Carlsberg AS Class B

CARL B: XCSE (DNK)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Carlsberg: Environment Remains Challenging Yet Full-Year Targets Reaffirmed; Shares Undervalued

Verushka Shetty

Oct 30, 2025

Carlsberg’s third-quarter fiscal 2025 trading update included organic revenue growth of 0.2% (excluding San Miguel losses) and a 1.7% volume decline. Revenue per hectoliter increased 2% in the quarter, with 5% growth in the premium portfolio. Shares fell around 1% on Oct. 30.

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Carlsberg AS Class B

Carlsberg: Environment Remains Challenging Yet Full-Year Targets Reaffirmed; Shares Undervalued

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