Carlsberg has maintained its financial forecasts for the 2024 financial year unchanged, a stance deemed cautious by the market after a better-than-expected first quarter.
The Danish brewer reports a "solid" start to the year, with 2% organic growth in sales volumes, driven mainly by business in Asia (+3.1%).
In terms of brands, Tuborg's sales volumes rose by 8% over the quarter, Carlsberg's by 15%, and Grimbergen's by 6%.
Disappointing, however, for 1664 Blanc (0%), Brooklyn (-1%) and Somersby (-4%), a popular cider in Denmark.
The Group adds that organic sales growth amounted to 6.4% over the first three months of the year, compared with only +4.8% expected by the market.
In view of this better-than-expected performance, investors were disappointed by the absence of any upward revision to annual targets, with the Group still aiming for organic sales growth of 1% to 5% this year, which some analysts consider to be "conservative".
As a result, the share price fell by 0.3% on Tuesday on the Copenhagen Stock Exchange.
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Carlsberg A/S is one of the world's leading beer producers. Net sales break down by activity as follows:
- beer production and sales: 101 million hectoliters sold in 2023 primarily under the Carlsberg and Tuborg brands;
- production, bottling, and distribution of non-alcoholic beverages: carbonated beverages, energy drinks, and mineral waters (24.1 million hectoliters sold in 2022).
At the end of 2023, the group had 71 breweries located in Denmark, in the United Kingdom (3), in Poland (3), in Germany (3), in Western Europe (6), in China (26), in Asia (14), and in Central/Eastern Europe (15).
Net sales are distributed geographically as follows: Western Europe (50.7%), Asia (31.7%), Eastern and Central Europe (17.6%).
CARLSBERG A/S 
