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Shareholder Returns

Dividend Policy

Our dividend policy stipulates an adjusted pay-out ratio (net profit adjusted for special items) of around 50%. This policy came into effect in 2016.

Since 2018, the adjusted pay-out ratio has been around 50% (of previous year's adjusted net profit).

Dividend payout

Paid in year
Dividend (DKK)
Adjusted pay-out ratio*
2024 27.0 49%**
2023 27.0 48%**
2022 24.0 49%
2021 22.0 50%
2020 21.0 50%
2019 18.0 51%
2018 16.0 50%
2017 10.0 39%
2016 9.0 32%
2015 9.0 25%
* Based on previous fiscal year adjusted net profit
** Continuing operations

Share Buy-Back

In line with our capital allocation principles, the Carlsberg Group currently distributes excess cash to shareholders through share buy-backs .

The purpose of the share buy-back programmes is to reduce the share capital and meet obligations related to our share-based incentive programmes.

The size of any share buy-back programme will depend on the expected organic and inorganic investment opportunities needed to grow the business and the Group’s intention to maintain NIBD/EBITDA below 2.0x.

Safe Harbour

The share buy-back programmes are executed in accordance with the EU Market Abuse Regulation (also referred to as the Safe Harbour Regulation).

The Group is entitled to suspend or stop the programme at any time. Any such decision will be disclosed to the public through a Company announcement.

The Carlsberg Foundation

The Carlsberg Foundation participates pro rata the share buy-back programmes.



Share Buy-Back
  2023 3.2
  2022 4.4
  2021 3.6
  2020 2.9
  2019 4.1