CARLSBERG BREWERIES A/S
Carlsberg Breweries A/S is a Denmark-based brewing company that produces and markets beer, soft drinks, and other beverages through a portfolio of local and international brands. Its business spans Europe and Asia, with additional reach through export and licence arrangements in other markets.
Fiscal year 2025 · change from previous year
Development 2021–2025
Business
Share of revenueCore brewery products sold through mainstream, premium, and alcohol-free beer brands.
Carbonated and non-alcoholic beverages sold alongside the beer portfolio.
Adjacencies such as ready-to-drink and other beverage extensions outside traditional beer.
International sales delivered through export channels and licensing agreements.
Ancillary revenue from merchandise and other beverage-supporting activities.
Customers
Carlsberg sells primarily to retailers, wholesalers, bars, restaurants, and other on-trade and off-trade channels that need branded alcoholic and non-alcoholic beverages. A meaningful part of demand also comes from licensing partners and export customers in markets outside its core operating footprint. Consumer preference, brand strength, price tier, and channel mix all influence what each customer group buys.
Supermarkets, convenience stores, and grocery chains buying packaged beer and soft drinks for resale.
Bars, restaurants, hotels, and venues buying draught and branded beverages for immediate consumption.
Intermediaries purchasing beverage volumes for regional distribution and channel coverage.
Counterparties outside core markets that buy product supply or rights to sell brands locally.
Beer, soft drink, and alcohol-free consumers whose preferences determine brand demand.
Strategy
Carlsberg’s strategy centers on strengthening the core beer franchise while expanding into higher-growth beverage categories such as premium beer, alcohol-free brews, soft drinks, and Beyond Beer. The company also uses brand building, market leadership, and a broader beverage portfolio to improve resilience across different consumption occasions and channel types. Sustainability and sourcing programs matter strategically because the brewery model depends on agricultural inputs, packaging, water, and reliable logistics.
Higher-growth categories can improve mix and reduce dependence on core beer volumes.
Brand scale and local market leadership support distribution, visibility, and shelf access.
Beer and soft drinks depend on agricultural raw materials, packaging, water, and transport.
More non-beer revenue can diversify demand across channels and consumer occasions.
Geography
The company’s main activities are in Europe and Asia, where it holds number 1 or number 2 beer positions in several markets. The rest of the world is primarily served through export and licence agreements, which extends reach without requiring the same level of local operating presence. Geography matters because local taste, regulation, duty structures, packaging systems, and raw-material sourcing differ materially across markets.
Risks
The business is exposed to changing consumer attitudes toward alcohol, which can reduce demand for alcoholic beverages and shift consumption toward lower- or no-alcohol alternatives. It also depends on agricultural inputs, packaging materials, and large-scale distribution, so supply-chain instability, commodity inflation, and logistics disruption can affect operations. Like other brewers, it faces regulatory, ESG, and reputational risks tied to health, responsible drinking, environmental footprint, and business conduct.
- Negative public perception of alcoholImpact: HighLikelihood: High
Consumer sentiment can shift purchases away from alcoholic beverages and toward substitutes.
Exposure: Beer and alcohol portfolio
- Key ingredient supply chain instabilityImpact: HighLikelihood: Medium
The business depends on agricultural materials and a stable upstream supply base.
Exposure - Packaging and raw material volatilityImpact: MediumLikelihood: High
Large volumes of bottles, cans, PET, and other inputs create cost and availability exposure.
Exposure: Packaging mix and procurement
- Unethical business conductImpact: MediumLikelihood: Medium
Sourcing, distribution, marketing, and sales activities create compliance and conduct risks.
Exposure: Commercial and supply-chain operations
Accounting
Judgemental itemsAcquisitions can create acquired intangibles whose amortisation affects reported profit and comparability.
Impact: Relevant after acquisitions and for period-to-period earnings comparability
Different beverage channels and ancillary services may have different timing and presentation in revenue.
Impact: Affects top-line mix and gross revenue comparability
Breweries, warehouses, vehicles, and equipment often use leased assets under IFRS 16.
Impact: Affects EBITDA, depreciation, interest expense, and leverage presentation
Brand-heavy beverage businesses must test acquired goodwill and intangibles for impairment.
Impact: Can materially affect earnings if market assumptions weaken
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Last updated: 24/10/2026