Carlsberg AS Class B

CARL B: XCSE (DNK)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Carlsberg Earnings: Difficult Environment Persists, yet Fundamentals Stay Strong

Verushka Shetty

Aug 14, 2025

Carlsberg’s first-half fiscal 2025 results included organic revenue growth of 1.3% (excluding San Miguel losses) and operating profit growth of 2.3%, below consensus. Shares fell around 6% intraday.

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Carlsberg AS Class B

Carlsberg Earnings: Difficult Environment Persists, yet Fundamentals Stay Strong

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