Assets

Type	Time	Amount	Unit
ifrs-full:Assets	2024-12-31	113328000000	dkk
ifrs-full:Assets	2023-12-31	111831000000	dkk

Revenue

Type	Start date	End date	Amount	Unit
ifrs-full:Revenue	2024-01-01	2024-12-31	75011000000	dkk
ifrs-full:Revenue	2023-01-01	2023-12-31	73585000000	dkk

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   <mrv:SustainabilityReport contextRef="ctx-1" id="f1__s9__7__6-1" xml:lang="en">REVENUE (ORGANIC GROWTH)+2.4%‘24DKK 75.0bn‘23DKK 73.6bnVOLUME BY MARKETgNordics  41% gUK, Poland, Germany 40% gFrance, Switzerland  19% VOLUME BY MARKETgChina, Hong Kong SAR  67% gVietnam, Laos, Cambodia 30% gMalaysia, Singapore  3% VOLUME BY MARKETgExport &amp; License, Canada  32% gIndia, Ukraine 30% gBaltics, Kazakhstan, Belarus, Azerbaijan  18% gBalkan markets, Italy, Greece 20% OUR BEER PORTFOLIOSELECTED BRANDSPREMIUM BEER SHARE OF TOTAL VOLUMES19% VOLUME GROWTH2%5% volume growth9% volume growth6% volume growth5% volume growthMAINSTREAM CORE BEERSHARE OF TOTAL VOLUMES59%VOLUME GROWTH-1%OUR ALCOHOL-FREE BREWS AND OTHER BEVERAGE PORTFOLIOSSELECTED BRANDSALCOHOL-FREE BREWS (AFB) SHARE OF TOTAL VOLUMES3% VOLUME GROWTH6%BEYOND BEERSHARE OF TOTAL VOLUMES2%VOLUME GROWTH5% -2% volume growthSOFT DRINKSSHARE OF TOTAL VOLUMES16%VOLUME GROWTH1%REVENUE, EARNINGS AND RETURNSRevenue grew organically by 2.4% as a result of revenue/hl growth of 2% and organic volume growth of 0.4%. Reported revenue grew by 1.9% with a negative currency impact from China, Ukraine and Laos (including the impact from hyperinflation accounting), partly offset by a small net acquisition impact from Waterloo Brewing in Canada and Jing-A in China.GroupChangeChange2023 Organic Acq., net FX 2024 ReportedDKK millionRevenue 73,585  2.4 %  0.2 %  -0.7 % 75,011  1.9 %COMPOSITION OF THE 2EXECUTIVE COMMITTEEThe Executive Committee (ExCom) currently consists of the Executive Board and a wider group of senior executives, in total nine members, portrayed on pages 4-5. A tenth member, replacing the Executive Vice President, Central &amp; Eastern Europe and India will join the Executive Committee no later than March 2025. Executive Committee gender representation ExCom Women MenNumber 3 6Share of total 33% 67%ExCom members collectively prepare and implement the Group’s strategic plans.The nine members of ExCom represent eight different nationalities. They all have an international business background and a broad set of competencies and responsibilities related to general management, strategy, finance, our three regions, FMCG, marketing, sales, supply chain, procurement, ESG, human resources, digital and technology. Driving diversity is a business priority. The Diversity, Equity &amp; Inclusion Policy, available on www.carlsberggroup.com, sets out the Group’s broader aspirations and commitments to attract, develop and retain people with different perspectives, experiences and backgrounds. Read more about our commitments and work with diversity in the sustainability statement on pages 92-93.2 ESRS-2, GOV-1; 21c, 21d.COMPOSITION OF THE 3SUPERVISORY BOARDThe Supervisory Board has 14 members, none of whom are part of the executive management of the Company. Nine of the 14 members are elected by the General Meeting, six of whom (67%) are independent directors. In accordance with the Danish Companies Act, the five other members are elected by the employees. Two of the members elected by the General Meeting are affiliated to the Carlsberg Foundation, the Company’s largest shareholder, in their capacity as members of the Carlsberg Foundation Board, and both have an academic background. These members are bearers of the Carlsberg Group culture and heritage, and the values stemming from our founder, J.C. Jacobsen, and the Supervisory Board sees these members as patrons of the same. The five employee representatives are elected for a term of four years. They have the same rights and obligations as the members elected by the General Meeting. The current employee representatives were elected in 2022 and the next election will take place in 2026. In 2024, a supplementary election took place to identify an employee representative to replace Tenna Thorsted, who left the Carlsberg Group and thus the Supervisory Board as of 31 October 2024.The members of the Supervisory Board and their board meeting attendance are shown in the table on page 41. Information on the Supervisory Board members is available on pages 46-48. 3 ESRS-2, GOV-1; 21a, 21b, 21e.1DiversityThe Supervisory Board recognises the value and benefits of diversity in respect of professional and international experience, culture and gender. Consequently, diversity is of high priority for the Supervisory Board, and it has laid down the following specific objectives in relation to international experience and gender:• With regard to international experience, the objective is that 50% or more of the Supervisory Board members elected by the General Meeting should have substantial international experience from managing large corporations or institutions. The Supervisory Board fulfils the objective regarding international experience.• With regard to gender, the target for the under-represented gender is 40% of the Supervisory Board members elected by the General Meeting to be reached no later than 2028. As per the Annual General Meeting 2024, three of the nine members (33%) elected by the General Meeting are women. Including the members elected by the employees, until December five out of 14 members were women, equal to 36%. By the end of the year, four out of 14 members are women, equal to 29%.The Supervisory Board constantly considers how to best achieve as diverse a representation as possible in terms of views, culture, experience, background, gender etc. In order to reach the gender diversity target, it is a requirement for recruitment firms to present a pool of women candidates for the Supervisory Board to consider, and for the Board to look at gender balance as a factor when evaluating future candidates. 1 ESRS-2, GOV-1; 21d.1CompetenciesAccording to the Specification of Competencies, the Supervisory Board should be composed such that the Board is able to support, inspire, challenge and guide the Executive Board and the wider Executive Committee, and to deal effectively with the Carlsberg Group's strategic direction and decisions, general and financial management, and challenges and opportunities.The skills and competencies that should be represented on the Supervisory Board are described in the Specification of Competencies, available on www.carlsberggroup.com. On the basis of a recommendation from the People &amp; Culture Committee, the Supervisory Board reviews the Specification of Competencies annually.Seven of the nine Supervisory Board members elected by the General Meeting have an international business background and, in addition, competencies related to FMCG, marketing, finance, ESG, supply chain, procurement, M&amp;A, Carlsberg’s three key regions and emerging markets.In line with the new CSRD regulation, we undertook an evaluation of the Supervisory Board generally, and specifically with regard to our sustainability-related impacts, risks and opportunities. Please see page 56 for more information.The Supervisory Board continuously assesses, including as part of its annual Board evaluation, whether the board members possess the required skills and competencies to best support the Carlsberg Group and its strategy, and whether the composition can be further optimised for this purpose. 1 ESRS-2, GOV-1; 21c.The Supervisory Board believes that the current composition of the Board ensures an appropriate level of skills, breadth and diversity in the members’ approach to their duties, thereby helping to ensure that decisions are well considered and that both short- and long-term perspectives are taken into account.SPEAKUP1Our whistleblower systemThe Carlsberg Group encourages open communication about company culture, ethics and values. We provide several channels for our employees, value chain workers, consumers and business partners to report suspected breaches of our Code of Ethics &amp; Conduct, including bribery and corruption, or other concerns, without fear of retaliation. While employees are encouraged to share concerns directly with managers or local HR or compliance representatives, any individual –internal or external – can report concerns anonymously through our SpeakUp system.The SpeakUp system is a 24-hour grievance mechanism operated by an external provider. It is accessible via phone or online at speakup@carlsberg.com, and available in local languages across our markets. We have robust processes in place to ensure compliance with the EU Whistleblower Protection Directive. The SpeakUp Manual, which clarifies how investigations should be undertaken, is regularly updated to reflect the most recent changes in legislation and new tools used in investigations. Reviewing and investigating 2complaintsAll reports received through the SpeakUp system or other channels are treated seriously. To ensure confidentiality, an independent SpeakUp Review team, which is part of Group Internal Audit, reviews all reports.Reporters receive acknowledgement upon submission of a report and are notified when investigations conclude. Serious matters are overseen by our Integrity Committee, chaired by the CFO, with members from HR, Group Internal Audit and Legal &amp; Compliance, including follow-up of major SpeakUp investigations, with a report to ExCom and the Audit Committee at least quarterly. TheSpeakUp Summary report contains an overview of all open and closed investigations during the quarter and the time taken to resolve cases.Remediation actions developed as a result of serious matters are tracked by Group Internal Audit to ensure they are implemented in a timely manner. Where a matter is upheld, or partially upheld, we take appropriate disciplinary action as required. Less serious matters are allocated to the market to investigate, track and resolve with timely remediation plans. In 2024, we received 229 reports. These included 146 reports of suspected misconduct, compared to 188 in 2023, covering issues such as bribery, conflicts of interest and other integrity breaches. Of the 147 cases closed, 72 were fully or partially upheld, leading to actions, including 30 dismissals, 38 warnings and 26 feedback meetings. The incidents have not had any material impact on the financial results of the Group.3Promoting a culture of speaking upIn Q1 2024, we launched an internal campaign to promote SpeakUp throughout our markets. As part of this campaign, information about SpeakUp was disseminated through posters, intranet articles and town hall or department meetings in all markets where Carlsberg has operations, and in export and licence markets where such activities were conducted for the first time. In addition to regular SpeakUp campaigns, a survey was initiated in Q4 2024 to understand awareness among employees of the SpeakUp system and experience of it in order to identify areas for further improvement of the SpeakUp process and understand reporting behaviours of employees. In order to assess how comfortable our employees feel about speaking their minds, our My Voice survey includes a question on whether employees feel comfortable speaking freely. In 2024, this question scored 75, which was five points above the external benchmark of nearly 1,100 companies – reflecting our commitment to fostering a culture of safety, transparency and open dialogue.4Protecting people raising concernsThe SpeakUp Manual and Code of Ethics &amp; Conduct explicitly prohibit retaliation against those who report concerns in good faith or participate in investigations. Managers may not dismiss, demote, suspend, threaten, harass or in any other way discriminate against an employee who reports a suspected violation in good faith.1 G1-1; 10a, S1-3; 32a, 32b, 32c, 32d, S2-3; AR25, S2-3; 27a, 27b, 27c S4-3; 25a, 25b, 25c.2 G1-1; 10e, G1-3; 18c, S1-3; 32e, G1-4; 24b, S2-3; 27d, S4-3; 25d.3 S1-3; 33, S2-3; 28, S4-3; 26.4 G1-1, 10c, S1-3; 33, S2-3; 28, S4-3; 26.ESRS DATA POINTSThe index below summarises the ESRS disclosure for the sustainability statement incorporated in the management review. See the sustainability statement for all other disclosures on the eight topical standards, which are material to Carlsberg and which have guided the preparation of our sustainability statement.ESRS DR ESRS paragraph Disclosures required by ESRS Section in management review / paragraphs in section PageGOV-1 (ESRS 2) 21 a Number of executive/non-executive membersCorporate governance• Composition of the Executive Committee40GOV-1 (ESRS 2) 21 b Information about representation of employees and other workers• Composition of the Supervisory BoardCorporate governanceInformation about member's experience relevant to sectors, products and geographic GOV-1 (ESRS 2) 21 c• Composition of the Executive Committee40locations of undertaking• Composition of the Supervisory Board (Competencies)42Corporate governancePercentage of members of administrative, management and supervisory bodies by gender GOV-1 (ESRS 2) 21 d• Composition of the Executive Committee40and other aspects of diversity• Composition of the Supervisory Board (Diversity)41Corporate governanceGOV-1 (ESRS 2) 21 e Percentage of independent board members40• Composition of the Supervisory Board(G1) 10 a; (S1) 32 a, 32 c; (S2) 27 a; General approach for providing remedy for negative impact, grievance/complaints handling G1-1, S1-3, S2-3, S4-3(S4) 25 amechanism related to employee mattersCorporate governance45S1-3, S2-3, S4-3 (S1) 32 b; (S2) 27 b; (S4) 25 b Channel to raise concerns is independent/established by a third party• SpeakUpS1-3, S2-3, S4-3 (S1) 32 d; (S2) 27 c; (S4) 25 c Process to support availability of channels(G1) 10 e; 18 c; (S1) 32 e; (S2) 27 d; Corporate governanceG1-1, S1-3, S2-3, S4-3How reports are tracked/monitored and how effectiveness of channels is ensured45(S4) 25 d• SpeakUp (Reviewing and investigating complaints)Corporate governanceS1-3, S2-3, S4-3 (S1) 33; (S2) 28; (S4) 26 Awareness and trust assessment45• SpeakUp (Promoting a culture of speaking up)Corporate governanceS1-3, S2-3, S4-3 (S1) 33; (S2) 28; (S4) 26; (G1) 10 c Protection against retaliation45• SpeakUp (Protecting people raising concerns)Corporate governanceS2-3 (S2) AR 25 Anonymity and confidentiality45• SpeakUpActions taken to address breaches in procedures and standards relating to anti-corruption Corporate governanceG1-4 (G1) 24 b45and anti-bribery• SpeakUp (Reviewing and investigating complaints)SUSTAINABILITY STATEMENTWelcome to the Carlsberg Group’s sustainability statement for 2024. This is our first year of reporting ESG progress against the EU Corporate Sustainability Reporting Directive (CSRD). As such, our report is structured based on the topical standards of the CSRD. Each section takes its starting point in the impacts, risks and opportunities material for our business. We then detail the key policies, targets and actions that address these topics, driven by our Together Towards ZERO and Beyond ESG programme.CONTENTSGeneral disclosuresDisclosure requirements index 53How the sustainability statement has 55been preparedStrategy and business model 55ESG governance 56Identifying impacts, risks and 59opportunities &amp; mapping our value chainConducting our double materiality 60assessmentSustainability due diligence 61ESG risk management 61Engaging with our stakeholders 62EnvironmentE1 Climate change 63EU Taxonomy   74E3 Water and marine resources 78E4 Biodiversity and ecosystems 81E5 Resource use and circular economy 84SocialS1 Own workforce 88S2 Workers in the value chain 96S4 Consumers and end-users 99GovernanceG1 Business conduct 103AppendicesAppendix 1: Data points that derive from 106other EU legislationAppendix 2: Emission factors applied to 108Scope 1-3 GHG emissionsAppendix 3: BP-2 disclosures on value 108chain estimates and measurement uncertainties Appendix 4: Additional accounting 110policiesDISCLOSURE REQUIREMENTS INDEXIRO-2The following index lists all the ESRS disclosure requirements in ESRS 2 and the eight topical standards that are material to Carlsberg and have guided the preparation of our sustainability statement.The index can be used to navigate to information relating to a specific disclosure requirement within the sustainability statement, and also shows where we have utilised incorporation by reference for disclosure requirements and/or data points that are dealt with outside the sustainability statement and consequently sit in the management review section of this report or in the Remuneration Report. Unless otherwise stated, ESRS 2-related disclosures for topical standards are included in ESRS 2. Standard Section PageESRS 2 - General disclosuresnBP-1 General basis for preparation of the sustainability statement SUS 55nBP-2 Disclosures in relation to specific circumstances SUS 55nBP-2 Disclosures on value chain estimates and measurement uncertainties SUS 108nGOV-1 The role of the administrative, management and supervisory bodies SUS 56-57GOV-1 Characteristics of the supervisory board and management members MR 50nGOV-2 Information provided to and sustainability matters addressed by the undertaking’s SUS 56administrative, management and supervisory bodiesGOV-3 Integration of sustainability-related performance in incentive schemesREM 14nGOV-4 Statement on due diligence SUS 61nGOV-5 Risk management and internal controls over sustainability reporting SUS 61nSBM-1 Strategy, business model and value chain SUS 55-56nSBM-2 Interests and views of stakeholders SUS 62nSBM-3 Material impacts, risks and opportunities and their interaction with strategy and SUS 59business modelnSBM-3 Changes to the material impacts, risks and opportunities from previous year SUS 60nIRO-1Description of the processes to identify and assess material impacts, risks and SUS 60opportunitiesnIRO-2Disclosure requirements in ESRS covered by the undertaking’s sustainability SUS 53-54statementnIRO-2 Determining thresholds for inclusion in the sustainability statement SUS 55nIRO-2 Data points that derive from other EU legislation SUS 106-107Standard Section PageE1 - Climate changeGOV-3 Integration of sustainability-related performance in incentive schemesREM 14nE1-1 Transition plan for climate change mitigation SUS 64nSBM-3 Material impacts, risks and opportunities and their interaction with strategy and SUS 63business modelnIRO-1 Description of the processes to identify and assess material climate-related impacts, SUS 64risks and opportunitiesnE1-2 Policies related to climate change mitigation and adaptation SUS 66nE1-3 Actions and resources in relation to climate change policies SUS 66nE1-4 Targets related to climate change mitigation and adaptation SUS 66nE1-4 Stakeholder involvement in target setting SUS 55nE1-5 Energy consumption and mix SUS 71nE1-6 Gross Scope 1, 2, 3 and total GHG emissions SUS 72nE1-6 GHG emissions disaggregated by value chain stage SUS 68nE1-8 Internal carbon pricing SUS 70E3 - Water and marine resourcesnIRO-1 Description of the processes to identify and assess material water and marine SUS 78resources-related impacts, risks and opportunitiesnE3-1 Policies related to water and marine resources SUS 78nE3-2 Actions and resources related to water and marine resources SUS 79nE3-3 Targets related to marine resources SUS 79nE3-3 Stakeholder involvement in target setting SUS 55nE3-4 Water consumption SUS 80E4 - Biodiversity and ecosystemsnE4-1 Transition plan and consideration of biodiversity and ecosystems in strategy and SUS 82business modelnSBM-3 Material impacts, risks and opportunities and their interaction with strategy and SUS 81business modelnIRO-1 Description of the processes to identify and assess material biodiversity and SUS 81ecosystem-related impacts, risks and opportunitiesnE4-2 Policies related to biodiversity and ecosystems SUS 82nE4-3 Actions and resources related to biodiversity and ecosystems SUS 82nE4-4 Targets related to biodiversity and ecosystems SUS 82nE4-4 Stakeholder involvement in target setting SUS 55E5 - Resource use and circular economynIRO-1 Description of the processes to identify and assess material resource use and circular SUS 84economy-related impacts, risks and opportunitiesnE5-1 Policies related to resource use and circular economy SUS 85nE5-2 Actions and resources related to resource use and circular economy  SUS 85nE5-3 Targets related to resource use and circular economy SUS 85nE5-3 Stakeholder involvement in target setting SUS 55nE5-4 Resource inflows SUS 87nE5-5 Resource outflows SUS 87Standard Section PageS1 - Own workforcenSBM-3 Material impacts, risks and opportunities and their interaction with strategy and SUS 88business modelnS1-1 Policies related to own workforce SUS 89nS1-2Processes for engaging with own workers and workers’ representatives about SUS 90impactsS1-3 Processes to remediate negative impacts and channels for own workers to raise MR 50concernsnS1-4 Actions and resources related to own workforce SUS 91nS1-5 Targets related to managing material negative impacts, advancing positive impacts, SUS 91and managing material risks and opportunitiesnS1-5 Stakeholder involvement in target setting SUS 55nS1-6 Characteristics of the undertaking’s employees SUS 94-95nS1-8 Collective bargaining coverage and social dialogue SUS 94nS1-9 Diversity metrics SUS 93, 95nS1-10 Adequate wages SUS 94nS1-14 Health and safety metrics SUS 92nS1-16 Compensation metrics (gender pay gap) SUS 93S1-16 CEO pay ratioREM 14nS1-17 Incidents, complaints and severe human rights impacts SUS 95S2 - Workers in the value chainnSBM-3 Material impacts, risks and opportunities and their interaction with strategy and SUS 96business modelnS2-1 Policies related to value chain workers SUS 96nS2-2 Processes for engaging with value chain workers about impacts SUS 97S2-3 Processes to remediate negative impacts and channels for value chain workers to MR 50raise concernsnS2-4 Actions and resources related to value chain workers SUS 98nS2-4 Severe human rights incidents SUS 95nS2-5 Targets related to managing material negative impacts, advancing positive impacts, SUS 98and managing material risks and opportunitiesnS2-5 Stakeholder involvement in target setting SUS 55S4 - Consumers and end-usersnSBM-3Material impacts, risks and opportunities and their interaction with strategy and business SUS 99modelnS4-1 Policies related to consumers and end-users SUS 100nS4-2 Processes for engaging with consumers and end-users about impacts SUS 