Carlsberg Group reported a solid start to 2026, with organic volume and revenue growth across all regions in its Q1 2026 trading statement.
The brewer said organic volume increased by 2.8%, supported by growth in Western Europe, Asia, and Central & Eastern Europe and India. Reported volumes rose 5.3% to 35.1 million hectolitres.
Growth was led by premium beer, soft drinks, and alcohol-free brews, while the Beyond Beer category declined.
Revenue also moved higher, with organic growth of 3.6% and reported revenue reaching DKK 20.7 billion. Revenue per hectolitre increased by 1%, with the strongest gains coming from Central and Eastern Europe and India.
International brands performed strongly during the quarter. Carlsberg volumes rose 10%, Tuborg increased 4%, and 1664 Blanc grew 2%.
The company confirmed its full-year 2026 outlook, maintaining guidance for organic operating profit growth of 2–6% based on 2025 levels.
Carlsberg also pointed to its expanded strategic partnership with PepsiCo in the Nordics and Baltics as a key growth driver. The combined beverage portfolios are expected to strengthen distribution and category reach across retail markets.
Why it matters
For supermarket buyers and FMCG supply chains, the results highlight continued momentum in premium and alcohol-free beverages, alongside strong soft drink growth.
This signals ongoing category shifts on shelf, with retailers likely to allocate more space to higher-margin premium brands and non-alcoholic options.
The Carlsberg–PepsiCo partnership also points to deeper integration between beer and soft drink distribution networks, which could reshape supplier negotiations and category management strategies across Northern Europe.
What happens next
Carlsberg’s reaffirmed outlook suggests stable growth through 2026, but the next quarters will be closely watched for volume trends, particularly in mature European markets.
Retailers will also monitor how the PepsiCo partnership translates into in-store execution and whether combined portfolios drive stronger cross-category sales in supermarkets.
