Carlsberg sold 600,000 fewer hectoliters of beer in the second quarter.

Weakness in Poland, China, and Ukraine reversed the brewer’s first-quarter gains, pushing first-half beer volume down 1.0%.

2026-08-19

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Carlsberg sold less beer worldwide in the second quarter, giving up about 600,000 hectoliters from a year earlier as weakness in Poland, China and Ukraine more than offset growth in other markets, the brewer said Wednesday in its half-year results.

Using the rounded quarterly volume figures published by the company, Carlsberg’s beer volume fell to 28.8 million hectoliters in April through June from 29.4 million hectoliters a year earlier, a decline of about 2.0%. That marked a clear change from the first quarter, when beer volume edged up to 23.4 million hectoliters from 23.3 million hectoliters, or about 0.4% based on rounded figures.

For the first six months of the year, beer volume slipped to 52.2 million hectoliters from 52.7 million hectoliters, down 500,000 hectoliters, or 1.0%. The decline came even as Carlsberg reported growth in revenue and profit at the group level, helped by soft drinks, price increases, product mix and the Britvic acquisition.

The half-year regional figures show where the pressure was concentrated. In Western Europe, beer volumes fell to 13.0 million hectoliters from 13.5 million hectoliters, a drop of 500,000 hectoliters, or 3.9%. In Asia, beer volumes declined to 21.9 million hectoliters from 22.1 million hectoliters, down 200,000 hectoliters, or 0.9%. In Central and Eastern Europe and India, beer volumes rose to 17.3 million hectoliters from 17.1 million hectoliters, up 200,000 hectoliters, or 1.1%.

Carlsberg said the main reasons for the group’s lower beer volumes were continued difficult market conditions in Poland, a soft Chinese market in the second quarter and war-related disruption in Ukraine. In Poland, the company said alcohol-free brews and its Garage brand grew strongly, but total volumes still fell by low double digits because of a weak market and market share losses tied to sharper price competition in lower-mainstream beer. In China, the brewer said second-quarter volumes dropped 6%, pulling first-half volume down 3%, with weak consumer conditions compounded by severe weather in central and southern China, especially in Chongqing and several large cities. In Ukraine, Carlsberg said both the market and its own business continued to be affected by the war, leading to a mid-single-digit volume decline.

The weaker beer performance in the second quarter stood in contrast to the broader group’s top-line trends. Total beverage volume, including soft drinks and other drinks, rose 2.8% to 78.4 million hectoliters in the first half from 76.3 million hectoliters a year earlier. Organic total volume growth was 1.7%, while reported growth also benefited from the consolidation of Britvic. Soft drinks and other beverages climbed to 26.2 million hectoliters from 23.6 million hectoliters.

Revenue rose 2.6% to DKK47.053 billion from DKK45.855 billion. Operating profit increased 4.5% to DKK7.448 billion from DKK7.125 billion. Net profit attributable to shareholders rose 6.0% to DKK4.288 billion from DKK4.044 billion. Carlsberg also narrowed its full-year guidance toward the upper end of its earlier range and now expects organic operating profit growth of 4%-6% in 2026, compared with a previous range of 2%-6%.

Even as total beer volume declined, Carlsberg’s alcohol-free beer business continued to expand at a much faster pace. The company said alcohol-free brews posted 11% organic volume growth in the first half, extending a run of double-digit gains and increasing the category’s weight within the group as total beer volumes moved lower.

Growth was strongest in Western Europe, where alcohol-free brew volumes rose 15%. In Central and Eastern Europe and India, the category posted mid-single-digit growth. Carlsberg said it recorded growth in almost all European markets across those two regions, with particularly strong performances in France, Poland, Switzerland and Ukraine. The company pointed to both international and local brands, including Tuborg, 1664 Blanc, 1664 Bière, Falcon, Mythos and Okocim, and singled out Tourtel Twist as a notable driver.

In France, Carlsberg said beer market growth and its own low-single-digit volume increase were supported in part by strong demand for Tourtel. In Switzerland, growth in premium and alcohol-free beer offset slightly lower mainstream beer volumes. In the Nordic markets, the company also reported gains in alcohol-free brews alongside growth in soft drinks and premium beer in several countries.

Carlsberg’s results show that the company is relying increasingly on categories outside traditional beer to support growth. Soft drinks were the largest of those categories in the first half, accounting for 31% of total volume and growing 9% organically, the company said. Pepsi volumes rose 17%, supported by multiple markets and by the addition of the Pepsi portfolio in Kazakhstan. Premium beer grew 1%, while Beyond Beer volumes rose 1%.

Chief Executive Jacob Aarup-Andersen said the group delivered solid top-line and earnings growth despite an uncertain macroeconomic backdrop, and he highlighted strong momentum in soft drinks and alcohol-free brews. He also said the company was benefiting from disciplined cost control and faster-than-expected synergies from the Britvic integration.

Carlsberg noted that some 2025 regional comparables were restated to reflect internal reporting structure changes following the Britvic integration. It also cautioned that quarterly percentage changes derived from the published volume figures are based on rounded numbers.

The company is due to issue its third-quarter trading statement on Oct. 29.

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