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1 Q3 2026 TRADING STATEMENT Q3 2026 TRADING STATEMENT
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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. 2 Q3 2026 TRADING STATEMENT
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A robust quarter VOLUMES • Growth categories1 +5% REVENUE/HL • Positive in all three regions • Positive impact from price and mix REVENUE • Reported growth +4.9% • Acquisition impact +0.1% • Currency impact +1.8% Q3 2026 TRADING STATEMENT 3 +0.3% +3% +3.0% 1 Premium beer, soft drinks, alcohol-free brews and Beyond Beer 2 YTD Q3 2026 Organic growth Soft drinks 31% Premium beer 16% AFB 3% Mainstream beer Asia 17% Mainstream beer CEEI 18% Mainstream beer Western Europe 12% Beyond Beer 2% Other 1% GROUP VOLUME SPLIT2
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Strong growth for soft drinks and AFB Q3 2026 TRADING STATEMENT 4 +3% Flat -5% PREMIUM -3% SOFT DRINKS +9% AFB +11% BEYOND BEER +3% Organic growth +18%
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PepsiCo bottler in 17 markets from 1/1/2029 Q3 2026 TRADING STATEMENT 5 CURRENT PEPSI MARKETS FROM 1 JANUARY 2029 FROM 1 JANUARY 2027 UPON DEAL COMPLETION Soft drinks facility in Kazakhstan up and running • Insourcing of all Pepsi volumes by end-2026 Creating a Nordic hub from 1 January 2029 • Current Pepsi markets: Norway and Sweden • New Pepsi markets: Denmark, Finland, Estonia, Latvia and Lithuania Creating a South Caucasus hub • Taking over the Pepsi license in Azerbaijan from 1 January 2027 • Acquiring bottling businesses in Georgia and Armenia
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Western Europe UK • MSD volume growth and market share gains for soft drinks, supported by good results for Pepsi portfolio • Good growth in world beer segment THE NORDICS • Good growth seen in all growth categories FRANCE • Slight volume growth driven by AFB and premium beer POLAND • Reduced volume decline in Q3 • Very strong growth for alcohol-free brews and Beyond Beer, good growth for premium; declining mainstream volumes 1 Premium beer, soft drinks, alcohol-free brews and Beyond Beer 2 YTD Q3 2026 Q3 2026 TRADING STATEMENT 6 TOTAL VOLUME +0.3% GROWTH CATEGORIES1 +4% REVENUE/HL +2% REVENUE +2.5% Organic growth 55% 8% 4% 29% 2% 2% Soft drinks Premium beer Alcohol-free brews (AFB) Mainstream beer Beyond Beer REGION VOLUME SPLIT2 Other
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Asia CHINA • YTD volume -5% YTD, impacted by soft consumer sentiment and bad weather • Q3 volume almost -10%, exacerbated by destocking • Positive momentum in ecommerce and modern on-trade LAOS • High single-digit volume growth supported by strong growth in soft drinks • Low single-digit growth in beer VIETNAM • Mid-single digit volume growth in a growing market 1 Premium beer, soft drinks, alcohol-free brews and Beyond Beer 2 YTD Q3 2026 Q3 2026 TRADING STATEMENT 7 TOTAL VOLUME -6.7% GROWTH CATEGORIES1 -6% REVENUE/HL +2% REVENUE -4.6% Organic growth 12% 31%57% Soft drinks Premium beer Mainstream beer REGION VOLUME SPLIT2
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Central & Eastern Europe and India SOUTH ASIA • Mid-20s volume growth • Strong growth for Tuborg Strong and Carlsberg Elephant • Strong growth for local Gorkha brand KAZAKHSTAN • Very strong volume growth driven by Pepsi ramp-up • Good growth for AFB and Beyond Beer UKRAINE • Market remains difficult due to the on-going war • Modest volume decline on the back of easy comps 1 Premium beer, soft drinks, alcohol-free brews and Beyond Beer 2 YTD Q3 2026 Q3 2026 TRADING STATEMENT 8 TOTAL VOLUME +7.5% GROWTH CATEGORIES1 +22% REVENUE/HL +4% REVENUE +11.7% Organic growth 16% 14% 5%62% 3% REGION VOLUME SPLIT2 Soft drinks Premium beer Alcohol-free brews (AFB) Mainstream beer Beyond Beer
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Confirming 2026 earnings expectations Organic growth of 4-6% on the 2025 operating profit (CPM) of DKK 13,686m KEY ASSUMPTIONS • Translation impact on operating profit: DKK +100m, based on the spot rates at 28 October • Net finance costs (excluding FX): DKK 1.8bn • Reported effective tax rate: around 23% • Capital expenditures: around DKK 6-7bn Q3 2026 TRADING STATEMENT 9
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10 Q3 2026 TRADING STATEMENT Q&A