Slides
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CAPITAL MARKETS DAY JACOB AARUP-ANDERSEN GROUP CEO BUILDING A RESILIENT, STRUCTURALLY GROWING WORLD - CLASS BREWER
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Disclaimer FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements, including statements about the Group’s sales, revenues, earnings, spending, margins, cash flow, inventory, products, actions, plans, strategies, objectives and guidance with respect to the Group's future operating results. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain the words "believe", "anticipate", "expect", "estimate", "intend", "plan", "project", "will be", "will continue", "will result", "could", "may", "might", or any variations of such words or other words with similar meanings. Any such statements are subject to risks and uncertainties that could cause the Group's actual results to differ materially from the results discussed in such forward- looking statements. Prospective information is based on management’s then current expectations or forecasts. Such information is subject to the risk that such expectations or forecasts, or the assumptions underlying such expectations or forecasts, may change. The Group assumes no obligation to update any such forward- looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking statements. Some important risk factors that could cause the Group's actual results to differ materially from those expressed in its forward-looking statements include, but are not limited to: economic and political uncertainty (including interest rates and exchange rates), financial and regulatory developments, demand for the Group's products, increasing industry consolidation, competition from other breweries, the availability and pricing of raw materials and packaging materials, cost of energy, production and distribution related issues, information technology failures, breach or unexpected termination of contracts, price reductions resulting from market driven price reductions, market acceptance of new products, changes in consumer preferences, launches of rival products, stipulation of fair value in the opening balance sheet of acquired entities, litigation, environmental issues and other unforeseen factors. New risk factors can arise, and it may not be possible for management to predict all such risk factors, nor to assess the impact of all such risk factors on the Group's business or the extent to which any individual risk factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Accordingly, forward-looking statements should not be relied on as a prediction of actual results.
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TODAY’S AGENDA WELCOME AND SETTING THE SCENE1. 2. 3. 4. MARKETING FOR GROWTH UNDERSTANDING SOFT DRINKS IN THE CONTEXT OF CARLSBERG LEVERAGING DIGITAL AND STRENGTHENING COMMERCIAL CAPABILITIES WESTERN EUROPE OVERVIEW – DEEP DIVE ON THE UK5. 6. 7. 8. ASIA OVERVIEW – DEEP DIVE ON CHINA CENTRAL & EASTERN EUROPE AND INDIA (CEEI) OVERVIEW – DEEP DIVE ON INDIA DRIVING EFFICIENCIES IN SUPPLY CHAIN, REBUILDING GROSS MARGIN AND DELIVERING COMPOUNDING EARNINGS GROWTH 3
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BEVERAGES THAT STAND AT THE HEART OF MOMENTS BRINGING PEOPLE TOGETHER 4
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TODAY, WE WILL EXPLORE HOW WE ARE ACCELERATING GROWTH… … by building a consumer - centric, diversified beverage portfolio that strengthens our position as a world - class brewer 5
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… to deliver on our mid-term financial growth algorithm Organic operating profit growth ahead of revenue growth 4-6% ORGANIC REVENUE GROWTH REBUILDING GROSS MARGIN INCREASING SALES AND MARKETING INVESTMENTS MAINTAINING STRICT COST CONTROL 6 Compounding earnings growth
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We achieved significant milestones in H1 2025… 7 1 Excluding San Miguel in the UK. 2 Western Europe. PREMIUM BEER1 +5% ALCOHOL-FREE BREWS 7% SOFT DRINKS2 +6% ADJ. EPS +4.7%1664 partnership with actor Robert Pattinson
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GETTING FULL CONTROL ... and in 2024, shaping the future of the Group 8 KAZAKHSTAN & KYRGYZSTAN from 1 January 2026 +Nepal 8
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The strategic, operational and financial rationale of the Britvic acquisition remains highly compelling… 9 Increased focus on health and wellness across multiple generations Britvic has an impressive reputation and track record of outperformance Strong partnership with PepsiCo Great commercial, operational and cultural fit Structurally growing category, supportive of our growth algorithm Highly complementary and synergistic with Carlsberg’s beer business
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… enabling us to increase the expected cost synergies; confidence in material revenue synergies strengthened 10 EXPECTED COST SYNERGIES AT 1 OCTOBER 2025 GBP 110m PREVIOUS EXPECTATION GBP 100m OTHER ASSUMPTIONS MAINT AINED 2025 • 10-15% cost synergy achievement • Operating profit contribution of GBP 250m • MSD accretive to adj. EPS, incl. cost synergies 2026 • 30-40% cost synergy achievement • DD accretive to adj. EPS, incl. cost synergies 2027 • 30-40% cost synergy achievement • ROIC to exceed WACC of 7.0% • NIBD/EBITDA of < 2.5x 2028-2029 • 20% cost synergy achievement
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Era 3 Inflation War in Ukraine, disposal of Russian business and cost inflation Era 2 COVID Business disruption Era 1 Pre-COVID Restructuring and portfolio & market optimisation Funding the Journey Looking back at the past decade, the Group has dealt with significant headwinds… 8.1 8.7 8.1 7.5 7.3 6.4 6.5 57.2 54.7 52.5 55.0 58.6 52.1 60.1 70.3 73.6 75.0 16.8 -7.0% 5.0% 8.4% 11.0% 10.5% -3.1% 12.5% 12.2% 5.2% 6.0% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Russia Carlsberg Britvic pro forma Organic operating profit growth ¹ Pro forma Carlsberg Group. REPORTED REVENUE (DKKbn) 91.0¹ 11
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Consumer confidence still challenged in most markets … and while market dynamics remain challenging and the trading environment uncertain and unpredictable… 12 Uncertain and volatile macro environment Evolving consumption patterns across categories & channels Emerging consumer trends impacting our business beyond 2025 CYCLICAL STRUCTURAL RESILIENCE POCKETS OF GROWTH
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the boiling frog syndrome WE WILL AVOID 13
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STRATEGIC RESILIENCE OPERATIONAL RESILIENCE CULTURAL RESILIENCE … and therefore we will continue to build resilience into the business… 14
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… and with Accelerate SAIL, we are sharpening our focus on key growth drivers and enablers… 15
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… to deliver on our mid-term financial growth algorithm Organic operating profit growth ahead of revenue growth 4-6% ORGANIC REVENUE GROWTH REBUILDING GROSS MARGIN INCREASING SALES AND MARKETING INVESTMENTS MAINTAINING STRICT COST CONTROL 16 Compounding earnings growth
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SEMPER ARDENS EMPOWER, SUPPORT AND GROW OUR PEOPLE POSITIVE ENERGY AND COMPASSION PASSION FOR CONSUMERS Our growth culture is structured and operationalised through five principles… DECIDE FAST AND DELIVER WITH EXCELLENCE 1 3 4 5 2 17
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SEMPER ARDENS EMPOWER, SUPPORT AND GROW OUR PEOPLE POSITIVE ENERGY AND COMPASSION PASSION FOR CONSUMERS Our growth culture is structured and operationalised through five principles… DECIDE FAST AND DELIVER WITH EXCELLENCE 1 3 4 5 2 18 We challenge the status quo, set stretched ambitions and innovate to build beyond our time. We invest in growing our people and creating mutual opportunities to learn, grow and deliver. We practise compassion, equity and inclusion, embrace diversity of thought and celebrate success. We act as passionate brand ambassadors, creating value for consumers in all we do. We build trust to learn from failures and drive innovation, empower people and prioritise speed over perfection.
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Strong foundation of performance management and cost discipline Availability across all relevant markets, channels and occasions Growth culture as core enabler, securing speed and agility A relevant & innovative portfolio aligned with consumer preferences WE ARE EXCITED AND CONFIDENT ABOUT THE JOURNEY AHEAD OF US… 19 Future - proofing the business by building scale, resilience & diversification, securing a long - term, s tructural growth profile
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… AND TODAY YOU WILL HEAR FROM THE PEOPLE IN CHARGE OF DELIVERING ON THE STRATEGIC PRIORITIES… 20
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YVES BRIANTAIS Chief Marketing Officer (CMO) and member of Executive Committee since 2024 With Carlsberg since 2024 … covering marketing for growth – a consumer- centric programme transforming our marketing capabilities and practices… 21
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… explaining why soft drinks as a category and in combination with beer is a highly attractive opportunity for Carlsberg… SØREN BRINCK Executive Vice President, Western Europe, since 2024 Member of the Executive Committee since 2021 With Carlsberg since 2005 22
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ESTHER WU Chief Information Officer (CIO) and member of the Executive Committee since 2024 With Carlsberg since 2019 … how we are leveraging digital to bring transformation in all areas of the business, supporting top- and bottom-line growth… 23
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ANDERS RØED Chief Strategy and Commercial Officer and member of the Executive Committee since 2024 With Carlsberg since 2010 … taking our go-to- market, value management and in- store execution capabilities to the next level… 24
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… delivering profitable growth in our Western Europe strongholds and creating a beverage powerhouse in the UK… SØREN BRINCK Executive Vice President, Western Europe, since 2024 Member of the Executive Committee since 2021 With Carlsberg since 2005 PAUL DAVIES Managing Director, Carlsberg UK, since 2020 With Carlsberg since 2007 25
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… capturing volume and value growth opportunities in Asia and continuing to strengthen our position in China… JOÃO ABECASIS Executive Vice President, Asia, since 2022 Member of the Executive Committee since 2019 With Carlsberg since 2011 CK LEE Managing Director, Carlsberg China, since 2018 With Carlsberg since 2018 26
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… driving growth in CEEI, getting ready for the Pepsi licence in Kazakhstan, and accelerating growth in India… NIKOS KALAITZIDAKIS Executive Vice President, CEEI, and member of the Executive Committee since 2025 With Carlsberg since 2025 NILESH PATEL Managing Director, Carlsberg India, since 2018 With Carlsberg since 2017 27
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ULRICA FEARN Chief Financial Officer and member of the Executive Committee since 2023 With Carlsberg since 2023 … and driving efficiencies and savings in supply chain, rebuilding gross margin and delivering compounding earnings growth 28
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TODAY’S AGENDA WELCOME AND SETTING THE SCENE1. 2. 3. 4. MARKETING FOR GROWTH UNDERSTANDING SOFT DRINKS IN THE CONTEXT OF CARLSBERG LEVERAGING DIGITAL AND STRENGTHENING COMMERCIAL CAPABILITIES WESTERN EUROPE OVERVIEW – DEEP DIVE ON THE UK5. 6. 7. 8. ASIA OVERVIEW – DEEP DIVE ON CHINA CENTRAL & EASTERN EUROPE AND INDIA (CEEI) OVERVIEW – DEEP DIVE ON INDIA DRIVING EFFICIENCIES IN SUPPLY CHAIN, REBUILDING GROSS MARGIN AND DELIVERING COMPOUNDING EARNINGS GROWTH 29
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Transforming marketing to accelerate our growth YVES BRIANTAIS CHIEF MARKETING OFFICER 1
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2 EXCELLENCE A STORY OF
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SEMPER ARDENS Good is not good enough J.C. Jacobsen 3
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TODAY’s AGENDA – THE STRIVE FOR EXCELLENCE CONSUMER TRENDS OUR MARKETING VISION CONCLUSION 1. 2. 3. 4
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CONSUMER TRENDS 1 2 3 4 5 CHANGING WORLD CHANGING CONSUMER CHANGING CATEGORIES CHANGING TRADE
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By 2030, urbanisation will increase from 57% to 62% with ¼ of the population living in big cities (>1m) Source: United Nation, World Economic Forum 752m People ACROSS 43 MEGA CITIES (>10M) ACCOUNTING FOR 9% OF TOTAL POPULATION WHICH REPRESENTS 17% OF GDP. Delhi would take over Tokyo as #1 mega city. 448m People live in 66 CITIES with 5-10M POPULATION 1,183m People Live in 596 CITIES with 1-5M POPULATION Population distribution by size class of settlement* and region, 2018 and 2030 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2018 2030 2018 2030 2018 2030 2018 2030 2018 2030 2018 2030 10+ million 5-10 million 1-5 million 0.5-1 million <500,000 Rural AFRICA ASIA EUROPE LATIN AMERICA & THE CARIBBEAN NORTHERN AMERICA OCEANIA 6
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0% 20% 40% 60% 80% 100% 500 1000 2000 4000 8000 16000 32000 64000 128000 GDP Per Capita (international -$ in 2011 price) Population Share in Urban Areas Moving to cities impacts consumer behaviour Urbanisation vs. GDP per Capita Share of the population living in urbanised areas vs. GDP per Capita. URBANISATION: Larger middle class with higher income & spend Modernised lifestyle Health & wellness needs Digitalisation Source: Our World In data 7
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China and India to add 110m middle-class households Source: Oxford Economics. The Future of Middle Class in Emerging Markets Note: Middle class defined as range of households with disposable income of US$20,000 -70,000/year Middle Class Households Emerging market middle class will double in next decade India & China Middle Household Size by City Next 5 Year Middle Class Growth 8
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84% 80% 78% 16% 20% 22% 2015 2024 2030 Local Global Global vs. Local Volume share of category Growing importance of global brands is reflecting aspirations for modern life 9
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CONSUMER TRENDS 21 3 4 10 CHANGING WORLD CHANGING CONSUMER CHANGING CATEGORIES CHANGING TRADE
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2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Volume E-commerce Cash & Carry Fuel stations Discount Convenience Hypermarket Liquor Stores Supermarket Traditional Retail Education Social Clubs Travel Nightclubs and Discos Leisure Accommodation Quick-Service Restaurants Bars and Pubs Full-Service Restaurants Beer volumes expected to return to pre-covid levels with trade landscape evolving towards on-trade, convenience & e-commerce Source: Global Data, volume, Carlsberg markets. 2028 CHANNEL MIX GAGR GROWTH 2025-28 2% 1% 1% 3% 7% 7% 9% 11% 20% 0% 0% 0% 1% 1% 1% 2% 10% 22% 11
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2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Volume E-commerce C&C Traditional Retail Fuel stations Discount Convenience Supermarket Liquor Stores Hypermarket Social Clubs Nightclubs and Discos Travel Education Bars and Pubs Accommodation Leisure Full-Service Restaurants Quick-Service Restaurants Soft drink volume growth driven by eCom, convenience, leisure, quick service restaurants 2028 CHANNEL MIX GAGR GROWTH 2025-28 7% 1% 1% 3% 4% 9% 16% 17% 14% 0% 0% 1% 1% 1% 1% 6% 7% 9% Source: Global Data, volume, Carlsberg markets 12
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On-trade faces short-term strain as consumers tighten spending but is rapidly reinventing itself Total on-trade weight 2025-28 36.2% to 37.9% ON-TRADE IMPORT ANCE TO BEER EXPECTED TO INCREASE FROM DYNAMIC CATEGORY GROWTH UNIVERSE GRADUALLY SHIFTING AWAY FROM SMALL BARS, PUBS & CLUBS Source: Global Data, volume, Carlsberg focused markets. Nightclubs and Discos Leisure Social Clubs Accommodation Bars and Pubs Education Full-Service Restaurants Quick-Service Restaurants Workplaces Mobile Operators On-trade outlet change 2018-23 2018 2023 25-28 CAGR ONT Total Asia CEEI WER Water Ice/RTD Coffee Tea & Still Juice Energy CSD Beyond Beer Beer Spirits & Wine Total 13
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NEW SOCIAL HUB CONSUMER SHIFT WHAT COULD HAPPEN NEXT? Brands will graft global culture onto everyday spaces, creating pop-up hubs that blend familiar function with unexpected expression On-trade venues will blur into work and leisure locations Micro-communities will localise global subcultures SIGNALS #1 Spaces where culture collide & coalesce ‘DJ’ Bakery Raves New Generation Gyms 14
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Source: Global Data, volume, Carlsberg focused markets. Penetration of quick commerce is high among gen z Ecom growing fast especially on soft drinks in asia & ceei 25-28 CAGR ECOM TOTAL ASIA CEEI WE Water Ice/RTD Coffee Tea & Still Juice Energy CSD Beyond Beer Beer Spirits & Wine Total Digital commerce grows with young generation 15
