Carlsberg sees ‘soft start’ to 2025 amid Britvic merger

Carlsberg has had a “soft start” to the year according to group chief executive Jacob Aarup-Andersen following the completion of its merger with Britvic.

The Danish company posted a revenue increase of 17.4% for the three months ended 31 March 2025 but saw a 1.5% organic revenue development loss globally.

The company stated that its reported revenue of DKK 20.1bn (£2.3bn) was positively impacted by its Britvic acquisition, which completed on 16 January 2025.

The resulting Carlsberg Britvic division in the UK reported volumes and revenue of 4.7m hectolitres and DKK 3.0bn (£340m) for the first quarter.

The group’s overall organic revenue growth excluding San Miguel was flat in Q1 2025 after Carlsberg Marston’s brewing arm ended its licensed production and distribution agreement with San Miguel on 31 December 2024.

As a result of this, Carlsberg is maintaining its 2025 earnings guidance of organic operating profit growth between 1-5% and assumed full-year operating profit contribution from Britvic of £250m.

Aarup-Andersen said: “It was a soft start to the year, impacted by the loss of the San Miguel brand and continued subdued consumer spending in an environment with increased macroeconomic volatility. We’re pleased with positive development in China, strong growth in India and the underlying good performance in the UK, and we maintain our full-year earnings outlook.

“The Britvic transaction and refinancing were completed in Q1, with the integration starting immediately. We’re encouraged by the Q1 performance in the UK and Ireland and the strength of the business. We remain confident in the long-term value creation from this acquisition.”

The Carlsberg Britvic deal, worth £3.3bn, made the UK the group’s largest market by revenue in the world, as well as creating the largest multi-beverage supplier in the UK.