Carlsberg A/S : Q1 2024 Trading Statement Presentation

Q1 2024

TRADING STATEMENT

Q1 2024 TRADING STATEMENT

Disclaimer

FORWARD-LOOKING STATEMENTS

This presentation contains forward-looking statements, including statements about the Group's sales, revenues, earnings, spending, margins, cash flow, inventory, products, actions, plans, strategies, objectives and guidance with respect to the Group's future operating results. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain the words "believe", "anticipate", "expect", "estimate", "intend", "plan", "project", "will be", "will continue", "will result", "could", "may", "might", or any variations of such words or other words with similar meanings. Any such statements are subject to risks and uncertainties that could cause the Group's actual results to differ materially from the results discussed in such

forward-looking statements. Prospective information is based on management's then current expectations or forecasts. Such information is subject to the risk that

such expectations or forecasts, or the assumptions underlying such expectations or forecasts, may change. The Group assumes no obligation to update any such forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking statements.

Some important risk factors that could cause the Group's actual results to differ materially from those expressed in its forward-looking statements include, but are not limited to: economic and political uncertainty (including interest rates and exchange rates), financial and regulatory developments, demand for the Group's products, increasing industry consolidation, competition from other breweries, the availability and pricing of raw materials and packaging materials, cost of energy, production and distribution related issues, information technology failures, breach or unexpected termination of contracts, price reductions resulting from market driven price reductions, market acceptance of new products, changes in consumer preferences, launches of rival products, stipulation of fair value in the opening balance sheet of acquired entities, litigation, environmental issues and other unforeseen factors. New risk factors can arise, and it may not be possible for management to predict all such risk factors, nor to assess the impact of all such risk factors on the Group's business or the extent to which any individual risk factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Accordingly, forward-looking statements should not be relied on as a prediction of actual results.

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Q1 2024 TRADING STATEMENT

A solid start to the year

VOLUME GROWTH¹

• Growth in all three regions
• Growth in beer partly offset by decline in non-beer volume

REVENUE/HL GROWTH¹

• Price increases across markets
• Positive product mix; negative country mix

REVENUE GROWTH¹

• Growth in all three regions

+2.0%

+4%

+6.4%

¹ Organic growth

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Q1 2024 TRADING STATEMENT

Accelerate SAIL - an update

INVESTMENTS

• Stepping up commercial investments
• • Higher marketing investments in support of growth for premium brands across markets
  • Higher sales investments in support of increased distribution in certain Asian markets

GROSS MARGIN

• Initiatives to restore gross margin to pre-pandemic levels within procurement, supply chain excellence and value engineering

CULTURE

• Becoming more long-term focused
• Nurturing a growth mindset, while maintaining strong performance management and cost culture

INCENTIVES

• Increasing weight of revenue KPI in incentive schemes

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Q1 2024 TRADING STATEMENT

Portfolio categories

PREMIUM BEER	ALCOHOL-FREEBREWS
+8%	+2%

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Q1 2024 TRADING STATEMENT

International brands

CARLSBERG	TUBORG	1664 BLANC	BROOKLYN
+15%	+8%	0%	-1%

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Q1 2024 TRADING STATEMENT

Western Europe

THE NORDICS	TOTAL VOLUME¹
• Premium volume growth in all markets except Norway	+0.2%
• Strong growth for alcohol-free brews
• Revenue/hl growth driven by price and mix
• Market share gain
SWITZERLAND AND FRANCE
• Soft start to the year	REVENUE/HL¹
• Revenue/hl improvement driven by price	+5%
POLAND
• Volume growth driven by strong premium performance
• Market share gain in a declining market

UK

• Volume growth supported by good growth for Carlsberg Pilsner
• Increased number of offerings and intensified competition within premium
• 1664 Blanc launched

REVENUE¹

+5.1%

¹ Organic growth

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Q1 2024 TRADING STATEMENT

Asia

CHINA

• Beer market flat (YTD February, estimated)
• Well-executedChinese New Year
• 5% volume growth supported by good growth for both premium and core beer

VIETNAM

• Mid-single-digitmarket decline
• Continued distribution expansion
• Flat volume development, supported by strong premium growth

LAOS

• Mid-single-digitvolume growth with particularly strong growth for soft drinks portfolio
• Strong revenue/hl growth, supported by multiple price increases and positive mix

TOTAL VOLUME¹

+3.1%

REVENUE/HL¹

+4%

REVENUE¹

+7.6%

¹ Organic growth

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Q1 2024 TRADING STATEMENT

Central & Eastern Europe and India

UKRAINE

• Market impacted by the war
• Volume growth supported by premium beer and alcohol-free brews

KAZAKHSTAN

• Volume growth in a soft market
• Strong growth of energy drinks

INDIA

• Double-digitvolume growth
• Strong growth for premium portfolio

EXPORT AND LICENCE MARKETS

• Strong growth for Carlsberg and Tuborg
• Decline for 1664 Blanc and alcohol-free brews

TOTAL VOLUME¹

+2.2%

REVENUE/HL¹

+5%

REVENUE¹

+7.3%

¹ Organic growth

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Q1 2024 TRADING STATEMENT

2024 earnings expectations maintained

ORGANIC OPERATING PROFIT GROWTH OF 1-5%

Assumptions

• Translation impact on operating profit: around DKK -250m, based on the spot rates at 29 April
• Net finance costs (excluding FX): DKK -1.1bn
• Reported effective tax rate: around 21%
• Capital expenditures: around DKK 5.0bn

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