Carlsberg Income Statement

Financials in millions DKK. Fiscal year is January - December.

Millions DKK. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	89,095	75,011	73,585	70,265	60,097
Revenue Growth (YoY)	18.78%	1.94%	4.72%	16.92%	2.66%
Cost of Revenue	48,859	40,631	40,753	38,198	31,528
Gross Profit	40,236	34,380	32,832	32,067	28,569
Selling, General & Admin	28,089	23,623	22,432	21,566	18,851
Other Operating Expenses	717	-135	-274	-185	-1,114
Total Operating Expenses	28,806	23,488	22,158	21,381	17,737
Operating Income	11,430	10,892	10,674	10,686	10,832
Interest Income	1,136	959	755	347	571
Interest Expense	-3,516	-1,864	-1,599	-1,072	-956
Total Non-Operating Income (Expense)	-2,380	-905	-844	-725	-385
Pretax Income	9,050	9,987	9,830	9,961	10,447
Provision for Income Taxes	2,072	1,982	1,859	1,778	2,154
Net Income	5,955	9,116	-40,788	-1,063	6,846
Minority Interest in Earnings	1,023	1,147	1,011	1,171	1,163
Earnings From Discontinued Operations	-	2,258	-47,748	-8,075	-284
Net Income to Common	5,955	9,116	-40,788	-1,063	6,846
Net Income Growth	-34.67%	-	-	-	13.53%
Shares Outstanding (Basic)	132	133	136	140	144
Shares Outstanding (Diluted)	133	133	136	140	144
Shares Change (YoY)	-0.29%	-2.59%	-2.67%	-2.84%	-1.67%
EPS (Basic)	45.10	68.70	-299.70	-7.60	47.60
EPS (Diluted)	44.90	68.60	-299.70	-7.60	47.40
EPS Growth	-34.55%	-	-	-	15.33%
Shares Outstanding	132.17	132.08	134.11	137.34	141.89
Free Cash Flow	7,507	6,644	7,720	8,931	8,373
Free Cash Flow Growth	12.99%	-13.94%	-13.56%	6.66%	28.18%
Free Cash Flow Per Share	56.64	49.98	56.58	63.70	58.03
Dividends Per Share	29.000	27.000	27.000	27.000	24.000
Dividend Growth	7.41%	-	-	12.50%	9.09%
Gross Margin	45.16%	45.83%	44.62%	45.64%	47.54%
Operating Margin	12.83%	14.52%	14.51%	15.21%	18.02%
Profit Margin	7.83%	10.67%	10.83%	11.65%	13.80%
FCF Margin	8.43%	8.86%	10.49%	12.71%	13.93%
EBITDA	16,858	15,262	14,748	14,873	15,070
EBITDA Margin	18.92%	20.35%	20.04%	21.17%	25.08%
EBIT	11,430	10,892	10,674	10,686	10,832
EBIT Margin	12.83%	14.52%	14.51%	15.21%	18.02%
Effective Tax Rate	22.90%	19.85%	18.91%	17.85%	20.62%

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.