By Emma Rumney
LONDON (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 6% 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 now expects annual operating profit growth of 3% to 5%, compared with 1% to 5% before. However, analysts already expected 4% growth, according to Edward Mundy, analyst at Jefferies, so this change did not significantly move the needle.
“Carlsberg has continued the trend set by ABI and Heineken of underwhelming H1 results,” said James Edwardes Jones, analyst at RBC Capital Markets, adding Carlsberg’s performance in Asia was weak. China is Carlsberg’s largest market.
Half-year operating profit was 7.23 billion Danish crowns ($1.13 billion), against analyst expectations for 7.35 billion crowns.
($1 = 6.3777 Danish crowns)
(Reporting by Emma Rumney;Editing by Tomasz Janowski and Bernadette Baum)
