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Carlsberg saw a steeper than expected decline in full-year sales volumes after losing its licence to brew and sell San Miguel lager in the UK market to rival brewer Anheuser-Busch InBev.
The Danish brewer reported a 2 per cent drop in group sales volumes in 2025, a slightly deeper decline than analysts expected. Excluding San Miguel, sales volumes fell 0.6 per cent.
Carlsberg lost its licence to produce and distribute San Miguel for the UK market on behalf of the brand’s owner, Mahou San Miguel, to Belgian beer giant AB InBev from the beginning of last year.
Overall beer sales volumes fell 2.9 per cent. Without San Miguel, they fell 1.2 per cent, on the back of weak consumer demand in most markets, the company said on Wednesday.
The brewer, which owns brands including Kronenbourg, Poretti and Erdinger, has sought to diversify away from beer by acquiring UK soft drinks business Britvic. The deal has doubled its soft drink sales to make up 30 per cent of group sales.
Carlsberg’s chief executive Jacob Aarup-Andersen said the integration was ahead of plan. “We are realising synergies earlier and at a higher level than originally anticipated.”
The company reported group revenue growth of 18.8 per cent to DKr89bn, as a result of the Britvic acquisition. Revenues fell 0.6 per cent on an organic basis compared with the year before.
Carlsberg reported operating profit of DKr13.9bn and forecast profit growth of between 2 and 6 per cent in 2026.
