By Emma Rumney and Soren Jeppesen
LONDON/COPENHAGEN (Reuters) -Carlsberg missed half-year profit and volume forecasts on Thursday and warned it did not expect the consumer environment to improve in the rest of 2025, sending the Danish brewer’s shares down almost 7% in early trading.
The latest report by the world’s third-largest brewer – behind Anheuser-Busch InBev and Heineken – was received with similar pessimism to those of its rivals in recent weeks as investors sent shares declining.
While Carlsberg, which makes Kronenbourg 1664, Tuborg and Somersby, raised the bottom end of its annual profit guidance, that did not offset slower-than-expected first-half operating profit growth of 2.3%, and a 1.7% decline in volumes.
CEO Jacob Aarup-Andersen said on a media call that the brewer’s performance was strong in a difficult year, and that it anticipated slightly better volume growth in the second half.
Still, he wasn’t optimistic on consumer spending, which was being reined in by price increases and uncertainty, adding: “There is no indication as we move into the second half that that’s going to change.”
Big brewers have been battling reduced demand, the impact of U.S. tariffs and poor weather, and their weak performance or volume expectations have left investors fretting over growth prospects.
Carlsberg’s shares were down 5.8%, after earlier falling as much as 6.7%, its steepest decline since July 2024.
Haider Anjum, analyst from Jyske Bank, said he was surprised by the share price reaction, given Carlsberg’s relatively strong performance.
But Laurence Whyatt, analyst at Barclays, said the market had been “punishing volume misses” like Carlsberg’s, which was driven by a weaker-than-expected performance in Asia.
OPTIMISM FADES
As well as temporary challenges, brewers also face questions around longer-term shifts, such as some consumers cutting back on alcohol for health reasons.
Altogether, these issues have dampened earlier optimism around the sector.
Carlsberg had also pledged to deliver revenue growth of between 4% and 6% annually each year until 2027, but Aarup-Andersen told investors on a call that in a year like 2025, that may not be “fully realistic.”
While it narrowed its expectations for annual operating profit growth to 3% to 5%, compared with 1% to 5% before, analysts said they were already expecting 4%.
($1 = 6.3777 Danish crowns)
(Reporting by Emma Rumney;Editing by Tomasz Janowski and Bernadette Baum)
