Carlsberg’s annual profits beat forecasts due to cost cuts, Britvic deal 

[LONDON] Danish brewer Carlsberg on Wednesday (Feb 4) reported a 5 per cent rise in full-year operating profit, beating analyst expectations, helped by cost-cutting and benefits – which were stronger than anticipated – from its acquisition of soft-drinks maker Britvic.

The world’s third-largest brewer behind Anheuser-Busch InBev and Heineken reported organic operating profit of 13.99 billion Danish crowns (S$2.81 billion) before special items.

Analysts had expected 13.82 billion crowns, a company-compiled consensus said.

Carlsberg, which owns brands including Kronenbourg 1664, Tuborg and Somersby, has outperformed some peers amid weak global beer demand.

It was supported by the acquisition of Britvic in 2025. The move doubled the share of soft drinks in the company’s portfolio to 30 per cent of volumes.

The group has also tightened spending on travel, consultants and headcount to protect earnings, while managing pressures ranging from subdued consumer demand to the effects of US tariffs and the war in Ukraine.

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CEO Jacob Aarup-Andersen also said the takeover of a soft drinks business in Central Asia and accelerated growth in India supported Carlsberg’s performance.

“On the back of this, supported by tight cost focus and strong performance management processes, we achieved solid earnings growth,” he said.

Carlsberg forecast profit growth of between 2 and 6 per cent in its current financial year – in line with expectations from analysts at Jefferies and Barclays. REUTERS