Carlsberg's Adjusted Operating Profit Misses Expectations, Dividend Raised

Beer giant Carlsberg reported full-year 2025 revenue in line with expectations, as the board proposes an increased dividend.

Revenue rose by 18.8 percent to 89,095 million Danish kroner (75,011). The outcome compares with the Euroland analyst consensus, which stood at 89,539.

Adjusted operating profit amounted to 13,356 million Danish kroner (11,411), below the expected 13,810, with an adjusted operating margin of 15.0 percent (15.2).

An ordinary dividend of 29 Danish kroner per share (27.0) is proposed. Expectations were for 28.50.

“2025 was a year of results. Despite a challenging consumer market, we succeeded in integrating Britvic, prepared to take over a significant soft drinks business in Central Asia, achieved positive results in our growth categories, and accelerated growth in India. Against this background, and supported by a strict cost focus and our strong performance management processes, we delivered solid profit growth,” writes CEO Jacob Aarup-Andersen.

Carlsberg, Mdkk	2025	Consensus	Change vs. consensus	2024	Change
Net revenue	89,095	89,539	-0.5%	75,011	18.8%
Adjusted operating profit	13,356	13,810	-3.3%	11,411	17.0%
Adjusted operating margin	15.0%	15.4%		15.2%
Ordinary annual dividend per share, dkk	29	28.50	1.8%	27.0	7.4%

Consensus data from Euroland