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2025 FINANCIAL STATEMENT PRESENTATION 1
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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, the issue of new trade sanctions, 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. 2 FY 2025 FINANCIAL STATEMENT PRESENTATION
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Reporting according to Management-defined Performance Measures (MPM) DEFINITIONS APPLIED IN 2025 REPORTING ORGANIC Development excluding the impact of acquisitions, currencies and amortisation of intangible assets recognised in purchase price allocation (PPA). MANAGEMENT PERFORMANCE MEASURES (MPM) Reported development adjusted for PPA-related amortisation on intangible assets • Cost of sales: amortisation of brands • Sales and distribution expenses: amortisation of the Pepsi partnership and customer relationships REPORTED Reported development (in accordance with IFRS Accounting Standards) IFRS 18 Intend to implement from 1 January 2026 FY 2025 FINANCIAL STATEMENT PRESENTATION 3
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Management-defined Performance Measurements (MPM) reconciliation DKK million 2025 2024 Reported MPM adjustments1 MPM Reported Gross profit 40,236 66 40,302 34,380 Operating profit 13,356 640 13,996 11,411 Special items -1,926 -640 -2,566 -519 Shareholders in Carlsberg A/S (net profit), continuing operations, adjusted 7,579 481 8,060 7,280 Invested capital 104,097 -1,792 102,305 66,059 Invested capital excl. goodwill 44,773 -9,102 35,671 23,801 Gross margin (%) 45.2 - 45.2 45.8 Operating margin (%) 15.0 0.7 15.7 15.2 Return on invested capital (ROIC) 10.1 0.7 10.8 13.8 ROIC excl. Goodwill 23.4 7.5 30.9 35.5 EPS-A, continuing operations2 57.3 3.7 61.0 54.9 Payout ratio, adjusted2 51 -3 48 49 ¹ Adjusted for amortisation of intangible assets recognised in purchase price allocations (PPA). ² Adjusted for special items after tax. FY 2025 FINANCIAL STATEMENT PRESENTATION 4
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Strong reported volume and revenue growth FY 2025 FINANCIAL STATEMENT PRESENTATION 5 TOT AL VOLUMES +17.7% -2.0% -0.6% Reported Organic Organic, excl. San Miguel1 REVENUE +18.8% -0.6% +1.1% Reported Organic Organic, excl. San Miguel1 REVENUE/HL +1.4% Organic OPERATING PROFIT +22.7% +5.0% MPM Organic 1 Loss of San Miguel in the UK from 1 January 2025
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Continued progress on Accelerate SAIL FY 2025 FINANCIAL STATEMENT PRESENTATION 6 1-LITRE CANS IN CHINA KAZAKHSTAN & KYRGYZSTAN UEFA SPONSORSHIP ADVANCING ESG DRIVING PORETTI IN THE UK DEVELOPING DIGITAL AND COMMERCIAL EXECUTION
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Good progress for growth categories and international brands FY 2025 FINANCIAL STATEMENT PRESENTATION 7 +4% +2% +2% PREMIUM1 +5% AFB +4% BEYOND BEER -4% SOFT DRINKS2 3% Western Europe2 +5% ¹ Excluding impact from San Miguel 2 Organic growth +5% 16% Growth Share of total 30% 3% 2%
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Britvic: strong delivery and cost synergies ahead of plan FY 2025 FINANCIAL STATEMENT PRESENTATION 8 INTEGRATION AND SYNERGIES • GBP 110m cost synergy expectation (increased from GBP 100m on 1 October) • Integration and synergy realisation ahead of plans • Synergy achievement in 2025: ~30% of total synergies versus initial expectation of 10-15% BUSINESS PERFORMANCE • 4% volume growth in the UK and 3% in Ireland • Total volume and revenue impacted by exit of unprofitable volumes in France, Brazil and former international business • Comprehensive reorganisation in France FINANCIAL PERFORMANCE • Volume and revenue contribution of 24.0m hl and DKK 15.6bn (from 16 January) • Operating profit contribution DKK 2.2bn (GBP 253m) PEPSI UK 2025 achievements Volume share growth +120bp 35.9% Value share growth +120bp
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WESTERN EUROPE UK (organic business) • HSD volume growth (excl. San Miguel) • Strong growth for premium portfolio • Market share improvement in both on- and off-trade THE NORDICS • LSD total volume growth • Growth in soft drinks, alcohol-free brews and premium beer FRANCE • Modest volume growth • Premium and alcohol-free brews volume growth offsetting Kronenbourg Red & White decline POLAND • Market impacted by bad weather and soft consumer sentiment • Market share gain driven by premium beer and alcohol-free brews 1 MPM FY 2025 FINANCIAL STATEMENT PRESENTATION 9 +46.7% -2.8% +1.3% ORGANIC GROWTH ORGANIC EXCL. SAN MIGUEL REPORTED GROWTH Total volume Revenue Revenue/hl Operating profit1 Operating margin1 +1.1% +35.6% -1.7% +1.7% +40.0% +0.7% 14.3% +40bp
