Berenberg Notes Carlsberg's Consistent Earnings Growth Potential; Forecasts Revised

09:07 AM EDT, 08/25/2026 (MT Newswires) -- Berenberg on Tuesday noted Carlsberg's (CARL-A.CO, CARL-B.CO) potential to consistently deliver earnings growth in the high single digits over the coming years after posting in-line top-line results and stronger-than-expected organic operating profit growth in the first half. "Soft drinks were the standout, rising by 9% organically in H1, helped by the new Pepsi licence in Kazakhstan and mid-single-digit growth in the UK, while Britvic integration synergies were upgraded to ~50% of the GBP110m target in 2026 (from 30-40%) as delivery runs ahead of schedule. Carlsberg has commenced the early adoption of IFRS 18 in 2026, and as part of the process, the Danish company restated all 2025 comparative periods, including H1 2025, H2 2025 and FY 2025, to align with the new presentation and disclosure requirements of IFRS 18," analysts wrote. "The impact of these restatements is purely presentational, not economic." The research firm revised its estimates as it took the newly adopted accounting rules into account, lifting its projected sales and EPS for 2026 by 0.1% and 3.7%, respectively. For 2027 and 2028, sales and EPS forecasts also moved higher, while EBIT expectations were trimmed. The stock's buy rating and price target of 1,090 Danish kroner were maintained, with analysts noting that the brewery group's shares continue to be "attractively valued."