Carlsberg shares fell 6% after the brewer missed half-year profit and volume forecasts and warned that consumer conditions are unlikely to improve in 2025.
The world’s third-largest brewer reported first-half organic operating profit growth of 2.3% to DKK7.23 billion ($1.13 billion), shy of the 7.35 billion expected. Organic volumes slipped 1.7%, also missing estimates.
Despite the softer performance, Carlsberg raised its full-year guidance, now expecting operating profit growth of 3% to 5% organically, versus 1% to 5% previously.
CEO Jacob Aarup-Andersen described the results as “solid” given challenging conditions, but cautioned that weak demand, tariff impacts and poor weather would continue to weigh on the sector.
The maker of Kronenbourg 1664, Tuborg and Somersby has fared slightly better than its peers, which have kept forecasts unchanged, but investor sentiment remains fragile amid wider concerns over growth in the global beer market.
The stock fell DKK47.70 to DKK764.20.