Carlsberg Group reported its Q3 2025 results, showing strong reported growth, supported by the Britvic acquisition and solid underlying performance in Western Europe. Reported revenue rose 17.8% to DKK 24,139 million, while organic revenue slipped 1.4%.
Reported volume grew 16.2%, mainly due to Britvic. Excluding that effect, organic volume declined 3%, reflecting weaker demand in some markets. Western Europe remained positive with +1.3% organic volume growth, while Asia fell 1.2% and Central & Eastern Europe and India (CEEI) dropped 5.2%.
Carlsberg’s premium beer, soft drink, and alcohol-free lines continued to shape the group’s product mix. Premium beer excluding San Miguel grew 5%, soft drinks +4%, while alcohol-free brews slipped 2% (excluding Ukraine +6%). The company highlighted steady progress in integrating Britvic, with total expected cost synergies raised to GBP 110 million.
Despite a challenging consumer environment, Carlsberg maintained its full-year earnings guidance. Organic operating profit before special items is expected to grow 3–5%, with a currency translation impact of around DKK -200 million.
Why It Matters
The results show how beverage portfolios that combine beer and soft drinks can drive growth even in softer retail markets. Britvic’s addition strengthens Carlsberg’s multi-beverage position and gives it more exposure to supermarket and convenience channels, particularly in Western Europe.
Source: Information based on the official Carlsberg Group Q3 2025 Trading Statement published 30 October 2025. All figures verified from the company’s report.
