Q1 2022 Trading Statement

Q1 was a turbulent quarter for Carlsberg due to the war in Ukraine, which affects us very much. Performance outside Ukraine was strong.

From 1 January, the Russian business is presented as held for sale. For a description of the accounting implications, see Company announcement of 21 April 2022. 2021 and 2022 figures are excluding the Russian operations.


On 28 March, the Group announced its decision to divest its Russian business. Operations will continue until completion of the transaction.

  • Total organic volume growth of 9.1%; reported growth of 8.6%.
    • Total organic volume growth in Western Europe 15.4%, Asia 10.5% and Central & Eastern Europe -2.1%.
    • Tuborg volume +7%, Carlsberg +15%, 1664 Blanc +1%, Grimbergen +20% and Somersby -4%.
    • Craft & speciality volume growth of 8%, alcohol-free brews 7%.
  • Organic revenue growth of 23.6%. Reported revenue growth of 26.5% to DKK 14.9bn.
    • Western Europe +36.2%, Asia +16.5% and Central & Eastern Europe +8.2%.
    • Revenue/hl +13%, impacted by price increases and channel and country mix.
  • We will today launch the second quarterly share buy-back programme, amounting to DKK 1bn.

2022 Earnings expectations

The earnings expectations remain as announced on 21 April:

  • Organic operating profit development of around -5% to +2%.
  • A translation impact on operating profit of around DKK +350m, based on the spot rates at 27 April (previously around DKK +400m).

CEO Cees ’t Hart says: “We’re deeply disturbed by the extent of the human tragedy unfolding as a consequence of the war in Ukraine. Our first priority remains the safety and wellbeing of our colleagues.

“The broader implications of the war and the decision to divest our business in Russia are significant for our people and our company.

“Looking at business performance, the first quarter saw only limited impact from the war. The Group had a strong start to the year, albeit Western Europe had easy comparables due to the extensive lockdowns last year.

“We’re in the process of implementing our new SAIL’27 strategy, ensuring adequate support for our strategic priorities. Our business fundamentals are strong, and we remain confident that our choices for brands, categories, markets and capabilities will contribute to our SAIL’27 ambitions for top- and bottom-line growth.

“Although there is significant uncertainty for the rest of the year, we reinstated the full-year earnings guidance last week and, based on the Group’s continued strong financial position, today we’re launching the second quarterly share buy-back programme of the year.”


Please address enquiries to:

Vice President, Investor Relations

Peter Kondrup

Tel +45 2219 1221 Email [email protected]

For any press inquiries.

Press phone

Tel +45 4179 1216 Email [email protected]