𝓤𝓷𝓲𝓽𝓮𝓭 𝓝𝓮𝔀𝓼

Strong sales of soft drinks and non-alcoholic options have buoyed trading at Carlsberg, helping to offset ongoing pressure on beer demand.

The Danish brewing giant attributed the result to earlier-than-anticipated benefits following its £3.3 billion takeover of J2O manufacturer Britvic last year.

Shareholders were told that operating profit is now projected to grow by between 4 per cent and 6 per cent this year, supported by positive synergies from the transaction.

The company had previously forecast full-year profit growth of between 2 per cent and 6 per cent.

Carlsberg added that effective cost management has also helped position it to reach the upper limit of that target range.

This upgraded outlook comes despite a decline in beer sales volumes recorded over the past six months.

The company, which also brews Poretti and Erdinger, said beer volumes declined to 52.2 million hectolitres for the first half of 2026, compared with 52.7 million a year earlier.

Across western Europe, beer volumes fell by 3.9 per cent as the company battled “challenging” market conditions, including a fall in alcohol consumption among younger people.

Carlsberg saw weakness in the beer sector offset elsewhere, with sales volumes of soft drinks rising by 7.8 per cent for the half.

This was largely driven by the acquisition of Britvic, which brought brands including Robinsons, Tango and Jimmy’s Iced Coffee into the group.

It also reported that sales volumes of alcohol-free beer rose by 11 per cent, driven by particularly strong growth in western Europe.

Carlsberg group chief executive Jacob Aarup-Andersen said: “Carlsberg delivered solid top-line and earnings growth for the first half year despite the continued uncertain macro environment, and we saw sustained good progress on our key strategic priorities, with particularly strong growth for soft drinks and alcohol-free brews.

“As a result of our disciplined cost focus, performance management and faster-than-expected delivery of the Britvic synergies, we’re narrowing our full-year earnings guidance towards the upper end of the range.”

Mahou San Miguel, the brand’s parent business, ended Carlsberg’s contract to make and distribute the beer last year, passing the UK licence to AB InBev.