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ALWA YS-ON CONVENIENCE C O N S U M E R S H I F T WHAT COULD HAPPEN NEXT? Ultra-fast delivery will redefine expectations, making “immediate” the new standard Predictive replenishment tech will shift brands from sellers to silent service providers Voice and gesture-activated smart vending will remove the need for physical payment #2 Redesign the real-time ecosystem DoorDash x Coco Robotics piloting drone and robot delivery Open AI will roll out an in- app purchase tool in chat GPT for all users to offer seamless purchase Meituan‘s O2O occasions wheel uses big data to serve beer against personalised needs ALWA YS-ON CONVENIENCE CONSUMER SHIFT #2 Redesign the real-time ecosystem SIGNALS 16
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CONSUMER TRENDS 31 2 4 17 CHANGING WORLD CHANGING CONSUMER CHANGING CATEGORIES CHANGING TRADE
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PROJECTED FROM 2025 TO 2035 Legal drinking age still grows yet 2/3 added to 50+ 0 500 1000 1500 2000 2500 3000 2025 2030 2035 2040 2045 2050 Million World 0 200 400 600 800 1000 1200 1400 1600 2025 2030 2035 2040 2045 2050 Million Asia 0 50 100 150 200 250 2025 2030 2035 2040 2045 2050 Million Europe 0 100 200 300 400 500 600 700 800 2025 2030 2035 2040 2045 2050 Million Africa 0 20 40 60 80 100 120 2025 2030 2035 2040 2045 2050 Million North America 0 100 200 300 400 500 2025 2030 2035 2040 2045 2050 Million LAT AM & Caribbean LEGAL DRINKING AGE 20+ POPULATION INCREASE 720M Yearly Growth +0.8% 50+ POPULATION INCREASE 456M Yearly Growth +2.0% Source: United Nation 18 5-19 20-34 35-49 50-64 65+
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Source: C-BHT, Global Yearly+ Pen. (all users: heavy, medium & light), Gold Markets; 2024 43% 40% 45% 49% 36% 19% 19% 19% 22% 15% 4% 4% 4% 4% 5% 66% 63% 67% 75% 56% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% Total LDA-34 35+ Male Female Yearly+ penetration % Beer Both AFB only Total Beer AFB 23% 23% 22% 25% 20% Beer 43% 40% 45% 50% 36% Total Beer 66% 63% 68% 75% 56% Flexible moderation play a significant role in addressing the consumer tensions BETTER EVERYDAY Help accompany casual everyday moments with a familiar drinking experience, but with less "nasties" involved, to support daily wellbeing PARTY TODAY, PROTECT TOMORROW Help me have fun and enjoy the present moment, be part of the collective, without the lingering concerns of next-day consequences. PERMISSIBLE TREAT Help me satisfy my cravings with an experience that feels like a treat but doesn't derail me from my goals and make me feel guilty. EMPOWERMENT TO PASS Help me feel on form and present so I am part of the social rhythm, without being to the detriment of other priorities in my life. SWEET SPOT CRUISE CONTROL Help me reach and stay in my optimum state "tipsy" for enjoyment without fear of overdoing it and turning a good situation into a bad one. Alcohol-free brews expand category penetration and enables flexible moderation 19
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AGE-INCLUSIVE WELLNESS CONSUMER SHIFT #3 Life liberation from ageism WHAT COULD HAPPEN NEXT? Wellness will become life-stage intelligent, not age-defined Health and nutrition will become the fuel to support ageing lives Taste and enjoyment will not compromise with physical constraint Plenish with a range of immune system and gut health boosting health shots Nestlé will prioritise products addressing the needs of older generations, building product portfolios designed specifically for the over 50’s SIGNALS 20
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By 2035, Gen Z & Gen A will become the biggest cohort GENERATION YEARS POPULATION 2035P The Silent Generation Born <1946 (age 80+) 0.4% Baby Boomers 1946-1964 (age 61-79) 8% Generation X 1965-1979 (age 46-60) 14% Millennials 1980-1994 (age 31-45) 19% Generation Z 1995-2009 (age 16-30) 20% Gen Alpha 2010-2024 (age 15 and younger) 23% Gen Beta 2025-2039 (just born) 16% 21
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Young generation looks for novelty and fun Source: Mintel GDPN RANK OF ATTITUDES BY GENERATIONS 21 18 13 17 28 26 34 3729 29 36 40 0 5 10 15 20 25 30 35 40 45 Gen Z Millennials Gen X Boomers Well known brand and reliable quality Always look for new product & service Always look for novelty and fun product 22
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ACQUIRED TASTE CONSUMER SHIFT #4 Challenge palates, Spark curiosity WHAT COULD HAPPEN NEXT? Unexpected flavour mashups will reflect diasporic, hybrid, and borderless influence More brands will champion “cultural remixing” over “local adaptation” celebrating the friction and fusion. Britvic working with KFC to create the Kwench drinks range e.g. Spicy Mango and Raspberry Lemonades, Poppin’ Refreshers with popping pearls in Watermelon and Cherry flavours Tango unleashes fiery ‘Tang Reaper’ hot sauce featuring potent Carolina Reaper and ghost chillies which boast a Scoville rating of approx. 1.6 million Wind Flower Snow Moon x TMC launched the Rose + Sea salt flavour to target the younger female consumers SIGNALS 23
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MORE CHANNELS, MORE DEVICES, MORE INTERACTIVE Average daily time spent on media across ages (minutes) HALF OF 13-24 YEAR OLD’S MEDIA TIME IS WITH INTERACTIVE CONTENT Source: Bain NA Consumer Media Consumption Survey (March 2024) (N = 4,940) 13-24 years 25-44 years 45+ years VIDEO GAMES SOCIAL MEDIA STREAMING VIDEO TRADITIONAL TV AUDIO PUBLICATIONS VIDEO GAMES SOCIAL MEDIA STREAMING VIDEO TRADITIONAL TV AUDIO PUBLICATIONS VIDEO GAMES SOCIAL MEDIA STREAMING VIDEO TRADITIONAL TV AUDIO PUBLICATIONS 821 779 665 Young generation looks for interactive experience 24
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EXPERIENTIAL CHAMPION CONSUMER SHIFT #5 Catalyst for connection, adventure & identity WHAT COULD HAPPEN NEXT? Gamified discovery platforms reward exploration and experimentation Immersive activations will blend physical and digital layers Monster is engaging consumers in metaverse partnering with Call of Duty with Monster can purchase granting access to bonus in-game rewards Carlsberg is offering immersive virtual reality staff training to customers SIGNALS 25
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1,595 ARE FILTERED OUT INSTANTLY 1,600 SELLING MESSAGES A DAY 5 MAKE AN IMPACT Shrinking attention span 26
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8 SECONDS 1 second less than a Goldfish! The challenge? Our attention span is just… 27
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Of which 4% is remembered positively, 7% is remembered negatively, 89% is not noticed or remembered. Winning consumers’ attention has become a major challenge In the UK, £20bn is spent annually on advertising & marketing… 28 £20bn
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THE WAR FOR ATTENTION CONSUMER SHIFT #6 Marketing in an overcrowded landscape WHAT COULD HAPPEN NEXT? AI-driven personalisation makes micro-moments the new battleground Trust and authenticity emerge as differentiators in cutting through noise 42% of internet users globally use some form of ad blocker (Hootsuite, 2025) Reddit crossed 500 million monthly users in 2024, fuelled by interest-based communities SIGNALS 29
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MISINFORMATION & TRUST CRISIS MENTAL HEALTH EPIDEMIC FINANCIAL INSECURITY & UNCERTAINTY FACING THE AGE OF CHAOS CLIMATE CHANGE IMPACT RAPID PACE OF AI & TECHNOLOGICAL CHANGE BRITTLE ANXIOUS NON-LINEAR INCOMPREHENSIBLE B A N I A bani world 30
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MOOD EMBRACE CONSUMER SHIFT #7 Your mood matters WHAT COULD HAPPEN NEXT? Mood will define the new consumption context Smart systems will adapt in real-time to emotional needs Brands will embrace emotional transparency as a loyalty driver Deliveroo X Mob Kitchen launched in-app tool that select recipes based on mood Jimmy’s Coffee offers limited edition flavours that appeal to social interaction and cosiness SIGNALS 31
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CONSUMER TRENDS 41 2 3 CHANGING WORLD CHANGING CONSUMER CHANGING CATEGORIES CHANGING TRADE 32
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The beer category is growing, but we are seeing shifts within, with premium and alcohol-free brews taking share Growth 2025-2028 CN IN VN KZ UK DK FL LA MY NO SE CH UA KH FR DE PL OTH. CE&L Beer Core Beer Premium AFB Bey. Beer1 Source: Global Data. World Bank; internal estimates. 1 Beyond Beer includes flavoured alcoholic drinks, ciders, premixed cocktails and long drinks. 33
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Soft drinks expected to deliver attractive growth rates Growth 2025-2028 CN IN VN KZ UK DK FL LA MY NO SE CH UA KH FR DE PL OTH. CE&L Pkg. water CSD Iced T&C1 JNSP2 Sport/En.3 Source: Global Data. World Bank; internal estimates. 1 Iced tea & coffee. 2 Juice, nectar, still drinks, powders. 3 Sports & energy drinks. 4 Total population change. 34
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6 KEY TAKEAWAYS • China, India, Vietnam, Central Asia • Carbonated Soft drinks, Energy and Sport drinks • AFB, Premium, Beyond Beer FISH WHERE THE FISH ARE WELLBEING IS THE NEW WEALTH • Vitality = Functional Drinks • Sociability = Beer as a catalyst for togetherness • Emotional = Brew it Fun! REIMAGINE THE BEER CATEGORY • Win the “Less” battle • Win the “More” battle • AFB, Fruity Brews, Premium URBANISATION ON STEROIDS • Digital commerce, Convenience, new on-trade outlets are a must win • Win in Big Cities • Make our Global Brands aspirational: Carlsberg in the top 10 by 2030! POLARISATION OF THE POPULATION • The growth of the silver generation: Premium beer, AFB, Functional drinks • The reign of GenZ and Gen Alpha = Innovation and immersive experiences THE WAR FOR ATTENTION • Building distinctive brands to cut through the clutter is critical • Building connected Growth Ecosystems 1. 2. 3. 4. 5. 6. 35
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TURNING MARKETING INTO A KEY ENGINE OF GROWTH 36
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TALENT BUILDER PORTFOLIO OF BRANDS THAT CONSUMERS LOVE MASTERS OF OMNICHANNEL CREATIVITY THAT SELLS Consumer obsessed 1 2 34 Data driven | AI powered Agile & efficient operating model Marketing transformation for growth To enable organic revenue growth 4-6% CAGR 37
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Mental Availability Brand memorability Brand proposition Brand availability Laws of growth Physical availability 10 Brand growth principles DISTRIBUTION AT SCALE: Make our brands widely available across on-trade, off-trade and e-com STATE-OF-THE ART IN-STORE VISIBILITY: Win shoppers with distinctive, engaging impactful experiences PENETRATION IS PARAMOUNT: Broaden your consumer base RECRUITMENT FIRST: Penetration is a leaky bucket DISTINCTIVE & CONSISTENT STORY-TELLING: Cultivate your assets to make your brand memorable and easy to recognize QUALITATIVE REACH: Reach a broad audience while generating strong engagement CREATE AUDIENCE & TOUCHPOINT-FIT CONTENT: Tailor content to audience preferences and touchpoints requirements HERO FOCUSED ASSORTMENT: Grow your head, starve your tail RIGHT OCCASION, BRAND, PACK, PRICE, CHANNEL: Align product-mix definition with consumer & shopper needs for effective engagement INNOVATION THAT DRIVES INCREMENTALITY: Develop unique innovation that drive category & brand sales 1 2 3 4 5 6 7 8 9 10 Currently being activated in France and Vietnam as part of pilots BRANDS TALENT BUILDER 38
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A unique portfolio delivering a holistic approach to wellbeing PORTFOLIO OF BRANDS THAT CONSUMERS LOVE 39 WELL- BEING VIT ALITY EMOTIONAL SOCIABILITY DRINKING WELL VIT ALITY EMOTIONAL SOCIABILITY
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FLAVOURED & FRUIT BREWS AFBBEER A holistic portfolio delivering a unique approach to wellbeing 1. REIMAGINE BEER Reframe category codes by leaning into flavour, lightness, moderation and function 2. SOFT DRINKS Drive scale in fast growth categories by developing better, more holistic well-being solutions ENERGY HYDRATION FUNCTIONAL DRINKS PORTFOLIO OF BRANDS THAT CONSUMERS LOVE 40
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Lead positive energy Flavoured brews and RTDs Expand AFB Scale hydration + Pure Flavour Function Driving our approach to innovation PORTFOLIO OF BRANDS THAT CONSUMERS LOVE 41
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FILM 1 (Carlsberg brand) 42
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1664 partnership with actor Robert Pattinson Investing in our brands PORTFOLIO OF BRANDS THAT CONSUMERS LOVE 43
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Partnership with Cannes lions CREATIVITY THAT SELLS 44
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How does this translate into… … HIGHER PURPOSE … sales activation … social first 45
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FILM 2 (Carlsberg + UEFA)
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How does this translate into… … higher purpose … SALES ACTIVATION … social first 47
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Poretti FILM 3 (Poretti) 48
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How does this translate into… … higher purpose … sales activation … SOCIAL FIRST 49
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Poretti FILM 3 (Somersby) 50
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Winning the media war for attention BUILDING CONNECTED GROWTH ECO-SYSTEMS LEADING IN LARGE SCALE ATTENTION-MODELS DIRECTLY INSERTED IN MEDIA PLANNING +12% Ad recall +6% Brand choice +14% AD performance 32 Markets live with measurement 50+ Brands 7.5 BILLION Measured impressions MASTERS OF OMNICHANNEL Awareness Consideration Purchase Fuel Loyalty Connected growth eco-systems Earned Advocacy Commerce action Owned Eco-system Martech Enablement Paid Outcome media 52
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FUTURE- PROOF DEMAND MAP DYNAMIC PEOPLE JOURNEY BEHAVIOURAL SCIENCE IN SHOPPER REAL-TIME BUSINESS INTELLIGENCE MARKETING MIX EFFECTIVENESS AI EMPOWERED FORESIGHTS 1. 2. 3. 4. 5. 6. To unlock total beverage portfolio and game changing innovation To pivot the consumer engagement and brand experience Consumer obsession as strategic growth lever To decode System 1 thinking and design interventions To drive marketing spending sufficiency and efficiency To transform the system with prediction and prescription Data-driven decision as system growth engine To build data foundation and scale value creation Be consumer-obsessed & data-driven to fuel our growth 53
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AI as a growth catalyst 1. REINVENTING INSIGHTS & ANALYTICS 2. HYBRID CONTENT CREATION MODEL 3. TRANSFORMING MEDIA EFFECTIVENESS 54
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KEY TAKE-AWAYS MARKETING Agile, efficient marketing capabilities with top talent Consumer-centric data-driven marketing strategies AI & advanced analytics for deeper insights 1. 2. 3. Focus on innovation and expanding category occasions 4. One objective: drive revenue growth through portfolio and marketing transformation 55
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Disclaimer FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements, including statements about the Group’s sales, revenues, earnings, spending, margins, cash flow, inventory, products, actions, plans, strategies, objectives and guidance with respect to the Group's future operating results. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain the words "believe", "anticipate", "expect", "estimate", "intend", "plan", "project", "will be", "will continue", "will result", "could", "may", "might", or any variations of such words or other words with similar meanings. Any such statements are subject to risks and uncertainties that could cause the Group's actual results to differ materially from the results discussed in such forward- looking statements. Prospective information is based on management’s then current expectations or forecasts. Such information is subject to the risk that such expectations or forecasts, or the assumptions underlying such expectations or forecasts, may change. The Group assumes no obligation to update any such forward- looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking statements. Some important risk factors that could cause the Group's actual results to differ materially from those expressed in its forward-looking statements include, but are not limited to: economic and political uncertainty (including interest rates and exchange rates), financial and regulatory developments, demand for the Group's products, increasing industry consolidation, competition from other breweries, the availability and pricing of raw materials and packaging materials, cost of energy, production and distribution related issues, information technology failures, breach or unexpected termination of contracts, price reductions resulting from market driven price reductions, market acceptance of new products, changes in consumer preferences, launches of rival products, stipulation of fair value in the opening balance sheet of acquired entities, litigation, environmental issues and other unforeseen factors. New risk factors can arise, and it may not be possible for management to predict all such risk factors, nor to assess the impact of all such risk factors on the Group's business or the extent to which any individual risk factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Accordingly, forward-looking statements should not be relied on as a prediction of actual results.
