Carlsberg Group has missed half-year profit and volume forecasts, with shares down 5.8%, falling to 6.7% at their steepest. 

The brewer announced a 1.7% decrease in organic volume development and a 0.3% decrease in organic revenue development. 

Meanwhile, organic operating profit growth increased by 2.3%, less than expected. 

CEO Jacob Aarup-Andersen pointed to the difficult consumer environment, which he said the company does not expect to improve soon. 

“Nevertheless, we’re continuing our long-term investments in key brands and capabilities, including in areas such as digital, marketing and value management, to create an even stronger Carlsberg,” Aarup-Andersen said. 

There were some areas of growth for the brewer. Premium beer (excluding San Miguel) grew by 5% in volume and alcohol-free brews experienced 7% volume growth. 

Looking at brands within the Carlsberg Group, Tuborg grew in volume by 2%, Carlsberg grew by 5%, Brooklyn grew by 2%, while 1664 Blanc showed no growth. 

The group further said that the integration of Britvic – acquired by Carlsberg Group on January 16, 2025– is going well. It added that “business continuity, integration and synergy” were on track. 

“We’re pleased with the underlying Britvic performance in the key UK and Ireland markets. The business integration is progressing well and according to plan, making us excited about the long-term value creation from this acquisition,” Aarup-Andersen said.