Carlsberg Set to Return to Consistent Volume Growth -- Market Talk

Dow Jones

12/04

1001 GMT - Carlsberg should return to sustainable volume growth and has options that support de-leveraging, UBS says in a note upgrading the Danish brewer to buy from neutral. "Carlsberg's foray into a structurally faster growth soft drinks category in Europe comes at a time when there are also some greenshoots for its beer business in Asia after two years of volume declines," UBS analysts Sanjeet Aujla and Ella Hong say. UBS expects a return to consistent volume growth and de-leveraging to support a rerating closer to European staples peers. UBS notes bright spots in Asia, where Carlsberg is stepping up sales and marketing spending. That should help market share and volume growth in 2026. Shares trade 1.2% higher at 813.80 kroner. (sarah.sloat@wsj.com)

(END) Dow Jones Newswires

December 04, 2025 05:03 ET (10:03 GMT)

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