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Driving synergies and growth in soft drinks SØREN BRINCK EXECUTIVE VICE PRESIDENT, WESTERN EUROPE 1
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Winning portfolio of partner and own brands Growing category in volume and value across a wider space of segments and occasions Highly synergistic with beer throughout the value chain Proven success with soft drinks in several markets ~30% Soft drinks share of Group volumes ~30% Soft drinks share of Group revenue Why accelerate soft drinks? 2
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Strong structural tailwinds for soft drinks and clear category growth opportunities CHANGING RETAIL LANDSCAPE Growing e-commerce, convenience, leisure and quick-serve channels URBANISATION Modernised lifestyle and health & wellness needs INCREASED DISPOSABLE INCOME Driving higher penetration of packaged soft drinks NEW GENERATIONS Looking for novelty and fun, e.g. flavours, creating new growth opportunities 1 GlobalData , categories: carbonates, energy drinks, enhanced water, flavoured water, iced/RTD coffee drinks, iced/RTD tea drinks, juice, ne ctars, packaged water, sports drinks, squash/syrups and still drink. Carlsberg soft drinks markets. Western Europe ~3% Eastern Europe ~3% Asia ~5% Volume CAGR 2019-20241 MODERATION TREND Growth for low and no-alcoholic beverages
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Winning portfolio: the soft drinks category and our brands span exciting categories 1 Share of Carlsberg soft drinks volume excluding Britvic. 2 Organic revenue growth 2024. Carbonated soft drinks (CSD) ~60% of volumes1 Energy, water & others ~40% of volumes1 +4% CSD2 +11% Water2 +15% Own energy brands2 4
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We are expanding our partnership with PepsiCo, counting 9 markets from 2026 WELL-ESTABLISHED COMMERCIAL PARTNERSHIP with PepsiCo for more than 25 years MORE GEOGRAPHIES potentially to be added in the coming years 5 & CARLSBERG’S PEPSI MARKETS
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R&D & innovation Customers End- consumers Production & procurement Back-office Logistics & distribution • Platform and technology overlaps (e.g. flavour, sweetener, functional) • Scale benefits in procurement • Possible line/factory consolidation • Reducing long-term capex needs • Combined warehousing and inventory management • Increased utilisation of distribution network • Improved economics in servicing smaller customers • Shared service model • Cross selling opportunities • Similar insights and brand drivers • Co-exist in occasions • One support system … and are synergistic with beer throughout the value chain, reducing costs and driving revenue synergies Low Mid HighValue chain Long-term synergy potential Description of synergies Operating margin1, Western Europe markets with beer and soft drinks Market 1 Market 2 Market 3 Market 4 Market 5 Western Europe avg. 13.9% 1 2024. 6
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Case example from market: integrated set-up allowed extensive efficiency savings and FTE reduction Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 Y11 Sales Admin Marketing Customer SC Logistics support Packaging Production Production support -30 to -35% Automated picking system Supply chain consolidation & transition to one-way packaging Outsourced merchandising Ongoing efficiency initiatives across functionsEfficiency initiatives Full-time employee development 7
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Soft drinks revenue has consistently outperformed beer, being accretive to our organic revenue growth ambition of 4-6%... 8 1 Combined beer and soft drinks markets Beer Soft drinks 6% 10% Organic revenue growth (2020-2024 CAGR), beer and soft drinks Denmark, Norway, Sweden and Finland1
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9
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Our soft drinks strategy has secured significant growth Energy and functional drinks • Step up in energy and functional Water and hydration • Leverage our strong portfolio to drive growth • Drive new innovation in the category +6pp 2016 2024 +12pp Pepsi MAX share development CSD • Strengthen equity through increased investment • Win with zero calorie propositions • Drive flavour expansion Strategic priorities in soft drinks 10 2016 2024
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KEY TAKE-AWAYS SOFT DRINKS Soft drinks is a growing category in volume and value across a wider space of segments and occasions Supportive of Accelerate SAIL organic revenue growth ambition of 4-6%, powered by the PepsiCo partnership Soft drinks and beer are highly synergistic throughout the value chain, supporting above- average margins and ROIC 1. 2. 3. We have achieved continued success with soft drinks in multiple markets 4. 11
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Disclaimer FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements, including statements about the Group’s sales, revenues, earnings, spending, margins, cash flow, inventory, products, actions, plans, strategies, objectives and guidance with respect to the Group's future operating results. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain the words "believe", "anticipate", "expect", "estimate", "intend", "plan", "project", "will be", "will continue", "will result", "could", "may", "might", or any variations of such words or other words with similar meanings. Any such statements are subject to risks and uncertainties that could cause the Group's actual results to differ materially from the results discussed in such forward- looking statements. Prospective information is based on management’s then current expectations or forecasts. Such information is subject to the risk that such expectations or forecasts, or the assumptions underlying such expectations or forecasts, may change. The Group assumes no obligation to update any such forward- looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking statements. Some important risk factors that could cause the Group's actual results to differ materially from those expressed in its forward-looking statements include, but are not limited to: economic and political uncertainty (including interest rates and exchange rates), financial and regulatory developments, demand for the Group's products, increasing industry consolidation, competition from other breweries, the availability and pricing of raw materials and packaging materials, cost of energy, production and distribution related issues, information technology failures, breach or unexpected termination of contracts, price reductions resulting from market driven price reductions, market acceptance of new products, changes in consumer preferences, launches of rival products, stipulation of fair value in the opening balance sheet of acquired entities, litigation, environmental issues and other unforeseen factors. New risk factors can arise, and it may not be possible for management to predict all such risk factors, nor to assess the impact of all such risk factors on the Group's business or the extent to which any individual risk factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Accordingly, forward-looking statements should not be relied on as a prediction of actual results.
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Leveraging digital and strengthening our commercial capabilities to serve better, grow faster and improve margins ESTHER WU CHIEF INFORMATION OFFICER ANDERS RØED CHIEF STRATEGY & COMMERCIAL OFFICER
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Delivering our vision - from foundation to scalable innovation IT digital foundation is the launchpad that makes Carlsberg faster, smarter and more productive - fueling Accelerate SAIL “Be a trusted partner to empower a better, faster and more productive Carlsberg by delivering on the promise of technology and data” 2 FOUNDATIONAL CAPABILITIES DIGITAL ACCELERATORS Optimise Reinvest Innovate Accelerate growth Launch new digital products and commercial platforms faster and more efficiently Drive smarter operations Leverage trusted data for real-time supply chain visibility, predictive maintenance, and smarter manufacturing excellence Enable AI and Advanced Analytics Unlock the potential of our data to create a significant competitive advantage through data-driven decision-making A more agile Carlsberg Respond faster to market changes, integrate acquisitions seamlessly, and empower our teams with better tools and data A robust digital foundation & value-driven model OUR IT VISION HOW IT’S ENABLED WHAT IT MEANS FOR CARLSBERG VALUEFRAMEWORK 2
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Our digital accelerator flywheel for growth Carlsberg has built a powerful engine for transformation 3 FOUNDATIONAL CAPABILITIES DIGITAL ACCELERATORS Optimise Reinvest Innovate The flywheel accelerates our ability to strategically reinvested into building this modern digital foundation, layer by layer… ITSM foundation Enhancing IT processes to create a more stable, reliable, and efficient service delivery model - the bedrock for all other layers CLOUD foundation Accelerating migration to a modern, scalable, and secure cloud platform, enabling us to build and deploy new capabilities with greater speed and agility INTEGRATION foundation Building a new, more modern, seamless 'connective tissue' between our core systems, unlocking data flow and enabling AI & Automation at scale DATA foundation Consolidating a 'single source of truth' for our data, enabling advanced analytics, business intelligence, & data-driven decision-making globally AI and DIGITAL platforms Launching modern platforms that use this foundation to drive revenue and strengthen our competitiveness even further VALUEFRAMEWORK 3
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IT global capability center: a talent engine for scale Successfully migrated from a model limiting growth to a new engine for value Pivoting our operational priorities Taking decisive control A new engine for value and growth Operational services are becoming more automated and commoditised 94% of IT workforce previously in high/medium-cost locations IT faced an impending 20% cost increase from vendors A deliberate, three-pronged approach to take more control: This foundation is empowering IT to drive growth, accelerate delivery, and foster innovation across the enterprise ECHOBASE TALENT ENGINE Engineered for efficiency with a zero-based design to right-sized team from day one Took back control of our services & costs Built with speed using a build- operate-transfer model This transformation has delivered immediate financial value and created the foundation for future innovation This meant less funding for strategic growth and limited IT’s ability to innovate Our workforce profile High-cost locations Medium-cost locations Global-cost locations Industry best practice High-cost locations Medium-cost locations Global-cost locations ✓ Capability center is LIVE ✓ Experts are mobilised ✓ Cost avoidance has been secured ITSM Foundation 4
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Digital backbone: connected platforms for growth The strategic blueprint to deliver a seamless platform has been created Our digital nervous system A centralised, modern platform Our roadmap & execution model To make the most out of our technology investments, we need to enable seamless, secure data flows at every level Increase speed & agility Accelerate project delivery and enable new digital models Real-time data Insights Empower business with live data to drive pro-active insights Make the most of our ERP investments Maximize connectivity & interoperability to fully utilize the capabilities of our ERP platforms Improve resiliency Build a stable, modern foundation to support future business growth and supply chain excellence Build the foundation (by 2025-2026) Deliver the core platform, establish the central integration catalog, and prove value with pilot projects Scale & federate (by 2026-2027) Drive adoption as the default standard, achieve efficiency gains, and empower business units Innovate & lead (2027+) Enable a hyper-agile supply chain, unlock new revenue, and achieve integration excellence Enterprise-wide Integration Replacing 1,500 point-to-point integrations to lower costs and operational risks Speed-to-market Adopt a consistent standard to reduce average integration time and costs Reusability & visibility Eliminate duplication of effort and create a central view of our landscape with real-time performance insights Establish a governed, reusable integration platform using Azure for agility, SAP BTP for core process expertise and solace to enable real-time data insights Mobilize a centralised "Integration Factory" to deliver high-quality, reusable assets consistently, turning IT into a strategic business enabler INTEGRATION Foundation 6
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One Lake: a data marketplace for trusted data and insights A unified data foundation to transform data from a cost center into a growth driver Build once, use everywhere Create a single, governed data foundation on one modern platform Business-driven strategy Embed data development into existing, funded projects within Accelerate Sail. This is not a separate IT project Ride the wave Our roadmap is the business's roadmap. We prioritise domains based on the most critical transformation initiatives Standardise the core Consolidate shared data to drive efficiency, while empowering markets with flexibility for local needs We run on insights, not just data Carlsberg is rich in data sources; connecting all of these data sources opens new opportunities to generate more insights to drive data-driven decision making Connected to our AI & digital platforms Foundational capabilities such as OnePlan, OneOT, VMx not only provide value, but also create new opportunities for enriching our core data and gaining more insights into our business Always expanding and enriching Continuously adding new sources to create even more opportunities to generate insights that enhance competitiveness Accelerate decisions Reduce time-to-insight from months to days, enabling faster response to market opportunities Reduce costs Decommission legacy platforms and eliminate redundant work, driving significant operational savings Enable innovation Create the foundation needed to scale AI, predictive analytics, and other growth initiatives Mitigate risk Improve data security, governance, and quality through a centralised, modern platform We have a lot of data Building a robust data foundation Growth through accelerated insights DATA Foundation 7
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FILM (one lake) 8
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One Lake: a data marketplace for trusted data and insights A unified data foundation to transform data from a cost center into a growth driver Build once, use everywhere Create a single, governed data foundation on one modern platform Business-driven strategy Embed data development into existing, funded projects within Accelerate Sail. This is not a separate IT project Ride the wave Our roadmap is the business's roadmap. We prioritise domains based on the most critical transformation initiatives Standardise the core Consolidate shared data to drive efficiency, while empowering markets with flexibility for local needs We run on insights, not just data Carlsberg is rich in data sources; connecting all of these data sources opens new opportunities to generate more insights to drive data-driven decision making Connected to our AI & digital platforms Foundational capabilities such as OnePlan, OneOT, VMx not only provide value, but also create new opportunities for enriching our core data and gaining more insights into our business Always expanding and enriching Continuously adding new sources to create even more opportunities to generate insights that enhance competitiveness Accelerate decisions Reduce time-to-insight from months to days, enabling faster response to market opportunities Reduce costs Decommission legacy platforms and eliminate redundant work, driving significant operational savings Enable innovation Create the foundation needed to scale AI, predictive analytics, and other growth initiatives Mitigate risk Improve data security, governance, and quality through a centralised, modern platform We have a lot of data Building a robust data foundation Growth through accelerated insights DATA Foundation 9
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Enabling our commercial bets to drive growth SALES EXECUTIONDIGITAL COMMERCE VALUE MANAGEMENT Digital accelerators is enabling the 3 bets of commercial capabilities placed as part of Accelerate Sail POWERED BY DIGIT AL ACCELERATORS VMx Maximising execution excellence Enabling sustainable growth through precision 10 Enhancing our sell in & sell out engines
