Do we like Carlsberg?
Danish global brewer (Carlsberg, Tuborg, Kronenbourg) and, since 2025, UK soft drinks maker Britvic. Based in Copenhagen.
Our score: 6 out of 10. A big, mostly ordinary brewer with real climate targets and a messy but ended Russia exit. We'd back it, but only with moderate enthusiasm.
Carlsberg is a Danish brewing giant. In July 2024 it agreed to buy UK soft drinks maker Britvic for about £3.3bn. The deal closed in January 2025, and the combined UK business is called Carlsberg Britvic. It also made Carlsberg PepsiCo's largest bottling partner in Europe.
The big drama was Russia. Moscow put Carlsberg's stake in Baltika under 'temporary management' in July 2023, and CEO Jacob Aarup-Andersen said the business had been stolen. Baltika then fought Carlsberg in Russian courts over brand licences and damages. Reuters reported that Carlsberg later agreed to sell its Baltika shares.