100S4-3 Processes to remediate negative impacts and channels for consumers and end-users MR 50to raise concernsnS4-4 Actions and resources related to consumers and end-users SUS 100nS4-4 Severe human rights incidents SUS 95nS4-5 Targets related to managing material negative impacts, advancing positive impacts, SUS 100and managing material risks and opportunitiesnS4-5 Stakeholder involvement in target setting SUS 55Standard Section PageG1 - Business conductnIRO-1Description of the processes to identify and assess material impacts, risks and SUS 104opportunitiesnG1-1 Corporate culture and business conduct policies and corporate culture SUS 103G1-1 Reporting business conduct incidents MR 50nG1-3 Prevention and detection of corruption and bribery SUS 104G1-3 Process to report outcomes to administrative, management and supervisory bodies MR 50nG1-4 Confirmed incidents of corruption or bribery SUS 104G1-4 Actions taken to address breaches in procedures and standards of anti-corruption MR 50and anti-briberySUS Sustainability statementMR Management reviewREM Remuneration Report nMandatory disclosure requirementnMaterialIncorporation by reference Abbreviations in the sustainability statementAFB Alcohol-free brewsABV Alcohol by volumeCapEx Capital expendituresCSAB Carlsberg Sustainability Advisory BoardCSRD Corporate Sustainability Reporting DirectiveDE&amp;I Diversity, equity and inclusionDMA Double materiality assessmentDRS Deposit return schemeESRS European Sustainability Reporting StandardsFLAG Forest, Land and AgricultureFSA Farm Sustainability AssessmentIARD International Alliance for Responsible DrinkingIPCC Intergovernmental Panel on Climate ChangeILO International Labour Organization IRO Impact, risk and opportunityISC Integrated Supply ChainLCA Life cycle assessmentOpEx Operational expendituresPPA Power purchase agreementREC Renewable energy certificateSAI Sustainable Agriculture InitiativeSBTi Science Based Targets initiativeSLCOC Supplier and Licensee Code of ConductTTZAB Together Towards ZERO and BeyondUNGPs United Nations Guiding Principles on Business and Human RightsWBA World Brewing AllianceNON-MATERIAL TOPICSIRO-2E2 Pollution and S3 Affected communities were deemed to be non-material topics in our 2024 DMA. Relevant aspects related to Pollution are incorporated into the material topics of E4 Biodiversity and ecosystems and E5 Resource use and circular economy, while those related to Affected communities are covered under E3 Water and marine resources. We will continue to track and assess our impacts, risks and opportunities related to these topics, and their materiality will be continually reassessed each year as part of our annual DMA process.GENERAL DISCLOSURESHOW THE SUSTAINABILITY STATEMENT HAS BEEN PREPAREDBP-1; BP-2; SBM-1Scope of consolidation and coverage of our value chainOur sustainability statement has been prepared on a consolidated basis for the Carlsberg Group. The scope of consolidation for the sustainability statement is consistent with the financial statements.As our upstream and downstream value chains are a substantial part of our overall business model, they have been thoroughly considered in the double materiality assessment (DMA) process that defines the scope of the sustainability statement. For example, in our disclosures we address the sourcing of raw and packaging materials, upstream and downstream transportation, and sales and marketing to customers and consumers. For more information on our value chain, please see the IRO-1 section.We have not omitted any disclosures because of ongoing negotiations, nor have we omitted any information due to reasons of intellectual property.Additional information relevant for users of the reportThe Group produces and markets beer and other beverages. While mainstream core beer accounts for a significant part of total volumes, we have particular focus on categories with attractive long-term volume and value growth opportunities, including premium beer, alcohol-free brews, Beyond Beer and soft drinks. An overview of some of our key figures, including reporting sites, production volumes and revenue can be found in the table below. The Group’s main activities are in markets across Europe and Asia, where the Group holds a number 1 or 2 market position in 23 markets. The rest of the world is serviced through export and licence agreements.Carlsberg at a glanceUnit ValueBreweries number   82 Warehouses, offices and other number   306 Total reporting sites number   388 Production of fermented beverages million hl   90 Production of non-fermented beverages million hl   19 Total production of beverages million hl   109 Total revenue DKK million   75,011 Some metrics are subject to measurement uncertainty or are partially calculated using value chain estimates. Measurement uncertainty arises primarily from conversions applied to harmonise the input data used in the Scope 3 GHG emissions and the resource use-related metrics. Value chain estimates are mostly prevalent in Scope 3 GHG emissions. More information on significant assumptions made, measurement uncertainties and value chain estimates is disclosed in the accounting policies for the relevant metrics. The metrics have not been validated by another external body, unless specifically mentioned in the accounting note for the respective metric.We expect to revise our ESG targets and baseline values in 2025 following the acquisition of Britvic plc.DETERMINING THRESHOLDS FOR INCLUSION IN THE SUSTAINABILITY STATEMENTIRO-2To collect and assess the information necessary for disclosure in the sustainability statement, we conducted a series of interviews with key stakeholders in the business who hold in-depth knowledge of all our material topics. These interviews covered specific ESRS data points and company-specific targets, actions and roadmaps. A follow-up exercise, which included further stakeholder consultation and verification, analysed interview results and benchmarked them against existing results, activities, processes and plans to determine which elements of a given material topic are necessary for disclosure. STRATEGY AND BUSINESS MODELSBM-1 Anchoring Together Towards ZERO and Beyond in our business Our ESG programme, Together Towards ZERO and Beyond (TTZAB), is an integral part of our corporate strategy to create value for shareholders and society. With ambitious targets and commitments across the 11 focus areas that are most material for our business and our stakeholders, our TTZAB programme supports our purpose to brew for a better today and tomorrow. It is firmly anchored in the business through a robust governance model, described on pages 56-57. The programme and its targets have been developed based on thorough stakeholder engagement processes and materiality assessments. Since 2011, we have undertaken regular materiality assessments to identify and prioritise the issues most significant to our stakeholders and the planet. These assessments have gathered the views of customers, suppliers, investors, industry associations, academics, and non-governmental and intergovernmental organisations, consumers and our employees across a range of geographies and functions.Our 2024 DMA confirmed our material impacts, risks and opportunities (IROs) and validated the existing focus areas of our TTZAB programme, reflecting IROs related to our products, all the markets we operate in, and the customer groups we serve. While some material IROs are global by nature, others are connected to our presence in specific regions, as specified in our IRO descriptions. Based on DMA findings, we work to mitigate and reduce our risk exposure to material topics essential to our business, such as responsible drinking, which has a clear connection to our main product group, and carbon pricing, which can impact the cost of our products. We also seek to capitalise on opportunities for growth and strengthen our future plans. This includes championing opportunities related to no- and low-alcohol brews, as well as deposit return schemes, which have the potential to reduce our cost for packaging materials. Our value chain inputs and outputs The main features of our value chain, including upstream and downstream activities, are illustrated on page 59. Complementing this overview is a description of the various inputs and outputs necessary to create our products and operate our business. To brew our beer and other beverages, we rely on various inputs, including: agricultural products such as barley and hops; water and energy; brewing and bottling equipment and packaging materials; our skilled workforce (the geographic breakdown of which is presented in the table below); and intellectual assets like brewing recipes, supplier relationships and our brand reputation. We have built strategies to ensure a resilient supply of these inputs across many years of responsible business.These inputs are transformed into outputs that include: products (beer and other beverages); environmental impacts (emissions and waste); economic impacts (dividends for shareholders, tax and duty revenues for governments etc.); social impacts (employment); intellectual contributions (innovations in brewing and wider scientific contributions from the Carlsberg Research Laboratory); and brand presence (market share and customer satisfaction). By integrating these elements, we create value for all stakeholders.Our business model, as it relates to our value chain, is focused on engaging with and optimising our supply chain, prioritising leading markets and delivering for a range of customers and consumers. Geographical breakdown of employees by headcountAsia 12,792CEEI (excl. EEA) 5,508EEA 10,890Western Europe (excl. EEA) 3,401Total 32,591EEA: European Economic AreaCEEI: Central &amp; Eastern Europe and IndiaESG GOVERNANCEGOV-1; GOV-2Managing and controlling ESG governanceA number of internal functions work to ensure that the ESG governance model presented on the following page is properly guided, supported and managed. These include Group Sustainability &amp; ESG, which is responsible for developing our ESG programme, and Group Sustainable Finance, which collates all ESG data for reporting. Both functions report to the ESG Steering Committee at least quarterly and also collaborate closely with internal audit and compliance teams to ensure our governance and reporting processes are operating as intended. Moreover, we have established a process by which ESG risks, identified through the DMA, are funnelled into the broader risk management landscape.IROs addressed by the Supervisory Board in 2024Impacts, risks and opportunities addressed by our Supervisory Board and its various committees in the reporting year included carbon emissions in our operations and value chain, carbon pricing in our own operations and purchased goods, collective bargaining and work-related human rights, purchasing of raw ingredients, biodiversity impacts from sourcing of raw materials, development of recycling and deposit return schemes, post-consumer waste from packaging material, and purchasing of packaging material. For information on how frequently administrative, management and supervisory bodies are informed about material impacts, risks and opportunities, see GOV-1 Oversight structure on page 57.Supervisory Board and Executive Committee ESG skills and experienceOur Supervisory Board and Executive Committee (ExCom) bring a diverse set of skills and experiences, not least in areas related to ESG matters. Each body collectively possesses a strong understanding of brewery operations, environmental and carbon reduction initiatives, business conduct, managing working conditions and HR matters, marketing practices, and promoting no- and low-alcohol products. They also have extensive experience in overseeing human rights and governance matters. In 2024, the assessment of competencies of both the Supervisory Board and ExCom concluded that the Board is satisfied that both bodies possess sufficient skills and experience related to the material ESG impacts, risks and opportunities at Carlsberg, as well as general ESG matters, and in accordance with the Specification of Competencies. Where we identify gaps in expertise at management level, we carry out education and upskilling of internal resources or leverage external expertise as appropriate. Please refer to our ESRS index on page 50 in the management review for more information on where the gender diversity ratio of our Supervisory Board can be found.  HOW WE MANAGE TOGETHER TOWARDS ZERO AND BEYOND (TTZAB)GOV-1The implementation of our Together Towards ZERO and Beyond programme is supported by robust governance, illustrated to the right, ensuring transparency and driving action. Target setting related to our material ESG-related IROs is led by the Group Sustainability &amp; ESG team. After consolidating expertise and analysis from stakeholders across all functions, the team makes recommendations to ExCom and the Supervisory Board for approval. The Supervisory Board is responsible for reviewing the company’s strategic approach to ESG and annual ESG disclosures, as set out in the Rules of Procedure. Monitoring of progress towards the targets is the responsibility of the ESG Steering Committee, with updates on progress shared regularly with ExCom via the executive-level target sponsors and the Accelerate SAIL tracking process. The Supervisory Board reviews our progress on the targets at least once a year as part of the ESG reporting cycle. This oversight contributed to the firm anchoring of TTZAB in our overall corporate strategy, Accelerate SAIL. It also ensures an ongoing consideration of our material impacts, risks and opportunities in business steering.Supervisory Board• Responsible for oversight of ESG at Carlsberg, including TTZAB targets and initiatives• Discusses relevant impacts, risks and opportunities related to our ESG programme at least twice a year• Responsible for annually reviewing overall ESG performance and progressBoard committees’ oversight of ESG• Board committees meet regularly to assist the Supervisory Board with oversight duties• ESG-relevant committees and focus areas are: Audit Committee (ESG reporting and risk management),Remuneration Committee (ESG-linked incentives), and People &amp; Culture Committee (diversity, equity and inclusion)Executive Committee (ExCom)• Holds accountability to the Supervisory Board for the effective management of ESG• Approves ESG strategy, key roles, policies, targets and resource allocation• Responsible for annually reviewing ESG performance and progress towards targetsCarlsberg Sustainability Advisory Board • Sounding board to ExCom and ESG SteerCo on ESG matters• Comprised of external sustainability experts, as well as certain Supervisory Board and ExCom members• CSAB has no decision-making power and meets twice annuallyESG Steering Committee (ESG SteerCo)• Analyses material ESG topics in depth and makes recommendations to ExCom• Comprised of a subset of ExCom members, with ESG-relevant leaders brought in as necessary• Met five times in 2024TTZAB area owners• Every TTZAB target has an ExCom sponsor responsible for delivering the target• These sponsors delegate responsibility to VP-level TTZAB area owners and roadmap owners, who ensure each target has a fully costed plan for implementing its actions ZEROCarbon Footprint  EVP, Integrated Supply Chain  ZEROFarming FootprintEVP, Integrated Supply Chain ZEROPackaging WasteEVP, Group Strategy &amp; CommercialEVP, Chief Marketing OfficerVP, Corporate Affairs ZEROWater WasteEVP, Integrated Supply Chain VP, Corporate Affairs ZEROIrresponsible DrinkingEVP, Chief Marketing Officer  ZEROAccidents CultureEVP, Integrated Supply ChainResponsible Sourcing EVP, Integrated Supply Chain Diversity, Equity &amp; InclusionChief Human Resources Officer Human RightsVP, Corporate AffairsLiving by our CompassChief Compliance OfficerCommunity EngagementLocal managementRegional, market and function leadership teamsResponsible for integrating TTZAB into their markets/ functionsESG ChampionsResponsible for coordinating local implementation and communicationLocal TTZAB area ownersResponsible for local implementation Together Towards ZERO and Beyond performance at a glanceBaselineTarget Year Value 2024 Unit PageZERO carbon emissions at our breweries by 2030 2015 697 294 kt CO2e 66ZERO Convert to electricity adding to additional renewable capacity by 2030 2021  1%   6%  %, additional renewable electricity relative to electricity consumption at 67Carbon breweriesFootprint260230% reduction in relative value chain carbon emissions by 2030 202258 kg CO2e/hl 681N/A1Net ZERO value chain by 2040 N/A8,220 kt CO2e 7030% of raw materials from regenerative agricultural practices by 2030; 2021  0%   &lt;1%  %, relative to total weight of raw materials purchased 82ZERO 100% by 2040Farming 30% of raw materials sustainably sourced by 2030; 100% by 2040  2021  0%   0%  %, relative to total weight of raw materials purchased  83Footprint100% recyclable, reusable or renewable packaging by 2030 2024  94%   94%  %, absolute volume sold in relation to total volume sold 85ZERO 90% collection and recycling rate for bottles and cans by 2030 2019  72%   76%  %, absolute volume sold in bottles and cans in relation to recycling rate 85Packaging 50% recycled content in bottles and cans by 2030 2019  29%   43%  %, absolute volume sold in bottles and cans in relation to recycled content for 85Wastebottles and cans50% reduction in virgin fossil-based plastic by 2030 2019 60 48 kt 86Water usage efficiency of 2.0 hl/hl at breweries globally by 2030 2015 3.6 2.5 hl/hl, hectolitres of water usage per hectolitre of beverage produced 79ZERO Water usage efficiency of 1.7 hl/hl at breweries in high-risk areas by 2030 2015 4.0 2.2 hl/hl, hectolitres of water usage per hectolitre of beverage produced 79Water 100% of replenishment of water consumed at breweries in high-risk areas 2021  0%   16%  %, relative to water consumed at breweries 79Wasteby 203035% of our brews globally are low-alcohol or alcohol-free by 2030  2021  27%   30%  %, volume of beer, cider, kvas and malt-based brews with &lt;3.5% ABV sold 101ZERO relative to total volume of beverages soldIrresponsible 100% availability of alcohol-free brews by 2030 2021  58%   90%  %, share of markets with AFB products included in price lists to customers 101Drinking100% of our markets run partnerships to support responsible consumption 2021  68%   86%  %, share of companies running responsible drinking partnerships, 101by 2030campaigns or other activities100% responsible drinking messaging through packaging and brand 1: 2021 98%   100% %, share of primary packaging for volume with &gt;0.5% ABV sold for each of 102activations by 2030the following mandatory on-pack elements:2: 2021  58%   57% 1.  Ingredient information3a (ABV): 2021  41%   70% 2. Nutrition information3b (AFB): 2023  28%   42% 3. Legal drinking age (a. &gt;0.5% ABV and b. AFB)4: 2023  77%   88% 4. Consumer information2021  26%   56%  %, share of companies having a responsible drinking message related to a 102responsible drinking campaign on the primary packaging of the #1 or #2 brand in the market, with a URL to a brand webpage as optionalReduction in accident rate year on year towards 2030 2015 4.4 1.6 Lost-time accident rate (LTAR) 91ZERO Accidents ZERO lost-time accidents by 2030 2015 302 94 Lost-time accidents (LTA) 91CultureDiversity, 30% women in senior leadership roles by 2024; 35% by 2027; and 40% by 2020  28%   30%  %, number of women in senior leadership roles relative to the total number 922030of employees in senior leadership rolesEquity &amp; Inclusion1 The gross Scope 1-3 GHG emissions have not been calculated for the baseline year and are therefore not disclosed. The baseline figure will be updated during 2025. 