Carlsberg AS Class B

CARL B: XCSE (DNK)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Carlsberg Earnings: Better-Than-Expected Bottom Line; Fair Value Estimate Up to DKK 940

Verushka Shetty

Feb 4, 2026

Carlsberg’s full-year 2025 results included organic revenue growth of 1% (excluding San Miguel losses) and organic operating profit growth of 5%, which is at the top end of management’s 3%-5% target. Shares were up around 3% intraday on Feb. 4.

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Carlsberg AS Class B

Carlsberg Earnings: Better-Than-Expected Bottom Line; Fair Value Estimate Up to DKK 940

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