Carlsberg A/S (OTCPK:CABGY) Q2 2025 Earnings Conference Call August 14, 2025 3:30 AM ET
Company Participants
Jacob Aarup-Andersen – Group CEO & Member of Executive Board
Ulrica Fearn – CFO & Member of Executive Board
Conference Call Participants
André Thormann – Danske Bank A/S
Edward Brampton Mundy – Jefferies LLC
Gen Philip Cross – BNP Paribas Exane
Jean-Olivier Nicolai – Goldman Sachs Group, Inc.
Laurence Bruce Whyatt – Barclays Bank PLC
Richard Withagen – Kepler Cheuvreux
Sanjeet Aujla – UBS Investment Bank
Sarah Simon – Morgan Stanley
Simon Lynsay Hales – Citigroup Inc.
Soren Samsoe – SEB
Thomas Lind Petersen – Nordea Markets
Operator
Ladies and gentlemen, welcome to the Carlsberg AS H1 2025 Financial Statement Conference Call. I’m Moritz, the Chorus Call operator. [Operator Instructions] The conference is being recorded. [Operator Instructions] The conference must not be recorded for publication or broadcast.
At this time, it’s my pleasure to hand over to your host today, CEO, Jacob Aarup-Andersen; and CFO, Ulrica Fearn. Please go ahead.
Jacob Aarup-Andersen
Thank you so much, operator, and good morning, everyone, and welcome to Carlsberg’s Half Year 2025 Conference Call. As said, my name is Jacob Aarup-Andersen, and I have with me our CFO, Ulrica Fearn; and our Vice President, investor Relations, Peter Kondrup.
Before we get into the meat of it, let me begin by summarizing the key headlines for this call. We delivered strong top line and profit growth, mainly due to the consolidation of Britvic, of course. We delivered solid organic performance in a challenging environment with good market share development in all three regions and returning to volume growth in Q2 in both Western Europe ex San Miguel and in CEEI. The integration of Britvic is on track, and we’re excited about the performance of the business in the key U.K. and Ireland markets. And thanks to the solid
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