Carlsberg Group (DE:CBGA)
FRANKFURT:CBGA
Earnings Data
Report Date
Aug 19, 2026Before Open (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
3.14Last Year’s EPS
2.77Same Quarter Last Year
Moderate Buy
Based on 0 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a broadly positive operational and strategic picture driven by the successful Britvic acquisition (material top-line and profit contribution), faster-than-expected cost synergy delivery, organic operating profit growth (+5%) and EPS improvement (+11%), along with disciplined cash generation and an increased dividend. Offsetting risks include near-term organic revenue/volume headwinds (Asia softness and the San Miguel exit), elevated acquisition-related special items and PPA amortization (DKK 2.6bn MPM adjustment), and higher net debt (3.28x leverage) which management plans to reduce by 2027. Management's guidance for 2026 is cautious given consumer and geopolitical uncertainty, but the company signals confidence in its growth categories, integration progress and ability to convert revenue into higher EBIT over time.Company Guidance
Successful Britvic Acquisition and Scale Impact
Closed Britvic mid-January 2025; Britvic + Carlsberg contribution: 24 million hectoliters and DKK 15.6 billion revenue; operating profit contribution DKK 2.2 billion (GBP 253m). Reported volumes +17.7%, reported revenue +18.8%, and operating profit +22.7%—materially supported by the acquisition.
Cost Synergies Ahead of Plan
Upgraded cost synergy target to GBP 110m; delivered ~30% of the target in 2025 (well ahead of initial 10–15% expectation). Expect to deliver 30–40% of synergies in 2026 and 60–70% after two years of ownership, with many people-related savings already realized.
Profitability and EPS Improvement
Adjusted (MPM) operating profit grew 22.7% reported and organic operating profit grew 5% with an acceleration in H2. Adjusted earnings per share (NPM) increased 11.1% to DKK 61.
Dividend Increase and Capital Return Policy Maintained
Proposed dividend increased 7% to DKK 29 per share; proposed payout ratio ~48% (in line with ~50% policy). Dividend per share has more than tripled since 2015.
Cash Flow and CapEx Discipline
Free operating cash flow DKK 7.0 billion (vs DKK 6.4bn in 2024). CapEx DKK 5.6 billion (6.3% of revenue), within the 6–7% guidance range and focused on capacity and commercial expansion rather than greenfield projects.
Organic Gross Margin and Regional Margin Improvements
Group profit per hectoliter increased organically 2% and organic gross margin improved ~30bps. Regional operating margin improvements: Western Europe +40bps to 14.3%, Asia +60bps to 23.2%, CEEI +50bps to 19.0.
Strong Performance in Growth Categories and Key Markets
Premium portfolio +5%; soft drinks volumes more than doubled (Britvic) and grew organically +3%; alcohol-free brews +4% (ex-Ukraine +7%). Carlsberg brand volumes +4% with premium up +13%. Notable market highlights: China Q4 +4% (full year +1% vs market -1%), India high single-digit volume growth, Kazakhstan volumes mid-teens after Pepsi license shipments.
Recognition and Strategic Commercial Wins
Awarded European Bottler of the Year by PepsiCo; secured Pepsi license shipments and early take-on in Kazakhstan; brand initiatives launched (UEFA sponsorship, Robert Pattinson for 1664 Blanc) and digital/commercial platform rollouts underway.
DE:CBGA Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
DE:CBGA Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 04, 2026 | €135.10 | €139.46 | +3.23% |
Aug 14, 2025 | €115.25 | €112.34 | -2.52% |
Feb 06, 2025 | €104.49 | €104.49 | 0.00% |
Aug 13, 2024 | €126.61 | €130.85 | +3.35% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Carlsberg Group (DE:CBGA) report earnings?
Carlsberg Group (DE:CBGA) is schdueled to report earning on Aug 19, 2026, Before Open (Confirmed).
What is Carlsberg Group (DE:CBGA) earnings time?
Carlsberg Group (DE:CBGA) earnings time is at Aug 19, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
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What companies are reporting earnings today?
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What is the P/E ratio of Carlsberg Group stock?
The P/E ratio of Carlsberg is N/A.
What is DE:CBGA EPS forecast?
DE:CBGA EPS forecast for the fiscal quarter 2026 (Q2) is 3.14.