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Digital commerce ENHANCING OUR SELL-IN ENGINES ACCELERATING OUR SELL-OUT ENGINES • Launching “Servd” – Our next-generation digital platform • Seamless, end-to-end experience, & enhanced capabilities • Driving higher engagement, order value, & retention • Partnering with lifestyle platforms of tomorrow • Unlocking new sources of incremental growth • Shifting seamlessly to where consumers shop Meituan, Grab, & Foodpanda 11
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Your eB2B growth partner powered by innovation and a passion for service. Built with leading technology partners on a modernised tech stack unleashing an expandable growth platform. 1 Effortless experience 2 Seamless self service Thoughtful personalisation3 Introducing 12 GEN AI DIGITAL COMMERCE
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13 Video kept separatelyFILM (Servd)
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Sales execution 10 YEARS OF EXECUTION FOUNDATIONS ACCELERATING FIT VIA DIGITAL From: A well-established, company-wide program with a decade of success driving availability, visibility and conversion at the point of purchase To: Digitally enabling our FIT program to unlock faster decisions, smarter execution and scalable growth across omni channels 14
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GLOBAL TO LOCAL INSIGHTS VIA ONE METRIC PORTAL Centralised execution data to unlock growth DIGITAL MEASUREMENT OFFLINE & ONLINE AI powered image recognition now live in 29 markets TECH ENABLING FRONTLINE TEAMS Replacing legacy field sales tools, with Gen AI enabled tools 1 2 3 Digital tools to accelerate FIT Gen AI enabled tools to accelerate growth opportunities 15 SALES EXECUTION
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Get customer-level insights to strengthen relationships and facilitate upselling and cross- selling A Gen AI powered sales assistant that unleashes to full potential of our sales reps A fully customised salesperson effectiveness tool, powered by GenAI, that integrates structured & unstructured data to provide tailored insights that enhance sales rep performance and delivers growth INTRODUCING SALES COACH GEN AI 16 Current pilot ~1,000 sales reps
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17 Video kept separatelyFILM (Sales coach)
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GLOBAL TO STORE LEVEL MULTI EXECUTION DATA SOURCES E.g. image recognition, digital shelf, asset management 29 MARKET COVERAGE COMMERCIAL OPERATIONS INTEGRATION 18 GEN AI One metric portal A one stop shop for sales execution data unlocking opportunities and growth SALES EXECUTION
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We are building leading value management capabilities Insights & analyticsOperating model Integrate price, promo and assortment analyticsCommercial integration Governance model and processes Based on consumer behaviour Resources and skills Beyond Excel with cloud- based solution 19 VALUE MANAGEMENT
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Combining data sources with AI to improve gross margins POINT-OF-SALE INTERNAL DATA CONSUMER DATA PROMOTION DATA Sell-in Financial Product, retailer & dates Internal & external data Retail sales (value/volume) Promo / non-promo sales Household panel Loyalty card VMx Granular elasticity modelling Consumer purchase structures Promotion mechanic optimisation Multiple scenario modelling Modern off-trade Traditional off-trade USING AI & ANALTYTICS FOR... SCALED ACROSS... 20 VALUE MANAGEMENT
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Utilising VMx to optimise price Same brand, different packs From gross elasticity: No volume sourcing understanding 13% 85% Pack 1 49% 48% Pack 2 Leave category Competitor volume Internal volume Pack 1 Pack 2 -2.2 -2.7 To net elasticity: Volume sourcing modelling – Pack 2 gain volume from competitors -2.2 -2.7 21 VALUE MANAGEMENT
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Utilising VMx to optimise promotions Same brand, different packs 53% 70% 90% 13% 34% 11% 5% 11% 6% 1%Pack 1 Pack 2 3% 2% Pack 3 Internal volume Pantry loading Competition volume Category uplift Promotion that drives volume from competitors and category uplift Promotion with high pantry load to ensure stock up Sources volume from Carlsberg portfolio, not ideal for promotion 22 VALUE MANAGEMENT
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KEY TAKE-AWAYS Accelerating our capabilities Modernising our digital backbone Building the foundation for stronger commercial capabilities and growth Scaling AI and Advanced Analytics Converting data into faster, sharper decisions that drive growth, into our commercial routines Driving growth through digital commerce Making digital channels a core engine for revenue growth and customer / consumer engagement 1. 2. 3. Powering value management with technology Optimising pricing, mix, and promotions to unlock profitable growth 4. Accelerating growth through digital transformation 23
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Disclaimer FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements, including statements about the Group’s sales, revenues, earnings, spending, margins, cash flow, inventory, products, actions, plans, strategies, objectives and guidance with respect to the Group's future operating results. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain the words "believe", "anticipate", "expect", "estimate", "intend", "plan", "project", "will be", "will continue", "will result", "could", "may", "might", or any variations of such words or other words with similar meanings. Any such statements are subject to risks and uncertainties that could cause the Group's actual results to differ materially from the results discussed in such forward- looking statements. Prospective information is based on management’s then current expectations or forecasts. Such information is subject to the risk that such expectations or forecasts, or the assumptions underlying such expectations or forecasts, may change. The Group assumes no obligation to update any such forward- looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking statements. Some important risk factors that could cause the Group's actual results to differ materially from those expressed in its forward-looking statements include, but are not limited to: economic and political uncertainty (including interest rates and exchange rates), financial and regulatory developments, demand for the Group's products, increasing industry consolidation, competition from other breweries, the availability and pricing of raw materials and packaging materials, cost of energy, production and distribution related issues, information technology failures, breach or unexpected termination of contracts, price reductions resulting from market driven price reductions, market acceptance of new products, changes in consumer preferences, launches of rival products, stipulation of fair value in the opening balance sheet of acquired entities, litigation, environmental issues and other unforeseen factors. New risk factors can arise, and it may not be possible for management to predict all such risk factors, nor to assess the impact of all such risk factors on the Group's business or the extent to which any individual risk factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Accordingly, forward-looking statements should not be relied on as a prediction of actual results.
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1 Accelerating growth in Western Europe SØREN BRINCK EXECUTIVE VICE PRESIDENT, WESTERN EUROPE
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DRIVING THE GROWTH OF OUR BUSINESS IN WESTERN EUROPE 50/50 beer/soft drinks business with strong market positions and share growth momentum, with opportunities for margin improvement Attractive market outlook with high value beer growth pockets and tailwind growth in soft drinks Drive value in core mainstream beer while driving volume and value growth in premium, alcohol- free brews (AFB) and Beyond Beer 1. 2. 3. Accelerate soft drinks with focus on carbonates, energy and hydration Transform our foundation and build world-class capabilities 4. 5. 2
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Western Europe – key facts Nordics UK, Ireland Poland, Germany France, Switzerland 43.4 42.9 21.2 30.8 2023 2024 H1 2024 H1 2025 TOT AL VOLUMES (m hl) 37.3 38.1 18.9 25.4 2023 2024 H1 2024 H1 2025 REVENUE (DKKbn) 13.3% 13.9% 13.0% 2023 2024 H1 2025 OPERATING MARGIN (%) 5.0 5.3 2.6 3.3 2023 2024 H1 2024 H1 2025 OPERATING PROFIT (DKKbn) MARKET VOLUME SPLIT1 Core beer Soft drinks Premium beer Alcohol- free brews Beyond Beer CATEGORY VOLUME SPLIT1 1 H1 2025 reported figures (including Britvic) 3 Note: Reported figures
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# 1-2 positions in 8 beer markets and 6 soft drinks markets 4 Note: Selection of products in markets; facilities above 100,00 hl 1 H1 2025. 2 Excluding not allocated costs. *Shares of the business based on H12022 results FINLAND Sinebrychoff #1 in beer market #1 in soft drinks 1 combined brewery/ soft drinks plant NORWAY Ringnes #1 in beer market #2 in soft drinks 1 combined brewery/ soft drinks plant 2 soft drinks plant UK Carlsberg Britvic #4 in beer market #2 in soft drinks 2 breweries 3 soft drinks plants IRELAND Carlsberg Britvic #2 in soft drinks 2 soft drinks plants SWEDEN Carlsberg Sverige #2 in beer market #2 in soft drinks 1 combined brewery/ soft drinks plant 1 soft drinks plant DENMARK Carlsberg Danmark #1 in beer market #1 in soft drinks 1 combined brewery/ soft drinks plant FRANCE Kronenbourg #2 in beer market #4 in soft drinks 1 brewery 1 soft drinks plant SWITZERLAND Feldschlösschen #1 in beer market #3 in soft drinks 1 brewery 1 soft drinks plant PORTUGAL Superbock Group #1 in beer market #3 in soft drinks 1 brewery Associate GERMANY Carlsberg Deutschland #1 in northern Germany 3 breweries POLAND Carlsberg Polska #3 in beer market 3 breweries 40% of Group volumes¹ 56% of Group revenue¹ 42% of Group operating profit1,2
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5 Category outlook, Western Europe 2025-2028 Positive market outlook with several pockets of growth to target in both beer and SDs Value Volume Declining Flat Declining Flat Growing SOFT DRINKS dynamics characterised by • Moderation and population growth • CSD continuing to grow, with per capita opportunities for e.g. colas • Energy and functional (incl. health) with significant headroom for further growth • Hydration growth driven by focus on well-being BEER dynamics characterised by • Challenging volume dynamics in core mainstream, but still value growth • Premiumisation trend continuing • Moderation trend driving AFB growth • Beyond Beer growth from younger cohort with evolving taste preferences Energy Core beer AFB 0% BB Premium Dilutable Source: Global Data, internal estimates. Growing CSD
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Three overarching priorities to drive our growth journey in Western Europe STRENGTHEN MAINSTREAM CORE BEER • Strengthening brand equity and premiumising • Driving value growth via value management CAPTURE FAIR SHARE IN PREMIUM • Accelerating our international premium brands • Scaling local premium brands PLAY IN NEW OCCASIONS WITH ALCOHOL-FREE BREWS • Delivering “real beer” propositions • Building refreshment GROW BEYOND BEER • Driving Somersby growth • Testing new propositions and scale when proven TARGET GROWTH POCKETS IN BEER AND BEYOND ACCELERATE SOFT DRINKS TRANSFORM OUR FOUNDATION AND BUILD WORLD-CLASS CAPABILITIES ACCELERA TE CSDs ACROSS MARKETS • Strengthening equity through increased investment • Winning with zero calorie propositions • Driving flavour expansion STEP UP IN ENERGY AND HYDRA TION • Establishing a winning brand portfolio to unlock growth STRENGTHEN DILUT ABLES • Optimising value and premiumising BUILD WORLD-CLASS CAPABILITIES • Marketing for Growth • Go-to-market excellence • Value management • Carlsberg Excellence and digitalised supply chain • Talent-to-value SECURE FOUNDA TION • ERP transformation via S4/HANA FUNDING OUR JOURNEY TO REBUILD MARGINS • Supply chain productivities via Loss Cost Tree, VIPEx and procurement • SG&A discipline via operating cost management (OCM) and shared service center 6
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Strengthening core mainstream beer: relaunching the Falcon brand in Sweden and returning to growth From -5%... in 2019-2023 volume CAGR 7 … to +3.5% in 2024 and +4% in H1 2025 Example
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8 FILM
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Capturing our fair share in premium, achieving strong growth rates in the last 5 years 1664 BLANC LOCAL PREMIUM +8% revenue growth 2019-2024 CAGR +17% Valaisanne +5% Eriksberg +7% Jacobsen From 3 to 10 markets • Launched in all Western European markets • High and consistent marketing investment • Consistent brand building • Distinctive and iconic assets • Premium channel execution • Prioritised premium brand focus in local markets • Improved visual identity of premium assets • Updated brand platforms • New and exciting brews KEY GROWTH DRIVERS Revenue growth 2019-2024 CAGR 9
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Capturing new occasions with alcohol-free brews (AFB) – no longer niche but our fastest-growing beer segment We are driving growth through AFB innovations and creative responsible drinking campaigns 1/3 of the AFB category in France Day IPA, with 0.5% Responsible fishing ad We are shaping the category across countries through wide flavour profiles and activations Examples from our AFB agenda Innovative flavour propositions 2018-2024 CAGR 11% Volume growth 10 have 10% of their beer volumes coming from AFB 4/11 markets
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DRIVING THE GROWTH OF OUR BUSINESS IN WESTERN EUROPE 50/50 beer/soft drinks business with strong market positions and share growth momentum, with opportunities for margin improvement Attractive market outlook with high value beer growth pockets and tailwind growth in soft drinks Drive value in core mainstream beer while driving volume and value growth in premium, alcohol- free brews (AFB) and Beyond Beer 1. 2. 3. Accelerate soft drinks with focus on carbonates, energy and hydration Transform our foundation and build world-class capabilities 4. 5. 11
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Disclaimer FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements, including statements about the Group’s sales, revenues, earnings, spending, margins, cash flow, inventory, products, actions, plans, strategies, objectives and guidance with respect to the Group's future operating results. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain the words "believe", "anticipate", "expect", "estimate", "intend", "plan", "project", "will be", "will continue", "will result", "could", "may", "might", or any variations of such words or other words with similar meanings. Any such statements are subject to risks and uncertainties that could cause the Group's actual results to differ materially from the results discussed in such forward- looking statements. Prospective information is based on management’s then current expectations or forecasts. Such information is subject to the risk that such expectations or forecasts, or the assumptions underlying such expectations or forecasts, may change. The Group assumes no obligation to update any such forward- looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking statements. Some important risk factors that could cause the Group's actual results to differ materially from those expressed in its forward-looking statements include, but are not limited to: economic and political uncertainty (including interest rates and exchange rates), financial and regulatory developments, demand for the Group's products, increasing industry consolidation, competition from other breweries, the availability and pricing of raw materials and packaging materials, cost of energy, production and distribution related issues, information technology failures, breach or unexpected termination of contracts, price reductions resulting from market driven price reductions, market acceptance of new products, changes in consumer preferences, launches of rival products, stipulation of fair value in the opening balance sheet of acquired entities, litigation, environmental issues and other unforeseen factors. New risk factors can arise, and it may not be possible for management to predict all such risk factors, nor to assess the impact of all such risk factors on the Group's business or the extent to which any individual risk factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Accordingly, forward-looking statements should not be relied on as a prediction of actual results.
