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Carlsberg Group Carlsberg A / S 1 J.C. Jacobsens Gade 1799 Copenhagen V CVR.no. 61056416 LEI 529900100WJQYB5GYZ19 Tel +45 3327 3300 contact@carlsberg.com www.carlsberggroup.com Company announcement 44/2021 27 October 2021 Page 1 of 7 TRADING STATEMENT AS AT 30 SEPTEMBER 2021 AND EARNINGS UPGRADE Unless otherwise stated , comments in this announcement refer to Q3 performance . ● HIGHLIGHTS • Organic revenue growth of 7.0 % ( 9M : + 8.6 % ) . Reported growth of 14.4 % to DKK 19.7bn ( 9M : + 11.6 % to DKK 51.4bn ) . • Organic revenue growth in Western Europe of 2.2 % , Asia 13.3 % and Central & Eastern Europe 8.6 % . • Total organic volume growth of 3.4 % ( 9M : + 7.4 % ) . • Total organic volume development in Western Europe -0.1 % , Asia + 7.9 % and Central & Eastern Europe + 2.6 % . • Tuborg volume + 6 % , Carlsberg + 1 % , 1664 Blanc + 19 % , Somersby + 4 % and Grimbergen -14 % . • Craft & speciality volume + 5 % , alcohol - free brews + 10 % . • Revenue / hl + 3 % ( 9M : + 1 % ) . • The third tranche of the 2021 share buy - back , amounting to DKK Ibn , was concluded on 22 October . Tomorrow , the Company will launch the fourth quarterly share buy - back programme for 2021 , amounting to DKK 1.25bn , bringing the total for the 2021 share buy - back programmes to DKK 4.0bn . 2021 EARNINGS EXPECTATIONS The COVID - 19 pandemic continues to impact many of our markets , and market volatility and uncertainty remain high . However , in light of better - than - expected results across our regions for Q3 and the start to Q4 , we upgrade our earnings guidance and other relevant assumptions for 2021 : Organic growth in operating profit within the range of 10-12 % ( previously 8-11 % ) . Translation impact on operating profit of around DKK -100m , based on the spot rates at 26 October ( previously DKK -150m ) . The reported effective tax rate is expected to be around 24 % ( previously around 25 % ) . CEO Cees ' t Hart says : " We're satisfied with the value and volume growth in Q3 , resulting in a solid 7 % organic revenue growth . Unfortunately , our people , customers and businesses in many markets remain heavily impacted by COVID - 19 . It is encouraging that many beer markets in Europe are recovering from the pandemic , giving people the opportunity to socialise and return to the on - trade . " We've been very satisfied with the high degree of resilience our business has shown over the past 18 months , and we're pleased that we're able to upgrade our earnings guidance for 2021 and launch the fourth quarterly share buy - back programme despite the continued challenges posed by the pandemic . "