Revenue distribution by sectors:

• Beer: approx. 75%
• Non-alcoholic beverages: approx. 15%
• Other beverages: approx. 10%

TOP 3 Markets:

1. Western Europe: approx. 40%
2. Asia: approx. 30%
3. Eastern Europe: approx. 20%

Carlsberg A/S generates the majority of its revenue from the sale of beer, which accounts for about three quarters of total revenue. The rest is distributed among non-alcoholic and other beverages.

Western Europe remains the largest market for Carlsberg, followed by Asia, where the company has significantly expanded in recent years. Eastern Europe is also a significant market contributing a substantial portion of the revenue.

Production sites of Carlsberg A/S:

Carlsberg A/S operates production facilities in over 30 countries worldwide. The main production sites are located in:

• Denmark: The headquarters and one of the largest breweries of the company are located here.
• Russia: Carlsberg is strongly present in the Russian market through its subsidiary Baltika Breweries.
• China: In recent years, Carlsberg has expanded its presence in Asia and operates several breweries in China.
• Western Europe: Other significant production sites are located in countries such as France, the United Kingdom, and Germany.
• Eastern Europe and Asia: Carlsberg has also established production capacities in countries like Poland, India, and Vietnam.

Carlsberg pursues a strategy of geographical diversification to strengthen its market presence and minimize risks. The production sites are strategically positioned in key markets to serve local demand and optimize logistics costs.

Revenue Growth: Estimated 5-7% annually (2025 forecast)
Market Expansion: Focus on Asia and Africa
Sustainability Goals: Carbon neutrality by 2030

Carlsberg A/S is pursuing a growth strategy that heavily emphasizes geographical expansion and sustainability. The company plans to enhance its market presence in Asia and Africa to capitalize on the growth opportunities in these regions, driven by the rising middle class and increasing demand for premium beers.

In addition, Carlsberg places great importance on sustainability. The company has committed to becoming carbon neutral by 2030, a goal that will be achieved through investments in green technologies and sustainable production methods. This strategy aims to take ecological responsibility and strengthen the brand image, potentially leading to a competitive advantage in the long run.

Main raw materials: Barley, hops, water, malt

Import countries:

• Barley: France, Germany, Denmark
• Hops: Germany, USA, Czech Republic
• Malt: Belgium, France, United Kingdom

Carlsberg A/S sources its main raw materials such as barley and hops from various European countries to ensure the quality and diversity of its beer production. France and Germany are significant suppliers of barley, while hops are mainly imported from Germany and the USA. Malt is also sourced from several European countries to support the different flavor profiles of the beers. This diversification of sources helps Carlsberg to minimize risks in the supply chain and ensure consistent product quality.

Market share in Europe: 20% (estimated, 2025)
EBITDA margin: 19% (2024)
Brand strength: High recognition in over 150 countries

Carlsberg A/S possesses a significant competitive advantage, which is manifested through its strong brand presence and broad geographic diversification. The estimated market share of 20% in Europe indicates that the company holds a significant position in the European beer market.

The EBITDA margin of 19% in 2024 suggests an efficient cost structure and strong operational performance, enabling Carlsberg to remain competitive and invest in new markets.

Additionally, Carlsberg benefits from its high brand recognition in over 150 countries, strengthening customer loyalty and increasing market entry barriers for new competitors. These factors together give Carlsberg a sustainable competitive advantage in the global beer market.

Institutional Investor Share: approximately 60% (estimated for 2025)

Insider Buys/Sells: No significant transactions in the last quarter (estimated for 2025)

The institutional investor share in Carlsberg A/S typically stands at around 60%, based on historical data and market trends. Institutional investors such as pension funds, investment funds, and other large financial institutions hold a significant portion of Carlsberg's shares, indicating confidence in the company's long-term stability and growth potential.

Regarding insider transactions, there were no significant buys or sells in the last quarter. This suggests that the management and other insiders currently do not anticipate significant changes in the company's valuation or business outlook. Such transactions are often seen as indicators of executives' confidence in the company's future development.

Market share Carlsberg A/S: 6.5% (2025, estimated)

Top competitors by market share (estimated):

1. Anheuser-Busch InBev: 25%
2. Heineken N.V.: 12%
3. China Resources Snow Breweries: 9%
4. Carlsberg A/S: 6.5%
5. Molson Coors Beverage Company: 5%
6. Tsingtao Brewery Group: 4%
7. Asahi Group Holdings: 3%
8. Kirin Holdings Company: 3%
9. Grupo Modelo (part of AB InBev): 2%
10. Constellation Brands: 1.5%

Carlsberg A/S has a moderate market share in the global beer market. The largest competitor, Anheuser-Busch InBev, dominates the market with a significant lead. Heineken and China Resources Snow Breweries follow with double-digit market shares.

Carlsberg's moat primarily consists of its strong brand presence in Europe and Asia, a well-diversified product range, and a solid distribution infrastructure. However, compared to Anheuser-Busch InBev and Heineken, the moat is less pronounced as these companies have larger financial resources, a broader global network, and stronger brand recognition.

Carlsberg could further strengthen its moat through regional market leadership and targeted expansion in emerging markets. Innovation and the ability to adapt to changing consumer habits are also crucial factors to remain competitive.

Revenue Growth: 7.5% (2024) Profit Growth: 6.2% (2024) Market Share in Asia: 25% (2024)

Carlsberg A/S recorded a revenue growth of 7.5% in 2024, driven by a strong performance in the Asian markets. The market share in Asia is now 25%, highlighting the strategic expansion and investments in this region.

The profit growth of 6.2% in 2024 shows that the company is also able to effectively manage its costs and increase profitability. This positive development is supported by efficiency improvements and an enhanced product range.

Additionally, Carlsberg has invested in sustainable production methods, making the company future-proof in an increasingly environmentally conscious consumer landscape. These strategic initiatives could lead to a stronger market position and higher margins in the long term.

Overall, the current operational metrics and strategic initiatives suggest that Carlsberg A/S could be a solid investment, especially for investors interested in long-term growth.

Dividend yield: 2.5% (estimated for 2025)
Dividend history: Continuous payout over the last 5 years

Carlsberg A/S has pursued a consistent dividend policy in recent years, regularly distributing dividends to its shareholders. The dividend yield for 2025 is estimated to be around 2.5%, in line with previous payouts.

The company has established itself as a reliable dividend payer, supported by solid financial performance and a strong market position. Analysts expect Carlsberg to continue its dividend policy in the coming years, barring any significant economic or industry-specific challenges.