Carlsberg has today reported quarterly volume growth for the first time in over a year, bringing some cheer for the Danish brewer as the industry confronts challenges from the Iran war that threaten to drive up costs and hit demand.
The world's third-largest brewer and its larger peers Anheuser-Busch InBev and Heineken have all been struggling to sell more beer in the face of factors ranging from bad weather to geopolitical uncertainty.
Now, conflict in the Middle East could make cans, bottles and fertiliser more expensive and place more strain on drinkers' wallets, as well as increasing concerns about the future.
Carlsberg CEO Jacob Aarup-Andersen said that ripple effects on supply chains and commodities would likely last for most of 2026, even if there is a resolution to the conflict.
"We're planning for a continued crisis for the rest of the year," he told Reuters by phone.
The brewer's shares rose over 3% in early trade as its first-quarter volumes and revenue surpassed expectations.
In the first quarter, total volumes rose 2.8% organically and were ahead of analyst forecasts. Volumes declined throughout 2025.
Carlsberg is hedged against cost increases this year and the impact on consumer sentiment has so far been limited, Aarup-Andersen said. Carlsberg expects to sell more drinks again in the second quarter and forecasts volume growth over the full year.
The maker of brands including Kronenbourg 1664, Tuborg and Somersby has pushed further into soft drinks than its peers, which has helped buffer lacklustre beer sales.
The return to volume growth was "encouraging", James Edwardes Jones, an analyst at RBC Capital, said.
"This was a good quarter," he continued.
