Carlsberg: Britvic brands support otherwise soft quarter

  • Carlsberg, despite ‘decent at first glance' metrics, saw a soft start to 2025 dampened by subdued consumer spending. Volumes and revenue were up, 14% and 17% respectively, albeit driven by the acquired Britvic soft-drink brands, whilst the beer segment was weaker versus prior comparatives following the ending of Carlsberg's licensing and distribution deal for San Miguel.