Business description: Carlsberg A/S

Carlsberg A/S is one of the world's leading beer producers. Net sales break down by activity as follows:

- beer production and sales: 99 million hectoliters sold in 2025 primarily under the Carlsberg and Tuborg brands;

- production, bottling, and distribution of non-alcoholic beverages: carbonated beverages, energy drinks, and mineral waters (49 million hectoliters sold in 2025).

At the end of 2025, the group had 57 breweries located in Denmark, in Poland (3), in Germany (3), in the United Kingdom (2), in Western Europe (4), in China (27), in India (7), in Asia (3), and in Central/Eastern Europe (7).

Net sales are distributed geographically as follows: Western Europe (58%), Asia (21.6%), and Eastern Europe/Central Europe/India (20.4%).

Number of employees: 36,527

Sales by Activity: Carlsberg A/S

Fiscal Period: December 2021 (DKK) 2022 (DKK) 2023 (DKK) 2024 (DKK) 2025 (DKK)

Beverages - Western Europe

30.5B 34.89B 37.32B 38.08B 51.65B

Beverages - Asia (excl. India)

- - - 20.47B 19.27B

Beverages - Central & Eastern Europe and India

- - - 16.45B 18.16B

Beverages - Central & Eastern Europe

16.66B 11.68B 12.96B - -

Beverages - Asia

19.46B 23.68B 23.29B - -

Not Allocated

9M 16M 21M 10M 12M

Geographical breakdown of sales: Carlsberg A/S

Fiscal Period: December 2021 (DKK) 2022 (DKK) 2023 (DKK) 2024 (DKK) 2025 (DKK)

Other Countries

44.25B 44.93B 47.41B 48.84B 52.63B

United Kingdom

- 7.07B 7.9B 8.25B 18.76B

China

11.95B 13.78B 13.35B 12.88B 12.57B

Denmark

3.9B 4.49B 4.92B 5.04B 5.13B

Russia

6.54B - - - -

Executive Committee: Carlsberg A/S

Manager TitleAgeSince
Chief Executive Officer 49 2023-08-31
Director of Finance/CFO 53 2022-12-31
Investor Relations Contact - 2008-12-31
Corporate Officer/Principal 57 2008-12-31
Corporate Officer/Principal - 2024-07-31

Composition of the Board of Directors: Carlsberg A/S

Director TitleAgeSince
Director/Board Member 80 2008-12-31
Director/Board Member 71 2012-03-21
Director/Board Member 62 2013-12-31
Director/Board Member 62 2014-12-31
Director/Board Member 64 2018-12-31
Director/Board Member 67 2017-12-31
Director/Board Member 67 2018-12-31
Chairman 59 -
Director/Board Member 61 2022-03-13
Director/Board Member 62 2022-03-13

Shareholders: Carlsberg A/S

NameEquities%Valuation
The Carlsbergfondet Foundation
6.713 %
6,643,288 6.713 % 823 M kr
Waystone Management (UK) Ltd.
0.6567 %
649,895 0.6567 % 80 M kr
Nykredit Bank A/S (Investment Management)
0.5731 %
567,155 0.5731 % 70 M kr
0.4898 %
484,732 0.4898 % 60 M kr
FIL Gestion SASU
0.3534 %
349,708 0.3534 % 43 M kr
NameEquities%Valuation
The Carlsbergfondet Foundation
98.33 %
33,136,435 98.33 % 4 547 M kr
Russell Investments Ltd.
0.1108 %
37,329 0.1108 % 5 M kr
Goodhart Partners LLP
0.0632 %
21,312 0.0632 % 3 M kr
AL Sydbank A/S (Investment Management)
0.0129 %
4,364 0.0129 % 598 877 kr
Old Mutual Customised Solutions (Pty) Ltd.
0.000944 %
318 0.000944 % 43 640 kr
NameEquities%Valuation
Madison Asset Management LLC
0.0131 %
64,748 0.0131 % 2 M kr
RhumbLine Advisers LP
0.006597 %
32,641 0.006597 % 808 518 kr
RNC Capital Management LLC
0.003226 %
15,960 0.003226 % 395 329 kr
Yousif Capital Management LLC
0.001715 %
8,487 0.001715 % 210 223 kr
GAMMA Investing LLC
0.001136 %
5,621 0.001136 % 139 232 kr

Holdings: Carlsberg A/S

NameEquities%Valuation
155,932,500 51% 649 M $
484,732 0.49% 60 M $
40,198,200 17.34% 45 M $
1,676,440 7.99% 14 M $

Company details: Carlsberg A/S

Carlsberg A/S

1 J.C. Jacobsens Gade

1799, Copenhagen

+45 33 27 33 00

http://www.carlsberg.com
address Carlsberg A/S(CARL B)

Group companies: Carlsberg A/S

NameCategory and Sector
Beverages: Alcoholic
Beverages: Non-Alcoholic
Beverages: Non-Alcoholic
Carlsberg Supply Company UK Ltd.
Beverages: Alcoholic

Other Brewers

Change 5d. change 1-year change 3-years change Capi.($)
+2.57%-1.88%-5.56%-21.99% 18.31B
-0.02%+0.04%+77.04%+8,136.73% 276B
+0.65%+0.22%+11.77%+9.85% 149B
+5.07%-4.90%+9.50%+4.78% 47.93B
+1.27%+0.44%-13.03%-31.29% 44.93B
-1.20%-2.33%-13.05%-28.62% 28.14B
+1.11%-0.31%-6.19%-26.09% 20.79B
-0.45%+3.22%-18.32%-0.36% 15.28B
-0.46%-1.63%+20.27%+20.67% 13.29B
-1.07%-4.15%-12.32%-69.67% 12.49B
Average +0.75%-1.02%+5.01%+799.40% 62.62B
Weighted average by Cap. +0.64%-0.38%+35.37%+3,587.28%
Trader
Investor
Global
Quality
ESG MSCI
AAA
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
22
Last Close Price
846.40DKK
Average target price
1,044.09DKK
Spread / Average Target
+23.36%

Quarterly revenue - Rate of surprise