Brewer Carlsberg upbeat on annual profit despite H1 miss

Bad weather, most recently in China, has also dragged on sales, as well as other geopolitical turbulence such as the Ukraine war and U.S. tariffs, and also shifts in drinking habits.

Carlsberg reported first-half operating profit of 7.45 billion Danish crowns ($1.15 billion), missing analyst expectations for 7.55 billion crowns.

($1 = 6.4515 Danish crowns)

($1 = 0.7383 pounds)

Danish brewer Carlsberg forecast full-year profit towards the upper end of its previous guidance range even as it missed half-year estimates, saying benefits from its 2025 purchase of Britvic were being delivered faster than expected.

The world's third-largest brewer behind Anheuser-Busch InBev and Heineken, which acquired Britvic as part of a pivot to soft drinks, said on Wednesday it now expects annual organic operating profit growth of between 4% and 6%. It previously forecast between 2% and 6% growth.

The maker of Kronenbourg 1664 and Tuborg beer said it would deliver approximately 50% of the total expected £110 million ($149 million) synergies from Britvic in 2026, compared with the previous expectation of 30% to 40%.

Carlsberg had previously said it was taking a cautious approach to annual guidance as geopolitical turbulence such as the Iran war threatened demand.

The conflict is putting more strain on consumers' wallets, which had already caused some to cut back on drinking.