2022 is applied as a reference year, but is not the baseline for our Science Based Targets initiative (SBTi) submission (2015). The baseline year will be revisited and updated during 2025.IDENTIFYING OUR IMPACTS, RISKS AND OPPORTUNITIES SBM-3Impacts, risks and opportunities (IROs) exist throughout our value chain, from the growing of our hops and grains to the sale and marketing of our products. Through our Together Towards ZERO and Beyond (TTZAB) programme, we take a rigorous approach to identifying and addressing these.Our DMA identified material IROs across eight topical standards, presented below. All IROs stem from sub-topics and sub-sub-topics in ESRS. We have entity-specific disclosures for particular topics as they relate to our material IROs. Namely, we report on ZERO Irresponsible Drinking targets and programmes as part of our commitment to consumers and end-users, and on ZERO Farming Footprint as part of our approach to regeneratively grown and sustainably sourced raw materials.The visualisation below provides a consolidated list of all our material IROs identified in the 2024 DMA. It also places these IROs across our value chain, showing how they are connected to our strategy and business model. A more detailed overview of material IROs specific to each topic, including the connection between our IROs and TTZAB focus areas, is shown under SBM-3 for each topical standard. Among our material topics, we have identified two financial risks and two financial opportunities, described in the relevant sections of this report. These material risks and opportunities are not currently impacting our business financially, nor do we assess that they will cause significant material adjustments within the next annual reporting period. E1 Climate changeCarbon emissions in our operations and value chainCarbon pricing on own operations and purchased goodsE3 WaterWater consumption for crops and beverage productionWater replenishment and stewardship programmesE4 Biodiversity and ecosystemsBiodiversity impacts from sourcing of raw materialsLand use changes in value chainE5 Resource use and circular economyPurchasing of raw ingredientsPurchasing of packaging materialPost-consumer waste from packaging materialDevelopment of recycling and deposit return schemesS1 Own workforceHealth and safety during production processesGender disparity in senior managementHealthy work-life balanceCollective bargaining and work-related human rightsWorkforce harassmentWage adequacy across our own operationsS2 Workers in the value chainWorking conditions in the upstream value chainWorking conditions in the downstream value chainS4 Consumers and end-usersHealth and safety connected to harmful drinkingNegative impacts from marketingDiminishing public perception of alcoholExpansion of no- and low-alcohol productsG1 Business conductESG-linked executive remunerationCorruption in business practicesCONDUCTING OUR DOUBLE MATERIALITY ASSESSMENTIRO-1Our double materiality assessment (DMA) from 2023 analysed the impacts, risks and opportunities (IROs) of our own operations and upstream and downstream value chain. IROs are mapped in our value chain as identified, ensuring consideration of both indirect and direct impacts. As part of this process, we performed interviews with internal and external stakeholders, and conducted third-party research, focusing - when necessary - on specific activities, business relationships and geographies that could give rise to heightened risk of adverse impacts. Underlying analyses and inputs that contribute to the DMA (including water risk assessment, GHG inventory, climate scenario analysis, and more) utilise distinct parameters, and these in turn influence our material outcomes. In 2024, significant changes were made in the DMA, including a thoroughly updated scoring methodology, consolidation of IROs to avoid double-counting, and sharpening the relevant topical standard of IROs based on IRO origin. We also reviewed the impact description, organisational boundary, geographical scope and secondary sources, and linked our IROs to ESRS topics, sub-topics and disclosure requirements. All these updates were informed by interviews and workshops, the final CSRD requirements, the DMA guidance from the European Financial Reporting Advisory Group (EFRAG), and engagement with a representative from EFRAG's Sustainability Reporting Board (SRB).DMA methodologyIn our DMA, we assessed impacts based on the severity and likelihood of the event, and risks and opportunities based on financial magnitude and likelihood. The severity of potential impacts was evaluated with consideration for any mitigating actions that were already in place. The severity of actual impacts was assessed without consideration for any remediating actions. We attributed severity and likelihood scores to all impacts in order to prioritise these impacts. Severity was scored on a scale of 1-5, based on the average score of the scale, scope and irremediability (for negative impacts only). We developed bespoke parameters for each topic’s scoring criteria, clearly indicating the criteria that must be met for scoring in each step of the scale. This resulted in less subjectivity and greater comparability of the scoring process. For human rights-related impacts, the severity of the impact was weighted higher than the likelihood in our assessment.We attributed a score to financial risks and opportunities based on magnitude and likelihood. The magnitude criterion scores risks and opportunities based on estimated impacts on operating profit on a scale of 1-5. In 2024, we undertook a quantitative climate change scenario analysis for risks and opportunities under E1 Climate change. These financial calculations determined the magnitude of risks and opportunities.As part of our assessment, we have considered the interaction between IROs. Where relevant, we have linked identified impacts to financial risks and opportunities, such as in the case of carbon emissions and carbon pricing.Likelihood scoring for both impacts and financial risks and opportunities and time horizon is aligned to our global risk management framework and ESRS. Potential impacts as well as risks and opportunities were scored on a scale of 1-4. Actual impacts were scored as a 5. Alignment with risk management practicesWe are working to align the DMA process with our global enterprise risk management (ERM) framework where possible. Group functions, including Group Sustainability &amp; ESG, perform annual risk assessments related to their areas to contribute to the ERM process. DMA outputs related to risk are used as ESG inputs for the ERM. These are consolidated with inputs from other Group functions, prioritised in a heat map and presented to ExCom.As severity depends on the nature of a given topic, we have developed topic-specific criteria to best understand and measure the impacts. We are investigating the possibility of integrating the assessment into our global risk management process in 2025.To ensure the accuracy of the results of our DMA, the IROs were thoroughly validated with internal stakeholders, including risk management professionals responsible for the assessment of financial risks. Furthermore, when Group Sustainability performs the annual DMA, the results are validated and approved by the ESG Steering Committee, Executive Committee and Supervisory Board. Identifying and assessing pollution-related impacts, risks and opportunitiesAs explained in IRO-2 on page 54, our DMA concluded that IROs related to pollution from our own operations are non-material due to the determination that their material impacts originate in different topical standards. Pollution associated with production of sourced raw materials is considered under E4 Biodiversity and ecosystems, and pollution associated with improperly managed waste from the packaging we put on the market is considered under E5 Resource use and circular economy. We have a clear process for identifying and assessing the pollution-related IROs of every major project or modification of existing processes, equipment or infrastructure. This includes, but is not limited to, consideration of requirements of local regulations, environmental permits and licences; processes for brewing, bottling, storing and utilities; raw and packaging materials and processing aids, cleaning chemicals and lubricants; energy sources; waste and all intermediate products; any other specific scope required by local regulations. Pollution in our value chain is assessed through the nature-related assessment described in E4 and through supplier audits.Each location has a communication plan for informing and involving communities and authorities if and when relevant and necessary.SUSTAINABILITY DUE DILIGENCEGOV-4The table below provides a mapping to where in our sustainability statement we provide information about our due diligence process. These labels with corresponding topics can be found throughout the report in each section.Core elements of due diligence Paragraphs in the sustainability statementEmbedding due diligence in governance, Cross-topics: ESRS 2 GOV-2; ESRS 2 GOV-3; ESRS 2 SBM-3strategy and business modelEngaging with affected stakeholders in all Cross-topics: ESRS 2 SBM-2; ESRS 2 IRO-1 key steps of the due diligenceSocial: S1-2; S2-2; S4-2Identifying and assessing adverse impacts Cross-topics: ESRS 2 IRO-1Environment: E1 IRO-1; E2 IRO-1; E3 IRO-1; E4 IRO-1; E5 IRO-1Social: S1-3; S2-3; S4-3Taking actions and describing processes Environment: E1-3; E3-2; E4-3; E5-2to address those adverse impactsSocial: S1-4; S2-4; S4-4Governance: G1-3Tracking and communicating the Environment: E1-4; E1-6; E3-3; E3-4; E4-4; E5-3; E5-4; E5-5effectiveness of these effortsSocial: S1-4; S1-5; S1-8; S1-9; S1-10; S1-14; S1-16; S1-17; S2-5; S2-4; S4-5; S4-4Governance: G1-4RISK MANAGEMENT AND INTERNAL CONTROLS FOR ESG REPORTINGGOV-5General approach to internal controls for ESG reportingThe Group’s Internal Control Framework for Sustainability Reporting has been designed to reduce and mitigate sustainability reporting-related risks. It defines roles and responsibilities, outlines specific procedures for securing data collection, validation and reporting, and provides assurance that key reporting risks are covered by internal control activities. The control framework is monitored through a biannual Group-level self-assessment process to evaluate its effectiveness and the efficiency of the overall sustainability reporting processes. It currently contains Group-level controls covering the data collected and validated across the different markets and regions. The overall effectiveness and coverage of the control framework and data quality will continue to improve as we cascade internal control requirements in coming reporting periods. A quarterly report to the Audit Committee is prepared by Group Internal Audit and Group Risk &amp; Internal Controls. It provides an overview of all internal control activities and matters, including regular updates on the status of risk and internal control activities linked to the sustainability reporting process and their operating effectiveness.We update the control framework promptly in response to any significant developments, and will expand the control requirements further as necessary. In 2025, a risk assessment exercise focused on the ESG data collection process will be organised to identify new risks and reassess existing ones. We expect to mature our risk assessment approach and corresponding prioritisation methodology in future reports.Identifying and mitigating ESG reporting risksReviews of ESG reporting processes and practices are triggered by the identification of material topics via control self-assessments, internal audits or specific risk assessments. Action plans are established and internal organisation, internal controls, processes and ways of working may be adjusted. This could include actions such as updating documentation requirements (policies, procedures and manuals), streamlining data collection and validation with specific approval rules, implementing reconciliations across systems, and establishing controls when inputting or reporting key data to ensure accuracy, replicability, reliability and timeliness. We have analysed observations from Group Internal Audit and previous years’ ESG assurance processes, and have identified three main risk categories that could directly or indirectly impact our sustainability statement: misstatements, compliance breaches and fraud. This has led to the development of 12 initial internal controls covering various stages of the reporting process, from data collection to overall ESG programme management, with the goal of addressing and mitigating these risks and supporting corrective action plans.ENGAGING WITH OUR STAKEHOLDERSSBM-2In order to run our business, we need input and consultation every step of the way, from suppliers, employees, consumers and a range of other stakeholders, as outlined below. This continuous dialogue, including that which formed part of our double materiality assessment, informs our ESG programme, projects and processes, allowing us to align with the interests and views of our stakeholders. Feedback from these engagement processes is shared with our ESG Steering Committee, Executive Committee and Supervisory Board on an ongoing basis. Stakeholder Consumers On- and off-trade customersEmployees and contractorsIndustry organisationsInvestors and analystsSuppliers Sustainability experts and NGOsPolicymakers and regulatorsStakeholder interests and purpose of engagementIncreasing consumer demand for no- and low-alcohol beverages andresponsible marketing practices. Reducing supply chain risks, achieving sustainability goals and meeting consumer demand for healthier and more sustainable options.Development opportunities, a diverse and inclusive workplace, and a purpose-driven company they can be proud of. Our aim is to stay attuned to evolving employee expectations so that we can attract and retain talent that secures our mutual long-term success.Working together with industry peers, including direct competitors, todrive improvements in responsible, sustainable and ethical business practices, keep pace with evolving legislation, hold ourselves to recognised standards and pool resources to develop and drive best practices. Transparent information about our business, financial performance and progress on EGS targets.ESG subject matter expertise, practical assistance and clear understanding of our priorities and long-term goals so that they can align their own strategies for mutual success. Strong ESG performance, transparent reporting on measurable targets, and support on projects and initiatives that help address broad societal and/or environmental challenges.Economic contributions, including job creation, to the societies in which we operate. These stakeholders also want to understand how we support strategies on sustainability and public health.How we engage Events, messaging on our products, advertising, marketing campaigns, social media, local websites, global consumer research and local consumer feedback questionnaires.Ongoing communication and regular visits with key accounts, customer service handling processes, customer satisfaction surveys, completion of our customers’ supplier questionnaires, participation in customers’ supplier audits, and collaboration on events and campaigns.Daily communication via our intranet, annual My Voice employee survey,performance reviews, townhall meetings and employee resource groups (ERGs).Industry organisation memberships, partnerships and board positions to learn, share and drive best practices. Examples include the Beverage Industry Environmental Roundtable (BIER), REfresh Alliance, Climate Group’s RE100, the International Alliance for Responsible Drinking (IARD)and the World Federation of Advertisers (WFA).Annual and half-yearly reports, quarterly trading statements, quarterly conference calls, ad hoc stock exchange announcements, press releases, regular meetings with investors and analysts and capital markets days. Site visits, periodic in-person and virtual training sessions, supplier summits, communication of the Supplier and Licensee Code of Conduct, regular quality audits, Sedex assessments and third-party audits for our highest-risk suppliers. Strategic partnerships (WWF, TapEffect and WaterAid for water replenishment projects), the Science Based Targets initiative (SBTi), the RE100,  the World Economic Forum’s Alliance of CEO Climate Leaders and the Carlsberg Sustainability Advisory Board (CSAB).Bilateral meetings and high-level public events, such as the World Economic Forum’s annual Davos meeting. We also engage with governments indirectly on sustainability and public health issues through industry associations, such as the International Alliance for Responsible Drinking (IARD) and the World Brewing Alliance (WBA). Impact on operations, business model and strategyExpanding our range of no- and low-alcohol beverages worldwide and encouraging responsible consumption through messaging and partnerships.Impact varies greatly from market to market. For example, increased data requirements concerning carbon emissions necessitate customer-specific emissions accounting for some markets.Learnings from engagement efforts are analysed and integrated where appropriate into our people strategy. They also inform our growth culture principles, which provide clarity on the culture we need to achieve our growth ambitions.Significant influence over our policies, practices and targets, both through self-regulation and auditing processes within many of the industry associations of which we are members.Influence over our business strategy, which they can exert through regular engagement, voting rights, proposals and activism.Engagement allows us to learn about market-specific conditions and challenges, and in turn understand opportunities for improvement. Engagement fills gaps in our expertise and demonstrates a commitment to standards or targets that exceed regulatory requirements. This insight is integrated into our ESG policies, targets and actions.Through continuous engagement and dialogue with key policymakers and regulators, we enhance our alignment with their objectives, refining our internal policies and business strategies.ENVIRONMENTE1 CLIMATE CHANGEMATERIAL IMPACTS, RISKS AND OPPORTUNITIESSBM-3More extreme weather events and record temperatures around the world underline the urgent need for action on climate change, and we are committed to reducing emissions throughout our value chain. Specifically, we have identified six sources of GHG emissions in our value chain that have material negative impacts on climate change in the short term, and one material financial risk that climate change poses to our business in the long term. We seek to address all these IROs through the policies, targets and actions outlined in this section.Material impact Where it originates How it affects people or planet Time horizon Addressed in TTZABHow our E1 Climate change IROs Emissions generated by We source ingredients from agricultural GHGs are emitted in the farming and Short termour agricultural sourcingbusinesses, with emissions generated processing of raw ingredients and link to our value chainduring the farming and processing of materials.ZERO  ZERO Responsible Carbon Farming Sourcingthese raw materials.FootprintFootprintAGRICULTUREEmissions generated Our breweries emit GHGs while they GHGs are emitted by our breweries. Short termfrom our breweriesoperate.ZERO  Carbon FootprintEmissions generated by We purchase energy from providers to GHGs are emitted in the generation and Short termPACKAGINGthe energy we purchaseenable the continuous operation of our transportation of the energy we breweries and other locations.purchase.ZERO  Carbon FootprintEmissions generated by We use packaging to prepare our GHGs are emitted in the production of Short termthe production of our products for transportation and sale.our packaging. BEVERAGE packagingZERO  ZERO Responsible Carbon Packaging SourcingPRODUCTION &amp; FootprintWasteADMINISTRATIONEmissions generated The transportation and distribution of GHGs are emitted in the transportation Short termfrom transportation and our products result in GHG emissions.of our products. distributionZERO  Responsible Carbon SourcingFootprintDISTRIBUTIONEmissions generated by We use fridges to keep drinks cool in GHGs are emitted in the powering of Short termproduct refrigeration in bars and shops.  fridges. bars and shops ZERO  Responsible Carbon SourcingFootprintSELLING &amp; Material risk/opportunity Where it originates How it affects our business Time horizon Addressed in TTZABMARKETINGCarbon pricing on our Our operations result in GHG emissions Risk: The potential for carbon pricing to Long termown operations and throughout the value chain, with increase the costs of purchased goods and the purchased goodspotentially broad-based impacts costs of our own operations presents a ZERO  Carbon contributing to climate change globally.financial risk to the business.FootprintE1-1Charting a course towards ZERO Carbon FootprintTo take action on climate change, we aim to eliminate carbon emissions from our breweries by 2030 and reach net ZERO for our entire value chain by 2040. Our transition plan is anchored in our ESG programme, Together Towards ZERO and Beyond, which is available on our website. Specifically, the environmental focus areas of ZERO Carbon Footprint, ZERO Water Waste, ZERO Farming Footprint and ZERO Packaging Waste are key pillars that guide our plan. TTZAB commits us to reducing emissions to net ZERO by 2040, covering our entire GHG inventory, as well as achieving near-term and long-term GHG emissions reduction targets consistent with limiting the global temperature increase to 1.5°C. TTZAB also steers our decarbonisation strategy, which outlines the principal actions we will take to deliver the GHG emissions targets. A detailed EU Taxonomy disclosure can be found at the end of the E1 disclosures. Aligning with the Paris AgreementFor an explanation of how our targets are compatible with limiting global warming to 1.5°C in line with the Paris Agreement, and the decarbonisation levers and key actions planned to achieve our targets, please see E1-3 and E1-4, Climate change targets and actions. Carlsberg is not excluded from EU Paris-aligned Benchmarks. We are not focusing on creating a capital expenditure plan to align with EU Taxonomy criteria, as our main business activity (manufacturing of beverages) is not in scope of the Climate Change Mitigation or Climate Change Adaptation objectives of the EU Taxonomy. This will be performed once the manufacturing of beverages is in scope as an eligible economic activity under the Taxonomy Regulation. Embedding climate action in our business strategyTo ensure that our climate action ambitions become a reality, we have anchored our transition plan into our overall business strategy and financial planning processes. Doing so allows us to take into account our organic growth trajectory, with detailed analysis and modelling of climate impacts in the regions where we aim to grow our portfolio most significantly. Creating the transition plan was a collaborative effort, led by TTZAB target sponsors and our Group Sustainability &amp; ESG function. It was approved according to the Carlsberg governance model, as described in GOV-1. While we still have far to go to reach our targets, we are at a mature stage of implementation, with well-defined ownership and oversight of TTZAB targets and initiatives, and robust data on our Scope 1, 2 and 3 emissions. Meeting our targets will require both business transformation and investment in physical infrastructure. While we believe the majority of our equipment can undergo a renewable transition, we do expect to face some potential locked-in GHG emissions (&lt;10%) that are hard to abate due to infrastructure in the markets, availability of sustainable fuel and unavoidable methane emissions. These will be covered through carbon removals.For a discussion of the operational expenditures (OpEx) and capital expenditures (CapEx) required for implementation of the transition plan, please see E1-3 Climate change actions and resources. For the EU Taxonomy disclosure, please refer to the EU Taxonomy section at the end of the E1 disclosures. IRO-1Climate-related impact assessmentThe process of assessing our climate-related impacts starts with our GHG inventory covering Scope 1, 2 and 3 emissions. Compilation of the inventory enables us to understand where we impact climate change directly and indirectly, and at which stage of the value chain. In addition to an overview of the sources and types of emissions, we also break down the data by regions and markets. Analysis of the GHG inventory provides a starting point for understanding the key challenges and identifying the key levers.Climate-related financial risk and opportunity assessment and scenario applicationMethodologyThe Task Force on Climate-related Financial Disclosures (TCFD) provided our framework for the identification, assessment and scenario application of climate-related financial risks and opportunities. These findings