0818 GMT - Carlsberg's results are underwhelming, with the Copenhagen-based brewer's second-quarter organic volume growth of 0.8% versus the 1.7% expected in a Visible Alpha consensus, RBC Capital Markets analyst James Edwardes Jones writes. Asia was notably weak, a function of Chinese market softness exacerbated by poor weather, he says. Sales growth in Europe was largely as expected. Operating profit was more or less in line, despite the negative impact of IFRS 18 accounting changes, he adds. The full-year EBIT growth guidance range has been adjusted to 4%-6% from 2%-6%. The adoption of IFRS 18 means the 2025 EBIT number has been restated and is 2% lower than originally reported. "Assuming the shortfall arising from this change in accounting policy will be similar in 2026, we think the impact on guidance is trivial." Shares fall 1.9%.