Carlsberg Posts 3.6% Sales Gain as Beer Volumes Fall

Carlsberg said on Wednesday that its organic sales rose 3.6% in the first quarter of 2026, even as beer volumes fell 2%, a sign that the brewer is still gaining value from higher-priced products and nonalcoholic drinks while demand for traditional beer remains under pressure in some markets.

The Danish company reported organic volume growth of 2.8% to 35.1 million hectoliters, helped by stronger performance in premium beer and alcohol-free beverages. Premium volumes increased 3%, while nonalcoholic drinks rose 7%. The company said those categories continued to outpace the broader beer market and supported revenue growth per hectoliter.

Carlsberg’s update comes at a time when large brewers are trying to balance weaker consumer demand for standard lager with growth in higher-margin segments. The company said its first-quarter results were in line with its expectations and that it was confirming its full-year guidance for 2026.

The brewer did not report a change to its outlook, suggesting management sees the current mix of volume growth and category shifts as manageable for the rest of the year. The figures also point to a broader trend in the beverage industry, where premium labels and alcohol-free options are taking a larger share of sales even as overall beer consumption softens in some regions.

Carlsberg, one of the world’s largest beer groups, sells brands across Europe and Asia and has been investing in premiumization and low- and no-alcohol products as consumers become more selective about what they buy. The company’s first-quarter statement showed that strategy continuing to support revenue even with lower beer volumes.