Carlsberg AS Class A

Carlsberg AS Class A

1,085.00
DKK
+10.00
(+0.93%)
96.87BMarket Cap
Feb 09Next Earn
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
421.83
422.89
428.43
410.43
397.75
410.05
438.15
400.68
417.78
502.49
540.71
565.58
674.12
- -
Basic EPS, GAAP
35.86
28.94
-19.18
29.41
8.26
34.83
43.67
41.27
47.59
-7.6
-299.72
68.73
45.06
- -
Free Cash Flow per Basic Share
53.26
48.42
65.94
61.02
77.6
78.97
81.34
44.71
58.22
63.87
54.11
47.37
51.75
- -
Dividend per Share
6
8
9
9
10
16
18.2
21.17
22.16
24.24
27.15
27.15
27
- -
Book Value per Share
444.5
343.76
285.08
333.07
307.96
297.15
293.57
270.9
320.64
232.28
173.24
210.26
210.36
299.27
Tangible Book Value per Share
-173.21
-196.49
-192.92
-169.94
-136.9
-141.46
-179.59
-184.37
-161.94
-126.12
-192.87
-192.35
-419.35
-188
Basic Weighted Avg Shares
153
153
153
153
152
152
150
146
144
140
136
133
132
153
Sales/Revenue/Turnover
64,350
64,506
65,354
62,614
60,655
62,503
65,902
58,541
60,097
70,265
73,585
75,011
89,095
- -
Operating Margin (%)
14.52
13.42
12.24
12.55
14.11
14.66
15.31
16.29
16.17
14.93
14.24
14.33
14.16
- -
Depreciation Expense
3,863
4,103
4,674
4,742
4,581
4,091
4,542
4,386
4,238
4,187
4,074
4,370
5,428
- -
Net Income, GAAP
5,471
4,414
-2,926
4,486
1,259
5,309
6,569
6,030
6,846
-1,063
-40,788
9,116
5,955
- -
Effective Tax Rate (%)
23.55
26.14
- -
33
41.39
28.01
26.9
24.7
20.62
17.85
18.91
19.85
22.9
- -
Profit Margin (%)
8.5
6.84
-4.48
7.16
2.08
8.49
9.97
10.3
11.39
-1.51
-55.43
12.15
6.68
- -
Working Capital
-15,255
-8,507
-12,683
-17,172
-9,814
-16,395
-15,363
-9,453
-20,191
-14,498
-17,032
-19,676
-19,297
-14,475
LT Debt
30,239
38,690
31,479
21,137
23,340
16,750
20,879
29,291
22,755
22,865
30,763
27,392
61,452
27,603
Total Equity
71,001
55,997
47,231
53,650
49,525
47,889
46,033
43,362
48,756
34,722
25,749
30,612
30,676
48,826
Return on Invested Capital (%)
6.59
6.54
- -
6.55
6.53
9.11
10.57
9.97
10.47
13.2
13.96
13.6
12.02
- -
Return on Capital (%)
5.86
5.04
- -
5.99
1.33
6.95
8.71
8.16
8.19
-2.35
-63.79
13.66
8.45
- -
Return on Common Equity (%)
7.92
7.34
-6.1
9.51
2.58
11.51
14.8
14.57
16.15
-2.75
-147.95
35.75
21.43
- -

Capital Structure

DKK

•

in mil. unless spec.
Sep'15
Dec'15
Jun'16
ST Debt
1,481
4,549
5,719
LT Borrowings
36,177
31,479
27,603
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
153
153
153
Market Capitalization
83,133
95,879
96,871

Working Capital

DKK

•

in mil. unless spec.
Sep'15
Dec'15
Jun'16
Total Current Assets
19,201
17,076
20,612
Cash, Cash Equivalents & STI
3,024
3,131
3,642
Accounts Receivable, Net
6,727
5,729
7,628
Inventories
4,391
3,817
4,462
Total Current Liabilities
27,737
29,759
35,087
Payables & Accruals
- -
- -
- -
ST Debt
1,481
4,549
5,719
Deferred Revenue
- -
- -
- -

Growth Rates

DKK

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
-3.02%
-4.62%
0.21%
Free Cash Flow
-1.21%
2.3%
8.87%
Net Income, GAAP
349%
695.61%
-34.68%
Sales/Revenue/Turnover
3.5%
9%
18.78%
Total Cash Common Dividend
- -
3%
-0.89%

Semi-annual Revenue

DKK

•

in mil. unless spec.

Year

H1
H2
FY
2024
- -
- -
75,011
2025
- -
- -
89,095
2026
- -
- -
- -

Semi-annual Earnings Per Share

DKK

•

in mil. unless spec.

Year

H1
H2
FY
2024
- -
- -
68.73
2025
- -
- -
45.06
2026
- -
- -
- -

Semi-annual Dividends Per Share

DKK

•

in mil. unless spec.

Year

H1
H2
FY
2024
- -
- -
27.15
2025
- -
- -
27
2026
- -
- -
- -

Company Description

CEO
Jacob Aarup-Andersen
Full Time Employees
36,998
Sector
Consumer non-durables
Industry
Beverages: alcoholic
Address
1 J. C. Jacobsens Gade Copenhagen CR Denmark 1799
IPO Date
Sep 10, 2008
Business
Carlsberg A/S is a leading global brewer headquartered in Copenhagen, Denmark, and founded in 1847 by J.C. Jacobsen; the company brews, markets, and distributes a portfolio of more than 180 beer and beverage brands across premium beers including Carlsberg, Kronenbourg 1664, and Tuborg; mainstream core beers such as Ringnes, Falcon, Baltika, Beerlao, and Skol; alcohol-free brews; beyond beer offerings like Somersby ciders and Grimbergen abbey beers; and soft drinks encompassing partner brands such as PepsiCo products alongside own brands from Britvic including Robinsons, Tango, and Ballygowan. Operations span more than 150 markets with approximately 80 breweries concentrated in Western Europe, Central and Eastern Europe, Asia including China, India, Vietnam, and Laos, and select other regions; the business is organized into three main segments--Western Europe, Asia, and Central & Eastern Europe and India (CEEI)--serving on-trade and off-trade channels with a focus on premiumization, sustainability via the Together Towards ZERO and Beyond program, and integrated supply chains emphasizing regenerative agriculture, water replenishment, and carbon reduction. Recent developments include the completion of the GBP 3.3 billion acquisition of Britvic plc in January 2025, doubling soft drinks exposure to around 30% of volumes with anticipated GBP 100-110 million in cost synergies by 2029 through shared distribution and procurement; full ownership of Indian and Nepalese businesses achieved in November 2024 via buyout of partner stakes to accelerate investments in capacity and premium brands in these high-growth markets; expansion of the PepsiCo partnership to Kazakhstan and Kyrgyzstan from January 2026 alongside extensions in Norway and Sweden; inauguration of a new greenfield brewery in Foshan, China, and a Rs 350 crore expansion of the Mysuru brewery in India; a USD 90 million low-carbon upgrade to the Phu Bai Brewery in Vietnam establishing it as Carlsberg's largest in Asia; launch of the Accelerate SAIL growth strategy in February 2024 targeting 4-6% organic revenue CAGR and operating profit growth ahead thereof through heightened marketing investments, cost optimization, and a new growth culture; divestment of Russian operations (Baltika Breweries) in December 2024; and strengthened Executive Committee with new appointments in marketing, HR, IT, strategy, and regional leadership.

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