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Creating a multi - beverage powerhouse in the UK PAUL DAVIES MD, CARLSBERG BRITVIC
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2 FILM
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Our multi-beverage UK portfolio 3
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The second-largest UK beverage business, unique in combining beer and soft drinks 4 Source: OC&C analysis, Euromonitor – beer, cider, & soft drinks volume by manufacturer. Beer Soft drinks
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| CARLSBERG BRITVIC 5 National coverage with 2 breweries and 3 soft drinks factories of UK draught beer volumes moved – no. 3 logistics player 16% cases of soft drinks dispatched daily 650k Carlsberg Britvic pro forma revenue in FY2024 2.1 GBP billion of beer sold in 2024 6.2 m hl independent direct customers delivered to by our secondary logistics network ~7,000 of soft drinks produced annually 18 m hl Jimmy’s nationwide depots servicing both on- and off- trade channels 15 one national distribution centre for beer and one for soft drinks 2 Leeds Beckton Rugby Hemel Hempstead Lutterworth Head office Soft drinks factories Primary beer logistics Soft drinks NDC Secondary depots
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A true omni-channel business across multiple beverage categories 6 Share of Carlsberg Britvic revenue – channel Share of Carlsberg Britvic revenue – beverage segment Grocers & discounters Wholesale & convenience High street Licensed managed Dining Free trade Other Cola Lager Flavoured carbs Squash Ale Kids Adult Other
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Creating a unique multi-beverage business with key competitive attributes 7 1 Brands relevant to all times of day and occasions. Carlsberg Britvic’s key competitive assets This creates a unique, competitively advantaged platform for our multi-beverage vision: to enable more consumers to live well by drinking better MULTI-BEVERAGE SCALE INCREASED RELEVANCE FULL DAY-PART COVERAGE1 BROAD CONSUMER REACH
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Our combined business now has the capabilities to reshape the total beverage landscape 8 Carlsberg Britvic strategic ambition: Leveraging our logistics & wholesale to build distribution of our brands • Supply chain excellence & sustainability Increased sales force to unlock channel opportunities • Industry-leading customer services and consumer insight Enhanced portfolio: A unique proposition vs the competition • Iconic brands offering unparalleled consumer choice Building brands through increased marketing and innovation • Deepening our PepsiCo partnership 4,000 COLLEAGUES with a shared purpose, vision and growth culture in service of profitable and sustainable market outperformance
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Expanding our strategic partnership with PepsiCo 9
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We play across all consumer need states 10 HEALTH Making choices that feel good and support long-term wellbeing FUEL Consuming for energy or enhanced physical & mental performance SOCIALISING Using drinks to enhance social moments and shared enjoyment EXPERIENCE Seeking comfort, indulgence or ritual through sensory enjoyment HYDRATION Drinking to satisfy thirst or restore balance & bodily function COLA RTD TEA WORLD BERR FLAVOURED CARBONATES FLAVOURED CONCENTRATES MODERN SOCIALISING KIDS CORE LAGER RTD SQUASH CRAFT BEER LEMONADE MIXERS CIDER ALE ALCOHOL-FREE BREWS WATER RTD COFFEE ENERGY HEALTH & WELLBEING ACTIVE HYDRATION • Soft drinks • Beer • Shared opportunity SCALE CATEGORIES & BRANDS EMERGING CATEGORIES & BRANDS • Lager • Carbonates • RTD tea • Active hydration • Health & wellbeing • RTD coffee • Modern socialising and low/no •
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We have the portfolio to address every demographic, every occasion, at every time of day 11 BREAKFAST The space in between LUNCH The space in between DINNER After dinner As a group, we effectively cover all day parts and occasions… … and have brands focused on all age groups & life stages KIDS YOUTH/TEENAGERS FAMILY & FRIENDS SENIORSYOUNG ADULTS
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The combination is working with our customers OFF-TRADE • Customer engagement at a different level – now at top table • Several customers adopting multi- beverage in own structures • Joint business plans create opportunity for leverage across combined portfolio • Advantage survey already showing impact in grocery: • #2 in impulse (= soft drinks), score +8 vs LY • #3 in beer, score +13 vs last year • Both 2 points off #1 ranking • Leading rankings in “vision” and “partnership” 12 ON-TRADE • Only supplier that is a brand owner, wholesaler and logistics operator => much wider reach than our market share might indicate • Already winning new business leveraging beer into soft drinks and vice versa INTERNAL CAPABILITY TRANSFER • Sharing of best practice and talent movement between categories
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Accelerating commercial momentum: share growth in beer and soft drinks, on- and off-trade 13 Beer on-trade (market: -3.4%) Beer off-trade (market: -1.8%) Soft drinks off-trade (market: +5.9%)Soft drinks on-trade (market: -1.4%) Core lager World lager Premium lager Core lager World lager Premium lager Cola Flavoured carbonates Adult Cola Flavoured carbonates Iced coffee +0.2pp +2.3pp +6.3pp +1.7pp +3.0pp -0.1pp +1.0pp +0.5pp +1.5pp Beer off-trade Beer on-trade Soft drinks off-trade Soft drinks on-trade Share of Carlsberg Britvic volume Source: ACNielsen; YTD 2025 change in Carlsberg Britvic share of category volume. +4.2pp +1.0pp +1.4pp
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Outstanding marketing execution and innovation 14
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Leading activation in outlets 15
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How we will win 16 1 Total beverage provider, thinking holistically about the drinks category 2 Truly omni-channel approach, both now and future 3 Covering all consumer need states and moments 4 Executing flawlessly at point of purchase 5 Creating winning innovation for consumers 6 Maintaining a challenger mindset to seize opportunities at pace 7 Being indispensable partners DRINKING BETTER
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Holistic integration programme 17 PROGRAMME-LED APPROACH BUILDING A NEW IDENTITY & GROWTH CULTURE UNLOCKING COMMERCIAL VALUE PROTECTED BUSINESS CONTINUITY + + + • 20 targeted workstreams • 3-year plan across all functions • Regular progress tracking & governance • Inspirational day 1 launch • Continuous people engagement • Key talent retained • Harnessing the best of both • Building for growth over efficiency • Combined scale opening new doors • Broader customer partnerships • Collaborative approach to planning first 100 days • Full operational and financial continuity • Clear external communications
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On track to deliver synergies in the UK business SENSITIVELY MANAGED, PHASED OVERHEADS REDUCTION • Former Britvic plc head office • Duplicated roles • Commercial resources protected People Procurement Other 18 OTHER DUPLICATED COSTS • Discretionary spend • Associated non-people costs STRONG PROCUREMENT DELIVERY • Leveraging scale • Simplification FUEL FOR GROWTH: REINVESTMENT INTO THE BUSINESS • PepsiCo partnership • Brand and capability growth Synergies
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KEY TAKE-AWAYS CARLSBERG BRITVIC 19 UK’s only true omni- channel, multi-beverage business Unparalleled portfolio covering all consumer needs and drinking occasions Enduring strategic partnership with PepsiCo An indispensable growth partner with our customers 1. 2. 3. 4. Accelerating commercial momentum Holistic integration programme fully on track Setting a new standard for the Carlsberg Group’s multi- beverage portfolio play 5. 6. 7.
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Disclaimer FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements, including statements about the Group’s sales, revenues, earnings, spending, margins, cash flow, inventory, products, actions, plans, strategies, objectives and guidance with respect to the Group's future operating results. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain the words "believe", "anticipate", "expect", "estimate", "intend", "plan", "project", "will be", "will continue", "will result", "could", "may", "might", or any variations of such words or other words with similar meanings. Any such statements are subject to risks and uncertainties that could cause the Group's actual results to differ materially from the results discussed in such forward- looking statements. Prospective information is based on management’s then current expectations or forecasts. Such information is subject to the risk that such expectations or forecasts, or the assumptions underlying such expectations or forecasts, may change. The Group assumes no obligation to update any such forward- looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking statements. Some important risk factors that could cause the Group's actual results to differ materially from those expressed in its forward-looking statements include, but are not limited to: economic and political uncertainty (including interest rates and exchange rates), financial and regulatory developments, demand for the Group's products, increasing industry consolidation, competition from other breweries, the availability and pricing of raw materials and packaging materials, cost of energy, production and distribution related issues, information technology failures, breach or unexpected termination of contracts, price reductions resulting from market driven price reductions, market acceptance of new products, changes in consumer preferences, launches of rival products, stipulation of fair value in the opening balance sheet of acquired entities, litigation, environmental issues and other unforeseen factors. New risk factors can arise, and it may not be possible for management to predict all such risk factors, nor to assess the impact of all such risk factors on the Group's business or the extent to which any individual risk factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Accordingly, forward-looking statements should not be relied on as a prediction of actual results.
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Driving growth in a heterogeneous region JOÃO ABECASIS EXECUTIVE VICE PRESIDENT, ASIA 1
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Asia remains a highly heterogeneous region ~7 litres in Myanmar ~45 litres in Vietnam CONSUMPTION PER CAPITA USD ~6,000 in Myanmar USD ~150,000 in Singapore GDP PER CAPITA (PPP) ~60% > 35 in China ~70% < 35 in Laos DEMOGRAPHY – AGE ~80% off-trade in Hong Kong ~55% on-trade in Malaysia CONSUMPTION CHANNEL ~8% premium share in Laos ~40% premium share in Hong Kong PREMIUM SHARE OF CATEGORY ~10 minutes in Hong Kong ~250 minutes in Myanmar BEER AFFORDABILITY¹ ~90% traditional trade in Cambodia ~70% modern trade in Hong Kong MODERN VS TRADITIONAL TRADE ~60% in Vietnam live in rural areas ~80% in Malaysia live in urban areas URBANISATION - RURAL IMPLICATIONS Balancing between affordability and premiumisation Tailored route-to-market approach dependent on localities Engaging consumers digitally vs traditional channels Serving future opportunities based on discerning dynamics in the markets ¹ Affordability measured as minutes required to work for 500 ml of mainstream beer (2024 price of our mainstream beer). 2
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Asia – key facts 3 China, Hong Kong SAR Vietnam, Laos, Cambodia Malaysia, Singapore 45.0 44.6 25.8 25.1 2023 2024 H1 2024 H1 2025 TOT AL VOLUMES (m hl) 20.8 20.5 11.7 11.2 2023 2024 H1 2024 H1 2025 REVENUE (DKKbn) 22.1% 22.6% 26.0% 2023 2024 H1 2025 OPERATING MARGIN (%) 4.6 4.6 2.8 2.9 2023 2024 H1 2024 H1 2025 OPERATING PROFIT (DKKbn) MARKET VOLUME SPLIT1 Core beer Premium beer Soft drinks Beyond Beer CATEGORY VOLUME SPLIT1 Note: Reported figures 1 H1 2025 reported figures
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#1-2 position in 5 beer markets 4 33% of Group volumes¹ 24% of Group revenue¹ 38% of Group operating profit1,2 HONG KONG #2 in beer market CHINA #1 in western China #5 nationally 27 breweries SINGAPORE #2 in beer market MALAYSIA #2 in beer market 1 brewery LAOS #1 in beer market # 1 in soft drinks 2 combined brewery/soft drinks plants 1 soft drinks plant CAMBODIA #6 in beer market #2 in energy drinks 1 combined brewery/ soft drinks plant VIETNAM #4 in beer market 1 brewery MYANMAR #4 in beer market 1 brewery Associate Note: Selection of products in markets; facilities above 100,00 hl 1 H1 2025. 2 Excluding not allocated costs.
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Strong volume delivery – significantly ahead of the market – driven by our strong brand portfolio 5 Carlsberg Tuborg 1664 Blanc Chongqing Wusu Dali WFSM Beerlao Huda Volume 2018 2022 2024 +21% +39% +99% +13% +132% +22% +59% +227% +37% +36% Our total volume growth Asia 2018-2024
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Driving growth in Asia, tailoring strategic priorities to individual markets 6 INVESTING BEHIND GROWTH CATEGORIES • Leveraging portfolios of local and international premium brands ENHANCING CAPABILITIES • Leveraging digital opportunities DRIVING FINANCIAL GROWTH RIGOUR • Driving top-line growth and defending margins LEVERAGING SUCCESS PILLARS TO DRIVE GROWTH EXPANDING THROUGH PREMIUM IN VIETNAM PROTECTING OUR POSITION IN LAOS MARKET GROWTH POTENTIAL • Remains an important growth market BIGGER BUSINESS VIA 2-PRONG APPROACH • Market-leading position in central Vietnam • Expanding premium presence BUILDING A STRONG, DISTINCTIVE PORTFOLIO • Continuing to increase our brand awareness and build brand distinctiveness UNDISPUT ABLE MARKET LEADER • ~90% market share • Continued volume growth LEVERAGING STRONG LEADERSHIP POSITION • Across beer, soft drinks and drinking water • Extending partnership with Pepsi • Expanding outside beverage portfolio into snacks ACCELERATING OUR DIGIT AL JOURNEY • Important revenue driver • Supporting premiumisation • Enabling product expansion GROWING MARKET SHARE AND VALUE IN CHINA • Deep dive in separate presentation
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Strengthening our position in Vietnam MARKET GROWTH POTENTIAL • Positive demographics • Increasing affluence • Growing premium base DRIVING LONG-TERM GROWTH VIA 2-PRONG APPROACH • Continuing to grow core local Huda brand • Defending leadership in Central • Expanding in southern region • Increasing premium presence with international brand portfolio • Strengthening brand awareness and building brand distinctiveness CREATING RESILIENT ROUTE-TO-MARKET • Reorganising distribution network and outlet universe + Strengthened brand awareness 2024 vs 2021 (southern region) 38% 1.5x increase 2018 2024 Strong volume delivery 41% 7x increase 38% 38x increase +9% CAGR Carlsberg Tuborg 1664 7
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Protecting our position in Laos 2018 2024 Steady volume delivery 80 l 100 l 2018 2024 Beerlao sales per capita +25% +5% CAGR 8 UNDISPUTABLE MARKET LEADER • Market share of ~90% • Full beverage portfolio, serving 100 litres per capita • Beer 48% • Non-beer 52% MAINTAINING OUR LEADERSHIP • Strong market leadership position across categories: beer, soft drinks, drinking water • Flagship beer brand Beerlao, accounting for 99% of beer volumes • Extending strategic partnership with Pepsi • Expanding outside beverage portfolio into snacks ACCELERATING OUR DIGITAL JOURNEY • ~70% of revenue transacted via online B2B platform (Servd) • Supporting premiumisation • Enabling category expansion into PepsiCo snacks
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Leveraging success pillars to drive future growth INVESTING BEHIND GROWTH CATEGORIES ENHANCING CAPABILITIES DRIVING FINANCIAL GROWTH RIGOUR • Growing brand metrics for priority brands • Leveraging attractive combination of core local brands and international premium brands • Further strengthening digital and B2B/B2B2C capabilities • Expanding and growing digital partnerships • Unlocking comprehensive joint business plans and strategic partnership with key retailers across the region • Growing revenue/hl through premiumisation and pricing • Funding our Journey mindset to ensure continued cost discipline • Enabling continued marketing investments
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Award-winning digital partnerships Thanks to our unwavering commitment to excellence and collaboration in the fast-evolving e-commerce landscape 10 PARTNER OF THE YEAR Top award at foodpanda’s 2024 annual supplier summit in Asia Carlsberg was recognised for • Our consistent delivery of results • Our commitment to quality • Our innovative approach to business ANNUAL BRAND AWARD Top award at Meitun’s 2025 Annual Brand conference Carlsberg was recognised for: • Continuously deepening collaboration across Meituan’s entire ecosystem • Driving significant business growth in China through in-depth operations • Partnering globally to co-create the next generation of drinking experiences
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11 FILM
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KEY TAKE-AWAYS ASIA 12 Heterogeneous collection of markets Region offers long- term growth opportunities although facing short-term cyclical challenges Well-established local and international premium brands provide strong platform for future growth 1. 2. 3. Tailored approach to win in individual markets Driving attractive volume and value growth by leveraging brand portfolios, capabilities and digital 4. 5.
