MOSCOW, Russia – March 31, 2022: Bottled Carlsberg beer seen on a supermarket shelf. Russia on Monday seized control of the Russian subsidiaries of Danone and Carlsberg, both of which are in the process of selling their Russian operations. The Danish brewer is still represented in Russia by the brands Carlsberg, Kronenbourg, Holsten and Tuborg.
Alexander Sayganov/SOPA Images/LightRocket via Getty Images
Danish brewer Carlsberg on Thursday reported a slight miss in fourth-year sales and pointed to lower growth in 2025.
The company posted fourth-quarter sales to 15.72 Danish kroner ($2.18 billion), coming in just below the 15.79 billion Danish kroner estimated by analysts in an LSEG poll.
Full-year sales totaled 75.01 billion Danish kroner, up 1.9% year-on-year on a reported basis and virtually in line with the 74.91 billion Danish kroner anticipated.
For 2025, Carlsberg forecast organic operating profit growth of 1% to 5%, including a negative estimated impact of 2% to 3% from the loss of its San Miguel beer brand in the U.K. Based on the currency spot rates at Feb. 5, the company said it assumes a translation impact of around 150 million Danish kroner for the full year.
CEO Jacob Aarup-Andersen also cited uncertainty around the global consumer as a key challenge for the year ahead, but downplayed the potential impact of U.S. tariffs on his business.
“We sell very little product into the U.S., so we don’t get that direct impact as others will do. On the other hand, we’re not relaxed about it because it can have secondary impacts on many markets and there can be also unforeseen impacts that we haven’t thought of at this stage,” Aarup-Andersen told CNBC’s Silvia Amaro on Thursday.
U.S. President Donald Trump’s raised tariffs on Chinese imports came into effect on Tuesday, while fresh 25% levies on Mexican and Canada goods are currently suspended as negotiations between the countries remain underway.
The prospect of fresh trade charges has nevertheless sparked concern from businesses, including in the consumer goods sector, over increased costs and a hit to consumer demand.
Spirits maker Diageo on Tuesday said that it was taking steps to deal with the potential impact of tariffs on key supply chain regions and while removing its medium-term guidance due to macroeconomic and geopolitical uncertainty.
Weakness in China, Europe
Aarup-Andersen meanwhile pointed to weakness in key markets, particularly China, where macroeconomic pressures have weighed on consumer spending.
“We don’t at this stage see a step-change in consumer behavior,” he said, referring specifically to the Chinese market, while adding that he remains confident in China’s longer-term growth.
He also highlighted current weakness in the Western European market, but added that he sees the region as a key focus of the company’s wider aims to grow gross margins, without providing a specific figure.
It comes amid a broader trend toward moderation in alcohol consumption, with Aarup-Andersen last month pointing to a particular decline in the Western market.
The CEO said that while he continues to see a “long-term future” for great beer products, the company was also embracing other drinks categories to boost resilience.
Aarup-Andersen told CNBC at the time that Carlsberg has launched more than 60 alcohol-free brands over the last three years, with more than half of launches over the past 12 months being non-alcoholic. Around one third of Carlsberg’s portfolio will be soft drinks, with the firm’s recent acquisition of soft drinks maker Britvic.
