Carlsberg, the Danish brewing giant, reported a 1.9% increase in revenue for 2024, reaching DKK 75 billion (USD 10.38 billion). The growth was primarily driven by its expanding non-alcoholic beer segment, which saw a 6% volume increase. The company’s strongest performance was in Central and Eastern Europe plus India (CEEI), where sales volumes rose by 4%, while Western Europe and Asia experienced declines of 1.1% and 1%, respectively.
CEO Jacob Aarup-Andersen emphasized the company’s focus on non-alcoholic beverages and premium beer brands, aligning with evolving consumer preferences. Among its major brands, Carlsberg recorded a 9% increase in volume, Tuborg 5%, 1664 Blanc 6%, and Brooklyn 5%. However, Somersby cider saw a 2% decline.
The company's expansion strategy took a significant leap forward with the acquisition of U.K.-based Britvic, a soft-drinks manufacturer (inside.beer, 8.7.2024). This deal, valued at EUR 3.81 billion (USD 4.11 billion), was approved by European regulators in December 2024. It significantly boosts Carlsberg’s presence in the non-alcoholic beverage market, increasing soft drinks' share of its business from 16% to 30%. Additionally, the acquisition strengthens Carlsberg’s position as a key bottler for PepsiCo in Europe and worldwide.
Despite these positive developments, Carlsberg faced challenges in China, its largest market, where beer consumption declined by 4%. However, the company managed to gain market share, particularly in the premium beer segment. The uncertain economic environment in both Europe and Asia, along with potential trade tariffs in the U.S., remains a concern. Nevertheless, Aarup-Andersen reassured investors that Carlsberg’s exposure to the U.S. market is limited and that the primary risk lies in global consumer sentiment rather than tariffs.
For 2025, Carlsberg expects organic operating profit growth between 1% and 5%. Analysts at Jefferies and Barclays had projected a more conservative estimate of 0% to 4%. Bank of America has even listed Carlsberg among its "25 Stocks of 2025," citing the strategic advantages of the Britvic acquisition and potential market recovery in Asia as key growth drivers.
Carlsberg's fourth-quarter results showed a slight revenue miss, reporting DKK 15.72 billion (USD 2.28 billion) compared to analysts’ expectations of DKK 15.79 billion (USD 2.29 billion). However, the company’s annual operating profit grew by 2.8% to DKK 11.41 billion (USD 1.65 billion), staying within its projected range of 4% to 6% growth.
Despite uncertainties, Carlsberg remains optimistic, banking on premium beers and non-alcoholic beverages to drive its future growth in a shifting consumer landscape.
