Food, Beverage & Tobacco Danish Community

Key Financial Results (Q1 2025) Reported net sales : DKK 2.0 billion ( +1.3% year-over-year ). Organic net sales growth : -8.8% , due to: Lower consumption of handmade cigars in the U.S. End of online distribution of ZYN in the U.S. Temporary supply issues caused by SAP implementation in European factories.

Key Takeaways Ongoing shifts toward health consciousness, rising regulations, and environmental mandates are constraining Carlsberg's revenue growth, profitability, and investment capacity across core and new markets. Macroeconomic uncertainty, currency volatility, input cost inflation, and increased retailer power are heightening earnings and margin risks, especially in key Asian markets.

Key Takeaways Bold investments in brand, premium offerings, and emerging markets are driving superior growth, market share gains, and expanding margins beyond consensus expectations. Sustainability leadership and supply chain digitization are supporting higher profitability, investor appeal, and long-term earnings power through operational and funding efficiencies.

Key Takeaways Strategic acquisitions and investments in new markets are anticipated to drive revenue growth and strengthen market position. Focus on sustainability and operational efficiencies aims to enhance net margins and long-term return on investment.

Key Takeaways Potential IPO of BioMar could unlock value, enhance financial flexibility, and boost revenue and innovation investments. Strategies to reduce net working capital and focus on profitability are expected to improve earnings, net margins, and cash flow efficiency.

Key Takeaways Expansion in Northern and Western Europe, alongside acquisitions, is set to boost revenue through operational efficiency and growth opportunities. Focus on healthy beverages and share buybacks, supported by strong cash flow, aims to enhance EPS and leverage market trends.

Key Takeaways Strategic acquisitions and market entries are poised to drive long-term growth, supporting revenue and market expansion. Efficiency improvements and gross margin recovery are expected to enhance net margins and operating profit growth.