Carlsberg shares fall as H1 results, FY outlook underwhelm

(Sharecast News) - Shares in Carlsberg fell on Wednesday despite the Danish brewer lifting the lower end of its full-year earnings guidance, as first-half results came in shy of company-compiled consensus forecasts.

Carlsberg's B shares were down 3.3% at DKK878.80 in late-morning Copenhagen trading.

The company now expects organic operating profit growth of 4% to 6% in 2026, compared with its previous forecast of 2% to 6%, saying faster-than-expected synergies from its Britvic acquisition and tight cost control had more than offset weakness in China.

Carlsberg said it now expected to deliver around 50% of the total £110m of anticipated Britvic synergies during 2026, ahead of its previous forecast of 30% to 40%.

However, first-half revenue rose by just 2.6% to DKK47.05bn, under the DKK47.16bn expected by the market, while adjusted operating profit increased 4.5% to DKK7.45bn, also below the DKK7.55bn forecast.

Organic operating profit growth was 5.9%, while the operating margin improved 30 basis points to 15.8%.

Beer volumes declined 1.0%, mainly due to weakness in Poland, China and Ukraine, although soft drinks and other beverage volumes grew 7.8% organically. Total organic volumes increased 1.7%.

"Carlsberg delivered solid top-line and earnings growth for the first half-year despite the continued uncertain macro environment, and we saw sustained good progress on our key strategic priorities, with particularly strong growth for soft drinks and alcohol-free brews," said chief executive Jacob Aarup-Andersen.