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Disclaimer FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements, including statements about the Group’s sales, revenues, earnings, spending, margins, cash flow, inventory, products, actions, plans, strategies, objectives and guidance with respect to the Group's future operating results. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain the words "believe", "anticipate", "expect", "estimate", "intend", "plan", "project", "will be", "will continue", "will result", "could", "may", "might", or any variations of such words or other words with similar meanings. Any such statements are subject to risks and uncertainties that could cause the Group's actual results to differ materially from the results discussed in such forward- looking statements. Prospective information is based on management’s then current expectations or forecasts. Such information is subject to the risk that such expectations or forecasts, or the assumptions underlying such expectations or forecasts, may change. The Group assumes no obligation to update any such forward- looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking statements. Some important risk factors that could cause the Group's actual results to differ materially from those expressed in its forward-looking statements include, but are not limited to: economic and political uncertainty (including interest rates and exchange rates), financial and regulatory developments, demand for the Group's products, increasing industry consolidation, competition from other breweries, the availability and pricing of raw materials and packaging materials, cost of energy, production and distribution related issues, information technology failures, breach or unexpected termination of contracts, price reductions resulting from market driven price reductions, market acceptance of new products, changes in consumer preferences, launches of rival products, stipulation of fair value in the opening balance sheet of acquired entities, litigation, environmental issues and other unforeseen factors. New risk factors can arise, and it may not be possible for management to predict all such risk factors, nor to assess the impact of all such risk factors on the Group's business or the extent to which any individual risk factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Accordingly, forward-looking statements should not be relied on as a prediction of actual results.
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CK LEE PRESIDENT , CARLSBERG CHINA Continuing our market share and value growth trajectory
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China remains the largest beer market in the world by volume and the second-largest by value despite decline in recent years 350 210 153 108 72 50 46 46 45 44 34 33 61 93 36 34 32 24 6 13 28 23 14 8 China USA Brazil Mexico Germany Japan South Africa Vietnam UK Spain India Poland Largest global beer markets Volume (m hl) Value (EURbn) Source: Seema, Global Data 2024, internal estimation. 380 377 375 349 366 366 366 350 2017 2018 2019 2020 2021 2022 2023 2024 Beer market volume (m hl) -1.2% CAGR 72 112 2
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Weak consumer sentiment Covid Premium continues to outperform mainstream, while off-trade is becoming stronger, impacting revenue/hl 9% 9% -1% 12% 5% 3% 0% 3% -5% -4% -9% 1% -3% -2% -6% -1% 2018 2019 2020 2021 2022 2023 2024 H1 2025 Segment development Sub-premium and above Mainstream+ and below 43% 45% 40% 3% 3% 2% 14% 14% 15% 39% 38% 42% 1% 1% 1% 2022 2023 2024 Channel development Dining Night entertainment (NEO) Modern off-trade Traditional off-trade E-commerce 3
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The Chinese beer market will benefit from continued urbanisation and a rising middle class, albeit currently impacted by weak consumer sentiment 63% 59% 58% 57% 51% 51% 51% 50% 49% 40% 35% 39% 39% 40% 46% 46% 46% 46% 47% 53% 2% 2% 2% 2% 3% 3% 3% 3% 4% 7% 2017 2018 2019 2020 2021 2022 2023 2024 2025F 2030F Chinese households Low income Middle class High income Note: High income is defined as annual household disposable income USD > 70k, middle class as USD 15-70k, low income as USD < 15k, according to the National Bureau of Statistics. Source: Euromonitor, National Bureau of Statistics. CAGR 2017-2025F CAGR 2025F-2030F HIGH INCOME +14% +16% MIDDLE CLASS +6% +4% LOW INCOME -1% -3% 4
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Carlsberg’s strongholds in China have historically skewed west… • 5th-largest beer company in China • #1 in Western China • Market share of ~80% (western strongholds) • Strong international premium brands, including Tuborg, Carlsberg and 1664 Blanc… • … and local power brands, such as Wusu, Chongqing and Dali 6,800+employees 27breweries 1995 2003 2004 2005 2020 2020-2022 1st Huizhou brewery in Guangdong Acquired two breweries in Yunnan Entered Xinjiang market Completed major asset restructuring with Chongqing Brewing Company Entered Ningxia market COVID 2023 Acquired Jing A 5
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… expanding since 2017 with our Big City strategy, today present in 99 cities… 2017 2020 2022 H1 2025 Number of Big Cities 9 cities 34 cities 76 cities 99 cities % of China volume 17% 29% 32% 33% Gansu Guangdong Hunan Guizhou Guangxi Henan Anhui Jiangsu Inner Mongolia Hubei Fujian Tianjin Sichuan ZhejiangShanxi Qinghai Shandong Jiangxi Beijing ShanXi Shanghai 21 Provinces/areas 6 Big City strategy kicked off in 2017 Continuing to grow in Big Cities GO BROAD • To gain share in new areas • Growth supported by adding new cities • Selling premium products in cities further away from our breweries (distribution economics feasible) GO DEEP • Adopting focused approach, prioritising investments behind different city archetypes • Building a winning portfolio in each archetype • Expanding market share, especially where we have a stronger footing • Strengthening grip on route to market 99 Big Cities
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… with a strong premium-led portfolio, while also premiumising our strongholds 3% 4% 3% 70% 59% 19% 27% 37% 78% Strongholds 2019 Strongholds H1 2025 Big City H1 2025 Carlsberg volume mix Economy Mainstream Premium PREMIUM MAINSTREAM ECONOMY 7
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Carlsberg has continuously delivered both volume and value growth… 2017 2018 2019 2020 2021 2022 2023 2024 2024 1H 2025 1H Carlsberg China performance1 Volume (m hl) Revenue (DKKbn) 1 IAS reported figures. +6% CAGR +10% CAGR +0.8% +0.3% 8
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… driven by strong execution of our growth strategy for geographic expansion and portfolio premiumisation 2017 2024 2017 2024 RevenueVolume Big Cities Stronghold & others 22% 4% 63% 46% 15% 50% 2019 H1 2025 Carlsberg China segment mix (volume) Economy Mainstream Premium +6% CAGR +10% CAGR Big Cities Stronghold & others 9
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CORE & PREMIUM SPECIALITY & CRAFT BEYOND BEER & SOFT DRINKS International brands 1664 Tuborg Carlsberg 1664 Tuborg Brooklyn Beyond Beer Jolly Shandy Somersby Local brands Wusu Chongqing Dali Xixia Shancheng Tianmuhu Chongqing WFSM1 Wusu Xixia Jing A 1L craft Beyond Beer WFSM1 Oasis Soft drinks Boostar Dianchi (energy drink) Sky Mountain Fruity Existing portfolios 2025 new product development (NPD) Existing portfolios 2025 NPD Existing portfolios 2025 NPD Existing portfolios Existing portfolios 2025 NPD 2025 NPD 1L craft 2025 NPD 2025 NPD We continue to develop our portfolio to cater for changing consumer preferences… SPECIALTY CRAFT 10 1 Wind Flower Snow Moon
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Shanghai Fashion Week, co-op with designer XUZHI to strengthen the fashion brand image New spokesperson WULEI & new equity campaign Join hands with top media Nylon to amplify Blue Hour occasion Ride on LFC champion topic & local football match sponsor to boost football relevancy New spokesperson Bosco & equity campaign launch Upgrade NEO party experience Tuborg WHY NOT HIPHOP UNITE & music festivals Tuborg new spokespersons & TVC Tuborg X Billionaire Boys Club Fashion IP Coop … activating international brands with distinct positioning… 11
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No.1 variety show “Running Man” sponsorship New brand ambassadors & new equity campaign “NONG” Social Contents Local football campaign Celebrity concert sponsorship event to enlarge influence Local beer festival to enhance consumer experience Dali beer festival co-op with local government Dali brand ambassador & equity campaign Wind Flower Snow Moon folk music night party in night entertainment outlets … making local power brands relevant with local pride… 12
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… and developing Beyond Beer and soft drinks with unique offerings Impactful channel display Online & offline event in southern XJ Image outlets Roadshow in key markets Sky Mountain orange/ apple/peach flavour launch in XJ/NX/CQ Impactful channel display Roadshow in key markets Wind Flower Snow Moon new celebrity & TVC Image outlet & O2O activation in key cities New RTD pilot on eCom Boostar Sleek can launched Kvas launch in Xinjiang OTHER BB & SOFT DRINKS 13
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LOCAL POWER BRAND INTERNTIONAL PREMIUM WUSU CHONGQING/SHANCHENG WFSM1 OTHER Basic Innovative Basic Innovative Innovative Basic Basic PREMIUM ABOVE Da Hong Pao Tea Chongqing Craft White Tuborg White (Pilot in Guizhou) PREMIUM Chongqing Craft Lage (GuiZ/HN) WFSM LongJing Tea SUB-PREMIUM SC Craft SC Longjing Green Tea Craft Xixia Specialty We have introduced 1 L cans in the off-trade to cater for new consumer demand 1 Wind Flower Snow Moon Innovative liquids and packaging allowing consumers to trade up and across segments and categories Xixia Craft DALI Craft Hop craft Secret brew 14
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Our continued focus on portfolio and packaging development and innovations enables us to win in growing channels Note: O2O included in eCom, modern off-trade and traditional off-trade-related channels. Source: Market: Seema, Internal Estimation, Nielsen, Smartpath. VOLUME GROWTH BY CHANNEL CHANNEL INDUSTRY (2025 H1) CARLSBERG CHINA (2025 H1) Off-trade +3.4% +3.5% On-trade -3.7% -2.5% MODERN OFF-TRADE & ECOM GROWTH 15 INDUSTRY (2025 H1) CARLSBERG CHINA (2025 H1) Modern off-trade +3% +16% Ecom +13% +27%
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5.8% 9.1% 2017 2018 2019 2020 2021 2022 2023 2024 2025 1H Carlsberg China market share Source: Seema. Our actions within portfolio, pack formats and channels give us confidence in our continued market share improvement journey 16
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KEY TAKE-AWAYS CHINA China is still a big market with promising long-term opportunities for Carlsberg Carlsberg China has consistently outperformed the market Clear and proven approach to win in winning channels and new geographies 1. 2. 3. Strong and relevant portfolio and now building new Beyond Beer offerings 4. 17
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Disclaimer FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements, including statements about the Group’s sales, revenues, earnings, spending, margins, cash flow, inventory, products, actions, plans, strategies, objectives and guidance with respect to the Group's future operating results. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain the words "believe", "anticipate", "expect", "estimate", "intend", "plan", "project", "will be", "will continue", "will result", "could", "may", "might", or any variations of such words or other words with similar meanings. Any such statements are subject to risks and uncertainties that could cause the Group's actual results to differ materially from the results discussed in such forward- looking statements. Prospective information is based on management’s then current expectations or forecasts. Such information is subject to the risk that such expectations or forecasts, or the assumptions underlying such expectations or forecasts, may change. The Group assumes no obligation to update any such forward- looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking statements. Some important risk factors that could cause the Group's actual results to differ materially from those expressed in its forward-looking statements include, but are not limited to: economic and political uncertainty (including interest rates and exchange rates), financial and regulatory developments, demand for the Group's products, increasing industry consolidation, competition from other breweries, the availability and pricing of raw materials and packaging materials, cost of energy, production and distribution related issues, information technology failures, breach or unexpected termination of contracts, price reductions resulting from market driven price reductions, market acceptance of new products, changes in consumer preferences, launches of rival products, stipulation of fair value in the opening balance sheet of acquired entities, litigation, environmental issues and other unforeseen factors. New risk factors can arise, and it may not be possible for management to predict all such risk factors, nor to assess the impact of all such risk factors on the Group's business or the extent to which any individual risk factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Accordingly, forward-looking statements should not be relied on as a prediction of actual results.
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Driving value and building scale NIKOS KALAITZIDAKIS EXECUTIVE VICE PRESIDENT, CEEI
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Central & Eastern Europe and India – key facts Ukraine Central Asia India South-East Europe Other markets Export & License 36.7 38.2 18.7 20.4 2023 2024 H1 2024 H1 2025 TOT AL VOLUMES (m hl) 15.5 16.5 8.3 9.2 2023 2024 H1 2024 H1 2025 REVENUE (DKKbn) 18.4% 18.5% 17.1% 2023 2024 H1 2025 OPERATING MARGIN (%) 2.8 3.0 1.6 1.6 2023 2024 H1 2024 H1 2025 OPERATING PROFIT (DKKbn) MARKET VOLUME SPLIT1 Core beer Premium beer Alcohol-free brews Beyond Beer Soft drinks CATEGORY VOLUME SPLIT1 2 Note: Reported figures 1 H1 2025 reported figures
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#1-2 position in 12 beer markets, and Export & License operating in 87 countries… 27% of Group volumes¹ 20% of Group revenue¹ 20% of Group operating profit1,2 UKRAINE Carlsberg Ukraine #1 in beer market 2 breweries 1 combined brewery/ soft drinks plant OTHER MARKETS Croatia, Azerbaijan, Belarus, Canada, Brazil #1 position in 2 markets 3 breweries 1 combined brewery/soft drinks plant 4 soft drinks plants KAZAKHSTAN Carlsberg Kazakhstan #1 in beer market #2 in soft drinks from 1/1/26 1 combined brewery/ soft drinks plant GREECE Olympic Brewery #2 in beer market 1 brewery 1 combined brewery/ soft drinks plant BALTICS Lithuania, Estonia, Latvia #1-2 in beer market 1 brewery 1 combined brewery/ soft drinks plant BULGARIA Carlsberg Bulgaria #1 in beer market 2 breweries NEPAL Gorkha Brewery #1 in beer market 1 brewery INDIA Carlsberg India #2 in beer market 8 breweries (1 inactive) SERBIA Carlsberg Serbia #2 in beer market 1 brewery ITALY Carlsberg Italy #4 in beer market 1 brewery EXPORT & LICENSE 87 active markets 3 Note: Selection of products in markets; facilities above 100,00 hl 1 H1 2025. 2 Excluding not allocated costs.
