Half Year 2025 Carlsberg A/S Earnings Call Transcript
Key Points
- Carlsberg AS (CABGY) reported strong top and bottom line growth, primarily driven by the consolidation of Britvic.
- The company achieved a 16% increase in total reported volumes and an 18.2% rise in reported revenue.
- Carlsberg AS (CABGY) saw good growth in premium beer, alcohol-free brews, and soft drinks in Western Europe, with premium beer portfolio up by 5%.
- The integration of Britvic is on track, with synergy realization progressing as planned.
- The company narrowed its full-year guidance for organic operating profit growth towards the upper end of the previous range, indicating confidence in continued earnings growth.
- Organic volumes declined by 0.4% in the first half, impacted by the loss of San Miguel in the UK and a challenging trading environment.
- The company faced a difficult consumer environment in Asia, with total volumes declining by 2.8% and revenue per hectoliter increasing only slightly.
- Carlsberg AS (CABGY) experienced a decline in Beyond Beer volumes by 1%, with lower Somersby volumes offsetting growth in other brands.
- The Britvic business in France and Brazil saw significant volume declines due to portfolio optimization actions.
- Free operating cash flow declined by DKK944 million year-on-year, impacted by integration and restructuring costs, negative trade working capital, and higher net interest payments related to Britvic.
Ladies and gentlemen, welcome to the Carlsberg AS H1 2025 financial statement conference call. I'm Moritz, the Chorus Call operator.
(Operator Instructions) The conference is being recorded. (Operator Instructions) The conference must not be recorded for publication or broadcast.
At this time, it's my pleasure to hand over to your host today, CEO, Jacob Aarup-Andersen; and CFO, Ulrica Fearn. Please go ahead.
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Thank you so much, operator, and good morning, everyone, and welcome to Carlsberg's half year 2025 conference call. As said, my name is Jacob Aarup-Andersen, and I have with me our CFO, Ulrica Fearn; and our Vice President, Investor Relations, Peter Kondrup.
Before we get into the meat of it, let me begin by summarizing the key headlines for this call. We delivered strong top line and profit growth, mainly due to the consolidation of Britvic, of course.
We delivered solid organic performance in a challenging environment with good market
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