Carlsberg A/S : Q1 2024 Conference Call Transcript

We saw good growth for our key strategic growth drivers, such as premium beer and growth in Asia, and we maintained the earnings guidance for the year. We delivered 6.4% organic revenue growth driven by organic volumes of 2% and an increase in revenue per hectoliter of 4%. The volume growth was mainly driven by some of our key markets, such as China, India, Laos and Ukraine. We saw a good growth across the Nordic markets, in Poland, Germany and also in the UK. We also saw double-digit growth in Central and Eastern Europe, but this was offset by lower volumes in some export and license markets, particularly in the Middle East. Looking at the markets in Western Europe and starting with the Nordics, we saw good growth for the premium and soft drinks portfolios in all markets except Norway and very good growth for alcohol-free brews across all markets. Organic revenue growth was 7.3% and due to positive currency impact, reported revenue growth was 8.6%. Ukraine was subject to intense missile and rolling attacks in Q1, which of course impacted the beer market. Good growth for our key strategic growth drivers such as premium beer and growth in Asia. We had low-teens volume growth, around 20% revenue growth in India.