FAQ
Frequently Asked Questions
On this page, you will find answers to frequently asked questions. Click on the relevant topic to go directly to FAQ section.
You are adopting IFRS 18 from 1 January 2026. What does this mean and have you restated 2025 financial statements accordingly?
What is the Group’s strategy?
Why do you provide an annual financial guidance, and why have you occasionally changed the guidance ahead of quarterly reports?
In how many markets do you have a number 1 or 2 position?
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What are the key elements in your ESG programme?
Brewing Tomorrow is Carlsberg’s ESG programme. Fit for the future and backed by science, it recommits our ambition to reducing our impact on the planet and people by focusing on the issues that matter most to our business and to society.
By cutting carbon, protecting nature, empowering people and inspiring choices, Brewing Tomorrow is our roadmap for action.
Read more about Brewing Tomorrow here.
What is you packaging break-down?
Packaging mix is (2025): Cans 38%, refillable glass bottles 26%, non-refillable glass bottles 8%, PET 22%, kegs 5% and bulk 1%. Read more in the Sustainability Statement in the 2025 Annual Report.
What is the split of GHG emissions in the value chain?
Agricultural sourcing: 21%. Beverage production: 7%. Packaging sourcing: 51%. Distribution: 13%. Cooling: 8%. Read more in the Sustainability Statement in the 2025 Annual Report.
Do you have targets for diversity, and what is the female representation on the leadership team?
DE&I is important for Carlsberg. We have set targets for women in senior leadership roles for 2032 (42%). In 2025, the share of senior leadership roles being held by women was 33%.
In the Supervisory Board, the objective is to achieve a gender diversity target of 40%. Four out of eight members elected by the Annual General Meeting are women (50%).
What is your M&A strategy?
What are the components of executive remuneration?
How many representatives from the Carlsberg Foundation are in the Supervisory Board?
The Carlsberg Foundation has two representatives in the Supervisory Board. A representative from the Carlsberg Foundation holds the position of Deputy Chair. Read more about corporate governance here.
What does COGS comprise?
The rule-of-thumb for COGS, excluding the purchases of finished goods, at Group level is as follows:
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What is the difference between the Carlsberg A/S ("Carlsberg Group") and Carlsberg Breweries A/S?
Carlsberg A/S is the listed entity that own 100% of Carlsberg Breweries A/S that own all operating companies. Carlsberg A/S has no other major activities.
Where do you provide country-by-country tax disclosure?
As a large multinational group headquartered in Denmark, Carlsberg is required to submit its CbCR to the Danish tax authorities and from 2026 to make it publicly available.
Consequently, we provide data on e.g. revenue, profit, and tax for each country in EU/EEA and countries listed in the EU list of non-cooperative jurisdictions where we operate. See the 2025 Tax Report, page 8.
What are the accounting and financial impacts of the many events in 2024 and 2025, including events such as the acquisition of Britvic, buy-out of partners in India and Nepal, sale of Russian business and the loss of the San Miguel license in the UK?
Please find an overview of the accounting and financial impacts of the many events here.
Explain what happened to the Indian business?
We announced the sale of the Russian business on 3 December 2024: Carlsberg Group divests shares in Baltika Breweries.
Central & Eastern Europe and India
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Azerbaijan
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Belarus
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Bulgaria
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Canada
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Croatia
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Estonia
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Greece
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Hungary
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India
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Italy
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Kazakhstan
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Latvia
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Lithuania
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Nepal
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Serbia
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Ukraine