Soft drinks are now 33% of Carlsberg’s total volume – and the PepsiCo partnership is about to get significantly larger

Soft drinks grew 9% organically at Carlsberg Group in H1 2026, alcohol-free brews grew 11%, and the Pepsi brand grew 17%. Together, soft drinks and other beverages accounted for 26.2 million of the group’s 78.4 million hectolitres of total volume – 33% of total volumes, up from around 31% in H1 2025 before the Britvic acquisition had bedded in fully. Carlsberg’s H1 2026 primary results, published today, show a company that is measurably different from the one that existed two years ago.