Carlsberg has reported a stronger start to 2026 in Asia, with the brewer delivering volume growth across the region despite currency pressure.
The Danish brewer’s Q1 2026 Trading Statement reported volumes increased 5.3% to 35.1 million hectolitres and reported revenue up 3.0% to DKK 20.7 billion.
Asia was one of the firm’s brighter spots, with organic revenue in the region rising 4.4%, supported by 3.4% organic volume growth and a 1% improvement in revenue per hectolitre.
Reported revenue in Asia, however, fell 1.9% to DKK 5.73 billion after a 6.3% currency headwind, with China, Laos and Vietnam the biggest contributors to the foreign-exchange impact.
In China, the company reported modest volume growth, helped by premium beer and its ‘Big Cities’ business, but partly offset by lower mainstream beer volumes.
Asia beer volumes rose 2.2% to 11.3 million hectolitres, with “particularly strong growth” in Vietnam and Laos.
India and Nepal were also key contributors in Carlsberg’s Central & Eastern Europe and India division, where organic revenue rose 8.1%.
Reported revenue growth in the division was lower at 3.1%, as currency depreciation in India and Nepal weighed on the result.
Carlsberg said the division’s volume growth was mainly due to a strong start to the year in India and Nepal, as well as strong soft drinks growth in Kazakhstan following its takeover of the Pepsi licence in the fourth quarter of 2025.
Soft drinks were a major part of the CEEI story: while beer volumes in the division rose just 0.4% to 6.7 million hectolitres, soft drinks and other beverages jumped by 33% to 1.8 million hectolitres.
The company said revenue per hectolitre growth in CEEI was supported by price increases and solid growth in premium beer and alcohol-free brews, partly offset by category mix as Kazakhstan’s soft drinks growth came at a lower average revenue per hectolitre.
Carlsberg maintained its full-year outlook, forecasting organic operating profit growth of 2% to 6% against 2025 operating profit of DKK 13.996 billion.
However, in comments to Reuters, Carlsberg CEO Jacob Aarup-Andersen shared that the firm is “planning for a continued crisis for the rest of the year” due to the conflict in the Middle East and rising energy prices.
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