Carlsberg A/S — Earnings Release 2020

Sep 17, 2020

Upgrade of 2020 earnings expectations

Upgrade of 2020 earnings expectations

The Carlsberg Group is adjusting its 2020 earnings expectations upwards due to better than expected August results, continued solid volume development in Eastern Europe and an improved outlook in western China after the recent relaxation of second-wave COVID-19 restrictions. Consequently, we now expect:

• Organic operating profit decline of high-single-digit percentage (previously a decline of 10-15%).

The assumptions of the earnings outlook remain unchanged versus the guidance provided on 13 August (please refer to page 7 in the H1 2020 report). It must be emphasised that the earnings expectations for the remainder of the year are more uncertain than usual as a consequence of the COVID-19 pandemic.

Contacts

Investor Relations:    

Peter Kondrup    +45 2219 1221        

Iben Steiness     +45 2088 1232

Media Relations:        

Kasper Elbjørn   +45 4179 1216        Christian Wulff Søndergaard +45 3144 7965

For more news, sign up at www.carlsberggroup.com/subscribe or follow @CarlsbergGroup on Twitter.

Contacts

Investor Relations:    

Peter Kondrup    +45 2219 1221        

Iben Steiness     +45 2088 1232

Media Relations:        

Kasper Elbjørn   +45 4179 1216        Christian Wulff Søndergaard +45 3144 7965

For more news, sign up at www.carlsberggroup.com/subscribe or follow @CarlsbergGroup on Twitter.

Attachment

• 43_17092020_Upgrade of earnings expectations