were complemented by our existing analyses and research, and the shortlisted risks and opportunities were then discussed by internal stakeholders to further understand the implications and validate the result.We applied three ranges of scenarios, including sources from the Intergovernmental Panel on Climate Change (IPCC), the Network for Greening the Financial System (NGFS) and other analyses referring to IPCC: a low emissions scenario (RCP 2.6 / SSP1 and NGFS CGAM 6.0 Below 2°C), an intermediate emissions scenario (RCP 4.5 / SSP 2) and a very high emissions scenario (RCP 8.5 / SSP 5). The scenarios were based on scenario-specific science-based climate projections and macroeconomic trends. When possible, we used climate projections for specific geolocations (CMIP6, Coupled Model Intercomparison Project) to reflect the most specific consideration, magnitude and duration of hazards. For hazards affecting our supply chain, we drew on data for broader regions when specific geolocations were not available. These scenarios were applied to the analysis with time horizons of 2025, 2030 and 2050. For both transition and physical risks, we identified and assessed climate-related financial risks within our operations and throughout the upstream and downstream value chain. This analysis used our existing work as a starting point, including site-level climate hazard exposure assessment, water risk assessment, our GHG inventory and our previous double materiality assessment.We analysed our shortlisted transition risks connected with our business activities, based on their relevance to our operations, strategies, procedures etc. The scenarios across which the transition risks were assessed drew on different science-based climate projections as well as assumptions about macroeconomic trends, energy consumption and mix, and climate-related policies. For our 2024 analysis, we assessed the impacts of transition events by drawing on internal inputs and data, as well as external databases such as NGFS and research papers. We used outputs from the Global Change Analysis Model 6.0 (GCAM 6.0) as provided by NGFS. GCAM is an Integrated Assessment Model that provides outputs on emissions, land use and prices for given macroeconomic and environmental scenario inputs. The country-level outputs were used to model future carbon prices affecting our own operations as well as our supply chain based on regional emissions projections. The analysis considered the magnitude and duration of the transition events. For physical risks, site-level assessment tools addressed several climate hazard types, including drought, fire, heat stress, precipitation, river flood, sea level rise, tropical cyclone and extratropical cyclone, and broader climate-related scenario analysis covering both acute and chronic physical risks. This offered us insights into how our specific assets were exposed to climate-related hazards and water-related risks, and our scenario analysis shed light on the potential financial impacts from physical risks under three different scenarios.For both physical and transition risks, additional inputs were collected through desktop research and a series of interviews with internal stakeholders to expand our scope of analyses to include upstream and downstream value chain.We consider climate-related impacts when relevant in our financial planning. However, as we do not expect significant immediate financial implications from these impacts, they are not integrated into the financial statements. Key resultsClimate-related physical risksWe identified acute hazards, including heatwaves and droughts with the potential to affect crop yields of key ingredients for our products, while chronic hazards identified included water stress affecting our operations. Climate-related transition risksThe identified transition risks were assessed to have significantly different impacts in 2025, 2030 and 2050. We found that carbon pricing costs may pose a material financial risk for us in a low emissions scenario (RCP 2.6 / SSP 1) in the long term given a gross risk perspective (i.e. assuming that we do not pursue further decarbonisation). However, we identified that this risk can be mitigated through fulfilment of our decarbonisation targets within TTZAB, which was considered in the net risk perspective. The scenario analysis has informed us where our material risks are concentrated. The key risk areas were found to be cost of sourcing raw and packaging materials, due to the high carbon price assumed in the low emissions scenario. Carbon pricing on GHG emissions from our own operations, too, was deemed material. These are the risks before mitigation actions are considered. SBM-3 Resilience analysisMethodology Our resilience analysis was conducted in H1 2024 in the context of the climate-related scenario analysis. While our climate-related scenario analysis explained above focused on risks and opportunities without consideration for likelihood or mitigation actions, the resilience analysis assessed the financial effects with consideration for likelihood of the event occurring and implementation of mitigation actions, i.e. assuming the fulfilment of TTZAB targets. Aside from this difference, the scope and methodology of this assessment were the same as in the scenario analysis. For both analyses, the low emissions scenario assumes stricter regulations and higher costs for emitting GHGs, thereby increasing costs for companies. The high emissions scenario assumes limited regulation of GHGs and thereby limited costs incurred by companies. By comparing the anticipated financial effects between the two perspectives, we are able to assess to what extent our sustainability strategy mitigates the anticipated effects of climate-related risks.Key resultsOur results need to be seen in light of limitations and uncertainties that are inherent to scenario and resilience analysis. In particular, in the context of physical risks, we note that there remains significant uncertainty within regional effects of changes in climate patterns. This creates uncertainty around the effects of climate hazards on the production and supply of key ingredients, for example. Additionally, the mitigating potential identified for regenerative ingredients in terms of improved climate resilience is under-researched and highly uncertain. Despite such uncertainties, we are able to draw the following conclusions from the analysis: • In the low emissions scenario (RCP 2.6 / SSP 1), a number of factors, including carbon pricing, contribute to reduced emissions. But they also come with  significant potential costs to the business in the form of increased expenses within our own operations and procured goods. These transition risks, however, can largely be mitigated by our decarbonisation efforts within TTZAB.• In the intermediate emissions scenario (RCP 4.5 / SSP 2), transition risks related to carbon pricing are much lower than under RCP 2.6. Notably, physical risks related to key ingredient supply chain instability entail higher but still limited costs for us.• In the very high emissions scenario (RCP 8.5 / SSP 5), transition risks are very low, while physical risks become more severe, in particular key ingredient supply chain instability. This occurs as more frequent and more severe droughts and extreme heat negatively affect global ingredient supply leading to supply shortages and higher procurement prices. In consideration of the net risk perspective, we find that the risks related to these climate hazards can partially be mitigated.Although several other climate-related risks have the potential to impact our business, the financial effects of carbon pricing pose the only risk currently crossing materiality thresholds. Physical risks related to key ingredient supply chain instability also have the potential to materialise as substantial financial risks in the very high emissions scenario. Per the current methodology, they do not cross financial materiality thresholds when considering magnitude and likelihood across scenarios and time horizons. Overall, we believe we are able to adjust and adapt our strategy and business model to climate change in several ways. We have already initiated the transition to a business model that is more resilient towards climate risks through our TTZAB programme, including net ZERO decarbonisation plans and the transition to regeneratively grown ingredients. From a net risk perspective, we find that some risks (in particular transition risks) can be nearly fully mitigated. Other hazards still pose relevant residual risks for which we need to continue monitoring the effectiveness of our mitigating actions.Our resilience is further improved through site-level responses, including the ability to redeploy, upgrade and shift production loads in case of hazardous events. Through site-level assessment we have identified that while several hazard risks may be material at site level (e.g. extreme precipitation), we find that our business is generally effective at responding and adapting to these disruptions, minimising the overall effects at Group level.E1-2PoliciesBoth policies below are publicly available online and published on our company intranet.Environmental PolicyThe Environmental Policy summarises our approach to energy, climate change and resilience, water and wastewater, waste and by-products, packaging, raw materials and agriculture, and investments and purchases. It is designed to be an overarching guiding document. As such, it does not specifically address each IRO in detail. This detailed work is done through our TTZAB programme. The way we manage and track our progress is described under each topic’s targets, actions and metrics.The policy applies globally to all employees, contractors and visitors of the Carlsberg Group, and to situations where the Group’s employees are working at external locations. Although the policy does not apply to suppliers directly, it informs our requirements in a number of associated documents, including the Supplier and Licensee Code of Conduct.The policy commits us to adhering to applicable laws and regulations at all times, to maintaining our ISO 14001-certified environmental management system, and to continuously working on risk reduction with a view to achieving ZERO environmental accidents.  The EVP, Integrated Supply Chain is the most senior executive responsible for implementing the policy. We review and, if necessary, revise the policy every two years to meet the evolving requirements and expectations of a wide range of stakeholders, as assessed in our materiality assessments. Supplier and Licensee Code of Conduct (Environmental considerations)Our Supplier and Licensee Code of Conduct (SLCOC) includes a section addressing environmental concerns as they relate to our downstream supply chain, specifically the management of environmental issues, carbon emissions, water and waste. Our SLCOC applies to all suppliers and details the minimum requirements we expect them to adhere to regarding these topics, based on both regulatory requirements and our own commitment to reduce environmental impacts. The SLCOC also states that suppliers must proactively work to understand and reduce their direct and indirect carbon footprint throughout their supply chains.The EVP, Integrated Supply Chain is the most senior executive responsible for implementing the SLCOC.E1-4; E1-3Targets and actions ZERO Carbon FootprintWe have clear commitments to address climate change, with targets of ZERO carbon emissions at our breweries by 2030, 100% of our electricity contributing to additional renewable capacity by 2030, a 30% reduction in our value chain emissions by 2030 and achieving net ZERO carbon emissions across our entire value chain by 2040. These targets build on our Environmental Policy commitment to continuously work to reduce emissions across our value chain. Rooted in our TTZAB ESG programme, our ZERO Carbon Footprint targets have been set to manage material climate-related impacts and risks regarding emissions from our operations and value chain, guiding how we are reducing our own carbon footprint and contributing to the expansion of renewable energy capacity more broadly. For information on how TTZAB targets are based on the views of our stakeholders, see page 55.Impact of external factors on our decarbonisation roadmapOur decarbonisation roadmap to 2030 is aligned with a 1.5°C pathway. We have not considered other climate scenarios when determining decarbonisation levers as our aim is to reach net ZERO emissions in our operations as quickly as possible, whichever socioeconomic pathway the world follows. We have begun sensitivity analyses in certain markets to understand key variables over the lifetime of our roadmap. To do this, we are collaborating with industry experts and consultants to better understand the impact of external factors on our decarbonisation roadmaps. These include technology costs, potential rises in the commodity and market prices of lower-carbon fuel alternatives as demand rises, and policy changes in our diverse markets, including carbon pricing and carbon taxes. We are diversifying our approach to take these factors into account.There are four climate change targets. When there are significant changes, e.g. mergers and acquisitions or divestments, we review whether the baseline needs to be recalculated. Due to the recent acquisition of Britvic plc, this will be the case in 2025. We are in the process of submitting near-term and long-term absolute Scope 3 reduction targets aligned with the updated SBTi requirements and including recent material acquisitions in 2025. This update will include both Forest, Land and Agriculture (FLAG) and non-FLAG targets, which will inform the necessary reduction needed from our agriculture-based and non-agriculture-based emissions respectively. We do not calculate detailed achieved emissions reductions based solely on our specific actions, unless otherwise noted. Achieved emissions reductions as a result of various factors in each stage of the value chain can be found on page 68. Further assessment of levers and expected emissions reductions per lever will be part of our roadmap development. To learn more about our methodology and other additional details for these targets, please see the corresponding accounting policies below.Target 1: ZERO carbon emissions at our breweries by 2030 We have set a target to achieve net ZERO emissions from our beverage production. This target allows us to offset up to 10% of hard-to-abate emissions with carbon credits. Therefore, the percentage of total gross GHG emissions that needs to be reduced between our baseline year and 2030 is 90%. This target includes Scope 1 and 2 emissions from breweries and all relevant GHG types.Aligned with a 1.5°C pathway, this target was set using the assumptions and criteria from the SBTi at the time of submission in 2017. The target covers 92% of our baseline Scope 1 and 2 emissions. It excludes emissions outside our production sites, such as offices, warehouses and owned logistics.Brewery decarbonisationOur brewery decarbonisation strategy is firstly to reduce carbon emissions as much as possible through energy efficiency (estimated reduction of 10-20%). In 2024, we did this through improving equipment efficiency, applying best practices and sharing knowledge, and measuring and optimising energy consumption. Another focus area is to replace fossil-based energy sources with cost-efficient use of electrification and renewable energy to reduce an estimated 50-60% of emissions. In 2024, we began work to install electric boilers at selected breweries and will continue this expansion in the coming years. In all but four of our markets, we have secured full procurement of green electricity through Guarantees of Origin and I-RECs, as well as operational PPAs for renewable electricity from additionality in three markets (please see the following section for more information). We have also begun work to install biogas recovery systems at two of our wastewater treatment plants and will install biomass boilers at five breweries in 2025. A further 10-20% of emissions will be reduced by investing in technology innovation, such as steam heat pumps and energy storage. These are ongoing activities towards 2030. An estimated 10% of residual emissions that we are unable to abate will be addressed through nature-based solutions. To address and mitigate our climate impact, all breweries are working towards our 2030 target to eliminate carbon emissions in our operations. The global and site-specific actions planned for 2025 will form part of the new Group decarbonisation roadmap, which we began developing in 2024. Each brewery is at a different stage in this journey, dependent on local conditions, site-specific cost-benefit analyses and investment decisions. Local action plans ensure we take a strategic approach to delivering the greatest possible impact in a cost-efficient manner. We expect to see the full impact of our 2024 actions impacting our carbon footprint from 2025 onwards. Performance against targetIn 2024, our breweries worldwide emitted 294 kt CO2e, representing a reduction of 58% against the target’s 2015 baseline. The relative emissions per hectolitre of beverage have decreased from 6.8 kg CO2e/hl to 2.7 kg CO2e/hl in the same period, representing an improvement of 60% This performance is in line with our expectations, and emphasises the need for further focus on carbon reduction.Unit ValueAbsolute GHG emissions at our brewerieskt CO2e294Relative GHG emissions at our breweries kg CO2e/hl2.7ACCOUNTING POLICIESThe relative emissions represent the GHG emissions at Carlsberg breweries released from producing 1 hectolitre of beverage. The figure is calculated as the sum of Scope 1 and 2 (market-based) GHG emissions from breweries divided by the total production of beverages (in hl). GHG emissions from Carlsberg-owned warehouses, offices and vehicles are not included. For more information on the accounting policies, please see Scope 1 and 2 GHG emissions on page 72.Target 2: Convert to electricity adding to additional renewable capacity by 203089% of our electricity came from renewable sources in 2024, mainly purchased from the grid through certificates that meet strict RE100 criteria. There is growing scientific consensus that power purchase agreements (PPAs) are superior to renewable energy certificates (RECs) in leading to additional renewable energy production and real emissions reductions. Therefore, we are committed to investing in the contribution of additional renewable capacity in the markets where we operate through signing PPAs with partners to develop new assets, either at our own sites or elsewhere, widening availability of renewable power from national grids. We do this even though there is no contribution to emissions reduction from a GHG inventory perspective, as PPAs are assessed with the same consideration as certificates in this regard. The target requires that 100% of our brewery electricity consumption is either from operational renewable sources or committed contractually to future renewable sources by 2030. The target covers all electricity consumption at our breweries.  Reducing emissions from electricityAs we already source the vast majority of the electricity for our breweries from renewable sources, our actions are focused on supporting new assets that will contribute additional renewable capacity and widen availability of renewable power on national grids. In 2024, a number of assets we supported became operational. In August, our new flagship Foshan Sanshui brewery in China began operations, producing approximately 30% of the site’s electricity needs from a 6.5 MWp on-site solar installation that we contracted on a long-term basis. The integrated rooftop panels are owned by a third-party provider through which we purchase the electricity via a PPA. A 70 hectare solar park in Denmark became operational in October, providing our brewery in Fredericia with 29 GWh of electricity each year. And in Lithuania, we have expanded our existing on-site solar capacity and will add electricity from an off-site solar PPA in early 2025. We have also laid the groundwork for more PPAs in selected locations next year and beyond, including defining our criteria for identifying feasible and preferred PPA opportunities based on pricing, profiles, technologies and locations. Performance against targetIn 2024, we sourced 48 GWh of renewable electricity contributing to additional renewable capacity, equating to 6% of our total electricity consumption across all our breweries, of which 2% was fully operational and 4% was contracted. Our baseline of 1% was established in 2021. Given the volatile electricity market, this performance is in line with our expectations.  Unit ValueRelative additional renewable electricity consumption (operational) % 2Relative additional renewable electricity consumption (contracted) % 4ACCOUNTING POLICIESThe relative additional electricity consumption is calculated as the total additional renewable electricity consumption divided by total electricity consumption at Carlsberg. Additional renewable electricity sources can be on-site renewable electricity generation, electricity procured through power purchase agreements (PPAs), or generation otherwise owned or procured by Carlsberg. Additional electricity installations include installations where construction began after the date of Carlsberg’s purchase and/or investment, and existing renewable installations that will be modernised and/or upgraded after the date of Carlsberg’s purchase and/or investment, provided that the PPA adheres to the RE100 criteria (this element was added to the target definition in 2024). Since additional renewable electricity also includes installations that are (not yet) under construction, the KPI is reported both as “contracted” and “operational” as a percentage of total electricity consumption.Target 3: 30% reduction in relative value chain carbon emissions by 2030Our near-term value chain 2030 target covers all Scope 1 and 2 emissions and the majority of Scope 3 emissions, as illustrated to the right, and is aligned with scientific evidence to limit global warming to 1.5°C. Due to the target being relative to volume, and our recent M&amp;A activity, we have not converted this to an absolute reduction target in 2024.Since launching our GHG emissions reduction target in 2015, we have continuously improved the target’s calculation methodology. As a result, the scope for which data is available has expanded significantly. This means that no like-for-like comparison can be made between the figures disclosed for 2015 and 2024. To address this, we will update our target and its affiliated baseline year and value in 2025.For more information on the various levers used to achieve the target, please see the emissions reduction actions described under Target 4.  