VOLUMES IMPACTED BY A CHALLENGING CONSUMER ENVIRONMENT

Organic volume development -0.2% (9M: +0.8%)

• Organic volume development in Western Europe +0.1%, Asia -5.2% and Central & Eastern Europe and India (CEEI) +5.2%.
• Premium beer -0.5%, alcohol-free brews +6%, Beyond Beer +10% and soft drinks +4%.
• Growth in international premium brands: Tuborg +2%, Carlsberg +11%, Brooklyn +9%, 1664 Blanc +8% and Somersby +2%.

POSITIVE REVENUE/HL DEVELOPMENT

Organic revenue growth +1.3% (9M: +3.0%)

• Revenue/hl +2% (9M: +2%), with positive contribution from CEEI and Asia.
• Organic revenue growth in Western Europe +0.1%, Asia -3.3% and CEEI +9.8%.
• Reported revenue growth of +0.9% to DKK 20.5bn (9M: +2.0% to DKK 59.2bn), impacted by currencies, partly offset by acquisitions.

EARNINGS EXPECTATIONS MAINTAINED

• Organic growth in operating profit before special items of 4-6%.
• Based on the spot rates at 30 October, we assume a translation impact on operating profit of around DKK -300m for 2024 (unchanged).

EXPANDING PARTNERSHIP WITH PEPSICO

• At Britvic plc’s General Meeting on 27 August, the majority of its shareholders voted in favour of the recommended offer. Final deal closure is expected in Q1 2025.
• On 12 September, we announced that we will take over the Pepsi bottling franchise in Kazakhstan and Kyrgyzstan from 1 January 2026.

CEO Jacob Aarup-Andersen says:

“It was a tough quarter, impacted by a challenging consumer environment and weather. Nevertheless, we delivered volume and revenue growth in the majority of our markets, although lower volumes in China, France and the UK impacted overall Group performance.

“We’re pleased with the development of our key long-term strategic growth categories, including alcohol-free brews, Beyond Beer and soft drinks.

“As we await the expected closure of the Britvic acquisition in Q1 2025, we’re pleased that our partnership with PepsiCo will expand further with two additional markets coming on board from 2026, indicating the long-term potential in our collaboration.”

Get the 2024 Q3 highlights from CEO Jacob Aarup-Andersen and CFO Ulrica Fearn: