Carlsberg AS Class B

CARL B: XCSE (DNK)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Carlsberg: Strong Soft Drinks Momentum Takes the Spotlight; Maintain Fair Value Estimate

Verushka Shetty

Apr 29, 2026

Carlsberg’s first-quarter trading update included year-over-year organic revenue growth of 3.6% and volume growth of 2.8%, ahead of company-compiled consensus. Revenue per hectoliter increased 1%, with growth across all regions. Shares rose nearly 4% in early trading on April 29.

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Carlsberg AS Class B

Carlsberg: Strong Soft Drinks Momentum Takes the Spotlight; Maintain Fair Value Estimate

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