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Q3 2023 Trading Statement


WEBWIRE

Carlsberg achieved solid revenue growth on the back of continued strong improvement in revenue per hectolitre, which offset lower volumes.

VOLUMES IMPACTED BY A CHALLENGING CONSUMER ENVIROMENT AND THE WEATHER

Organic volume development -3.0% (9M: -0.6%)

  • Organic volume development in Western Europe -5.2%, Asia +1.5% and Central & Eastern Europe -6.3%.
  • Premium beer portfolio flat. Alcohol-free brews +6%.
  • International premium brands: Tuborg +3%, Carlsberg -4%, Brooklyn +27%, 1664 Blanc -2% and Somersby -7%.


CONTINUED STRONG REVENUE/HL GROWTH

Organic revenue growth +5.8% (9M: +9.2%)

  • Revenue/hl +9% (9M: +10%), with strong growth in Western Europe and Central & EasternEurope.
  • Organic revenue growth in Western Europe +7.0%, Asia +3.7% and Central & Eastern Europe +6.3%.
  • Reported revenue growth of 0.3% to DKK 20.3bn (9M: +4.3% to DKK 58.1bn), impacted by currencies.


UNCHANGED EARNINGS EXPECTATIONS
  • Organic growth in operating profit of +4% to +7%.
  • Based on the spot rates at 30 October, we assume a translation impact on operating profit of around DKK -900m for 2023 (unchanged).


SUPPORTING SHAREHOLDER VALUE
  • New quarterly share buy-back programme, amounting to DKK 1bn, will be launched today.


CEO Jacob Aarup-Andersen says:

We delivered solid revenue growth in a challenging environment. The growth was driven by continued strong revenue/hl improvement and outperformance by our premium portfolio. We maintain our earnings guidance for the year despite our recent decision to further increase our commercial investments in the remainder of the year to support our growth priorities.

Im enthusiastic about our brands, our teams, the commitment of our employees and the strong performance culture, which I have experienced across the entire company since I joined in September.

The company has a strong foundation and a healthy financial position. Were well positioned to invest in our brands and in our markets to capture attractive long-term growth opportunities. Im confident that we can accelerate growth in line with the SAIL27 priorities and continue to drive year-on-year sustainable and profitable results.


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