FAQ

What is the Group’s strategy?

We launched our strategy, Accelerate SAIL, in February 2024. It builds on our previous strategy, SAIL’27, which was developed by a broad group of leaders and employees in late 2021 and early 2022 – before the war in Ukraine and subsequent high inflation. These significant events, in addition to COVID-19, meant that the focus was on successfully navigating through these shorter-term challenges.

With the impact from these major disruptions decreasing, the Executive Committee and extended leadership team conducted a review of the SAIL’27 priorities in late 2023 and early 2024, leading to the refreshed Accelerate SAIL strategy.

Accelerate SAIL focuses on five strategic levers – portfolio, geographies, execution, culture and funding the journey – for which we have made distinct strategic choices, defining the focus of our efforts and resource allocation. Our strategic levers and choices should be viewed as an integrated set of activities that together will drive shareholder value.

Read more about Accelerate SAIL here.

What are your long-term financial ambitions?

By executing Accelerate SAIL, we believe we can successfully capture long-term growth opportunities. Our long-term growth financial ambitions are:

• Organic revenue growth of 4-6% CAGR
• Organic operating profit growth above revenue growth

Our capital allocation priorities – in place since 2016 – remain unchanged.

Why don’t you have a long-term operating margin target?

Due to the many uncertainties, the volatility and large margin differentials between markets, brands and categories, it is very difficult to predict future percentage margins. However, we intend to grow organic operating profit faster than revenue, thereby improving operating margin over time.

In how many markets do you have a number 1 or 2 position?

We have a number 1 or 2 position in 25 beer markets across our three regions:

• 7 in Western Europe
• 5 in Asia
• 13 in Central & Eastern Europe and India

We have a number 1 or 2 position in 7 soft drinks markets across our three regions:

• 6 in Western Europe
• 1 in Asia
• 1 in Central & Eastern Europe and India 

How big is Carlsberg's exposure to developed markets?

Approx. 40% of total volumes is sold and 55% of revenue are generated in developed markets, based on the MSCI classification (although we have included Poland and Greece as developed markets).

What are your largest beer brands and how much do they account for?

Tuborg is our largest brand, accounting for approximately 15% of total volumes.

Carlsberg is our second largest brand, accounting for around 10% of total volumes.

What proportion of volumes are alcohol-free brews?

Alcohol-free brews (fermented products with less than 0.5% ABV) account for 3% of total volumes.

What proportion of volumes are low- and no-alcoholic?

Low- and no-alcoholic products, defined as all products (water, soft-drinks and beers etc) with less than 3.5% ABV, account for 31% of total volumes.

What proportion of volumes are soft drinks?

Soft drinks account for 3% of total volumes.

What is premium beer, and what is the exposure?

The definition of premium beer is beer sold at price index > 120 compared to mainstream (there may be differences in classifications due to local circumstances). As a consequence, a brand can be mainstream in one market but premium in another depending in the local positioning. Premium beer accounts for 19% of total volumes.

What is core beer?

Core beer comprise our strong local mainstream brands. Core beer accounts for 59% of total volumes.

In which markets do you have bottling agreements with PepsiCo and The Coca-Cola Company?

We are Pepsi bottlers in the UK, Ireland, Norway, Sweden, Switzerland, Kazakhstan, Kyrgyzstan, Laos and Cambodia.

We are Coca-Cola bottlers in Denmark and Finland.

What is the volume split between the on-trade and off-trade channel?

In 2025, on-trade accounted for around 23% of Group volumes.

What is your M&A strategy?

Accelerate SAIL focuses on driving organic top- and bottom-line growth. However, if value-accretive acquisition opportunities arise, we want to participate.

What acquisitions have you done in recent years?

2025

• 16 January: Completion of the acquisition of Britvic plc

2024

• 3 December: Announcement of the divestiture of shares in Baltika Breweries
• 29 November: Acquisition of remain shares in Carlsberg South Asia pte ltd
• Acquisition of Marston's plc's 40% holding in Carlsberg Marston's Ltd
• Acquisition of 20% of the shares in Mikkeller in Denmark
• Acquisition of a minority stake in Brasserie du Pays Flamand in France

2023

• Acquisition of the Kronenbourg brand rights in the UK
• Acquisition of Waterloo Brewing in Canada.

2021

• Acquisition of Wernesgrüner Brewery in Germany.

2020

• Acquisition of the Brooklyn brand rights in our markets.
• Acquisition of Marston’s brewing activities in the UK.
• Completion of the material asset restructuring in China, whereby Carlsberg and Chongqing Brewery Co. contributed their controlled assets to the joint venture Chongqing Jianiang.

2019

• Acquisition of a non-controlling stake in the Chinese craft brewery Jing-A Brewing Co.
• Purchase of the remaining 1.2% of Carlsberg Ukraine, giving the Group 100% ownership.
• Purchase of the remaining 25% of Cambrew in Cambodia, giving the Group 100% ownership.
• Completion of the disposals of the former brewery sites in Trondheim, Norway, and Hamburg, Germany

How many representatives from the Carlsberg Foundation are in the Supervisory Board?

The Carlsberg Foundation has two representatives in the Supervisory Board. A representative from the Carlsberg Foundation holds the position of Deputy Chair. Read more about corporate governance here.

Why do you have five employee representatives in the Supervisory Board?

This is required by Danish law.

Does Carlsberg have a whistle blower system?

Yes. Our SpeakUp line is available for everyone internally and externally. Reports can be made anonymously. Read more here.

What does COGS comprise?

The rule-of-thumb for COGS, excluding the purchases of finished goods, at Group level is as follows:

1) Approx. 25% of COGS are raw materials, such as malt, un-malted barley, wheat, rice, sugar, hops etc. The largest raw material is malt, accounting for approx. 40% of raw materials costs. Looking at malt specifically, c. 60-70% is barley and c. 30-40% is conversion cost.

2) Approx. 45% of COGS are packaging materials, such as aluminium, glass, PET for both primary and secondary packaging, paper and cardboard, caps, labels, pallets and so on. The largest packaging category is cans, accounting for around 45% of our packaging costs. For cans, around 35% are the aluminium costs and 65% are conversion cost. The second largest packaging category is glass, accounting for c. 30% of our packaging costs.

3) The remaining 30% of COGS are non-material costs, such as labour, utilities, depreciation and so on.

The break-down can vary significantly year-by-year and country-by-country.

Do you hedge commodities and what is the policy?

Yes, we hedge commodities to minimise risk and create transparency.

For malt (barley) and aluminum, the two most significant commodity exposures, Group policy is to have a minimum of 70% hedged for a given year no later than by the end of the third quarter of the previous year, with a target hedge ratio of 90% at the beginning of the year in question.

Read more about commodity risk hedging in the 2025 Annual Report, section 4.9.6.

Where do you provide country-by-country tax disclosure?

As a large multinational group headquartered in Denmark, Carlsberg is required to submit its CbCR to the Danish tax authorities and from 2026 to make it publicly available. 

Consequently, we provide data on e.g. revenue, profit, and tax for each country in EU/EEA and countries listed in the EU list of non-cooperative jurisdictions where we operate. See the 2025 Tax Report, page 8.