Carlsberg: 2024 results in line, but positive signs

(CercleFinance.com) - Carlsberg published annual results on Thursday that were largely in line with expectations; analysts however found some grounds for satisfaction in the Danish brewer's publication, which boosted its share price in Copenhagen.


The world's fourth-largest brewer, behind AB InBev and Heineken, reported a 2.8% increase in operating profit before non-recurring items to 11.4bn DKK last year.

Its operating margin edged up 0.1 percentage point to 15.2%.

Annual sales amounted to 75.01bn DKK, up 1.9% as reported and up 2.4% organically.

While RBC's analysts said the publication came as no great surprise, they also saw encouraging signs in the group's accounts.

Despite the persistent weakness in consumer sentiment observed by the company and the difficulties encountered in the supply chain, performance in Western Europe slightly exceeded expectations, the Canadian broker said.

On an organic basis, the brewer limited the decline in sales in Western Europe to 1.1% last year, and to -1% in Asia, while sales rose by 4% in CEEI (Central and Eastern Europe and India) region.

For 2025, the group, which is preparing to integrate British soft drinks manufacturer Britvic, expects organic growth in operating profit of between 1% and 5%.

On the Copenhagen stock exchange, the share price climbed over 5% following this publication, making it one of the strongest performers on the pan-European STOXX 600 index.


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