfolio and Carlsberg’s strong beer brands proved particularly effective. By contrast, Asia slipped 1.2%, and Central & Eastern Europe including India dropped 5.2%. Growth was most notable in premium beer (+5%) and soft drinks (+4%), while alcohol-free brews fell 2% (excluding Ukraine: +6%) and the Beyond Beer category shrank 10%.
International brand performances remained positive: Tuborg rose 2%, Carlsberg 3%, and 1664 Blanc 6%. Reported revenue climbed 17.8% to DKK 24,139m, while organic revenue excluding San Miguel edged up 0.2%. Revenue per hectolitre increased by 2%, with all regions contributing positively.
Integration of Britvic continues to exceed expectations, prompting Carlsberg to raise expected total cost synergies from GBP 100m to GBP 110m (USD 141m) as of October 1. CEO Jacob Aarup-Andersen praised the ongoing progress, emphasizing confidence in “the advantages of combining beer and soft drinks.” Despite challenging consumer sentiment and the ongoing war’s impact on Ukraine operations, Carlsberg reaffirmed its 2025 earnings outlook, targeting 3–5% organic operating profit growth.
To safeguard profitability amid soft market conditions, the group has tightened cost controls since summer, focusing on efficiency and digital investments to sustain long-term value creation.
