April 29, 2025 – Global brewing giant Carlsberg reported a “soft start” to 2025, with mixed results in its first-quarter trading update. Despite an overall 17.4% jump in revenue, the company faced a 1.5% drop in organic revenue growth, impacted by the end of its partnership with San Miguel and ongoing global economic challenges.
San Miguel Exit Affects UK Results
The company’s UK operations, run through Carlsberg Marston’s Brewing Company, officially ended their agreement with San Miguel at the end of 2024. Without the San Miguel brand, organic growth in Q1 2025 was flat.
Britvic Acquisition Brings Big Boost
However, a major highlight for Carlsberg was the successful completion of its £3.3 billion merger with Britvic on January 16, 2025. This move has transformed the UK into Carlsberg’s biggest market by revenue and established it as the largest multi-beverage supplier in the UK.
In Q1, the new Carlsberg Britvic division reported sales of DKK 3.0 billion (£340 million) and volumes of 4.7 million hectolitres. The company says integration of Britvic is on track and cost synergies are being realized as planned.
Growth in Key Global Segments
Outside the UK, Carlsberg is seeing growth in its premium beer segment (up 4% excluding San Miguel), alcohol-free beverages (up 15%), and beyond beer products like hard seltzers and RTDs (up 6%). However, soft drink volumes dipped by 4%.
Key international brands are performing well:
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Tuborg: +3%
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Carlsberg: +1%
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Brooklyn Brewery: +10%
CEO Remains Optimistic Despite Challenges
Group CEO Jacob Aarup-Andersen acknowledged the slower start to the year, attributing it to the San Miguel exit and weak consumer spending amid global economic uncertainty. Still, he expressed confidence in the company’s performance and future:
“We’re pleased with our progress in markets like China and India, and we’re optimistic about the strength of our UK business following the Britvic deal.”
Carlsberg is sticking with its 2025 earnings forecast of 1–5% organic operating profit growth, expecting Britvic to contribute £250 million in profit for the full year.
