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Carlsberg Group Carlsberg A / S 1 J.C. Jacobsens Gade Tel 1799 Copenhagen V +45 3327 3300 contact@carlsberg.com CVR.no. 61056416 www.carlsberggroup.com LEI 529900100WJQYB5GYZ19 Company announcement 33/2021 18 August 2021 Page 1 of 34 FINANCIAL STATEMENT AS AT 30 JUNE 2021 AND EARNINGS UPGRADE Strong results despite continued COVID - 19 impact Unless otherwise stated , comments in this announcement refer to HI performance . HIGHLIGHTS ⚫ Organic revenue growth of 9.6 % ( Q2 : + 14.3 % ) ; reported + 9.9 % to DKK 31,687m ( Q2 : + 17.7 % ) . ⚫ Flat revenue / hl with an improvement in Q2 ( + 5 % ) as on - trade started to recover in many European markets . • Total organic volume growth of 10.0 % ( Q2 : + 8.8 % ) ; reported + 11.9 % ( Q2 : + 11.3 % ) . ⚫ Tuborg volume + 28 % , Carlsberg + 2 % , 1664 Blanc + 25 % , Grimbergen + 3 % and Somersby + 17 % . • Craft & speciality volume + 21 % , alcohol - free brews + 26 % . • Organic operating profit growth of 15.6 % ; reported + 10.7 % to DKK 5,111m . • Operating margin improvement of 10bp to 16.1 % . • Adjusted net profit growth of 10.3 % to DKK 3,168m ; reported net profit + 6.0 % to DKK 3,027m . • Adjusted earnings per share ( excluding treasury shares ) + 12.3 % to DKK 21.9 . ⚫ Free cash flow at DKK 5,281m ( 2020 : DKK 3,141m ) . ⚫ Net debt / EBITDA 1.43x ( year - end 2020 : 1.51x ) . ⚫ROIC improvement of 100bp to 9.5 % ; excluding goodwill + 310bp to 25.0 % . ⚫The second tranche of the share buy - back , amounting to DKK Ibn , was concluded on 13 August . Today , the Company will launch the third quarterly share buy - back programme , amounting to DKK 1bn . 2021 EARNINGS EXPECTATIONS The COVID - 19 pandemic continues to impact business performance , and market volatility and uncertainty remain high . However , in light of the good results for H1 and the start of Q3 , we upgrade the earnings guidance for 2021 : . • • Organic growth in operating profit within the range of 8-11 % ( previously 5-10 % ) . • A translation impact of around DKK -150m is assumed for 2021 based on the spot rates at 17 August ( previously DKK -250m ) . CEO Cees ' t Hart says : “ We're very satisfied that the Group delivered a strong set of results despite the continued market uncertainty as a result of the pandemic . Top - line growth , operating margin improvement and significantly higher cash flow demonstrate the strength of our geographic footprint and brand portfolio , and the strong execution of our initiatives to safeguard the short-