FINANCIAL STATEMENT

H1 2022

17 August 2022

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H1 2022 INTERIM FINANCIAL STATEMENT PRESENTATION

Forward-looking statements

This presentation contains forward-looking statements, including statements about the Group's sales, revenues, earnings, spending, margins, cash flow, inventory, products, actions, plans, strategies, objectives and guidance with respect to the Group's future operating results. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain the words "believe", "anticipate", "expect", "estimate", "intend", "plan", "project", "will be", "will continue", "will result", "could", "may", "might", or any variations of such words or other words with similar meanings. Any such statements are subject to risks and uncertainties that could cause the Group's actual results to differ materially from the results discussed in such forward- looking statements. Prospective information is based on management's then current expectations or forecasts. Such information is subject to the risk that such expectations or forecasts, or the assumptions underlying such expectations or forecasts, may change. The Group assumes no obligation to update any such forward- looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking statements.

Some important risk factors that could cause the Group's actual results to differ materially from those expressed in its forward-looking statements include, but are not limited to: economic and political uncertainty (including interest rates and exchange rates), financial and regulatory developments, demand for the Group's products, increasing industry consolidation, competition from other breweries, the availability and pricing of raw materials and packaging materials, cost of energy, production and distribution related issues, information technology failures, breach or unexpected termination of contracts, price reductions resulting from market driven price reductions, market acceptance of new products, changes in consumer preferences, launches of rival products, stipulation of fair value in the opening balance sheet of acquired entities, litigation, environmental issues and other unforeseen factors. New risk factors can arise, and it may not be possible for management to predict all such risk factors, nor to assess the impact of all such risk factors on the Group's business or the extent to which any individual risk factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Accordingly, forward-looking statements should not be relied on as a prediction of actual results.

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H1 2022

H1 2022 well ahead of pre-pandemic

2019 level

TOTAL VOLUME

64.2 m.hl

Total volume¹

Revenue¹

Operating profit¹

Adjusted EPS²

+8.9%¹

REVENUE

DKK 35.4bn

+20.7%¹

REVENUE/HL

+11%¹

OPERATING PROFIT

DKK 6.4bn

+31.8%¹

+11%

H1 2019

H1 2022

+21%

H1 2019

H1 2022

+42%

H1 2019

H1 2022

+89%

H1 2019

H1 2022

¹ Organic growth vs. H1 2021

¹ Excluding Russia ² Adjusted for special items after tax and impairment in Russia

H1 2022 INTERIM FINANCIAL STATEMENT PRESENTATION

INTERNATIONAL PREMIUM

H1 2022 vs. H1 2021

1664 BLANC¹

+5%

TUBORG

+14%

CARLSBERG

¹ Excluding Ukraine+20% 4

ALCOHOL-FREE BREWS

33%

17%

15%

11%

7%

4%

2017 2018 2019 2020 2021 H1 2022²

² Excluding Ukraine

CARL'S SHOP

+84% +7%

Volume Revenue/

growth hl

H1 2022 INTERIM FINANCIAL STATEMENT PRESENTATION

Our new ESG programme is an enhancement of Together Towards ZERO with higher ambitions

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Carlsberg A/S published this content on 17 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 August 2022 06:13:04 UTC.