Carlsberg, despite ‘decent at first glance' metrics, saw a soft start to 2025 dampened by subdued consumer spending.
Volumes and revenue were up, 14% and 17% respectively, albeit driven by the acquired Britvic soft-drink brands, whilst the beer segment was weaker versus prior comparatives following the ending of Carlsberg’s licensing and distribution deal for San Miguel.
Excluding San Miguel, organic revenue was flat.
Growth was seen in premium beer, alcohol-free brews, and Beyond Beer, whilst Carlsberg’s international brands like Tuborg and Brooklyn Beer grew 3% and 10% respectively.
The Britvic brands – including Robinsons, R Whites, Tango, J2O, Lipton, plus regional distribution for the likes of Pepsi Max and Mountain Dew – accounted for some 4.7 million hectolitres of volume, or around £340 million (DKK 3 billion) of revenue since the acquisition date in mid-January.
“It was a soft start to the year, impacted by the loss of the San Miguel brand and continued subdued consumer spending in an environment with increased macroeconomic volatility,” Carlsberg CEO Jacob Aarup-Andersen said.
He added: “The Britvic transaction and refinancing were completed in Q1, with the integration starting immediately.
“We’re encouraged by the Q1 performance in the UK and Ireland and the strength of the business.
“We remain confident in the long-term value creation from this acquisition.”