嘉士伯上半年营业利润、销量不及预期 CEO称下半年可能不会改善

Core Insights - Carlsberg reported a revenue of DKK 45.855 billion for the first half of 2025, representing an 18.2% year-on-year increase, although organic growth was slightly negative at -0.3% [2][3] - The operating profit reached DKK 7.233 billion, up 15.1% year-on-year, with an organic growth of 2.3% [2][3] - Net profit decreased by 4.7% to DKK 3.562 billion, while adjusted net profit increased by 3.9% to DKK 4.023 billion [2][3] Financial Performance - Total sales volume was 7.63 million hectoliters, a 16.0% increase year-on-year, but organic growth was down by 1.7% [4] - Beer sales volume was 5.27 million hectoliters, showing a decline of 1.3%, while other beverages saw a significant increase of 91.4% to 2.36 million hectoliters [4] - Gross profit stood at DKK 21.113 billion, with EBITDA at DKK 9.7 billion, reflecting strong operational performance [3] Strategic Developments - Carlsberg's premiumization strategy is gaining traction, with high-end brands like Carlsberg Classic, Tuborg, and 1664 Blanc increasingly capturing consumer attention [4] - The premium product portfolio showed stable growth across three major regions, particularly strong in Western Europe and China [4] - Despite the positive developments, the company indicated that organic sales volume decline and lower-than-expected profit growth may lead to a revision of profit forecasts for the remainder of the year [4]