Financials Carlsberg A/S

Equities

Market Closed - Nasdaq Copenhagen Other stock markets 11:20:00 2025-07-08 am EDT			5-day change	1st Jan Change
900.40 ^DKK	-0.40%		+0.33%	+30.49%

Jul. 03	Bernstein Lowers Price Target for Carlsberg to 1,260 Danish Kroner, Reiterates Outperform	FW
Jun. 24	Kepler Raises Target Price for 'Tariff-Free' Carlsberg	FW

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	58,541	66,634	70,265	73,585	75,011	91,876	96,249	99,888
Change	-	13.82%	5.45%	4.72%	1.94%	22.48%	4.76%	3.78%
EBITDA ¹	14,085	15,474	15,657	15,179	15,781	18,983	20,380	21,724
Change	-	9.86%	1.18%	-3.05%	3.97%	20.29%	7.36%	6.6%
EBIT ¹	9,699	10,862	11,470	11,105	11,411	13,701	14,781	15,789
Change	-	11.99%	5.6%	-3.18%	2.76%	20.07%	7.88%	6.82%
Interest Paid ¹	-411	-381	-725	-844	-905	-2,522	-2,391	-2,284
Earnings before Tax (EBT) ¹	9,041	10,228	9,961	9,830	9,987	10,776	12,525	13,724
Change	-	13.13%	-2.61%	-1.32%	1.6%	7.9%	16.23%	9.57%
Net income ¹	6,030	6,846	-1,063	-40,788	9,116	7,256	8,519	9,417
Change	-	13.53%	-115.53%	-3,737.06%	122.35%	-20.4%	17.4%	10.54%
Announcement Date	2/5/21	2/4/22	2/7/23	2/7/24	2/6/25	-	-	-

¹DKK in Million

Estimates

Fiscal Period: December	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2023 Q1	2023 Q2	2024 Q2	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1
Net sales ¹	12,946	15,884	17,300	12,441	12,993	18,694	19,739	15,208	-	20,511	-	16,405	21,383	21,635	15,722	20,123	26,569	25,383	19,709	21,405
Change	-	22.69%	8.91%	-28.09%	4.44%	43.88%	5.59%	-22.95%	-	-	-	-	30.34%	1.18%	-27.33%	27.99%	32.03%	-4.46%	-22.36%	8.61%
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Charge d'intérêts	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income ¹	-	-	1,588	1,588	1,514	1,514	1,910	1,910	-2,638	-2,638	2,106	-	-	-	-	1,100	2,566	2,566	1,100	-
Change	-	-	-	0%	-4.66%	0%	26.16%	0%	-238.15%	0%	179.85%	-	-	-	-	0%	133.33%	0%	-57.14%	-
Announcement Date	5/5/20	8/13/20	10/27/20	2/5/21	4/28/21	8/18/21	10/28/21	2/4/22	8/17/22	8/17/22	2/7/23	5/16/23	8/16/23	8/13/24	2/6/25	-	-	-	-	-

¹DKK in Million

Estimates

Fiscal Period: December	2020 S2	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2024 S2	2025 S1	2025 S2
Net sales ¹	29,711	31,687	34,947	35,447	34,818	37,788	35,797	38,766	36,208	46,766	44,619
Change	-	6.65%	10.29%	1.43%	-1.77%	8.53%	-5.27%	8.29%	-6.6%	29.16%	-4.59%
EBITDA ¹	7,288	7,245	8,229	7,705	7,087	8,060	7,119	8,355	7,410	9,837	8,664
Change	-	-0.59%	13.58%	-6.37%	-8.02%	13.73%	-11.67%	17.36%	-11.31%	32.75%	-11.92%
EBIT ¹	5,084	5,111	5,751	6,442	5,028	6,272	4,833	6,336	5,127	7,431	6,323
Change	-	0.53%	12.52%	12.02%	-21.95%	24.74%	-22.94%	31.1%	-19.08%	44.94%	-14.91%
Charge d'intérêts ¹	-212	-261	-120	-508	-217	-332	-512	-550	-392	-1,300	-1,200
Earnings before Tax (EBT) ¹	4,637	4,674	5,554	5,069	-	5,771	-	5,647	4,355	5,865	4,922
Change	-	0.8%	18.83%	-8.73%	-	-	-	-	-22.88%	34.67%	-16.08%
Net income ¹	3,175	3,027	3,819	-5,276	-	3,495	-44,283	3,737	5,377	3,883	3,394
Change	-	-4.66%	26.16%	-238.15%	-	-	-1,367.04%	108.44%	43.89%	-27.79%	-12.59%
Announcement Date	2/5/21	8/18/21	2/4/22	8/17/22	2/7/23	8/16/23	2/7/24	8/13/24	2/6/25	-	-

