Carlsberg A/S (CARLB DC) Hold: India IPO insight looms large for 1H earnings call

Research evidence excerpt

Carlsberg A/S (CARLB DC) Hold: India IPO insight looms large for 1H earnings call

2 July 2026

Carlsberg A/S (CARLB DC) EquitiesBeverages

Hold: India IPO insight looms large for 1H earnings call Denmark

◆ IPO of India unit, reported by Bloomberg, would add needed

MAINTAIN HOLD

industry transparency and deleverage the parent company

◆ Headwinds from Easter phasing alongside softness in key TARGET PRICE (DKK) PREVIOUS TARGET (DKK)

markets; Soft drinks look strong, Beer remains a drag 1000.00 980.00

◆ Retain Hold and raise TP to DKK1,000 (from DKK980) as we SHARE PRICE (DKK) UPSIDE/DOWNSIDE

adjust our model to reflect the latest industry trends and FX 873.20 +14.5%

(as of 01 Jul 2026)

A 2026 IPO of the India business seems to be moving forward: Bloomberg reports MARKET DATA

(2 July) that Carlsberg filed draft papers for an IPO of its India business. This is in-line Market cap (DKKm) 121,288 Free float 90% Market cap (USDm) 18,462 BBG CARLB DC

with management’s commentary earlier this year. The number #2 player in the Indian 3m ADTV (USDm) 31 RIC CARLb.CO

beer industry would amplify sector transparency and the discourse on India for local

FINANCIALS AND RATIOS (DKK)

and global investors. It should also deleverage the group’s balance sheet. Year to 12/2025a 12/2026e 12/2027e 12/2028e

HSBC EPS 60.98 62.68 66.41 67.07

In the meantime, consumer recovery in its key markets remains a mixed bag: HSBC EPS (prev) 60.98 62.84 66.55 67.37

We expect some volume pressure on account of Easter phasing and some market- Change (%) 0.0 -0.3 -0.2 -0.5 Consensus EPS 58.21 64.61 70.22 76.05

specific drags. We forecast 0.7% organic volume growth and 1.9% organic revenue PE (x) 14.3 13.9 13.1 13.0

Dividend yield (%) 3.3 3.6 3.8 4.0

growth for the quarter.