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ASIA CHINA • +1% volume growth in a declining market • Continued growth in premium and Big Cities • Solid growth of key brands: Carlsberg, Tuborg and WFSM LAOS • MSD decline driven by weak macroeconomy • Strong premium beer growth from low base VIETNAM • DD volume decline impacted by route-to-market reorganisation and floodings CAMBODIA • Declining energy drinks volumes 1 MPM FY 2025 FINANCIAL STATEMENT PRESENTATION 10 -2.4% -2.4% ORGANIC GROWTH REPORTED GROWTH Total volume Revenue Revenue/hl +1.3% -5.8% -1.2% -3.6% +0.7% 23.2% +60bp Operating profit1 Operating margin1
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CENTRAL & EASTERN EUROPE AND INDIA INDIA • HSD volume growth • Continued market share gains • Good growth of Carlsberg Elephant and Tuborg Strong UKRAINE • Market impacted by the escalation of the war • DD volume decline • Flat market share KAZAKHSTAN • Mid-teens volume growth, supported by AFB, Beyond Beer and mainstream beer • Strong growth of soft drinks due to Pepsi shipments in Q4 EXPORT & LICENSE • Slight volume decline 1 MPM FY 2025 FINANCIAL STATEMENT PRESENTATION 11 +8.6% -0.6% ORGANIC GROWTH REPORTED GROWTH Total volume Revenue Revenue/hl +3.3% +10.4% +2.7% +13.6% +9.0% 19.0% +50bp Operating profit1 Operating margin1
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Key financials (1/2) FY 2025 FINANCIAL STATEMENT PRESENTATION 12 DKK 75.0bn DKK 89.1bn 2024 2025 • Reported growth significantly impacted by Britvic • Organic growth impacted by the loss of San Miguel in the UK • Revenue/hl +1.4%¹, supported by price increases and product mix • FX -2.0% (mainly CNY, LAK, VND, KZT and UAH) DKK 11.4bn DKK 14.0bn 2024 2025 • Cost of sales/hl1 +1% • Gross profit/hl1 +2% • Gross margin (MPM) 45.2% (-60bp) • Sales investments +5%¹ • Reported marketing/revenue 8.3%, impacted by the inclusion of Britvic DKK 54.9 DKK 61.0 2024 2025 • Special items: DKK -1.9bn • Net financials: DKK -2.4bn • Effective tax rate: 22.9% • Adjusted net profit (MPM)2: DKK 8.1bn • Adjusted EPS (MPM)2: DKK 61.0 (+11.1%) ¹ Organic growth 2 Adjusted for special items after tax REVENUE OPERATING PROFIT (MPM) ADJUSTED EPS (MPM)2 +18.8% -0.6%1 +22.7% +5.0%1 +11.1%
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Key financials (2/2) FY 2025 FINANCIAL STATEMENT PRESENTATION 13 DKK 6.4bn DKK 7.0bn 2024 2025 • Organic EBITDA +3.0%; reported EBITDA +19.0% • Average trade working capital/revenue -15.6% (-20.1% excluding Britvic) • CapEx DKK 5.6bn, including expansion investments in India and Vietnam and soft drinks plant and sales investments in Kazakhstan 13.8% 10.8% 2024 2025 • Impacted by Britvic acquisition • ROIC excl goodwill (MPM): 30.9% • Net interest-bearing debt DKK 61.6bn • Impacted by Britvic and dividends to shareholders 1.73x 3.28x 2024 2025 FREE OPERATING CASH FLOW NIBD/ EBITDA DKK 7.0bn 3.28x ROIC (MPM) 10.8%
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Strong growth in dividends Note: Adj. EPS (MPM) for 2015-2020 includes income from the Russian business FY 2025 FINANCIAL STATEMENT PRESENTATION 14 9.0 10.0 16.0 18.0 21.0 22.0 24.0 27.0 27.0 27.0 29.0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Dividend per share 28.1 25.4 32.3 35.2 41.0 43.6 44.9 55.7 54.6 54.9 61.0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Adj. earnings per share (MPM) (DKK)
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2026 earnings expectations Organic growth of 2-6% on the 2025 operating profit (MPM) of DKK 13,996m KEY ASSUMPTIONS • Translation impact on operating profit: around DKK -100m, based on the spot rates at 3 February • Net finance costs (excluding FX): DKK 2.2bn • Reported effective tax rate: around 23% • Capital expenditures: around DKK 6-7bn FY 2025 FINANCIAL STATEMENT PRESENTATION 15
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16 FY 2025 FINANCIAL STATEMENT PRESENTATION Q&A