Carlsberg, the Danish brewing giant and the world’s third-largest brewer, has reported a slowdown in its third-quarter sales and volumes, highlighting the ongoing challenges in global consumer markets. Despite strong performances in certain regions, weak consumer spending, geopolitical tensions, and U.S. tariffs have created a tough operating environment for the company.

Q3 Performance: Organic Sales and Volumes Dip

For the third quarter of 2025, Carlsberg reported a 1.4% decline in organic sales and a 3% drop in organic volumes, when excluding acquisitions. The company’s total sales, however, increased by 18% to 24.14 billion Danish crowns ($3.77 billion), slightly below analysts’ forecast of 24.21 billion crowns. This increase was largely attributed to Carlsberg’s acquisition of British soft drinks maker Britvic earlier this year.

CEO Jacob Aarup-Andersen emphasized that while the company saw “solid underlying volume and revenue growth in Western Europe” and improvement in Asia, the global beer market remains challenging, especially for premium and low-alcohol beer segments.

Market Pressures and Strategic Responses

Carlsberg’s performance reflects broader trends in the beverage industry. Reduced consumer spending, combined with geopolitical uncertainties and import tariffs in the U.S., have weighed heavily on demand. As a result, Carlsberg has implemented cost-control measures since early summer to preserve profitability amid uncertain market conditions.

Despite the headwinds, Carlsberg maintained its full-year forecast for organic operating profit growth of 3-5%, slightly higher than last year’s 2.4% growth but below the initially targeted 4-6% range. Aarup-Andersen, who took over as CEO in 2023, highlighted that the company’s premium portfolio continues to perform well in most markets, which has helped mitigate some of the overall decline.

Regional Performance Highlights

• Western Europe: Strong underlying growth in volumes and revenues, driven by the popularity of Carlsberg’s premium beer offerings.
• Asia: Sequential improvements, showing a positive recovery trend in selected markets.
• Other markets: Slower growth due to cautious consumer behavior and macroeconomic challenges.

Outlook for the Global Beer Market

The third-quarter results underscore the resilience and adaptability of global brewers in the face of economic uncertainty. Carlsberg’s continued focus on premium products, strategic acquisitions, and cost management are central to maintaining profitability and navigating volatile markets.

Analysts remain cautious about consumer spending trends, particularly in key markets where discretionary income is under pressure. For Carlsberg, the next few quarters will be critical in sustaining growth while managing cost efficiency and expanding its portfolio.