Performance against targetIn 2024, the relative emissions in our value chain were 58 kg CO2e/hl. Since we have been able to apply appropriate scoping changes retroactively for 2022 figures, we can measure the development from 2022 (60 kgCO2e/hl) to 2024 (58 kgCO2e/hl), representing a 3% reduction. This performance matches our expectations and continues our positive trajectory in reducing emissions across our value chain. We aim to continue to accelerate these reductions in coming years.Unit ValueRelative GHG emissions in our near-term target scope kg CO2e/hl58Absolute GHG emissions in our near-term target scope kt CO2e6,378ACCOUNTING POLICIESThe absolute GHG emissions in our near-term target scope include all Scope 1 and 2 (market-based) GHG emissions excluding refrigerants, and all Scope 3 GHG emissions associated with Carlsberg's production volume (specifically from procurement, production, distribution, in-trade cooling and waste treatment of Carlsberg products). Excluded sources of GHG emissions are presented in the visual on GHG emissions per value chain stage. For more information on the accounting policies, please see Scope 1, 2 and 3 GHG emissions on page 72. A higher degree of measurement uncertainty is present in the input data related to Scope 3. For more details, see Appendix 3 (BP-2) on pages 108-109. The relative GHG emissions are calculated by dividing the absolute GHG emissions by the total production of beverages (in hl).GHG emissions by value chain stage (E1-6)  6,378 kt CO2e (covering 78% of Carlsberg's gross Scope 1-3 GHG emissions)Emissions share in 2024 Absolute emissions in 2024Agricultural sourcingGrowing and processing of our 21% 1,329 kt CO2eraw ingredients1Beverage productionProduction of our beer and 8% 489 kt CO2ebeveragesPackaging sourcingManufacturing and disposal of 54% 3,436 kt CO2eour packagingDistributionDistribution of our products to 10% 637 kt CO2ecustomersCoolingRefrigeration of our products in 7% 487 kt CO2ebars and retail stores2022-2024Change in carbon intensity of value chain emissions in near-term target scope -3%Relative reduction (%)Additional scope for long-term net ZERO emissions target 1,842 kt CO2e (covering 22% of Carlsberg’s gross Scope 1-3 GHG emissions)• Licensee volumes• Employee commuting• Joint venture volumes• Business travel • Co-manufacturing &amp; third-party product volumes• Non-product purchases (advertising, • Capital goodsservices, etc.)1 This covers Scope 1 and 2 GHG emissions as well as Scope 3 GHG emissions at breweries related to purchased water, waste generated in own operations and upstream energy-related activities.Target 4: Net ZERO value chain by 2040 Our long-term 2040 net ZERO target covers all Scope 1, 2 and 3 GHG emissions. It is in line with scientific evidence regarding limiting global warming to 1.5°C. This scope differs from our near-term 2030 target in that all emissions sources are included, as illustrated on the previous page. We do not have a full-scope interim target. For more information on the scope of emissions included in our 2040 net ZERO target, please see our accounting policies for E1-6 on page 72. This target allows us to offset up to 10% of hard-to-abate emissions with carbon removals. Therefore, the expected percentage of total gross GHG emissions that must be reduced between our baseline year and 2040 is 90%. Due to an expanded scope, updated methodology and improved data accuracy, we cannot measure the performance against our baseline in 2015. We will update the target and its baseline in 2025. Our actions to address Targets 3 and 4 are outlined below.  Reducing emissions from agricultureWe have a programme to tackle the emissions associated with agriculture, as described under E4 Biodiversity and ecosystems. Actions described in the section “Sourcing raw materials from regenerative agricultural practices” contribute to reducing GHG emissions as well as promoting sustainable agricultural practices. As techniques to define and measure farming-related emissions advance, we will be able to better estimate the emissions reductions achieved by sourcing raw materials from regenerative and sustainable agriculture.Reducing emissions from the production of packagingWe have a programme to tackle the emissions associated with our packaging, described under E5 Resource use and circular economy (E5-3; E5-2), which focuses on increasing recyclability and recycled content, using less fossil-based virgin plastics, and increasing collection and recycling rates. All these actions contribute to GHG emissions reduction and promote sustainable use of resources.  Emissions reductions for packaging are typically achieved through a combination of factors, including efficiency improvements, increased share of renewable electricity and energy in the grid, and using raw materials with lower carbon footprints.Reducing emissions from transportation and distributionAs transportation and distribution account for 10% of our near-term target scope (Target 3), and 11% in Western Europe, decarbonising this area of our value chain is important for reaching our 2040 net ZERO targets. Below we outline actions under way to address these emissions both within our own fleet and in our outsourced transport. Replacement of owned or leased fossil fuel-powered trucksIn 2024, as part of our decarbonisation lever to switch to renewable energy, we replaced 28 diesel delivery trucks in our Western Europe fleet with biogas-powered vehicles. While biogas trucks are inferior to renewable energy-powered electric trucks in terms of tailpipe emissions and particulate matter, their carbon footprint is 89% lower than the diesel equivalent. In October 2024, we introduced 14 biogas trucks in Norway and 14 in Denmark for long-haul deliveries.  We currently have 22 electric vehicles on the road in Western Europe for last-mile deliveries – 20 in Switzerland and two in the UK. With improvements in battery technology, we are confident of expanding on this significantly in coming years, including for long-haul transportation. All our trucks in Western Europe are leased and will be replaced gradually over the coming years based on contract expiration and kilometres driven. Electrification of outsourced transport and logisticsWe are in the process of electrifying our outsourced transport when possible. In 2024, we began deploying battery electric trucks for shuttle movements between our Falkenberg brewery in Sweden and other facilities in the area. The contract means we are no longer reliant on diesel trucks for these 10-15 km journeys, which amounted to more than 165,000 km in 2024. We hope to replicate this electrification model in other markets, as it is both cost-effective and more sustainable than fossil fuel alternatives. As the initiatives for electrification of outsourced transport and logistics scale, we will look into the specific emissions reductions related to the actions. Reducing emissions from refrigeration in bars and shops Keeping our products cool in bars, restaurants and shops accounts for 7% of our near-term target scope (Target 3). To make progress on our value chain emissions reduction target, we are continuously seeking to improve the energy performance of the fridges we deliver to our customers’ outlets. In recent years, we have implemented centralised fridge procurement across all markets, giving us an advantage when purchasing more energy-efficient fridges. As a result, we achieved a 3% improvement in energy efficiency in 2024 compared with the previous year.This reduction in cooling-related emissions is driven primarily by the procurement of more energy-efficient fridges. However, other factors influence the trend, for example the reduction in emission intensity of national electricity grids. Partnering to reduce emissionsREfresh AllianceWe are a member of the REfresh Alliance, an industry-wide initiative launched in October 2024 to accelerate renewable energy adoption throughout the beverage industry supply chain and thereby reduce GHG emissions stemming from electricity consumption from our suppliers. Initially present in Europe and North America, the initiative aims to expand to other regions in the future. Given that the initiative is quite new, we do not yet have an estimate of its contribution to our Scope 3 category 1 emissions reductions. We plan to explore this in 2025.Performance against targetIn 2024, the absolute GHG emissions in our value chain were 8,220 kt CO2e. As the reduction achieved in Target 3 covers 78% of this scope, we expect the performance to follow a similar trajectory, and it is therefore in line with our expectations. Please see the accounting policy on page 72 for more information on how this metric is calculated.Unit ValueAbsolute GHG emissions in our value chain kt CO2e8,220Note: The corresponding accounting policy is below the E1-6 table on page 72Addressing our financial risk: carbon pricing on our own operations and purchased goodsAs our operations result in GHG emissions, the risk of carbon pricing increasing the costs of purchased goods and our own operations presents a financial risk to our business. All actions taken to reduce our carbon emissions, including those presented in E1, E3, E4 and E5, mitigate the potential financial impact of carbon pricing on our business. Internal carbon pricing (E1-8)One particular type of carbon pricing is internal carbon pricing. In the process of CapEx project approvals, we incorporate internal carbon pricing through shadow pricing. For certain CapEx projects that exceed an investment of EUR 1.5m and relate to utilities and packaging, a shadow price is applied to assess climate impacts and potential climate-related financial impacts during the decision-making process.Our current internal carbon pricing for Europe is fixed based on the 2022 average price of the EU Emissions Trading Scheme (ETS). A different price is applied for all other markets, based on an estimate informed by the World Bank’s Carbon Pricing Dashboard. We apply an evolutionary pricing approach, meaning that forecasted increases in carbon prices are reflected in the shadow prices applied to the projected emissions of CapEx projects. The internal carbon prices applied are as follows:Shadow price applied inMarkets Unit 2024 2030Europe DKK/t CO2e 574 671Rest of the world DKK/t CO2e 440 671Our shadow prices cover future emissions only. This means that the coverage of the carbon pricing is limited to eligible CapEx projects subject to approval in the reporting year. We do not track emissions from the approved projects, as the objective for applying the shadow price is not to cover as much emissions as possible but to integrate the consideration into our major CapEx decision-making. ChallengesThe implementation of the emissions reduction actions mentioned above may pose various challenges, including material availability and added procurement costs. Additionally, the availability of infrastructure, including energy grid connections and charging infrastructure for EVs in our operating markets, can also delay our actions. Challenges and risks are considered in roadmap planning, allowing us to prioritise cost-efficient solutions that can drive the agenda to reach our targets.Current and future allocated resourcesFor the actions to reduce our GHG emissions through, for example, energy reductions and inclusion of renewable electricity, we invested DKK 120m in CapEx and relevant OpEx listed in E4 and E5 in 2024. The investment in 2025 is expected to amount to DKK 130-180m in CapEx and additional specific OpEx for value chain reductions. Some of this overlaps with EU Taxonomy economic activities (CCM 4.20, CCM 7.3 and CCM 7.6). We report on our investment related to our overall ESG targets and investments that can be directly associated with energy efficiency. Other investments are an integrated part of our capital cost allocations and are therefore not reported here, but in general CapEx. For example, purchasing biofuels instead of fossil fuels happens through existing procurement channels and is thus not included in the figures above. Furthermore, investments related to certain upstream and downstream value chain emissions reductions are represented in other actions under ZERO Packaging Waste and ZERO Farming Footprint, so we are not including them here to avoid double-counting. These investments are not specifically segmented in our accounting and are reported based on the general rules for financial reporting. The figures for total OpEx and CapEx can be found in the financial statements, income statement on page 112 and section 2.2 on page 127 respectively. Other mandatory data disclosuresE1-5Energy consumptionFrom non-renewable sourcesUnit Value1Fuel consumption from coal and coal productsGWh &lt;1Fuel consumption from crude oil and petroleum productsGWh 296Fuel consumption from natural gasGWh 1,017Fuel consumption from other fossil sourcesGWh 1Consumption of purchased or acquired electricity, heat, steam and cooling from fossil sourcesGWh 186Total fossil energy consumptionGWh 1,500Share of fossil sources in total energy consumption% 61Consumption from nuclear sourcesGWh 0Share of consumption from nuclear sources in total energy consumption% 0From renewable sourcesFuel consumption for renewable sources, including biomass GWh 196Consumption of purchased or acquired electricity, heat, steam and cooling from renewable sources GWh 771Consumption of self-generated non-fuel renewable energy GWh 10Total renewable energy consumptionGWh 977Share of renewable sources in total energy consumption % 39Total energy consumption GWh 2,4771 &lt;1% is due to a warehouse in Ukraine. We continue to have zero coal at all our breweries. ACCOUNTING POLICIESTotal energy consumption related to own operations includes fuel consumption at sites (breweries, warehouses and offices), fuel consumption in owned and leased vehicles, and consumption of purchased and self-generated energy (electricity, heat and cooling). Energy consumption data is reported by each market per energy type. The fuel consumption at sites and by vehicles can be split into fossil fuels (oil and petroleum products, coal, natural gas, liquified petroleum gas (LPG) and other fossil sources) and renewable fuels (biogas, biofuel and biomass). The purchased energy can be split into renewable (with certificates) and non-renewable (without certificates). Self-generated renewable energy comes from solar power. Lower heating values are applied to convert fuel consumption into energy. Carlsberg obtains Guarantees of Origin (GoO), renewable energy certificates (RECs) and power purchase agreements (PPAs) to source its renewable electricity. Purchased energy that is sold is not included in the energy consumption figures.Energy intensityUnit ValueEnergy intensity from activities in high climate impact sectors MWh per DKK million 33Total energy consumption from activities in high climate impact sectors GWh 2,477ACCOUNTING POLICIESFor energy intensity, the total energy consumption is divided by total net revenue. All revenue-generating activities are either directly related to the manufacture of beverages or support that objective, which is considered a high climate impact sector. Therefore, there is no difference in scope compared to total energy consumption and total net revenue. The figure for total net revenue can be found in the financial statements, income statement, page 112.E1-6GHG emissionsUnit ValueScope 1 GHG emissionsGross Scope 1 GHG emissionskt CO2e 331Percentage of Scope 1 GHG emissions from regulated emissions trading schemes% 11Scope 2 GHG emissionsGross location-based Scope 2 GHG emissionskt CO2e 300Gross market-based Scope 2 GHG emissionskt CO2e 57Significant Scope 3 GHG emissionsTotal gross indirect (Scope 3) GHG emissionskt CO2e 7,832Category 1: Purchased goods and serviceskt CO2e 5,020Category 2: Capital goodskt CO2e 170Category 3: Fuel and energy-related activities (not included in Scope 1 or 2)kt CO2e 129Category 4: Upstream transportation and distributionkt CO2e 736Category 5: Waste generated in operationskt CO2e 20Category 6: Business travelkt CO2e 79Category 7: Employee commutingkt CO2e 12Category 9: Downstream transportation and distributionkt CO2e 495Category 11: Use of sold productskt CO2e 168Category 12: End-of-life treatment of sold productskt CO2e 151Category 14: Franchiseskt CO2e 570Category 15: Investmentskt CO2e 282Total GHG emissionsTotal GHG emissions (location-based)kt CO2e 8,463Total GHG emissions (market-based)kt CO2e 8,220Note: 2024 is our baseline year for CSRD reporting. In future reports, we will showcase comparative data and year-on-year development.Note: Since all of Carlsberg's investees over which it has operational control are consolidated in the financial statements, the additional breakdown to be reported as required by ESRS E1-6 50 is not applicable.ACCOUNTING POLICIESScope 1 GHG emissions include all direct GHG emissions from energy consumption, purchased CO₂ and the use of refrigerants in own operations, calculated in line with the GHG Protocol. Energy consumption includes all direct energy sources (oil, natural gas and biogas) at owned sites (breweries, warehouses and offices) or by vehicles (including leased vehicles). GHG emissions are calculated as energy consumption multiplied by relevant emission factors. The sum of all GHG emissions from markets with regulation emissions trading schemes has been calculated and divided by total emissions to calculate percentage.Scope 2 GHG emissions include indirect GHG emissions from the generation of electricity, heat and steam purchased and consumed, calculated in line with the GHG Protocol. Both location- and market-based GHG emissions are calculated by multiplying the amount of energy purchased by country-specific emission factors. Market-based emissions take into account renewable electricity purchased through power purchase agreements (PPAs), or with renewable energy certificates (RECs) or Guarantees of Origin (GoO).Scope 3 GHG emissions include indirect GHG emissions from operations in the value chain, covering both upstream and downstream activities, including subsidiaries, franchises and joint ventures that Carlsberg does not have operational control over. Scope 3 GHG emissions are calculated following the GHG Protocol Corporate Value Chain (Scope 3) Standard, the Beverage Industry Environmental Roundtable (BIER) Guidance and the Product Environmental Footprint Category Rules for Beer (PEFCR). Carlsberg does not report on Scope 3 emissions in categories 8 (upstream leased assets), 10 (processing of sold products) and 13 (downstream leased assets), since these activities are not applicable or significant to Carlsberg. A higher degree of measurement uncertainty is present in the input data. For more details, see Appendix 3 (BP-2) on pages 108-109. The accounting policies for the categories in scope are further described below.Category 1: upstream GHG emissions related to the cultivation and processing of purchased agricultural ingredients required in the brewing process, packaging materials, water consumed at breweries, purchased fridges, third-party production, and other goods and services not captured elsewhere.Category 2: upstream GHG emissions related to the capital expenditures on construction, installation, maintenance and repair, calculated based on the respective spend.Category 3: upstream well-to-tank (WTT) GHG emissions related to fuel consumed and energy purchased (as included in Scope 1 and 2).Category 4: lifecycle GHG emissions related to the inbound transportation of agricultural materials and packaging materials (including return transportation of reused packaging materials), third-party distribution and transportation of third-party production volumes.Category 5: downstream GHG emissions related to the external waste treatment of waste generated in Carlsberg breweries. The GHG emissions are calculated based on the weight of waste generated split out by waste type. For wastewater specifically, emissions are calculated based on the condition of the water, expressed as chemical oxygen demand (COD) per litre of wastewater.Category 6: business-related travel activities of employees paid for by Carlsberg, including third-party transportation services, reimbursed transport in employees’ own vehicles (mileage allowance), and reimbursed accommodation and meals during travel. The GHG emissions are calculated based on travel agency reports for flight travel and spend data for the remaining activities.Category 7: transportation of employees to and from their home and worksite, as well as employees working from home.Category 9: outbound distribution performed by third parties not paid for by Carlsberg and cooling in third-party fridges in the on- and off-trade.Category 11: cooling of beverages in fridges in the on- and off-trade provided by Carlsberg and the CO₂ released from beverages during consumption.Category 12: downstream GHG emissions from waste treatment at the end of life of packaging put on the market by Carlsberg. These are calculated for the share of products (by material type) not recycled (i.e. going to incineration or landfill), which is determined using publicly available statistics on national waste treatment systems.Category 14: licensees that have a license to produce and sell Carlsberg products. The GHG emissions are estimated based on emissions from Carlsberg's own production channels and the volumes sold by licensees.Category 15: joint ventures that produce and sell beverages. Joint ventures not producing beverages are not considered material and are therefore excluded from the scope. The GHG emissions are estimated based on emissions from Carlsberg's own production channels, the volumes sold by joint ventures and the respective ownership shares that Carlsberg holds in these joint ventures.For more information on the applied emission factors for Scope 1-3 GHG emissions, please see Appendix 2 on page 108.For more information on any measurement uncertainties and value chain estimates, please see Appendix 3 (BP-2) on pages 108-109.For more information on the accounting