Carlsberg Ratios and Metrics

Market cap in millions DKK. Fiscal year is January - December.

Millions DKK. Fiscal year is Jan - Dec.

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Feb '26 Feb 26, 2026	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
Market Capitalization	130,316	113,844	95,313	122,775	133,594	163,149
Market Cap Growth	18.64%	19.44%	-22.37%	-8.10%	-18.12%	14.35%
Enterprise Value	194,226	180,572	124,023	148,762	157,324	189,192
Last Close Price	983.20	835.20	669.61	798.19	846.80	1005.49
PE Ratio	21.90	19.12	10.46	-	-	23.83
Forward PE	15.25	13.49	11.88	15.09	16.83	21.73
PS Ratio	1.46	1.28	1.27	1.67	1.90	2.72
PB Ratio	4.25	3.71	3.11	4.77	3.85	3.35
P/FCF Ratio	17.36	15.17	10.71	18.25	12.28	19.48
P/OCF Ratio	10.48	9.16	7.02	11.57	8.97	13.29
PEG Ratio	1.49	1.40	1.31	1.78	2.24	1.92
EV/Sales Ratio	2.18	2.03	1.65	2.02	2.24	3.15
EV/EBITDA Ratio	10.35	10.33	8.62	10.69	11.27	13.87
EV/EBIT Ratio	14.68	14.37	11.64	14.32	15.12	19.65
EV/FCF Ratio	25.87	24.05	13.93	22.12	14.46	22.59
Debt / Equity Ratio	2.30	2.30	1.25	1.52	0.83	0.59
Debt / EBITDA Ratio	3.90	3.90	2.55	2.72	2.00	2.06
Debt / FCF Ratio	9.41	9.41	4.28	5.81	2.63	3.45
Net Debt / Equity Ratio	1.99	1.99	0.87	0.91	0.59	0.42
Net Debt / EBITDA Ratio	3.49	3.49	1.85	1.69	1.47	1.51
Net Debt / FCF Ratio	8.13	8.13	2.98	3.49	1.88	2.46
Asset Turnover	0.67	0.67	0.66	0.65	0.58	0.49
Inventory Turnover	7.48	7.48	6.91	7.07	6.88	6.30
Quick Ratio	0.43	0.43	0.42	0.50	0.33	0.38
Current Ratio	0.60	0.60	0.57	0.64	0.70	0.53
Return on Equity (ROE)	22.77%	22.77%	28.41%	26.36%	19.61%	18.00%
Return on Assets (ROA)	5.86%	5.86%	5.90%	5.71%	5.38%	4.91%
Return on Invested Capital (ROIC)	10.56%	13.02%	16.05%	16.13%	13.73%	11.34%
Return on Capital Employed (ROCE)	11.90%	11.90%	15.70%	16.10%	15.60%	11.60%
Earnings Yield	4.57%	5.23%	9.56%	-33.22%	-0.80%	4.20%
FCF Yield	5.76%	6.59%	9.34%	5.48%	8.15%	5.13%
Dividend Yield	2.95%	3.47%	4.03%	3.38%	3.19%	2.39%
Payout Ratio	59.93%	59.93%	39.50%	-	-	46.55%
Buyback Yield / Dilution	1.28%	0.29%	2.59%	2.67%	2.84%	1.67%
Total Shareholder Return	4.23%	3.76%	6.62%	6.06%	6.03%	4.06%

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.