Q1 2024 Trading Statement

Carlsberg delivered a solid start to 2024 with good growth for key strategic drivers.

• Organic volume growth in Western Europe +0.2%, Asia +3.1% and Central & Eastern Europe and India (CEEI) +2.2%.
• Total premium beer category +8%, Beyond Beer -1%, alcohol-free brews +2%.
• International premium brand volume development: Tuborg +8%, Carlsberg +15%, 1664 Blanc 0%, Brooklyn -1%, Grimbergen +6% and Somersby -4%.

• Revenue/hl +4%, with positive contribution from all three regions.
• Organic revenue growth in Western Europe +5.1%, Asia +7.6% and CEEI +7.3%.
• Reported revenue growth +4.4% to DKK 1bn, impacted by currencies.

• A new quarterly share buy-back programme, amounting to DKK 1.0bn, will be launched today.

• Organic operating profit growth of 1-5%.
• Based on the currency spot rates at 29 April, we assume a translation impact of around DKK -250m for the full year (previously DKK -100m).

Group CEO Jacob Aarup-Andersen says:

“We’ve had a solid start to the year with volume and revenue growth in all three regions. We’re particularly satisfied with the growth of our premium portfolio and the volume and revenue growth in Asia, both of which are important strategic growth drivers for the Group. Q1 performance was in line with expectations, and we maintain our full-year earnings outlook.