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Ample opportunities for growth in CEEI with clear strategic priorities ACCELERATING INDIA AND NEPAL • Driving volume and value growth • Diversifing and premiumising portfolio • Increasing capacity CREATING A BEVERAGE POWERHOUSE IN CENTRAL ASIA • Taking over the Pepsi franchise in Kazakhstan from 1 January 2026 • Expanding mix-driving categories MAXIMISING MARKET POTENTIAL LEVERAGING PORTFOLIO DIVERSITY INVESTING IN GROWTH ENABLERS STRENGTHENING THE BASE • Sustaining core business, building strong local power brands • Premiumising local power brands STEPPING UP IN PORTFOLIO MIX • Growing international premium brands • Pursuing growth opportunities in Beyond Beer and AFB • Expanding soft drinks EMBEDDING CAPABILITIES FOR GROWTH • Enhancing value management capabilities • Stepping up in digital • Executing with excellence • Accelerating Talent to Value, strengthening succession • Driving DE&I FUNDING OUR JOURNEY • Driving efficiency agenda • Delivering cost-of-sales savings • Increase cash generation SOLIDIFYING OUR STRONG POSITION IN UKRAINE • Further investment in premium • Expanding coverage and categories EXPANDING OUR POSITION IN SOUTH-EAST EUROPE • Optimising portfolio mix • Winning in growing channels PURSUING GROWTH OPPORTUNITIES IN EXPORT & LICENSE MARKETS • Focusing on portfolio growth drivers • Expanding in selected geographies 4
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Capturing growth in Central Asia’s high-potential markets 1 Market value in local currency/ volume CAGR 2021-2024. 5 Total area 2,700k km2 200k km2 449k km2 Population 20 million 7 million 38 million Average age 30 years 25 years 27 years GDP growth 2024 +5% +7% +6% Beer1 +18%/-4% +13%/+2% +4%/+3% Energy drinks1 +25%/+13% +16%/-1% +26%/+24% Carbonated soft drinks1 +23%/+9% +26%/+11% +26%/+15% Iced tea1 +26%/+10% +33%/+22% +34%/+22% Market segments Kazakhstan UzbekistanKyrgyzstan 20+ brands #1 in beer #1 in premium and super premium beer #1 licence in beer #1 in energy #1 in imported beer #2 in energy … and taking over the Pepsi franchise from 1 January 2026 in KZ and KY #3 in energy #1 in (beer) modern off-trade trade #1 in (beer) on-trade Source: NielsenIQ, beer producers shipments, production, tax, internal data.
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Source: AC Nielsen. 31% Off-trade market share (+3pp vs 2023) 46% Premium & super premium market share (+5pp vs 2023) #1 in AFB #1 in cider #1 in kvass #3 in energy #1 in flavoured & Beyond Beer #1 in beer Categories & segments • Incredible strength and resilience of our Ukrainian team, navigating the war, humanitarian crisis and enormous business challenges • Strong performance driving share growth across segments and channels • Capacity and commercial equipment investments to underpin our market leadership • Long-term opportunities remain, but significant short- term challenges Keeping market leadership in Ukraine across categories, channels and segments 6
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Carlsberg Export & License is expanding our global brands’ presence via partners in markets where we have no operations CE&L PRESENCE CE&L KEY MARKETS AND BRANDS CORE BEER Tuborg: #1 in Turkey, #1 premium in Uzbekistan, #2 premium in Romania Carlsberg: #1 beer brand in Cyprus, Northern Ireland & Greenland PREMIUM BEER 1664 Blanc: #1 wheat beer in Korea BEYOND BEER Somersby: #1 cider in Australia, Korea & Iceland ALCOHOL-FREE BREWS AFB: #1 malt drink in the Middle East OUR EXPORT & LICENSE (CE&L) BUSINESS TODAY COVERS 87+ MARKETS With teams working together with 22 LICENCE PARTNERS and 130+ EXPORT PARTNERS We grew our brands’ presence by expanding our portfolio in 27 MORE COUNTRIES IN 2024 87Active Markets 10 New Markets in pipeline for 2026 We expanded our presence together with new partners in 14 NEW MARKETS IN 2024- 2025 Together with our partners, we sold 12m hl (+5% in 2024) (10% of Group) and played a key role for our international brands, with ~25% OF INTERNATIONAL BRANDS VOLUME 7 CORE BEER BEYOND BEER ALCOHOL-FREE BREWSPREMIUM BEER ENERGY
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We have a constant focus on portfolio optimisation across the region to drive gross margin improvement H1 2023-2025 volume growth (CAGR)Share of mix-driving brands1/revenue 23% 35% 36% 37% 2022 202 3 2024 H1 2025 1 Premium, alcohol-free brews, Beyond Beer and energy drinks. +12% Premium +6% Alcohol-free brews +11% Garage (large Beyond Beer brand) +18% Energy drinks 8
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• Tailor-made point-of-sale material in premium outlets • Clear outlet segmentation and PICOS • Planograms of cold and warm shelves • Image recognition as essential part of FIT and sales incentives • E-commerce the fastest growing channel • Investment in cold space availability CEEI MARKET EXECUTION Brand visibility offline and online 9
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• Partnering with biggest music and social events • Liquid on the lips – sampling as the driver of brand penetration • Premium execution to support distinct brand assets • Consistent glassware in on-trade CEEI MARKET EXECUTION Consumer engagement 10
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KEY TAKE-AWAYS CENTRAL & EASTERN EUROPE AND INDIA Accelerating growth in India & Nepal Creating a multi- beverage powerhouse in Central Asia Unlocking new opportunities in CE&L 1. 2. 3. Continuously premiumising our portfolio to drive gross margin Solidifying our leading position in Ukraine Staying focused on excellent execution, efficiencies, costs and cash 4. 5. 6. 11
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Disclaimer FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements, including statements about the Group’s sales, revenues, earnings, spending, margins, cash flow, inventory, products, actions, plans, strategies, objectives and guidance with respect to the Group's future operating results. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain the words "believe", "anticipate", "expect", "estimate", "intend", "plan", "project", "will be", "will continue", "will result", "could", "may", "might", or any variations of such words or other words with similar meanings. Any such statements are subject to risks and uncertainties that could cause the Group's actual results to differ materially from the results discussed in such forward- looking statements. Prospective information is based on management’s then current expectations or forecasts. Such information is subject to the risk that such expectations or forecasts, or the assumptions underlying such expectations or forecasts, may change. The Group assumes no obligation to update any such forward- looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking statements. Some important risk factors that could cause the Group's actual results to differ materially from those expressed in its forward-looking statements include, but are not limited to: economic and political uncertainty (including interest rates and exchange rates), financial and regulatory developments, demand for the Group's products, increasing industry consolidation, competition from other breweries, the availability and pricing of raw materials and packaging materials, cost of energy, production and distribution related issues, information technology failures, breach or unexpected termination of contracts, price reductions resulting from market driven price reductions, market acceptance of new products, changes in consumer preferences, launches of rival products, stipulation of fair value in the opening balance sheet of acquired entities, litigation, environmental issues and other unforeseen factors. New risk factors can arise, and it may not be possible for management to predict all such risk factors, nor to assess the impact of all such risk factors on the Group's business or the extent to which any individual risk factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Accordingly, forward-looking statements should not be relied on as a prediction of actual results.
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Continuing our positive trajectory in India, capturing market and share growth opportunities NILESH PATEL MD, CARLSBERG INDIA
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India is historically a spirits market, characterised by favourable liquor pricing versus beer 112m hl USD 88bn 5.8 l 31% 22% 4% 32% 18% 47% 36% 59% 49% 0% 1% 0% Alcohol by volume Alcohol by value Per capita consumption, pure alcohol Beer Country liquor Spirits Wine INDIAN-MADE FOREIGN LIQUOR. Pack size: 180 ml Economy Mainstream Premium ABV 42.8% 42.8% 40% PRICE (INR) 150 160 605 COUNTRY LIQUOR. Pack size: 180 ml No segmentation ABV 42.8% PRICE (INR) 70 BEER. Pack size: 650 ml Economy Mainstream Premium ABV 6.5% 6.2% 5.9% PRICE (INR) 165 190 240 2
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Alcohol is governed by state-specific policies covering route-to-market, pricing and taxes… ROUTE-TO-MARKET ARCHETYPES Government-controlled (62% of volumes) • Brewers sell to corporations under excise oversight. Outlets collect goods from government depots Auction (24% of volumes) • Retail licences are auctioned off annually. Goods must pass through a government- sanctioned warehouse Free trade (14% of volumes) • Alcohol moves from brewers to distributors to retailers LIMITED NUMBER OF OUTLETS 100,000 licensed outlets selling alcohol • 71 outlets / 1 million people • Laos: 3,500 outlets / 1 million people • Vietnam: 25,000 outlets / 1 million people TOP 8 ST A TES 83% of industry State 1 State 2 State 3 State 4 State 5 State 6 State 7 State 8 Route-to-market Free Govt Hybrid Auction Auction Govt Govt Govt Pricing flexibility √ √ X X X X X X Consumer price (INR) 190 180 135 130 150 160 160 200 State govt. taxes 65% 60% 65% 62% 55% 64% 5% 57% Trade margin 12% 9% 9% 15% 20% 18% 28% 26% Carlsberg NSR 23% 31% 26% 22% 25% 19% 16% 17% RTM stability √ √ X √ √ √ √ √ Export/import duty Ranges from INR 200-1,923 per hl for imports & INR 100-628 per hl for exports Trade licence cost Ranges from USD 2.5k to 3m per licence across states. 3
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… with overall restricted communication towards consumers TV or social media alcohol ads ⚫ Advertising of non-alcoholic brand extensions (restricted by size of extensions business) ⚫ Merchandising in on- and off-trade ⚫ Branding inside the outlet ⚫ Branding outside the outlet (except West Bengal) ⚫ 4
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The outlet universe is changing, but still dominated by traditional trade… 95% of Carlsberg and industry volume is sold through traditional outlets 38,000 of a total of 83,000 outlets in Carlsberg states account for 90% of Carlsberg volume TRADITIONAL ON-TRADE 12,000 outlets (31%) MODERN OFF-TRADE 1,000 outlets (3%) MODERN ON-TRADE 3,400 outlets (9%) TRADITIONAL OFF-TRADE 22,000 outlets (57%) MODERN OFF-TRADE ON-TRADE 17% MODERN OFF-TRADE 4% TRADITIONAL OFF-TRADE Counter - 50% Grilled – 28% 5
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… and 650 ml bottles are the most popular packaging format in the market 31% 500 ml 3% 330 ml 66% 650 ml 6
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India is undergoing significant changes, with an attractive outlook for the beer category POSITIVE BEER MARKET OUTLOOK Economic growth, urbanisation and rising income Rapidly increasing entertainment venues and eating out 65% population is under 35 Next-generation households changing attitude towards alcohol INDIA: A YOUNG COUNTRY THE EVOLVING INDIAN CONSUMER Population Below 35 1.4bn 2/3 1 Rapid urbanisation and declining family size URBANISATION RATE AVG. FAMILY SIZE Legal drinking age Added every year 800m 20m 2 Increasing disposable income per capita DISPOSABLE INCOME P.C. (CAGR) Disposable income in 2024: USD 2,770 Expected to increase to USD 4,460 by 2029 Beer drinking population 150m 3 Increase in eating out and spend on alcohol 90% of Indians dine out; ~56% at least once a week 38% spend > INR 1,000 per person ALCOHOL SPEND BY CONSUMER (CAGR) Reported per capita beer consumption 2.5 l 4 Increase in number of women drinkers Women’s alcohol expected to grow by 25% for next 5 years “Real” per cap. (beer drinking cohort) 14.0 l 5 Increasing popularity of beer 56% urbans have tried beer, 24% prefer it (46 and 16% respectively in case of whisky) Gen Z and millennials favour beer (Gen X prefer whisky) 31% 36% 51% 2011 2022 2047E 4.9 4.4 2011 2021 6% 10% 2019-2024 2024-2029F 4% 8% 2019-2024 2024-2029F 7
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Carlsberg India is present across segments in a market dominated by mainstream strong beer TOTAL MILD BEER (< 5%) ~20% OF MARKET STRONG BEER (> 5-8%) ~80% OF MARKET (PRICE INDEX) SHARE OF MARKET INDUSTRY CARLSBERG INDIA INDUSTRY CARLSBERG INDIA Share of market Growth 2024 Share of segment Position Share of market Growth 2024 Share of segment Position SUPER PREMIUM (~180) ~0.5% ~0.5% +15% ~1% n.a. 0% - - - PREMIUM (~125) ~20% ~6% +22% ~10% #3 ~13% +20% 31% #2 MAINSTREAM (100) ~80% ~10% +1% ~7% #2 ~60% +6% 26% #2 ECONOMY (~80) ~10% ~1% +27% - - ~9% +29% - - 8
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Thanks to a comprehensive bottom-up, outlet-level strategy for each state… Applying a cluster approach based on size of opportunity and ease of doing business CLUSTER 1 (9 states) CLUSTER 2 (6 states) CLUSTERS 3 & 4 (6 states) KEY ST A TES 4 key states accounting for ~90% of total cluster volume 2 key states accounting for ~65% of total cluster volume 3 states accounting for ~95% of total cluster volume SHARE OF REVENUE Cluster 1 accounting for 67% of Carlsberg India revenue 4 key states accounting for 60% of Carlsberg India revenue Cluster 2 accounting for 15% of Carlsberg India revenue 2 key states accounting for 9% of Carlsberg India revenue Clusters 3 & 4 accounting for 18% of Carlsberg India revenue 3 key states accounting for 20% of Carlsberg India revenue KEY IMPERATIVES Grow across portfolio (premium and mainstream) Accelerate modern on-trade with launch of draught beer and K1664 Establish defensive play in growing economy segment Grow profitable premium Advocate for brewer net sales improvement Solve capacity constraints to protect cluster growth Grow profitable premium Advocate for brewer net sale improvement Current capacity to serve existing volume goals except for one state 1 2 43 9
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… AND BRAND PULL CONSUMER TRIALS AND DIGITAL AMPLIFICATION … and disciplined in-market execution… IN-STORE VISIBILITY ROUTE-TO-MARKET GRIP… OUTLET SEGMENTATION IN-STORE VISIBILITY PLATINUM 28% GOLD 7% SILVER 14% BRONZE 51% Focused discounts Innovative trade programmes Consumer promotions Excellent FIT 1. 2. 3. 4. 10
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… we have significantly improved our market position in our Indian footprint… 1 Carlsberg India states (~80% of industry volumes) 9x Carlsberg volume increase 2011-2024 (industry 2x) #2 Tuborg position in India 9 States with #1-2 position 65 Cities out of 101 with #1-2 position 22 States with significant growth potential in premium 5% 22% 33% 17% 50% 52% 2011 2014 2017 2020 2023 Market share1 H1 2025 Carlsberg +17pp Competitor 1 Competitor 2 11
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… delivering excellent growth for the iconic Tuborg and Carlsberg brands… 2017 2018 2019 2020 2021 2022 2023 2024 H1 2025 Tuborg Tuborg appeals to the large population of younger-generation Indian consumers with fewer social constraints 2017 2018 2019 2020 2021 2022 2023 2024 H1 2025 Carlsberg Carlsberg appeals to the rising middle-class population seeking its aspirational international premium brand appeal – smooth and sophisticated +6% CAGR +12% CAGR 12
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… and strengthening our position in the premium segment… 21% 19% 20% 20% 21% 24% 25% 2019 2020 2021 2022 2023 2024 H1 2025 Premium market share India 22 focused markets in India Population: 1.0bn (70% of the total population of 1.4bn) 26% 34% 38% 40% 41% 41% 43% 2019 2020 2021 2022 2023 2024 H1 2025 Premium market share Maharashtra Population: 130m Richest state in India Capital: Mumbai 8% 9% 9% 9% 11% 13% 15% 2019 2020 2021 2022 2023 2024 H1 2025 Premium market share Karnataka Population: 70m IT “capital” Capital: Bangalore 13
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… leading to strong volume and revenue growth, despite the setback caused by the pandemic 2017 2018 2019 2020 2021 2022 2023 2024 Volume Revenue (DKK) Revenue +9% CAGR Volume +7% CAGR 14
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Own capacity flat since 2018 Strong volume growth has led to tight capacity 63% Total volume growth 2017-2024 20% Capacity increase 2017-2024 New co-packers added in 2023 and 2024 Capacity utilisation at peak ~90% Greenfield and brownfield expansions in the coming years 15 Carlsberg (8 breweries: 7 active, 1 inactive) Co-packer (6 breweries) Licensee (2 states) Himachal Pradesh Punjab Haryana Rajasthan Uttar Pradesh Maharashtra Telangana Karnataka Tamil Nadu Arunachal Pradesh Meghalaya Bihar West Bengal Odisha Delhi
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We are continuing our growth journey in line with Accelerate SAIL PORTFOLIO FOCUS MARKET EXECUTION • Navigate the complexity of the dynamic state-by-state regulatory environment • State cluster approach with targeted priorities, actions and KPIs for each cluster • Leverage cluster approach: 106 key cities, outlet segmentation based on potential • Trade- and consumer-facing activation in outlets/music events/ festivals • Technology-led execution to drive KPIs and field incentives/rewards • Build on the momentum of our flagship brands and variants • Accelerate premium range • Lead category growth in super premium segment 16
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KEY TAKE-AWAYS CARLSBERG INDIA Complex Indian beer market with state-by-state regulation • Route-to-market • Pricing • Alcohol tax regimes • Import and export duties 1. Beer market growth opportunities driven by • Demographics • Urbanisation • Increased disposable income • Increasing popularity of beer 2. Carlsberg India has consistently outperformed the market • Targeted approach to states, applying a cluster strategy • Lean portfolio and favourable brand mix • Disciplined in-market sales execution 3. Growth journey to continue 4. 18
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Disclaimer FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements, including statements about the Group’s sales, revenues, earnings, spending, margins, cash flow, inventory, products, actions, plans, strategies, objectives and guidance with respect to the Group's future operating results. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain the words "believe", "anticipate", "expect", "estimate", "intend", "plan", "project", "will be", "will continue", "will result", "could", "may", "might", or any variations of such words or other words with similar meanings. Any such statements are subject to risks and uncertainties that could cause the Group's actual results to differ materially from the results discussed in such forward- looking statements. Prospective information is based on management’s then current expectations or forecasts. Such information is subject to the risk that such expectations or forecasts, or the assumptions underlying such expectations or forecasts, may change. The Group assumes no obligation to update any such forward- looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking statements. Some important risk factors that could cause the Group's actual results to differ materially from those expressed in its forward-looking statements include, but are not limited to: economic and political uncertainty (including interest rates and exchange rates), financial and regulatory developments, demand for the Group's products, increasing industry consolidation, competition from other breweries, the availability and pricing of raw materials and packaging materials, cost of energy, production and distribution related issues, information technology failures, breach or unexpected termination of contracts, price reductions resulting from market driven price reductions, market acceptance of new products, changes in consumer preferences, launches of rival products, stipulation of fair value in the opening balance sheet of acquired entities, litigation, environmental issues and other unforeseen factors. New risk factors can arise, and it may not be possible for management to predict all such risk factors, nor to assess the impact of all such risk factors on the Group's business or the extent to which any individual risk factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Accordingly, forward-looking statements should not be relied on as a prediction of actual results.
