Carlsberg Ratios and Metrics

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

Millions EUR. Fiscal year is Jan - Dec.

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 4, 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	16,372	15,243	12,780	16,472	17,960	21,943
Market Cap Growth	6.11%	19.27%	-22.41%	-8.29%	-18.15%	14.47%
Enterprise Value	24,926	24,178	16,630	19,959	21,151	25,445
Last Close Price	121.95	111.45	90.84	107.19	113.65	135.87
PE Ratio	20.53	19.12	10.46	-	-	23.83
PS Ratio	1.37	1.28	1.27	1.67	1.90	2.72
PB Ratio	3.99	3.71	3.11	4.77	3.85	3.35
P/FCF Ratio	16.29	15.17	10.71	18.25	12.28	19.48
P/OCF Ratio	9.84	9.16	7.02	11.57	8.97	13.29
EV/Sales Ratio	2.09	2.03	1.65	2.02	2.24	3.15
EV/EBITDA Ratio	9.93	10.33	8.62	10.69	11.27	13.87
EV/EBIT Ratio	14.08	14.37	11.64	14.32	15.12	19.65
EV/FCF Ratio	24.80	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	4.87%	5.23%	9.56%	-33.22%	-0.80%	4.20%
FCF Yield	6.14%	6.59%	9.34%	5.48%	8.15%	5.13%
Dividend Yield	2.98%	3.48%	3.98%	3.38%	3.19%	2.38%
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	4.26%	3.77%	6.57%	6.05%	6.03%	4.05%

Source: S&P Global Market Intelligence. Standard template. Financial Sources.