Carlsberg A/S — Earnings Release 2017

Aug 16, 2017

Strong earnings growth and cash flow; well on track to deliver on key
priorities for 2017

HIGHLIGHTS

-- Organic and reported net revenue growth of 2% to DKK 31,765m.
-- Solid price/mix improvement of +4% with good progress across all regions.
-- Total organic volume down 2%, impacted by PET downsizing in Russia.
-- Tuborg volume +3% driven by Asia, Carlsberg -1% impacted by tough EURO
2016 comparables.
-- Craft & speciality volume +25%, alcohol-free beer volume in Western
Europe +13%.

-- Funding the Journey in good shape, delivering according to plan across all
regions.
-- Gross margin up 110bp; operating margin improvement of 200bp to 13.0% with
strong contribution in all three regions.
-- Strong organic operating profit growth of 15%; reported growth of 20% to
DKK 4,125m, supported by a DKK 0.2bn positive currency impact.
-- Reported net profit of DKK 2,304m (+23%) and adjusted net profit of DKK
2,286m (+63%).
-- Continued improvement of free cash flow to DKK 5.9bn (+12%) despite last
year being impacted by proceeds from disposals. Free operating cash flow
increase of 37%.
-- Net debt reduction of DKK 3.7bn to DKK 21.9bn; net interest-bearing
debt/EBITDA reduced to 1.57x.

2017 EARNINGS EXPECTATION MAINTAINED

-- Mid-single-digit percentage growth in organic operating profit.
-- Financial leverage reduction.
-- Positive translation impact of around DKK 50m now expected (previously DKK
+300m).
-- Financial expenses, excluding currency losses or gains and fair value
adjustments, are now expected to be around DKK 1bn (previously DKK
1.0-1.1bn).

Commenting on the results, CEO Cees ’t Hart says: “We delivered a strong set of
results for the first half-year, improving earnings and cash flow and reducing
leverage. The results show that we’re well on track to deliver on our key
priorities for this year: achieving a substantial proportion of the remaining
Funding the Journey benefits, enabling investments in SAIL’22-related
activities to grow the top-line in the future.

“Funding the Journey is now well established and being embedded as normal
procedure across our markets and functions.

“Our strong financial results enable us to accelerate our investments in the
SAIL’22 priorities to drive sustainable long-term growth of the Carlsberg
Group. The growth of Tuborg in Asia, the expansion of Grimbergen and the
further development of our fruitful cooperation with Brooklyn serve as
excellent examples of SAIL’22 at this point in time.”

Carlsberg will present the results at a conference call today at 9.00 am CET
(8.00 am GMT). Dial-in information and slide deck are available beforehand at
www.carlsberggroup.com

Contacts

Investor relations
Peter Kondrup +45 3327 1221
Iben Steiness +45 3327 1232

Media relations
Kasper Elbjørn +45 4179 1216
Anders Bering +45 4179 1217