policies for categories 1, 4, 7, 9 and 11, please see Appendix 4 on page 110.GHG intensityUnit ValueGHG intensity (location-based)t CO1132e per DKK millionGHG intensity (market-based)t CO1102e per DKK millionFinancial reconciliationUnit ValueNet revenue used to calculate GHG intensityDKK million 75,011Net revenue (other)DKK million 0Total net revenue (in financial statements)DKK million 75,011Biogenic emissionsUnit ValueBiogenic emissions not included in Scope 1 GHG emissions kt CO2e401Biogenic emissions not included in Scope 2 GHG emissions kt CO2e29Biogenic emissions not included in Scope 3 GHG emissions kt CO2e52Contractual instrumentsUnit ValueShare of Scope 2 GHG emissions covered by contractual instruments% 73Share of Scope 2 GHG emissions covered by energy attribute certificates (unbundled) % 72Share of Scope 2 GHG emissions covered by power purchase agreements (bundled)% 1ACCOUNTING POLICIESTo calculate GHG intensity, we divide gross Scope 1, 2 and 3 GHG emissions by total net revenue, calculated for both market- and location-based emissions. The figure for total net revenue can be found in the financial statements, income statement, page 112.Biogenic emissions not included in Scope 1 include; CO₂ emissions from the combustion of biomass, biofuels and biogas with certificates at breweries or in vehicles and the release of CO₂ in the fermentation processes. Biogenic emissions not included in Scope 2 include CO₂ emissions from purchased district heating where the energy source is biomass. Biogenic emissions not included in Scope 3 include CO₂ emissions from suppliers using biomass, biogas or biofuel to produce materials, biofuel use in inbound and outbound transportation and distribution, renewable CO₂ released from beverages during consumption, and landfill emissions from the end of life of biological packaging materials (i.e. cardboard). All biogenic emissions are calculated in line with the GHG Protocol and by multiplying the input data by the relevant emission factors.Contractual instruments are the sum of purchased energy bundled with attributes about energy generation (PPAs) and energy purchased from unbundled energy attribute certificates (EACs) divided by total energy consumption (electricity and heating).E3 WATER AND MARINE RESOURCES MATERIAL IMPACTS, RISKS AND OPPORTUNITIES SBM-3Water is an essential ingredient in our products. It is also needed to grow our hops and grains. The effects of climate change and population growth are putting stress on water supplies around the world, felt most acutely in certain high-risk river basins. Our 2024 DMA confirmed our focus on water, identifying three material impacts: significant water consumption in irrigated production of raw materials, water consumption for beverage production processes, and water replenishment and stewardship opportunities in high water-risk areas. This section discusses these impacts in more detail, as well as the policies, targets and actions to address them.How our E3 Water and marine resources IROs link to our value chainAGRICULTUREPACKAGINGBEVERAGE PRODUCTION &amp; ADMINISTRATIONDISTRIBUTIONSELLING &amp; MARKETINGMaterial impact Where it originates How it affects people or planet Time horizon Addressed in TTZABWater consumption for The farms we source ingredients from The consumption of water could worsen Short termirrigation of cropsconsume a significant amount of water water stress, especially in areas of high for the irrigated production of raw water risk.ZERO Farming ingredients, such as crops.FootprintWater consumption for We use water to produce our beverages. The consumption of water could worsen Short termbeverage productionwater stress, especially in areas of high water risk.ZERO  Water WasteWater replenishment We take part in water replenishment and These programmes aim to increase Short termand stewardship stewardship programmes in the river access to water in local communities and programmesbasins of a number of our breweries improve biodiversity and ecosystem ZERO  Water deemed at high water risk.health.WasteIRO-1Exemplifying the interconnected nature of many impacts, risks and opportunities in our value chain, the first identified impact (water consumption in irrigated production of raw materials) also affects biodiversity and ecosystem health, water scarcity/stress, and potentially reduces availability for local communities, particularly in high-risk areas. As such, the policies, targets and actions to address IRO 3.1 are covered in E4. Our ZERO Water Waste efforts are based on a robust understanding of the water risks facing our breweries and key crops. High-risk areas were identified by a 2020 assessment using the WWF’s Water Risk Filter tool, based on three types of water risk: physical, regulatory and reputational.We work closely with partner organisations on our replenishment projects. They have the capacity and experience to engage with the communities most affected and all necessary local stakeholders, and to navigate the local governmental and administrative processes. The local knowledge and insight they offer is crucial to the success of these projects. E3-1Policies Our Environmental Policy states that we strive to achieve sustainable use of water in the communities in which we operate. It also lays out our commitment to engage with local communities in water-scarce areas, and to understand how we can best help to manage their watersheds. It also commits us to regularly assessing our exposure to water scarcity in all forms and initiating appropriate actions to ensure the long-term availability of water. We also place expectations regarding water management on our suppliers, as covered in our Supplier and Licensee Code of Conduct. Here we set the expectation that suppliers, especially in areas with high water stress, must manage water responsibly. Details of the policy and code of conduct are summarised in E1-2 on page 66.E3-3; E3-2Targets and actions ZERO Water Waste Our Environmental Policy sets the foundation of our ambition to use water with maximum efficiency and engage with local communities in water management, particularly in areas of high water risk. Our voluntary TTZAB targets related to water drive our continuous action in these areas. We define high-risk areas first by utilising WWF’s Water Risk Filter and then applying our operation’s risk, growth and size. There are two ZERO Water Waste targets, detailed below.For information on how TTZAB targets are based on the views of our stakeholders, see page 55. To learn more about our methodology and other additional details for these targets, please see the corresponding accounting policies to the right.Target 1: Water usage efficiency of 2.0 hl/hl globally and 1.7 hl/hl at breweries in high-risk areas by 2030We have set a target to reduce the hectolitre of water usage per hectolitre of beverage produced to 2.0, with breweries in high-risk areas having an even more ambitious target of 1.7. This target applies to all breweries. External warehouses and offices not connected to a brewery are not in scope. There were no changes to the target in 2024. Biodiversity impacts, dependencies, risks and opportunities are not a primary focus for our water efficiency target, but efficiency gains could indirectly reduce negative impacts on biodiversity in water-stressed areas.Efficient water consumption for beverage productionAt a global level, our actions are focused on structuring, standardising and rolling out a best practice programme for more efficient water consumption in our beverage production processes, with a strongfocus on the 17 breweries in high-risk areas. Anchored in our policy objective of achieving sustainable use of water, we continue to reduce the amount of water we use to make our beverages, building on the efficiencies we have achieved since setting our baseline in 2015.Key actions in 2024 included updates to our global operations manual, the development of a water diagnostic tool, which provides a detailed overview of all water consumption throughout a brewery, and the launch of a manual to ensure optimisation of water used in cleaning for brewing, processing and filling lines in all our regions.The target was set based on internal subject matter expertise and technological feasibility assessments of our engineers. Dedicated to increasing water use efficiency, it relates to the management of the impacts of our water consumption, including water scarcity/stress, potential reduced availability for local communities, and biodiversity and ecosystem health. Performance against target3In 2024, our total water usage amounted to 27 million m. Our water usage efficiency was 2.5 hl/hl globally in 2024, and 2.2 hl/hl at breweries in high-risk areas. This represents decreases of 31% and 44% respectively, compared with our 2015 baseline values of 3.6 and 4.0 hl/hl. This is slightly less than expected due to production volume increases in less water-efficient regions and a lack of consistent best practice implementation. We are confident we will continue to achieve water efficiency gains in 2025.Unit ValueWater usage efficiency (global) hl/hl 2.5Water usage efficiency (high-risk areas) hl/hl 2.2ACCOUNTING POLICIESWater usage is calculated as water withdrawal at breweries minus sold water. Water intake includes water from municipalities, own boreholes, surface water and other sources.Water usage efficiency is the water needed at Carlsberg breweries to produce 1 hectolitre of beverage. It is the ratio of total water use at breweries divided by the total production volume of beverages. High-risk areas are as defined in E3-4 "Water consumption in areas of high water stress".Additional information on target methodology: volume produced is the total volume of packaged beverage leaving the site.Target 2: 100% replenishment of water consumed at breweries in high-risk areas by 2030 This target is to achieve replenishment of water through off-site projects equal to 100% of the total water consumed at breweries in areas of high water risk. This target was developed following a 2020 water risk assessment using WWF’s Water Risk Filter tool, which applied a scientific dataset. The amount of water replenished through off-site projects must follow the definitions described in the Volumetric Water Benefit Accounting (VWBA) method developed by the World Resource Institute (WRI). This includes criteria around location of projects, financing and external verification. The 2020 assessment identified 17 breweries in areas with high risk of water scarcity. The 17 sites are: Alwar, Aurangabad, Dharuhera, Hyderabad, Gorkha, Kolkata, Mysuru and Paonta Sahib in India; Sihanoukville in Cambodia; Vientiane in Laos; and Changzhou, Dazhulin, Korle, Kunming, Ningxia, Urumqi and Wusu in China. Water replenishment and stewardshipOur actions to address this target are the undertaking of projects to replenish the water we consume at breweries in high-risk areas. In 2024, we established new replenishment projects at four high-risk locations (three in China and one in Laos) and expanded or continued projects at four high-risk locations (one in Cambodia and three in India).Our water replenishment projects contribute to increased groundwater levels, reduced agricultural water demand, protected and restored ecosystems, and strengthened resilience against climate-related hazards for local communities. Increased groundwater levels in turn support our policy objectives of initiating appropriate actions to ensure the long-term availability of water in our regions with water scarcity. Water replenishment projects will be continuously implemented until we achieve our target. Afterwards, these projects will be maintained and monitored to ensure they continue to provide the full replenishment amount of water to local communities. With a focus on 17 breweries across Cambodia, China, India, Nepal and Laos, the primary stakeholders affected by our activities are the communities and employees that will benefit from our work to protect and restore the natural water resources we share. The scope of our water replenishment activities is not limited to reducing water scarcity, but also focuses on improving the quality and availability of water as well. Performance against target3We replenished 481,170 m of water in high water risk areas in 2024, equal to replenishing 16% of the total water consumed by breweries in high-risk areas. This performance reflects the strong foundation of replenishment projects we have created in recent years and matches our expectations. Our baseline of 0% of water replenished was established in 2021. Replenishment activities first began in 2022, with results visible beginning in 2023.Biodiversity impacts, dependencies, risks and opportunities were not a key lever in setting the water replenishment target, but there are benefits for biodiversity and ecosystem health from this activity. For example, one project will improve the wetland landscape to enhance the black-necked crane habitat, the world's only alpine crane species residing in high-altitude wetlands.Unit ValueReplenishment of water consumed at breweries in high-risk areas % 16ACCOUNTING POLICIESReplenishment of water is calculated by the volume of water replenished through off-site projects relative to water consumption at breweries in high-risk areas. High-risk areas are defined as in E3-4 "Water consumption in areas of high water stress". Current and future allocated resourcesTo protect water resources by improving water efficiency, ensuring adequate cleaning and management of water, and replenishing water, we invested DKK 30m in CapEx and DKK 5m in OpEx in 2024. The investment in 2025 is expected to amount to DKK 50-70m in CapEx and DKK 5-10m in OpEx. This includes, for example, investment in new assets enabling improved water efficiency at production sites, cleaning of waste water, management of water on-site and investment in water replenishment projects near breweries in areas with high risk of water scarcity. Note that some actions related to water efficiency are part of usual business operating costs or capital goods investment, and therefore not necessarily captured here. These costs are not specifically segmented in our accounting. Consequently, they are reported based on the general rules for financial reporting.Other mandatory data disclosuresE3-4Water consumption from own operationsUnit ValueTotal water consumption million m³ 12Total water discharges million m³ 15Total water withdrawals million m³ 27Total water recycled and reused million m³ 1Water consumption in areas at water risk, including areas of high water stress million m³ 3Water intensity ratio m³ per DKK million 162ACCOUNTING POLICIESWater consumption is calculated as the water withdrawal at breweries minus discharged and sold water.Water consumption in areas at water risk includes breweries in areas of high water stress as identified by conducting a detailed water risk assessment using the Water Risk Filter tool from WWF. The assessment includes three types of risks: physical, regulatory and reputational. The latest assessment was conducted in 2020 and breweries established or acquired after this have not been considered.Water recycled and reused is defined as water recycled from wastewater and used for process or non-process activities at breweries (including cleaning, irrigation, groundwater recharge and cooling).Water intensity ratio is the water consumption divided by total net revenue. The figure for total net revenue can be found in the financial statements, income statement, page 112.Total water withdrawals includes all water intake at Carlsberg's breweries from municipalities, own boreholes, surface water and other sources.Total water discharges is the total volume of wastewater discharged from breweries, which includes discharge to recipients, to recipients after own treatment, to public or third-party treatment facilities, or to public or third-party treatment facilities after own treatment.All water intake is measured by meters on site. Water discharges, which includes water recycled and reused, is measured mostly through meters on site (~80%), whereas the remaining values are based on best estimates.E4 BIODIVERSITY AND ECOSYSTEMSMATERIAL IMPACTS, RISKS AND OPPORTUNITIESSBM-3In recent years, the impacts on biodiversity and nature loss have become more apparent and better understood. As the biggest driver of these impacts is land use changes, including those related to agriculture, we are committed to doing our part to reduce these impacts in our value chain. Our DMA has identified two material negative impacts in our value chain over the short term that relate to biodiversity and ecosystems, outlined below. In the following section we describe these impacts in more detail, discuss the assessments we have performed to get a better understanding of their relationship to our business, and outline the policies, targets and actions we have in place to mitigate their effects.How our E4 Biodiversity and ecosystems IROs link to our value chainAGRICULTUREPACKAGINGBEVERAGE PRODUCTION &amp; ADMINISTRATIONDISTRIBUTIONSELLING &amp; MARKETINGMaterial impact Where it originates How it affects people or planet Time horizon Addressed in TTZABBiodiversity impacts Pollutants, such as pesticides and Pollution of water, soil, air and living Short termfrom sourcing raw fertiliser, may be used in the production organisms could have a negative impact materialsof raw materials for both ingredients and on biodiversity and the environment.ZERO ZERO Farming Packaging packaging.FootprintWasteLand use changes in Significant agricultural activity is involved Intensive land use changes due to value Short term value chainin the sourcing of raw materials.chain activities such as agriculture and energy generation could contribute to ZERO ZERO Farming Packaging biodiversity loss and degrade ecosystems. FootprintWasteThese IROs relate to both ingredients and packaging materials. Aspects related to ingredients are covered in E4, while aspects related to packaging materials are covered in E5.IRO-1; SBM-3Nature-related assessmentIn 2024, we performed three assessments that considered impacts on biodiversity and nature, including a water risk assessment, the DMA and our first nature-related assessment. The nature-related assessment was aligned with methodologies outlined by the Taskforce on Nature-related Financial Disclosures (TNFD), and utilised two geocoded tools: ENCORE (Exploring Natural Capital Opportunities, Risks and Exposure) and IBAT (Integrated Biodiversity Assessment Tool). This assessment examined brewing activities (own operations) as well as the sourcing of aluminium and barley (upstream value chain). It identified potential IROs that may arise from nature-related dependencies and impacts across ecosystems, biodiversity and water, with a focus on ten breweries in Asia. Based on theENCORE and IBAT results, physical risks and opportunities were qualitatively assessed to determine materiality. In the coming years, we will strive to enhance our understanding of nature-related risks and opportunities, and their potential impacts, incorporating more comprehensive data, refining our assumptions and investigating how we can consider and mitigate systemic biodiversity and ecosystems risks.Through our continuous engagement with a wide range of internal and external stakeholders in our materiality assessments, including NGOs and – through them – affected communities in connection with water replenishment projects, and farmers in connection with the transition to regenerative agriculture, we gain important stakeholder insights into both positive and negative impacts. These insights were used as input for our first nature-related assessment.Key resultsAll ten sites were identified as being within 50 km of biodiversity-sensitive areas, meaning that each was near at least one location defined as a habitat for IUCN Red List species, protected areas or key biodiversity areas. In our future assessments, and in accordance with guidances, we will consider setting a smaller radius and specifying the radius depending on site type (breweries, offices, warehouses).Our initial assessment concluded that material impacts on biodiversity in our value chain stem from the production of raw and packaging materials (upstream) and consumer waste (downstream). Due to our established practices to manage pollution, we do not determine there to be a high risk of material impacts on biodiversity from our own sites. Markets are responsible for complying with local regulations related to biodiversity, and therefore we have no global overview of whether there have been any cases where biodiversity mitigation measures needed to be implemented. Assessment on selected sitesAs part of our assessments of our own operations and supply chain sites, we identified that aluminium production and agriculture can lead to soil pollution, while agriculture could also lead to long-lasting negative impacts on biodiversity and ecosystem degradation.In addition to utilising the IBAT tool, which informs us whether our ten sites are in or near a habitat for threatened species (those on the IUCN Red List), we have also identified the natural capital assets that are impacted by water use, GHG emissions, water pollutants, solid waste and other resource use. Currently we do not consider that we have material impacts on biodiversity from our own sites, as explained above. However, further assessment of each site in higher-risk areas will inform us whether or not we have sites affecting threatened species. Impact mitigation and response to an incidentWe have processes to comply with local regulations and our own standards to avoid negative impacts on nature. In case of emergency, crisis management teams handle the situation as appropriate. Sites must communicate with local communities and their emergency services, providing them with the relevant information to allow adequate planning for a response at community level, as stated in our Heath and Safety Policy.E4-1Resilience analysisWhile we have yet to conduct a full resilience analysis on nature, our DMA addresses the financial risks from biodiversity and ecosystems at a high level, with inputs from various stakeholders and desktop research. The DMA, together with our nature-related assessment, identified that we have material impacts related to nature, while financial risks related to biodiversity and ecosystems were assessed to be immaterial. We believe that our TTZAB ambitions contribute to