Carlsberg AS Class B

CARL B: XCSE (DNK)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Carlsberg: Weakness in China Weighs on an Otherwise Decent Quarter; Maintain Fair Value Estimate

Verushka Shetty

Oct 29, 2026

Carlsberg’s third-quarter trading update showed organic revenue growth of 3.0%, meeting consensus. Volume growth of 0.3% was mixed across regions: up 0.3% in Western Europe, down 6.7% in Asia, and up 7.5% in Central and Eastern Europe and India. Shares fell around 2% at the market open on Oct. 29.

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Carlsberg AS Class B

Carlsberg: Weakness in China Weighs on an Otherwise Decent Quarter; Maintain Fair Value Estimate

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