¹DKK in Million

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	21,263	19,162	19,326	22,351	27,357	60,393	56,443	52,139
Change	-	-9.88%	0.86%	15.65%	22.4%	120.76%	-6.54%	-7.63%
Announcement Date	2/5/21	2/4/22	2/7/23	2/7/24	2/6/25	-	-	-

¹DKK in Million

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	4,396	4,221	4,018	4,243	4,668	7,174	6,455	6,418
Change	-	-3.98%	-4.81%	5.6%	10.02%	53.68%	-10.02%	-0.57%
Free Cash Flow (FCF) ¹	5,057	8,876	9,884	4,878	9,794	7,391	10,004	10,929
Change	-	75.52%	11.36%	-50.65%	100.78%	-24.54%	35.36%	9.24%
Announcement Date	2/5/21	2/4/22	2/7/23	2/7/24	2/6/25	-	-	-

¹DKK in Million

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	24.06%	23.22%	22.28%	20.63%	21.04%	20.66%	21.17%	21.75%
EBIT Margin (%)	16.57%	16.3%	16.32%	15.09%	15.21%	14.91%	15.36%	15.81%
EBT Margin (%)	15.44%	15.35%	14.18%	13.36%	13.31%	11.73%	13.01%	13.74%
Net margin (%)	10.3%	10.27%	-1.51%	-55.43%	12.15%	7.9%	8.85%	9.43%
FCF margin (%)	8.64%	13.32%	14.07%	6.63%	13.06%	8.04%	10.39%	10.94%
FCF / Net Income (%)	83.86%	129.65%	-929.82%	-11.96%	107.44%	101.85%	117.44%	116.06%
Profitability
ROA	4.99%	5.66%	-0.88%	6.54%	6.47%	5.45%	5.65%	5.93%
ROE	15.38%	16.68%	25.05%	26.93%	25.83%	25.15%	25.88%	25.78%
Financial Health
Leverage (Debt/EBITDA)	1.51x	1.24x	1.23x	1.47x	1.73x	3.18x	2.77x	2.4x
Debt / Free cash flow	4.2x	2.16x	1.96x	4.58x	2.79x	8.17x	5.64x	4.77x
Capital Intensity
CAPEX / Current Assets (%)	7.51%	6.33%	5.72%	5.77%	6.22%	7.81%	6.71%	6.43%
CAPEX / EBITDA (%)	31.21%	27.28%	25.66%	27.95%	29.58%	37.79%	31.67%	29.54%
CAPEX / FCF (%)	86.93%	47.56%	40.65%	86.98%	47.66%	97.06%	64.52%	58.73%
Items per share
Cash flow per share ¹	74.8	91.89	92.36	85.06	85.29	100.3	108.9	118.3
Change	-	22.85%	0.52%	-7.9%	0.27%	17.56%	8.59%	8.68%
Dividend per Share ¹	22	24	27	27	27	28.43	31.45	34.31
Change	-	9.09%	12.5%	0%	0%	5.29%	10.65%	9.06%
Book Value Per Share ¹	270.9	309.7	232.3	173.2	210.3	238.5	271.8	305.9
Change	-	14.32%	-24.99%	-25.42%	21.37%	13.44%	13.95%	12.53%
EPS ¹	41.1	47.4	-7.6	-299.7	68.7	54.55	64.27	71.21
Change	-	15.33%	-116.03%	-3,843.42%	122.92%	-20.6%	17.82%	10.8%
Nbr of stocks (in thousands)	145,102	141,892	137,341	134,114	132,079	132,079	132,079	132,079
Announcement Date	2/5/21	2/4/22	2/7/23	2/7/24	2/6/25	-	-	-