mitigation or reduction of our nature-related impacts and enhance our resilience to changes in biodiversity and ecosystems. E4-2PoliciesThrough our TTZAB targets, our partnerships, our advocacy work and more, we encourage farmers and suppliers to adopt regenerative agriculture practices, which will enhance conditions for biodiversity. Our stance on regenerative agriculture, as outlined in our Environmental Policy, aims to directly address the material impacts of our value chain, including the pollution of waterways, groundwater and soil, and harm to ecosystems and biodiversity linked to our raw material sourcing, as well as land use changes. It also addresses our dependence on nature, including the supply of water, through our commitment to use water sustainably. Our suppliers are contractually obligated to be able to provide documentation of their regenerative claims, ensuring traceability. Our policy includes our commitment to no deforestation across the primary deforestation-linked raw materials we purchase. Neither social consequences of biodiversity and ecosystem-related impacts nor biodiversity and ecosystem protection policies in or near biodiversity-sensitive areas are addressed in section E1-2.E4-4; E4-3Targets and actions ZERO Farming FootprintOur ZERO Farming Footprint targets capture our aim to reduce GHG emissions and other negative environmental impacts by promoting regenerative agriculture practices and sustainable sourcing of raw materials. The GHG emissions reduction is expected to come from reduction of fuel usage at farm level due to low/no tilling, reduced fertiliser usage due to healthier soils and a more stable yield over time compared to conventional farming. Our targets aim to minimise our footprint on nature and do not rely on offsetting. As the standards and definitions of regenerative agriculture and sustainable sourcing are still in development, we have not applied any ecological threshold or allocation of impacts. These targets contribute to the Environmental Policy’s objective of reducing GHG emissions and improving resilience.As knowledge and scientific data on regenerative practices and biodiversity impacts continue to develop, we continuously analyse and consider the latest scientific developments in these fields, including academic studies and industry white papers. At the time of developing the target, we did not incorporate the EU Biodiversity Strategy for 2030 specifically, but we continue to monitor relevant developments in the field. For information on how this and all other TTZAB targets are based on the views of our stakeholders, see page 55. There are two ZERO Farming Footprint targets. To learn more about our methodology for these targets, and for additional details, please see the corresponding accounting policies below.Target 1: 30% of raw materials from regenerative agricultural practices by 2030; 100% by 2040 We have set a target that 30% of raw materials purchased (measured as total weight of raw materials) must be regeneratively grown by 2030, and 100% by 2040. This covers direct raw materials globally, including all malt, barley, wheat, rice, sugar, corn and hops. Sourcing raw materials from regenerative agricultural practicesOur foundational actions for achieving this target include formalising our principles of regenerative agriculture, mapping our supply areas and partners to implement the practices, engaging with suppliers on this topic, and integrating new regenerative agriculture requirements into our automated procurement processes.We recognise that the approach to regenerative agriculture varies depending on geographic and climatic circumstances and we therefore also recognise the potential for local adjustments to these definitions, as well as the need to engage closely with our local teams, experts and our suppliers to understand the local regenerative agenda. Supporting suppliersWe seek to engage with our suppliers by understanding their current approach, sharing research, participating in meetings of local networks and onboarding them to our targets. This work is the foundation of establishing a robust company-wide approach to meeting our regenerative agriculture target, ensuring that pilot programmes evolve into systemised and strategic long-term efforts anchored in our procurement processes. This work is ongoing and its scope is global, with an initial focus on Western Europe during 2024. Piloting our approachWe are piloting a range of approaches to regenerative agriculture in markets across Europe, covering all three of our levels: engaging, advancing and leading (described further in the accounting policies to the right and Appendix 4 on page 110). In the UK, we are working with farmers to brew Carlsberg Danish Pilsner with 100% regenerative barley by 2027. In Finland, KOFF’s Christmas Beer has incorporated barley grown with some regenerative principles since 2021, while in France 50% of the barley for our Kronenbourg 1664 Blonde beer is also derived from grains grown using some regenerative practices. Denmark became the most recent market to incorporate regenerative agriculture, signing an agreement to purchase up to 500 tonnes of regeneratively grown malting barley for roughly 3.3 million litres of beer, available in 2025.In addition to these four markets, we are also undertaking projects that work towards the requirements of regenerative agriculture. In Laos we have expanded a project that reduces the use of chemical fertiliser and promotes the practice of alternative wetting and drying of rice paddies. Since 2023, this project has expanded from 100 to 340 hectares and from 35 to 200 farmers.  The procurement changes necessary for the adoption of regenerative agricultural sourcing are to be accelerated gradually over the next three years. With learnings from these pilots and a more robust procurement apparatus that can properly accommodate regeneratively grown raw materials, we aim to accelerate our actions in this space in the coming years.Target 2: 30% of raw materials sustainably sourced by 2030; 100% by 2040This target is for 30% of the total weight of raw materials purchased to be sustainably sourced, relative to total weight of raw materials purchased, by 2030, and 100% by 2040. This covers direct raw materials globally, which includes all malt, barley, wheat, rice, sugar, corn and hops. Sourcing raw materials in accordance with the Sustainable Agriculture Initiative’s Farm Sustainability Assessment (FSA) tool ensures that fundamental environmental and social compliance elements are in place. Sustainably sourced raw materials have a reduced negative impact on biodiversity and ecosystem health. By expanding our sustainable sourcing, we are reducing the negative impact of our value chain. Sourcing raw materials sustainablyA key action towards the goal of sustainably sourcing raw materials is the ongoing collection of data from suppliers globally on what proportion of their raw materials meets FSA minimum standards. This gives us an understanding of the work required to achieve our target. Performance against targetsIn 2024, &lt;1% of our raw materials were grown according to leading regenerative principles, and 0% of our raw materials were sustainably sourced. Our baselines of 0% for each target were established in 2021. The reported percentage of raw materials that are sustainably sourced is likely higher, but due to a lack of available supplier data, we conservatively report 0%. Due to this lack of data, we are unable to assess our progress. We have a project underway in 2025 to specifically address this data gap. While our regeneratively grown raw materials results are still modest, they are as expected, given that we are in the ramp-up phase of this target. We are still confident we will reach our 2030 target, as scale can be achieved through partnerships within the farming value chain, including cooperatives and key suppliers. We believe the foundational actions we undertook in 2024 will yield a more significant improvement in this area in the coming years.Unit ValueShare of regeneratively grown raw materials purchased (leading) % &lt;1Share of regeneratively grown raw materials purchased (advancing) % 0Share of regeneratively grown raw materials purchased (engaging) % 1Raw materials that are sustainably sourced % 0ACCOUNTING POLICIESThe share of regeneratively grown raw materials purchased is the weight of regeneratively grown materials divided by the total inflow of biological raw materials. The total inflow includes malt, barley, wheat, rice, sugar (including syrups), corn and hops. To determine what is regeneratively grown, six main criteria as well as 11 additional criteria are applied to malt, barley and wheat farmers (see Appendix 4 on page 110). Farmers are classified into three levels of regenerative practices: engaging, advancing and leading. This naming convention is derived from and has been approved by the Sustainable Agriculture Initiative Platform (SAI Platform). To be considered engaging, the field on which the crop is grown must fulfil two out of the six main requirements. Advancing farmers must fulfill three out of the six main requirements as well as at least one additional requirement, whereas leading farmers must fulfill four out of the six main requirements as well as at least one additional requirement.When claiming regenerative practices, suppliers contractually commit to be able to provide necessary documentation to support the regenerative claims (including third-party verification). Carlsberg conducts continuous sample requests on documentation from supplier.Raw materials that are sustainably sourced is calculated as the weight of sustainably sourced raw materials divided by the total inflow of raw materials. The total inflow of raw materials is directly measured through procurement reports and includes our main ingredients (including barley, sugar, syrup and wheat). Sustainably sourced materials are defined as those that are certified by valid third-party agencies, including the Farm Sustainability Assessment (FSA) for barley and Bonsucro certifications for cane sugar. A higher degree of measurement uncertainty is present in the input data. For more details, see Appendix 3 (BP-2) on pages 108-109. Current and future allocated resourcesIn 2024, we spent DKK 4m in OpEx on pilots to support the transition to regeneratively grown raw materials. In 2025, the procurement cost related to regenerative agriculture and sustainably sourced raw materials is expected to amount to DKK 10-15m in COGS, and we do not expect any CapEx investments. These costs are not specifically segmented in our accounting and are reported based on the general rules for financial reporting.E5 RESOURCE USE AND CIRCULAR ECONOMYMATERIAL IMPACTS, RISKS AND OPPORTUNITIESSBM-3Packaging gets our beer safely to consumers and influences what they buy. But it is also responsible for more than half of our value chain carbon emissions, and cutting its climate impact is a priority to achieve our ZERO Carbon Footprint ambition. Meanwhile, awareness about the environmental impact of packaging continues to grow and reducing this impact is high on the agenda for legislators. Our DMA identified three material negative impacts in our value chain that relate to resource use and the circular economy. It also identified one material financial opportunity that the circular economy presents for our business in the medium term. This section details these IROs further, as well as the policies, targets and actions in place to mitigate the risks and capitalise on the opportunity.How our E5 Resource use and circular economy IROs link to our value chainAGRICULTUREPACKAGINGBEVERAGE PRODUCTION &amp; ADMINISTRATIONDISTRIBUTIONSELLING &amp; MARKETINGREUSE &amp; RECYCLINGMaterial impact Where it originates How it affects people or planet Time horizon Addressed in TTZABPurchasing raw We purchase significant volumes of raw We consume a large volume of raw Short termmaterials for beverage ingredients for beverage production. materials in beverage production, productionleading to impacts on biodiversity and ZERO  ZERO Responsible Carbon Farming Sourcingnature. FootprintFootprintPurchasing of We purchase a significant volume of Intensive use of both biological and Short termpackaging materialspackaging materials that rely on raw non-biological resources has a materials for production.significant impact on the environment ZERO ZERO  ZERO Responsible Packaging Carbon Farming Sourcingand nature. WasteFootprintFootprintPost-consumer waste We use packaging to prepare our If not disposed of correctly, our Short termfrom packaging products for transportation and sale. packaging could end up in nature, material including waterways and oceans, and ZERO ZERO  Packaging Carbon lead to air and soil pollution through WasteFootprintincineration or landfilling of materials. Material risk/opportunity Where it originates How it affects our business Time horizon Addressed in TTZABInitiating and We are involved in initiating and Opportunity: By initiating recycling and Medium termdeveloping deposit developing deposit return and recycling reuse schemes in some markets with limited return and recycling schemes in our markets.schemes, such as Asia and Central &amp; Eastern ZERO ZERO  Packaging Carbon schemesEurope, and supporting the continued WasteFootprintimplementation across Western Europe, we could avoid potential environmental fees on our packaging and secure stable access to reusable, recycled and recyclable materialsIRO-1We have several processes to screen our products’ environmental footprints. Toassess the sustainability aspects of innovation projects, we use a sustainability scorecard. This evaluates the product and process innovation contribution to the environmental footprint of raw materials, the brewing process, primary and secondary packaging, transportation, recyclability and consumer appeal.In addition, we provide a life cycle assessment tool to our markets for more in-depth evaluation of the environmental footprint of our products. This tool uses the industry-standardised method codeveloped by the Carlsberg Group, known as the Product Environmental Footprint Category Rules (PEFCR) for beer.We assess the recyclability of our packaging by considering the material composition (for PET) and colour (for PET and glass), and monitor the development of recycling rates in our markets and support initiatives to increase them through, for example, deposit return scheme developments.As part of our DMA process, we performed interviews with internal and external stakeholders and conducted third-party research in relation to resource use and circular economy.E5-1PoliciesThrough our ZERO Packaging Waste focus area of TTZAB, we are working to source more reusable, recycled or recyclable packaging and driving progress towards circularity. Underpinning this work is our Environmental Policy, which details our requirements for reducing the impact of our packaging, as well as minimising all waste and utilising by-products. It also commits us to using life cycle assessments (LCAs) or similar environmental assessments for all new packaging types, and to working with partners to reduce consumption of packaging materials while promoting a more circular approach. The policy addresses sustainable sourcing and the use of renewable materials, from both packaging and raw material perspectives. Details of the policy are summarised in E1-2 on page 66.E5-3; E5-2Targets and actions ZERO Packaging WasteWe aim to use less virgin fossil-based plastic and more renewable, recycled or recyclable materials in our packaging. We also strive to increase the amount of packaging that is collected and reused or recycled after use. In these ways, we increase full circularity of our packaging. Our targets, outlined below, commit us to playing an active role in minimising the environmental impact of beverage packaging systems, as set out in our Environmental Policy.While our targets are not based on mandatory requirements, legislation related to these areas is evolving and we are working to ensure alignment. In our target setting, we have been inspired by definitions from the Ellen MacArthur Foundation and the scientific resources it makes available on the circular economy. Our first three targets relate to recycling and reuse, while our fourth target relates to reduction of waste. For information on how TTZAB targets are based on the views of our stakeholders, see E1-4 Climate change targets on page 55.We have not changed the targets in 2024. However, the processes adopted to collect data have evolved to become more detailed and robust, allowing us to establish the baseline for this target. Our understanding of our performance and what is required to meet the targets has also improved.Our ongoing actions related to resource use and circular economy aim to make a significant contribution to our GHG emissions reductions globally. They include internal projects and innovations across all markets, global collaboration with suppliers, industry engagement, and advocacy to support the roll-out of effective deposit return schemes. To learn more about our methodology for these targets, and for additional details, please see the corresponding accounting policies below.Target 1: 100% recyclable, reusable or renewable packaging by 2030  We aim for all our packaging to be 100% recyclable, reusable or renewable by 2030. The scope of the target includes all primary packaging that is in direct contact with our products, i.e. bottles (glass and plastic), cans and plastic kegs.  Our actions in this area are focused on increasing our use of recyclable, reusable or renewable packaging to minimise our environmental impact. In 2024, we continued to undertake analysis of our primary packaging. Through improving our data collection, we have increased our understanding of our performance and developed a roadmap of specific actions to achieve our ambitions. This will enable us to measure and report on our performance and identify challenges and opportunities to achieve our policy commitment of reducing consumption of packaging materials and promoting their reuse and recycling. We have developed a clear roadmap of actions to drive progress and are now expanding our focus from primary packaging to secondary packaging as well. In 2024, 94% of our packaging was recyclable, renewable or reusable. This is also the baseline year for this target, and this performance is in line with our expectations. Please see the Performance on targets 1-3 table on page 86 for a breakdown by material type.Target 2: 90% collection and recycling rate for bottles and cans by 2030 We are targeting a 90% collection and recycling rate for bottles (glass and plastic), cans and kegs (plastic and steel) by 2030. We measure progress by comparing hectolitres of beer sold in each market with the recycling rate for each packaging type in that market. To read about our actions to address this target, see the section “Addressing our financial opportunity: initiating deposit return and recycling schemes” on page 86. In 2024, our markets globally achieved an average collection and recycling rate of 76%, representing an increase of 4 percentage points from our 2019 baseline of 72%. Matching our expectations, this performance reflects major positive developments in deposit return schemes and industry partnerships. Please see the Performance on targets 1-3 table on page 86 for a breakdown by material type.Target 3: 50% recycled content in bottles and cans by 2030 We aim to reach 50% recycled content in our bottles (glass and plastic), cans and plastic kegs by 2030. Recycled content must come from post-consumer recycled material, as defined by the ISO 14021 standard. In 2024, 43% of the material content of our primary packaging comprised recycled materials, representing an increase of 14 percentage points from our 2019 baseline of 29%. This performance is in line with our expectations and reflects our commitment to create circular value chains. Please see the Performance on targets 1-3 table on page 86 for a breakdown by material type. Addressing our financial opportunity: initiating deposit return and recycling schemes (E5-2)By promoting industry-driven non-profit deposit return schemes (DRSs), we can create a higher level of resilience in our packaging value chain. High return rates can reduce the risk of environmental fees on our packaging and maintain the high value of clean mono-materials in a closed recycling loop for beer and beverage packaging. This creation of circular material flows also contributes to a future-proofed business model in a world with increasing material scarcity. As our DMA indicated, recycling and DRSs represent a material financial opportunity for our business. As they are also a key lever for reaching our ZERO Packaging Waste goals, facilitating their creation and development in markets around the world is one of our priorities. We have, for many years, been active in developing recycling and DRSs in many of our markets, with significant improvements in return rates for bottles and cans achieved in all four Nordic and all three Baltic countries. We are exploring expanding these efforts in regions with low recycling rates, such as Asia and Central &amp; Eastern Europe, and supporting the continued implementation across Western Europe.In 2024, we finalised a position paper advocating for DRSs as the optimal separate collection system for beverage packaging, based on research and experience across our markets. We also hosted a workshop in Latvia for our European markets and local representatives from the DRS scheme in Latvia to exchange best practice and tools for implementation. Improving existing DRSs and supporting the roll-out of effective DRSs in more markets will increase our collection rate, helping us to reach our 2030 target and meet our policy commitment to play an active role in improving and building beverage packaging systems with less environmental impact.Performance on targets 1-3Unit PET Aluminium Glass TotalRate of recyclable, reusable or renewable packaging % 68 100 100 94Recycling rate % 49 81 82 76Rate of recycled content % 18 49 49 43Note: The corresponding accounting policy is below on page 87.Target 4: 50% reduction in virgin fossil-based plastic by 2030 We aim to reduce our use of virgin fossil-based plastic by 50% by 2030 compared with 2019. This can be achieved by reducing the amount of plastic needed through lightweighting, or by replacing virgin fossil-based plastic