Danish brewer Carlsberg A/S (CABGY.PK) reported Tuesday first-quarter revenue growth 17.4 percent year-over-year, with 14.5 percent higher volume, positively impacted by the Britvic acquisition. Organic revenue, meanwhile, was down 1.5 percent, and organic revenue growth excluding San Miguel was flat. The company also maintained its fiscal 2025 outlook.
In Copenhagen, Carlsberg shares were losing around 1.8 percent to trade at 884.80 Danish kroner.
In its first quarter, revenues climbed to 20.12 billion kroner from last year's 17.14 billion kroner. Organic revenue/hl grew 1 percent.
Organic volume dropped 2.3 percent, and organic volumes excluding San Miguel fell 1.1 percent. Organic volume development in Western Europe excluding San Miguel edged up 0.8 percent, while it fell 2.1 percent in Asia, and 1.7 percent in Central & Eastern Europe and India.
Looking ahead, for fiscal 2025, the company continues to expect organic operating profit growth of 1 percent to 5 percent.
Group CEO Jacob Aarup-Andersen said, "It was a soft start to the year, impacted by the loss of the San Miguel brand and continued subdued consumer spending in an environment with increased macroeconomic volatility. We're pleased with the positive development in China, the strong growth in India and the underlying good performance in the UK, and we maintain our full-year earnings outlook..... We're encouraged by the Q1 performance in the UK and Ireland and the strength of the business. We remain confident in the long-term value creation from this acquisition."
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