Financials Carlsberg A/S

Equities

Market Closed - Nasdaq Copenhagen Other stock markets 16:20:00 13/02/2026 GMT			5-day change	1st Jan Change
997.00 ^DKK	-1.77%		+3.64%	+19.37%

02-12	AB InBev Upbeat for 2026 as Volumes Decline Slows -- Update	DJ
02-12	AB InBev tops earnings forecasts, eyes sports boost in 2026	RE

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	66,634	70,265	73,585	75,011	89,095	92,886	96,078	99,694
Change	-	5.45%	4.72%	1.94%	18.78%	4.26%	3.44%	3.76%
EBITDA ¹	15,474	15,657	15,179	15,781	18,784	19,911	21,105	22,264
Change	-	1.18%	-3.05%	3.97%	19.03%	6%	6%	5.49%
EBIT ¹	10,862	11,470	11,105	11,411	13,356	14,453	15,442	16,413
Change	-	5.6%	-3.18%	2.76%	17.04%	8.21%	6.84%	6.29%
Interest Paid ¹	-381	-725	-844	-905	-2,380	-2,146	-2,083	-1,980
Earnings before Tax (EBT) ¹	10,228	9,961	9,830	9,987	9,050	11,887	13,141	14,483
Change	-	-2.61%	-1.32%	1.6%	-9.38%	31.35%	10.55%	10.21%
Net income ¹	6,846	-1,063	-40,788	9,116	5,955	7,949	8,902	9,719
Change	-	-115.53%	-3,737.06%	122.35%	-34.68%	33.48%	11.99%	9.18%
Announcement Date	04/02/22	07/02/23	07/02/24	06/02/25	04/02/26	-	-	-

¹DKK in Million

Estimates

Fiscal Period: December	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2023 Q1	2023 Q2	2024 Q2	2024 Q4	2025 Q1	2025 Q2	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	12,993	18,694	19,739	15,208	-	20,511	-	16,405	21,383	21,635	15,722	20,123	25,732	19,132	20,921	26,548	25,182	19,896
Change	-	43.88%	5.59%	-22.95%	-	-	-	-	30.34%	1.18%	-27.33%	27.99%	27.87%	-25.65%	9.35%	26.9%	-5.14%	-20.99%
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Charge d'intérêts	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income ¹	1,514	1,514	1,910	1,910	-2,638	-2,638	2,106	-	-	-	-	-	-	-	1,176	2,744	2,744	1,176
Change	-	0%	26.16%	0%	-238.15%	0%	179.85%	-	-	-	-	-	-	-	-	133.33%	0%	-57.14%
Announcement Date	28/04/21	18/08/21	28/10/21	04/02/22	17/08/22	17/08/22	07/02/23	16/05/23	16/08/23	13/08/24	06/02/25	14/05/25	14/08/25	04/02/26	-	-	-	-

¹DKK in Million

Estimates

Fiscal Period: December	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2024 S2	2025 S1	2025 S2	2026 S1	2026 S2
Net sales ¹	34,947	35,447	34,818	37,788	35,797	38,766	36,208	45,855	43,240	47,721	44,653
Change	-	1.43%	-1.77%	8.53%	-5.27%	8.29%	-6.6%	26.64%	-5.7%	10.36%	-6.43%
EBITDA ¹	8,229	7,705	7,087	8,060	7,119	8,355	7,410	9,700	9,063	10,175	9,876
Change	-	-6.37%	-8.02%	13.73%	-11.67%	17.36%	-11.31%	30.9%	-6.57%	12.27%	-2.94%
EBIT ¹	5,751	6,442	5,028	6,272	4,833	6,336	5,127	7,233	6,392	7,197	6,978
Change	-	12.02%	-21.95%	24.74%	-22.94%	31.1%	-19.08%	41.08%	-11.63%	12.59%	-3.04%
Charge d'intérêts	-120	-508	-217	-332	-512	-550	-392	-1,210	-1,170	-	-
Earnings before Tax (EBT) ¹	5,554	5,069	-	5,771	-	5,647	4,355	5,482	3,837	6,081	5,530
Change	-	-8.73%	-	-	-	-	-22.88%	25.88%	-30.01%	58.48%	-9.06%
Net income ¹	3,819	-5,276	-	3,495	-44,283	3,737	5,377	3,562	2,594	4,137	3,752
Change	-	-238.15%	-	-	-1,367.04%	108.44%	43.89%	-33.75%	-27.18%	59.48%	-9.31%
Announcement Date	04/02/22	17/08/22	07/02/23	16/08/23	07/02/24	13/08/24	06/02/25	14/08/25	04/02/26	-	-

