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.
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.