Carlsberg A/S (CABGY)

Carlsberg Income Statement

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

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	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	28,084	23,660	22,462	21,604	18,890
Other Operating Expenses	-415	66	-17	58	51
Operating Expenses	27,669	23,726	22,445	21,662	18,941
Operating Income	12,567	10,654	10,387	10,405	9,628
Interest Expense	-2,399	-1,105	-776	-540	-508
Interest & Investment Income	385	468	441	267	139
Earnings From Equity Investments	660	616	581	901	336
Currency Exchange Gain (Loss)	-357	189	-211	-219	-52
Other Non Operating Income (Expenses)	11	-415	-208	-148	124
EBT Excluding Unusual Items	10,867	10,407	10,214	10,666	9,667
Merger & Restructuring Charges	-1,649	-767	-258	-131	-266
Impairment of Goodwill	-	-	-	-700	-
Gain (Loss) on Sale of Investments	13	5	-	-	-
Gain (Loss) on Sale of Assets	84	44	47	79	77
Asset Writedown	-687	-258	-310	-64	-867
Other Unusual Items	422	556	137	111	1,836
Pretax Income	9,050	9,987	9,830	9,961	10,447
Income Tax Expense	2,072	1,982	1,859	1,778	2,154
Earnings From Continuing Operations	6,978	8,005	7,971	8,183	8,293
Earnings From Discontinued Operations	-	2,258	-47,748	-8,075	-284
Net Income to Company	6,978	10,263	-39,777	108	8,009
Minority Interest in Earnings	-1,023	-1,147	-1,011	-1,171	-1,163
Net Income	5,955	9,116	-40,788	-1,063	6,846
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)	45.06	68.73	-299.72	-7.60	47.59
EPS (Diluted)	44.90	68.59	-298.92	-7.60	47.43
EPS Growth	-34.54%	-	-	-	15.41%
Free Cash Flow	7,507	8,902	6,726	10,883	8,375
Free Cash Flow Per Share	56.64	66.97	49.29	77.62	58.04
Dividend 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	14.11%	14.20%	14.12%	14.81%	16.02%
Profit Margin	6.68%	12.15%	-55.43%	-1.51%	11.39%
Free Cash Flow Margin	8.43%	11.87%	9.14%	15.49%	13.94%
EBITDA	17,474	14,388	13,919	13,961	13,639
EBITDA Margin	19.61%	19.18%	18.92%	19.87%	22.70%
D&A For EBITDA	4,907	3,734	3,532	3,556	4,011
EBIT	12,567	10,654	10,387	10,405	9,628
EBIT Margin	14.11%	14.20%	14.12%	14.81%	16.02%
Effective Tax Rate	22.89%	19.85%	18.91%	17.85%	20.62%

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