How Britvic Integration Diversifies Carlsberg's Value Chain

Carlsberg Group has published its H1 financial report for 2025, demonstrating robust performance amid global uncertainties.

Its strategy has been bolstered significantly through the integration of Britvic, enhancing Carlsberg's foothold in the UK and Ireland markets.

While acknowledging challenges and losses, Carlsberg is setting its sights confidently on future prospects for the year.

Enhancing the supply chain

Established in 1847, Carlsberg is recognised globally as a leading brewery.

The organisation's results from the first half of 2025 highlight progress achieved in a complex global context. This journey of growth includes the acquisition of Britvic, a leading British soft drink producer, which involved more than 4,000 new employees joining the team and expanded its supply network significantly.

With 39 notable brands such as Robinsons and Lipton, Britvic strengthens Carlsberg's market presence. Within Carlsberg's financial report, a successful initial integration is noted.

Jacob Aarup-Andersen, CEO of Carlsberg, says: "We're pleased with the underlying Britvic performance in the key UK and Ireland markets. The business integration is progressing well and according to plan, making us excited about the long-term value creation from this acquisition."

The successful merging highlights how synergy between supply chains and a diversified value chain can yield positive outcomes. Key brands including Pepsi Max have shown good growth, aiding in a 1% increase in organic volume in the UK and a 2% rise in Ireland.

Britvic contributes 11.2 million hl in volume and generates DKK 7.3 billion (~£843m/US$1.1bn), showcasing its strategic importance within Carlsberg's wider supply chain.

Navigating market dynamics

Jacob and Ulrica Fearn, Carlsberg Group's CFO, took to LinkedIn to highlight notable events such as the Britvic integration, the UEFA partnership and the Carlsberg Research Laboratory's 150th anniversary.

Reflecting on global challenges, Jacob said: "In a difficult half year, we delivered solid results with good market share development across all three regions, particularly in Western Europe, driven by good momentum across key categories, including premium beer, alcohol-free brews and soft drinks.

"Amid the continued uncertainty and high volatility, we maintained our commitment to investing in and executing on our Accelerate SAIL growth drivers - laying a strong foundation for sustainable, long-term value creation."

Carlsberg's Western Europe revenue growth of 34.9% underscores its solid market attraction. Despite a drop in the Nordics' mainstream beer consumption, increased demand for soft drinks and premium beers, alongside alcohol-free beer (AFB), compensates this downturn.

In Asia, organic growth faced a 2.8% volume decline, though revenue per hl rose by 1%. ​​​​​​​Central & Eastern Europe and India saw reported growth upward of 9.5% for total volumes, 3% of revenue/hl and 11.4% of revenue. However, it saw an operating profit decline of 1.8%.

Ulrica adds: "Total reported volumes were up by 16%, revenue grew by 18.2% and operating profit was up by 15.1%. Looking at our organic development, volumes declined by 1.7% and revenue also decreased by 0.3%, while organic operating profit grew by 2.3%."

Carlsberg remains optimistic about its H1 performance and has narrowed its full-year guidance for organic operating profit growth.

Successful partnerships and strategic integrations like the one with Britvic fortify Carlsberg's resolve to deliver outstanding results for the remainder of the year.