Carlsberg A/S has published the transcript of its Full Year 2025 Financial Statement Conference Call. The event featured Group CEO Jacob Aarup-Andersen, CFO Ulrica Fearn, and Vice President of Investor Relations Peter Kondrup, as well as several analysts from leading financial institutions. During the call, management highlighted significant developments over the past year, including what CEO Jacob Aarup-Andersen described as “the second largest acquisition in our history.” This major transaction contributed to special items on the company’s financial statements for the year. Carlsberg also reported strong performance in Kazakhstan, where the company became a combined beer and soft drinks player following the takeover of the Pepsi license. “We’re very excited about our business in Kazakhstan where we are now a combined beer and soft drinks player after the takeover of the Pepsi license. Our volume growth was in the mid-teens with good results for the alcohol-free brews, Beyond Beer, and the local mainstream brand,” said the CEO. Early shipments of Pepsi products led to “very strong growth for soft drinks.” The company also noted a slight decline in export license business volumes, despite good growth for Carlsberg, Kronenbourg 1664, and the alcohol-free Moussy brands in the Middle East. This was offset by softer performance for Tuborg and Somersby. The full transcript can be accessed through the link below.

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