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Carlsberg A/S (CABGY)
OTHER OTC:CABGY
Earnings Data
Report Date
Aug 19, 2026Before Open (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
0.96Last Year’s EPS
0.65Same Quarter Last Year
Based on 0 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Neutral
The call shows a balanced picture: strong acquisition execution (Britvic) with faster-than-expected cost synergies, solid reported top-line and EPS growth, improved cash flow and increased dividends. Offsetting this are persistent organic softness in some markets (notably parts of Asia, Ukraine and Beyond Beer), non-cash PPA amortization and elevated leverage that keep financial costs higher. Management presents a cautious but constructive outlook for 2026 with clear deleveraging targets and ongoing integration and commercial initiatives.Company Guidance
Successful Britvic acquisition and fast integration
Britvic closed in mid-Jan 2025; integration started immediately, people changes concluded ahead of plan, procurement integration underway; 2025 reported contribution: 24m hl, DKK 15.6bn revenue, operating profit DKK 2.2bn (GBP 253m).
Cost synergies ahead of plan
Upgraded cost synergy target to GBP 110m; ~30% of the target delivered in 2025 (well ahead of the initial 10–15% expectation). Expect 30–40% delivery in 2026 and 60–70% delivered after two years of ownership.
Strong reported top-line and margin expansion (acquisition-driven)
Reported volumes +17.7%, reported revenue +18.8%, reported operating profit +22.7% (2025 vs 2024), operating margin improvement and solid profit development driven significantly by Britvic consolidation.
Organic profit and sequential improvement
Organic operating profit grew +5% with acceleration in H2 2025 despite soft consumer sentiment in many markets.
Earnings and shareholder returns
Adjusted earnings per share (MPM) +11.1% to DKK 61; proposed dividend +7% to DKK 29 per share (payout ratio ~48%), maintaining dividend policy despite temporary higher leverage.
Cash flow and capital allocation
Free operating cash flow DKK 7.0bn (vs DKK 6.4bn prior year); CapEx 2025 DKK 5.6bn (6.3% of revenue); guidance CapEx DKK 6–7bn for 2026.
Category and brand progress
Growth categories now >50% of group volumes; premium portfolio +5%, soft drinks more than doubled (largely from Britvic), alcohol-free brews +4% (ex-Ukraine +7%); Carlsberg brand volumes +4% and premium volumes +13%.
Commercial and brand wins
Pepsi portfolio award: European Bottler of the Year by PepsiCo; Poretti volumes more than doubled in the U.K.; strong Q4 momentum for U.K. (U.K. volumes +7% in Q4, Pepsi Max gained >2% value share in December).
Financial discipline and leverage plan
Net interest-bearing debt DKK 61.6bn; net debt/EBITDA 3.28x with clear target to reach ≤2.5x by end-2027 and active deleveraging plan (organic cash generation, TWC focus, potential disposals/IPOs).
CABGY Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
CABGY Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 04, 2026 | $27.93 | $29.15 | +4.36% |
Aug 14, 2025 | $25.49 | $23.57 | -7.54% |
Feb 06, 2025 | $20.09 | $21.59 | +7.47% |
Aug 13, 2024 | $23.03 | $23.16 | +0.58% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Carlsberg A/S (CABGY) report earnings?
Carlsberg A/S (CABGY) is schdueled to report earning on Aug 19, 2026, Before Open (Confirmed).
What is Carlsberg A/S (CABGY) earnings time?
Carlsberg A/S (CABGY) earnings time is at Aug 19, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is CABGY EPS forecast?
CABGY EPS forecast for the fiscal quarter 2026 (Q2) is 0.96.