Unless otherwise stated, comments in this announcement refer to Q3 performance.

HIGHLIGHTS

• Organic revenue growth of 3.1% (9M: +3.8%). Reported net revenue growth of 5.3% to DKK 18.5bn (9M: +6.1% to DKK 51.5bn).
• Price/mix of +4% (9M: +3%).
• Total organic volume development of -0.5% (9M: +0.7%).
• International premium portfolio: Tuborg +5%, Carlsberg -2%, 1664 Blanc +30% and Grimbergen -1%.
• Craft & speciality volume growth of 12% (9M: +15%). Alcohol-free brew volume growth of 7% in Western European markets (9M: +11%), while volumes for the Group declined by 4% (9M: +8%).
• In October, we signed an agreement to acquire the remaining 25% of Cambrew in Cambodia.

2019 EARNINGS EXPECTATIONS

• Organic operating profit growth of around 10% (unchanged from announcement on 28 October).
• Translation impact on operating profit of around DKK +150m, based on the spot rates at 30 October (previously DKK +100m).

CEO Cees ’t Hart says: “We’re pleased that we’ve been able to deliver solid revenue growth for the quarter despite tough comparables from last year. In particular, the Asia region continued its very good performance. The top line in Western Europe was solid in spite of challenging comparables from the very warm and dry summer last year, while we had difficult comparables in Russia and faced challenges that negatively impacted our market share year-over-year. Our earnings upgrade earlier this week is another proof point of the execution of SAIL’22 and a consequence of our improved geographical footprint, as solid earnings performance in China and Western Europe more than offset the challenges in Russia.”

Carlsberg will present the results at a conference call today at 9.00 a.m. CET (8.00 a.m. GMT). Dial-in information and a slide deck are available here.