Q3 2017 Trading Statement

Upward adjustment of earnings outlook driven by solid progress of Funding the Journey

Unless otherwise stated, comments in this announcement refer to Q3 performance.


  • Reported net revenue of DKK 16.7bn, an organic decline of 1% (9M: DKK 48.4bn, +1% organically).
  • Price/mix of 3% (9M: +4%).
  • Total volume -4% (9M: -3%).
    • Good growth in our international premium brands: Tuborg +5%, Carlsberg +1%, Grimbergen +7% and 1664 Blanc +42%.
    • Craft & speciality volume +34%, alcohol-free beer volume in Western Europe +14%.
  • Funding the Journey progressing well and total net benefits now expected to be around DKK 2bn.


  • Organic operating profit growth of 7-8% (previously mid-single-digit percentage growth).
  • Financial leverage reduction.
  • Positive translation impact of around DKK 75m now expected (previously DKK +50m).

Commenting on the results, CEO Cees ’t Hart says: “Funding the Journey is progressing very well and we feel confident about delivering benefits of around DKK 2bn. Consequently, we’re able to adjust our earnings outlook upwards.

“In the third quarter, our premiumisation efforts continued to deliver a solid price/mix development, while volumes, as expected, were impacted by the PET downsizing in Russia, tough comparables in Eastern Europe and poor weather in Western Europe.”

Carlsberg will host a conference call for analysts and investors today at 9.00 am CET (8.00 am GMT).

Dial-in information and slide deck are available beforehand on

Quick Links

Q3 2017 Trading Statement

Q3 2017 Presentation

Q3 2017 Conference Call

Quarterly Financial Data in Excel


Please address enquiries to:

Global Head of External Communications

Tanja Frederiksen

Tel +45 5195 7778 Email [email protected]

Vice President, Investor Relations

Peter Kondrup

Tel +45 3327 1221 Email [email protected]