STRONG VOLUME GROWTH, PARTICULARLY IN ASIA

Organic volume growth +3.6% (9M: +6.9%)

• Organic volume development in Western Europe +2.4%, Asia +9.9% and Central & Eastern Europe -2.5%.
• International premium brands seeing mixed volume development, partly due to lower volumes in Ukraine: Tuborg +6%, Carlsberg +12%, Grimbergen +7%, 1664 Blanc -4% and Somersby -3%.
• Alcohol-free brews -5% (excluding Ukraine: +6%).

POSITIVE REVENUE/HL ACROSS ALL REGIONS

Organic revenue growth +11.6% (9M: +17.2%)

• Revenue/hl +8% (9M: +10%), with strong growth in Asia and Central & Eastern Europe.
• Organic revenue growth in Western Europe +5.7%, Asia +19.3% and Central & Eastern Europe +14.7%.
• Reported revenue growth +13.9% to DKK 20.2bn (9M: +19.9% to DKK 55.7bn).

SUPPORTING SHAREHOLDER VALUE

Fourth quarterly share buy-back programme this year will launch tomorrow.

• The third tranche of the 2022 share buy-back, amounting to DKK 1bn, was concluded on 21 October. Tomorrow, the Company will launch the fourth quarterly share buy-back programme for 2022, amounting to DKK 1.5bn.

UPGRADING 2022 EARNINGS EXPECTATIONS

In light of better-than-expected performance in many of our markets, we upgrade the earnings expectations for 2022:

• Organic growth in operating profit of 10-12% (previously high single-digit percentage growth).
• Translation impact on operating profit of around DKK +250m, based on the spot rates at 26 October (previously around DKK 350m).

CEO Cees ’t Hart says:

“We’re satisfied with our performance in Q3 with strong volume growth in Asia and many European markets, which along with a strong price/mix development led to revenue growth of 11.6%. Our earnings upgrade and the increase in the next quarterly share buy-back are proof points of the resilience of our brands and the strength and agility of our business. 

Looking ahead, the business environment remains challenging, with an uncertain macro situation, very high inflation and weakening consumer sentiment. We will address these challenges and the need for price increases by leveraging our strong commercial programmes, well-embedded performance  management systems, tools and capabilities, while not losing sight of our long-term SAIL’27 priorities and ambitions.”