Unless otherwise stated, comments in this announcement refer to H1 performance.

HIGHLIGHTS

• Organic net revenue growth of 4.2% (Q2: +2.6%); reported net revenue growth of 6.5% to DKK 32,990m (Q2: +4.6%).
• Price/mix improvement of +3% (Q2: +3%); positive in all three regions.
• Total organic volume growth of 1.4% (Q2: -0.1%). • Tuborg volume growth +4%, Carlsberg -3%, Grimbergen +4% and 1664 Blanc +29%.
• Craft & speciality volume growth +17%, alcohol-free brew volume growth +16%.
• Organic operating profit growth of 17.7%; reported growth of 18.2% to DKK 5,171m.
• Operating margin improvement of +160bp to 15.7%.
• Reported net profit up 24.6% to DKK 3,079m. Adjusted net profit up 15.1% to DKK 2,884m.
• Adjusted earnings per share (excluding treasury shares) up 15.6% to DKK 19.0.
• Free cash flow of DKK 5,156m (2018: DKK 5,765m).
• Net debt/EBITDA of 1.33x.
• ROIC improvement of 110bp to 8.7%. Excluding goodwill, improvement of 350bp to 22.1%.
• The Company will today initiate a DKK 2bn share buy-back. This is the second tranche of its 12- month DKK 4.5bn share buy-back programme (see page 16 in the PDF) as announced on 6 February 2019

2019 EARNINGS EXPECTATIONS

• High-single-digit percentage organic growth in operating profit (unchanged from announcement on 8 August).
• A translation impact on operating profit of around DKK +100m, based on the spot rates at 14 August (previously DKK +150m).
• Financial expenses, excluding currency losses or gains, are expected to be around DKK 700m (previously DKK 700-750m).

CEO Cees ’t Hart says: “We delivered a strong set of results for the first six months of 2019, with healthy top-line development, strong margin improvement and continued solid cash flow. We’re pleased that last week we were able to adjust our earnings outlook upwards due to the performance in the first half and a solid start to Q3, and despite tough comparables. The earnings upgrade is yet another proof point that the execution of our SAIL’22 priorities is driving sustainable, long-term value creation for the Group."