Carlsberg reports 2.4% organic revenue growth for 2024, highlights ESG progress 

DENMARK – Carlsberg Group has reported a 2.4 percent organic revenue growth for 2024, driven by slight volume growth and a 2 percent increase in revenue per hectoliter. 

Despite missing analysts’ volume expectations, the company saw its organic operating profit rise by 6 percent, in line with its guided range of 4–6 percent. 

Among key categories, alcohol-free brews recorded the highest growth at 6 percent, followed by beyond beer at 5 percent, premium beer at 2 percent, and soft drinks at 1 percent.  

In the international brands category, Carlsberg grew by 9 percent, 1664 Blanc by 6 percent, Brooklyn and Tuborg by 5 percent, while Somersby saw a 2 percemnt decline. 

Carlsberg CEO Jacob Aarup-Andersen described 2024 as a transformative year for the company, citing its acquisition of British soft drinks maker Britvic and the ongoing sale of its Russian business.  

The GBP 3.3 billion Britvic acquisition, finalized in January 2025, has faced investor scrutiny over its strategic value.  

However, Carlsberg reiterated that the deal will help diversify its portfolio amid declining beer consumption in western markets.  

Britvic is expected to contribute GBP 250 million in adjusted operating profit for 2025, with further updates to follow as integration progresses. 

China, Carlsberg’s largest market, remained challenging, with subdued demand impacting overall volumes.  

However, the company outperformed the wider Chinese beer market, which it estimated declined by 4 percent.  

It also reported strong growth for its premium beer portfolio in China, a positive sign following an economic slowdown that had affected sales of its high-end brands. 

For 2025, Carlsberg forecasted organic operating profit growth of 1–5 percent, excluding Britvic, and indicated a moderate increase in total costs due to higher commercial investments and enterprise resource planning (ERP) system upgrades. 

In its 2024 sustainability report, Carlsberg highlighted significant environmental, social, and governance (ESG) improvements.  

It reported a 3 percent reduction in relative value chain emissions since 2022, a 2 percent decrease in absolute carbon emissions at breweries since 2023 (58% since 2015), and a 15 percent drop in lost-time accidents since 2023.  

Additionally, it achieved a 76 percent collection and recycling rate for bottles and cans. 

“We have made great strides in recent years to weave ESG into the fabric of the business, ensuring that this essential work gets properly measured, tracked, and embedded into our business planning processes,” said Ulrica Fearn, Carlsberg Group’s CFO. 

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