Carlsberg Group reported Q1 2026 organic volume growth of +2.8% and organic revenue growth of +3.6% on 29 April 2026. Total reported volumes grew 5.3% to 35.1 million hectolitres and reported revenue grew 3.0% to DKK 20.7 billion, with acquisition impact from Britvic of +2.7% partially offset by currency headwinds of -3.3%. All three regions delivered organic volume and revenue growth. 2026 earnings guidance of 2-6% organic operating profit growth was confirmed.
The Q1 2026 results mark something specific in Carlsberg’s recent trajectory. In Q1 2025, organic volumes declined 2.3% and organic revenue declined 1.5%. The turnaround to +2.8% volume and +3.6% revenue in a single year, on a like-for-like basis with Britvic now included in both periods, is the most significant quarterly improvement in underlying trend across any company in this series. Asia returned to growth. CEEI accelerated. Western Europe held. And the PepsiCo Nordic and Baltic expansion announced seven days before these results signals the next structural step in Carlsberg’s transformation from a beer company into a full-portfolio beverage business.
“We delivered a good start to 2026 with organic volume and revenue growth in all three regions, strong results for our strategic category growth drivers – premium beer, soft drinks and alcohol-free brews – and a return to solid growth in our Asia region. We’re excited about last week’s announcement regarding our expanded strategic partnership with PepsiCo in the Nordics and Baltics. The growth prospects and value creation opportunities from a business model that combines the Carlsberg and PepsiCo beverage portfolios are truly significant.”
Jacob Aarup-Andersen, Group CEO, Carlsberg Group – Q1 2026 Trading Statement, 29 April 2026
The organic turnaround: Q1 2025 to Q1 2026
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