¹DKK in Million

Estimates

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	19,162	19,326	22,351	27,357	61,617	57,688	53,297	49,516
Change	-	0.86%	15.65%	22.4%	125.23%	-6.38%	-7.61%	-7.09%
Announcement Date	04/02/22	07/02/23	07/02/24	06/02/25	04/02/26	-	-	-

¹DKK in Million

Estimates

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	4,221	4,018	4,243	4,668	4,924	6,463	6,219	6,476
Change	-	-4.81%	5.6%	10.02%	5.48%	31.26%	-3.77%	4.13%
Free Cash Flow (FCF) ¹	8,876	9,884	4,878	9,794	-21,667	8,561	9,602	10,193
Change	-	11.36%	-50.65%	100.78%	-321.23%	139.51%	12.16%	6.15%
Announcement Date	04/02/22	07/02/23	07/02/24	06/02/25	04/02/26	-	-	-

¹DKK in Million

Estimates

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	23.22%	22.28%	20.63%	21.04%	21.08%	21.44%	21.97%	22.33%
EBIT Margin (%)	16.3%	16.32%	15.09%	15.21%	14.99%	15.56%	16.07%	16.46%
EBT Margin (%)	15.35%	14.18%	13.36%	13.31%	10.16%	12.8%	13.68%	14.53%
Net margin (%)	10.27%	-1.51%	-55.43%	12.15%	6.68%	8.56%	9.27%	9.75%
FCF margin (%)	13.32%	14.07%	6.63%	13.06%	-24.32%	9.22%	9.99%	10.22%
FCF / Net Income (%)	129.65%	-929.82%	-11.96%	107.44%	-363.85%	107.71%	107.87%	104.88%
Profitability
ROA	5.66%	-0.88%	6.54%	6.47%	5.67%	5.31%	5.87%	6.18%
ROE	16.68%	25.05%	26.93%	25.83%	24.73%	27.16%	26.26%	25.83%
Financial Health
Leverage (Debt/EBITDA)	1.24x	1.23x	1.47x	1.73x	3.28x	2.9x	2.53x	2.22x
Debt / Free cash flow	2.16x	1.96x	4.58x	2.79x	-2.84x	6.74x	5.55x	4.86x
Capital Intensity
CAPEX / Current Assets (%)	6.33%	5.72%	5.77%	6.22%	5.53%	6.96%	6.47%	6.5%
CAPEX / EBITDA (%)	27.28%	25.66%	27.95%	29.58%	26.21%	32.46%	29.47%	29.09%
CAPEX / FCF (%)	47.56%	40.65%	86.98%	47.66%	-22.73%	75.49%	64.77%	63.54%
Items per share
Cash flow per share ¹	91.89	92.36	85.06	85.29	94.06	99.37	107.9	120.8
Change	-	0.52%	-7.9%	0.27%	10.28%	5.64%	8.64%	11.91%
Dividend per Share ¹	24	27	27	27	29	31.08	33.77	37.25
Change	-	12.5%	0%	0%	7.41%	7.19%	8.63%	10.32%
Book Value Per Share ¹	309.7	232.3	173.2	210.3	210.4	243.7	274.7	291.5
Change	-	-24.99%	-25.42%	21.37%	0.05%	15.85%	12.72%	6.1%
EPS ¹	47.4	-7.6	-299.7	68.7	45.1	60.67	67.92	74.78
Change	-	-116.03%	-3,843.42%	122.92%	-34.35%	34.52%	11.96%	10.1%
Nbr of stocks (in thousands)	141,892	137,341	134,114	132,079	132,079	132,172	132,172	132,172
Announcement Date	04/02/22	07/02/23	07/02/24	06/02/25	04/02/26	-	-	-