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Driving efficiencies in supply chain, rebuilding gross margin and delivering compounding earnings growth ULRICA FEARN CFO CARLSBERG
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Our financial growth algorithm is clear… Organic operating profit growth ahead of revenue growth 4-6% ORGANIC REVENUE GROWTH REBUILDING GROSS MARGIN INCREASING SALES AND MARKETING INVESTMENTS MAINTAINING STRICT COST CONTROL 2 Compounding earnings growth
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… and rebuilding gross margin and continued strict cost control remain key levers Organic operating profit growth ahead of revenue growth 4-6% ORGANIC REVENUE GROWTH REBUILDING GROSS MARGIN INCREASING SALES AND MARKETING INVESTMENTS MAINTAINING STRICT COST CONTROL 3 Compounding earnings growth Funding our Journey
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Our top- and bottom-line growth drivers are well embedded in Accelerate SAIL… 4
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… with a balanced set of levers to deliver on our mid-term growth ambition Rebuilding gross margin through… • Growing revenue/hl • Flattish cost of sales/hl … offsetting increased commercial investments, including marketing • Flat SG&A/revenue 4-6% ORGANIC REVENUE GROWTH ~1/3 volume • Growth categories • Benefits from combined portfolio of beer and soft drinks in multiple markets • Favourable long-term market dynamics, including in China, Vietnam, India and Central Asia ~2/3 revenue/hl • Category mix: premium beer, alcohol-free brews and Beyond Beer • Price • Value management 5 ORGANIC OPERATING PROFIT GROWTH AHEAD OF REVENUE GROWTH Compounding earnings growth
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Our P&L has changed shape following the Britvic acquisition; underlying ambitions are unchanged 1 Reported, Carlsberg Group Annual Report 2024. 2 2024 pro forma, including Britvic. UNCHANGED AMBITIONS 20241 PRO FORMA 20242 ACCELERATE SAIL (Feb 2024) RECALCULATED INCLUDING BRITVIC Soft drinks volume 16% ~30% Gross margin 45.8% ~45% Pre-COVID levels of 48-50% 47-49% Marketing/ revenue 8.7% ~8% ~9% ~8.5% CapEx/ revenue 6.7% ~6% 6-7% 6-7% 6
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Our performance management schedule, systems and processes are well embedded in the organisation… 7
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… with a continuous stringent focus on costs and wider scope for Funding our Journey Optimising costs in the supply chain by • lowering raw material, packaging and logistics expenses • increasing standardisation 8
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Rebuilding gross margin by mitigating inflationary headwinds to maintain flattish COGS/hl Headwinds BUY LESS PAY LESS WASTE LESS MOVE LESS Commodity inflation, geopolitics, other Value engineering to optimise portfolio, recipes and packaging Drive procurement efficiencies Improve conversion efficiencies Improve logistics efficiencies VIPEX1 PROCUREMENT LOSS COST TREE PRODUCTION LOSS COST TREE LOGISTICS 2025 2026 2027 Inflation- offsetting savings Cost inflation 1 Value Improvement Product Excellence. 9
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Buy less: introducing VIPEx IMPROVING PRODUCT VALUE by eliminating features that do not add value for consumers and customers – without compromising quality or brand equity RATIONALISING SKU portfolio Main focus areas • Primary, secondary and tertiary packaging • Liquid optimisation • Commercial displays Financial benefits • Lower material costs -> Cost reduction • Resource optimisation -> Leaner operations • Margin improvement -> Rebuilding gross margin • Working capital -> Reducing inventory levels 10
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VIPEx in action Cross-functional – engaging supply chain with marketing and commercial Involving top-down packaging and liquid recipe optimisation ideas and bottom-up ideas from markets Embedding VIPEx mindset across functions and core processes • Commercial excellence • Sales & operations planning (S&OP) • New product development • Portfolio reviews EXAMPLE FROM DENMARK Lightweighted the 250 ml PET from 22.5 grams to 18.5 grams 11
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Pay less: securing lower purchase costs for all goods and services “SHOULD COST” MODELS for fact-based negotiations VOLUME CONSOLIDATION across markets and regions MINIMUM ORDER QUANTITY (MOQ) optimisation to leverage lower price 13
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Applying multiple tools and techniques to deepen relationship with suppliers and lower purchase prices Volume reallocation model for bottles “Should Cost” models for fact- based negotiations RAW MATERIALS Game Theory negotiations to maximise regional potential LOGISTICS AND CROSS- FUNCTIONAL Bottle specification benchmarking against competition Regional strategies based on market insights Detailed best practices deployed by competition Supplier change management improvements focusing on qualification process Material of origin optimisation to leverage lowest tiered price FTL (full truckload) lane-level price benchmarks against spot and “should costs” values PACKAGING 14
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Waste and move less: reducing cost inefficiencies and losses using Loss Cost Tree in production and logistics Savings initiatives deployed and tracked down to site level Value Improvement Product Excellence LOSS INTELLIGENCE Identify losses via internal benchmarking LOSS ERADICATION Carlsberg Operation Manual (COM) loss eradication playbooks LOSS PREVENTION Enhance COMs, capability building 15
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Investing in our people, tools and systems to ensure continuous and sustainable improvements… DO IT RIGHT DO IT BETTER DO IT DIFFERENTLY EMBEDDING FOUNDATIONAL SKILLS How can we mitigate risk as a learning organisation? ACHIEVING END-TO-END SUPPLY CHAIN OPERATIONAL EXCELLENCE How can we continuously improve our performance? CAPABILITY TRANSFORMATION How can we make the supply chain a competitive advantage? 16
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… delivering tangible results supported by sophisticated IT tools DO IT RIGHT DO IT BETTER DO IT DIFFERENTLY Carlsberg Sweden canning line Canning line was at full capacity, resulting in outsourced volumes. Improved operator capabilities, applying active leadership principles on the shopfloor and increased compliance with Carlsberg Operating Manual (COM) resulted in: • +9% OEE improvement • +12% increased capacity • CapEx avoidance • EUR ~2m savings by insourcing volumes France network optimisation By modelling 3- to 15-year demand scenarios that reflect consumer and macroeconomic trends, we continuously review potential for warehouse capacity and location rationalisation Aimed at delivering high customer service, responding to demand changes, reducing logistics costs, optimising CapEx and asset utilisation The dynamic network optimisation yielded DKK > 20m cost avoidance in France Investing in IT tools to transform supply chain capabilities OnePlan Supply chain planning processes and tools to transform our demand and supply chain planning capabilities. Increase revenues and reduce costs through end-to-end optimisation of demand forecasts, inventory, production efficiency, customer order fulfilment and faster responsiveness to market changes. Roll-out 2022-2028 OneOT Supply chain data platform, enabling better visibility and improved decision-making to unlock data-driven manufacturing excellence. Empowering operators to increase efficiency and reduce losses. Roll-out 2024-2029. 17
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As part of our performance management process, we track diligently to constantly adapt and improve… BENEFITS Tracking Review delivered performance Maturity assessment Calibrate regional performance expectations Support Loss Cost Tree (LCT) • Know your losses • Benchmarking (“What does good look like for your peers?”) Continuous improvement mindset 18
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… continuing the gross margin rebuild and stable SG&A to enable higher growth investments… 2.0% 5.3% 7.9% 5.4% 47.5% 45.6% 44.6% 45.8% 2021 2022 2023 2024 GP/hl and gross margin GP/hl organic growth Gross margin 7.6% 8.1% 8.3% 8.7% 8.8% 2021 2022 2023 2024 H1 2025 Marketing investments/revenue 14.2% 13.3% 12.6% 13.2% 13.1% 2021 2022 2023 2024 H1 2025 SG&A/revenue 19
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… delivering in turn compounding earnings growth and continuing recent years’ strong financial track record ORGANIC GROWTH REVENUE 2019-2024 CAGR ORGANIC GROWTH OPERATING PROFIT 2019-2024 CAGR GROWTH ADJUSTED EPS 2019-2024 CAGR +5.4% +9.4% +8.9% 20
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Relentless focus on driving free cash flow through profit growth, TWC management and strict CapEx, reducing leverage and improving ROIC ¹ Last twelve months. -18.6% -19.4% -21.5% -20.3% -20.7% 2020 2021 2022 2023 2024 Carlsberg Group TWC/revenue -18.3% 7.3% Carlsberg Western Europe 2024 Britvic LTM¹ Improvement opportunities for Britvic TWC 6-7% Mid-term CapEx/revenue < 2.5x NIBD/EBITDA by end of 2027 21
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Incentive schemes designed to deliver long-term value growth and short-term execution SHORT-TERM INCENTIVE SCHEME KPIs • Organic revenue growth (market, region, Group) • Organic operating profit (market, region, Group) • Addressable cash flow (market, region, Group) • Personal assessment of Growth Culture Principles ADDITIONAL SCHEMES FOR KEY PRIORITIES • Supply chain savings • Deleveraging LONG-TERM (3-YEAR) INCENTIVE SCHEME KPIs • Organic revenue growth • Adjusted EPS growth • ROIC growth • Relative total shareholder return (TSR) • ESG (DE&I, carbon, water) 22
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We are committed to our capital allocation principles 1. Invest in the business to drive long-term value creation 2. NIBD/EBITDA below 2.5x 3. Adjusted payout ratio of approx. 50% 4. Distributing excess cash to shareholders share buy-backs 5. M&A only if value-enhancing opportunities arise 23
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In a nutshell, this is how we will deliver attractive value creation going forward Organic operating profit growth > revenue growth Improving free cash flow and cash conversion 50% adjusted payout → growing dividends Resuming share buy-back when leverage target reached Revenue growth 4-6% (CAGR) Gross margin rebuild to 47-49% Increase marketing/revenue to ~8.5% Maintain SG&A/revenue flat Deliver the Britvic synergies Continuing strong TWC performance Improving TWC at Britvic CapEx/revenue 6-7% Investigating structural changes, including disposals Compounding EPS growth ROIC improvement Leverage reduction to < 2.5x PROFIT GROWTH CASH FLOW IMPROVEMENT SHAREHOLDER ATTRACTIVENESS 24
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KEY TAKE-AWAYS DELIVERING COMPOUNDING EARNINGS GROWTH 25 Funding our Journey with its stringent focus on efficiencies and costs is a key part of Accelerate SAIL 1. Unchanged gross margin ambition; margin recalculated following the Britvic acquisition 2. Delivering flattish COGS/hl: • Buy less • Pay less • Waste less • Move less 3. Committed to our capital allocation principles, including reaching NIBD/ EBITDA < 2.5x in 2027 4. Incentive schemes supportive of short- term execution and long-term value growth 5.
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Disclaimer FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements, including statements about the Group’s sales, revenues, earnings, spending, margins, cash flow, inventory, products, actions, plans, strategies, objectives and guidance with respect to the Group's future operating results. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain the words "believe", "anticipate", "expect", "estimate", "intend", "plan", "project", "will be", "will continue", "will result", "could", "may", "might", or any variations of such words or other words with similar meanings. Any such statements are subject to risks and uncertainties that could cause the Group's actual results to differ materially from the results discussed in such forward- looking statements. Prospective information is based on management’s then current expectations or forecasts. Such information is subject to the risk that such expectations or forecasts, or the assumptions underlying such expectations or forecasts, may change. The Group assumes no obligation to update any such forward- looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking statements. Some important risk factors that could cause the Group's actual results to differ materially from those expressed in its forward-looking statements include, but are not limited to: economic and political uncertainty (including interest rates and exchange rates), financial and regulatory developments, demand for the Group's products, increasing industry consolidation, competition from other breweries, the availability and pricing of raw materials and packaging materials, cost of energy, production and distribution related issues, information technology failures, breach or unexpected termination of contracts, price reductions resulting from market driven price reductions, market acceptance of new products, changes in consumer preferences, launches of rival products, stipulation of fair value in the opening balance sheet of acquired entities, litigation, environmental issues and other unforeseen factors. New risk factors can arise, and it may not be possible for management to predict all such risk factors, nor to assess the impact of all such risk factors on the Group's business or the extent to which any individual risk factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Accordingly, forward-looking statements should not be relied on as a prediction of actual results.