with recycled content or renewable materials, such as recycled PET or PEF.We are taking action to increase the recycled content in our bottles and reduce the virgin fossil-based plastic in our packaging. This will reduce the negative impact of the significant volume of packaging materials we use. We continue to partner with local suppliers to explore ways to increase recycled content in plastic bottles on a market-by-market level, for example achieving 80% recycled content across our PET portfolio in Norway. These actions address targets 3 and 4. Our actions and innovations are minimising the need for virgin materials and contributing to our policy objectives of reducing consumption of packaging materials and promoting their reuse and recycling. We also achieve this commitment by lightweighting and by replacing virgin materials with recycled content or renewable materials, such as recycled PET.In 2024, we used 48 kt of virgin plastic in our primary packaging materials, representing a decrease of 20% from our 2019 baseline of 60 kt. This performance is driven, in particular, by increasing the use of recycled materials and it is in line with our expectations.Performance on target 4Unit ValueAbsolute virgin plastic use kt 48Note: The corresponding accounting policy is below on page 87.Packaging mixgCans  36 %gRefillable glass bottles (RGBs)  30 %gNon-refillable glass bottles (NRGBs)  10 %gPET bottles  16 %gKegs  6 %gBulk  1 %gOther  &lt;1 %ACCOUNTING POLICIESRate of recyclable, reusable or renewable packaging is calculated as the volume of beverages sold in recyclable, reusable or renewable primary packaging materials (excl. steel kegs) divided by the total volumes sold. Reusable: the material must be designed to be used more than twice in the same application. Renewable: the material must be made of biomass that can be continually replenished, and any biomass used for packaging solutions should comply with the sustainability requirements of the EU regulatory framework. Recyclable: see accounting policy on "share of recyclable content in packaging" in E5-5 for definition.The recycling rate is the average recycling and collection rate for primary packaging (excl. steel kegs), weighted based on production volume. Where reusable glass bottles are lost in the market, we assume the standard recycling rate for the country, as used for one-way glass bottles. The rate of recycled content is the average share of recycled content in primary packaging (excl. steel kegs), weighted across different packaging types using the beverage production volume they carry. See accounting policy on "weight of recycled or reused materials" in E5-4 for definition.Virgin plastic use is calculated as the weight of virgin plastic purchased. This covers plastic materials used in primary, secondary and tertiary packaging. Virgin plastics are defined as those not purchased as recycled or reused materials (see accounting policy on “weight of recycled or reused materials” in E5-4 for definition). Packaging mix includes the share of total production volume of beer and soft drinks packed in primary packaging types, calculated as the volume (hl) of beverage produced in a packaging type divided by total production volume.A higher degree of measurement uncertainty is present in the input data for the above-mentioned metrics. For more details, see Appendix 3 (BP-2) on pages 108-109.Current and future allocated resourcesFor the purchasing of recycled packaging materials, primarily recycled PET, we invested DKK 120m in OpEx in 2024. In 2025, the investment is expected to be within the range of DKK 130-170m in OpEx. This includes investments in rPET.The costs of purchasing cardboard or solid board with recycled materials as well as reusable glass bottles are not captured here due to the practice being a mainstream and thoroughly integrated part of our packaging procurement processes already. These costs are not specifically segmented in our accounting and are reported based on the general rules for financial reporting.Other mandatory data disclosuresE5-4; E5-5Resource inflowsUnit ValueTotal weight of products and biological materials used kt 3,616Total weight of recycled or reused materials kt 774Share of recycled or reused materials % 21Share of biological materials that are sustainably sourced % 0Resource outflowsUnit ValueRecyclable content in packaging % 96Note: Products in scope include the following primary packaging categories: glass bottles, aluminium cans, PET bottles and plastic kegs (DraughtMaster). ACCOUNTING POLICIESTotal weight of products and biological materials includes agricultural ingredients (adjuncts: e.g. barley and rice; other ingredients: e.g. hops and sugar; process materials: e.g. brewing additives and yeast) and packaging materials (primary: aluminium, glass and plastic; secondary and tertiary: e.g. corrugated and hi-cone). The inflow is directly measured through procurement reports and includes all material inflow related to the production of beverages. We apply a consistent cut-off period and a standardised classification system across all regions.Total weight of recycled or reused materials is defined as materials that have been reprocessed or recovered after post-consumer usage with the consumer being either a downstream customer (industry) or end-consumer. The inflow of recycled content includes primary, secondary and tertiary packaging materials. The share of reused or recycled content is calculated as the weight of recycled and reused materials divided by the total material inflow.Biological materials that are sustainably sourced is calculated as the weight of sustainably sourced biological materials divided by the total inflow of biological materials. The total inflow of biological materials includes raw materials (including barley, sugar, syrup and wheat) and biological packaging materials (including cardboard). For the definition of sustainably sourced materials, please see the accounting policy for share of raw materials that are sustainably sourced on page 83.Share of recyclable content in packaging is calculated as the weight of recyclable packaging materials divided by the total weight of packaging materials (primary, secondary and tertiary). To be considered recyclable, the specific packaging material must be technically designed to fit into a recycling stream that has been proven to work in practice and at scale in a representative market. The methodology follows the principles of the Ellen MacArthur Foundation's (EMF) global approach. To assess the technical recyclability of PET materials, a component-specific assessment is conducted on the colour and barrier of the product. A higher degree of measurement uncertainty is present in the input data for the above-mentioned metrics. For more details, see Appendix 3 (BP-2) on pages 108-109.SOCIALS1 OWN WORKFORCEMATERIAL IMPACTS, RISKS AND OPPORTUNITIESSBM-3The roughly 33,000 employees who make up our own workforce form the cornerstone of all we do at Carlsberg, and we take great care to listen to and engage with them in order to create the best workplace possible. Our DMA identified six material impacts related to our own workforce over the short term, five of which are negative and one of which is positive. All employees and contractors are potentially subject to these impacts and are included in the scope of our disclosure. The following section discusses how we understand the interests of and engage with our employees, as well as the policies, targets and actions that address our material impacts. How our S1 Own workforce IROs link to our value chainAGRICULTUREPACKAGINGBEVERAGE PRODUCTION &amp; ADMINISTRATIONDISTRIBUTIONSELLING &amp; MARKETINGMaterial impact Where it originates How it affects people or planet Time horizon Addressed in TTZABHealth and safety Health and safety incidents occur at Impacts range from minor to severe Short term during production Carlsberg related to production and physical injury, with a potential risk of Human Rightsprocessesdistribution processes. Incidents could fatalities.ZERO occur anywhere in the business without a Accidents Culturerobust programme and culture to prevent them.Gender disparity in We have an unequal representation of Imbalanced gender representation in  Short termsenior managementgenders in senior management. This senior management signifies disparities Diversity, issue could potentially affect all markets.in the hiring, training, pay and promotion Equity &amp; of women in the workplace.InclusionHealthy work-life We ensure all our employees across all Promoting a healthy work-life balance Short termbalancelocations are entitled to sick leave, contributes to improved employee Human RightsLiving by our holiday and parental leave, and offer satisfaction, the ability to attract and Compassflexible working options so employees retain employees, and reputational can enjoy a healthy work-life balance benefits. and good working conditions.Collective bargaining We operate in countries with a higher Infringement of the right to freedom of Short termand work-related risk of human rights issues, which could association and collective bargaining can Human RightsLiving by our human rightspotentially impact our employees' rights undermine employees’ abilities to Compassto freedom of association and collective collectively advocate for their rights, bargaining.interests and wellbeing. Workforce harassment Workforce harassment impacts Impacts include stress, physical Short termemployees at Carlsberg, as seen in harassment and lack of a safe working Diversity, Living by our Human RightsSpeakUp cases. Incidents could occur environment. These impacts could Equity &amp; Compassanywhere in the business without a particularly affect vulnerable groups, Inclusionrobust programme and culture to prevent such as migrant workers and women.them. Wage adequacy There is a potential risk of workers being Not paying adequate wages could have Short termpaid inadequate wages, especially in negative impacts on workers' and their Human RightsLiving by our markets outside the European Economic dependants’ ability to meet their basic CompassArea.needs.Additional SBM-3 disclosures required of CSRD: No significant risk of forced or child labour has been identified in our operations. Our transition plans for achieving greener and climate-neutral operations do not have any major implications for material impacts on workers. S1-1PoliciesOur people strategy and approach to managing the material IROs relating to our own workforce are underpinned by our policies below. All of these are available internally on our intranet, and all but the Human Resources Policy are publicly available online.Human Resources Policy Our Human Resources Policy sets out guidance for effective human resources management. Taking a starting point in the interests and considerations of our employees themselves, it explains our approach to providing a workplace where everyone can fulfil their potential in a safe, healthy and inspiring environment. It details our expectations of managers and employees around recruitment, working conditions, career development, performance management, wellbeing and employee relations. The policy sets out our aim to enable direct and frequent communication between all levels of the organisation via a number of channels. Engagement occurs via our annual My Voice employee survey and regular listening sessions led by senior leaders in our markets. Employees are updated regularly via email, intranet, webinars and townhall meetings. We also hold formal consultations with employee representatives globally. The policy is owned by the Chief Human Resources Officer and applies globally to the management, employees and contract workers of all entities in the Carlsberg Group.Health and Safety Policy Our Health and Safety Policy defines our approach to the management of health and safety in all our business activities. It describes how we aim to eliminate or mitigate risks of occupational injuries and illnesses and avoid accidents for our global workforce. It also applies to contractors while at Carlsberg Group sites. There was a substantial engagement process undertaken in the development and launch of the policy, with consideration and involvement of key stakeholders, both internal and external.Although there were no changes to the policy in 2024, the standards that underpin the policy are continually reviewed and updated to ensure they remain best in class, with a new standard related to chemical management introduced in 2024. When new standards are launched, we include a communication package for those who implement the policy, with targets and actions for how to reach all workers. The EVP, Integrated Supply Chain (ISC) is the most senior executive responsible for implementing the policy.Carlsberg sites must have a certified health and safety management system in place in accordance with ISO 45001 that has the same scope as the policy and monitors its implementation. Where legal requirements are stricter than these standards, we comply with local legislation. The policy is aligned with the International Labour Organization’s (ILO) Declaration on Fundamental Principles and Rights at Work. We also align with International Electrotechnical Commission (IEC) standards and follow international guidance on areas such as electrical safety, asbestos and dust explosion hazards. Diversity, Equity and Inclusion Policy Our Diversity, Equity and Inclusion (DE&amp;I) Policy sets out our aim to become a more diverse, equitable and inclusive company. We aspire to better reflect the diversity of our customers and consumers, and to make all our people feel included and able to show up as their best selves to work. We define diversity in terms of gender, age, culture, nationality, ethnicity, physical abilities and neurodiversity, political and religious beliefs, sexual orientation and other attributes. The policy specifically seeks to manage the material negative impacts of unequal representation of genders in senior management. The policy was developed taking into account employee feedback gathered via the annual My Voice employee survey and other engagement sessions conducted across the Group. The policy is set to be updated in 2025 and will be rolled out with a webinar to make all employees aware of changes. Our commitment to meeting our responsibility to respect the human rights of our workforce is set out in our Human Rights Policy. However, our DE&amp;I Policy states that we have zero tolerance for any form of harassment and/or discrimination based on distinguishing characteristics, and a clear set of consequences for non-compliance. Training to understand and prevent sexual harassment is mandatory for all employees. The policy applies to all employees in the Carlsberg Group. It does not specifically address people from groups at particular risk of vulnerability, but we will consider adopting specific policy commitments in relation to inclusion and positive action for those at risk of vulnerability in due course. The policy is owned by the Chief Human Resources Officer, and informed and guided by the UN Women's Empowerment Principles and the Sustainable Development Goals. Human Rights Policy Our Human Rights Policy articulates our commitment to respect human rights. It outlines our continuous human rights due diligence and rightsholder engagement, including the provision of grievance channels. It also describes our human rights governance and how we provide and cooperate to remedy where appropriate.In 2024, with support from  BSR, a sustainable business network and consultancy, we significantly enhanced the Human Rights Policy and accompanying internal Human Rights Manual to align with best practices, provide more detailed guidance on our expectations and address new topics, such as respect for land rights. Input and findings from our policy monitoring processes also informed the policy update.The policy applies to our entire value chain, including all our brands, employees, agency workers, contractors, consultants and other individuals working on the Group’s premises or working for or on behalf of the Group, as well as our global business partners (all parties with whom we have a commercial relationship) and consumers. The policy covers respect for all human rights as defined in international instruments and places special emphasis on the areas of occupational health and safety, working hours and right to rest and leisure, wages and benefits, discrimination and harassment (based on distinguishing characteristics such as race, colour, gender, religion, political or other opinion, national or social origin, sexual orientation, age or disability, forced labour (including human trafficking), child labour and juvenile work, freedom of association and collective bargaining, water use and access, and respect for land rights.We are committed to respecting all internationally recognised human rights across our global operations and value chain as outlined in the International Bill of Human Rights, consisting of the Universal Declaration of Human Rights, the International Covenant on Economic, Social and Cultural Rights (ICESCR) and the International Covenant on Civil and Political Rights (ICCPR), as well as the ILO’s Declaration on Fundamental Principles and Rights at Work, the Children’s Rights and Business Principles (CRBP) and the UN Women’s Empowerment Principles. As a signatory to the UN Global Compact, we are committed to its Ten Principles, which incorporate human rights, and we follow the framework provided by the UN Guiding Principles on Business and Human Rights (UNGPs) and the OECD Guidelines for Multinational Enterprises on Responsible Business Conduct to inform our approach to human rights due diligence. We conduct ongoing human rights due diligence in line with the UNGPs and strive to continuously improve our ability to identify potential and actual human rights impacts connected to our business and take appropriate action to prevent and mitigate those impacts.We are committed to providing or cooperating in the remediation of any adverse human rights impact on individuals (including our own workforce, workers in our value chain and consumers) and communities that we have caused or contributed to. We also expect our business partners to follow this approach, and we will collaborate with judicial or non-judicial mechanisms to provide access to remedy as applicable. Discrimination is covered in our in-country human rights impact assessments. Where actual or potential discrimination is identified, a remedial action plan is established with clear deadlines and a procedure in place if corrective actions are not closed within the agreed timeframe. Overall responsibility for human rights at Carlsberg lies with the Group CEO. Our global Group Sustainability &amp; ESG team, which includes a dedicated Senior Human Rights Manager, drives our human rights due diligence process. The principles of the policy are embedded in the Supplier and Licensee Code of Conduct, which describes how these principles apply to licensees, suppliers and service providers, and in the Brand Promoter Manual, which includes specific guidance on how the principles of this policy apply to the people promoting our products. Furthermore, our Human Rights Manual provides extra guidance to relevant employees on how to implement and enforce our policy commitments in real-life situations.S1-2Engaging with stakeholdersProactive employee engagement Engaging with employees is an important element of our people strategy, allowing us to monitor the health, wellbeing and sentiment of our people, identify and resolve matters as they emerge, and gather insights on opportunities to improve employee satisfaction and wellbeing. The Chief Human Resources Officer is ultimately responsible for global engagement processes to ensure consistency and alignment with our values.Employee engagement happens through a wide-reaching employee listening strategy across the following channels:• Annual My Voice survey: Our annual employee survey gathers feedback on material topics including work-life balance, workforce harassment and gender representation. Results are shared with and reviewed by senior management. Individual departments and managers are responsible for setting up and managing action plans to address challenges identified.• Global townhall meetings: Quarterly sessions with the Group CEO and the CFO which provides employees with the opportunity to raise questions and concerns.• Market visits: Regular senior management visits to local markets, which provide employees with the opportunity for direct engagement and dialogue.• Employee Resource Groups (ERGs): One ERG dedicated to gender balance and one to culture, ethnicity and nationality, creating safe spaces for underrepresented groups and others to discuss specific topics. Feedback is shared with HR to inform our diversity, equity and inclusion strategies.• Organisational Health Index: Survey conducted with senior employees to create a data-driven snapshot of our organisational health and benchmark performance against key growth ambitions. • European Works Council: Two-day conference held annually where employee representatives are consulted and informed of upcoming business developments. A framework agreement defines our approach to the Council, aligning it with EU Directives. The 2024 Council was held in June and 27 representatives from 15 markets attended. This was the 24th year that the Council has met. • Onboarding and exit surveys: Undergoing piloting in 11 markets, gathering input on what works well and where we can improve in our employee experience. We plan to expand our use of these surveys further based on the learnings from the initial pilot. The improvements enacted in 2024 will be ongoing.In the global employee survey My Voice, the wellbeing questions (e.g. My company takes a genuine interest in the employees’ wellbeing) received 76 points out of 100, which is 6 points above the external benchmark of approximately 1,100 companies. The results of the My Voice survey are shared with and reviewed by senior leadership annually. In addition to our engagement, we work to upskill our employees through training sessions, which averaged 18.6 hours a year per employee in 2024. Monitoring the effectiveness of our engagementTo gauge the effectiveness of our engagement efforts, we monitor several key metrics:• Survey metrics: Trends in participation, engagement and satisfaction levels inform adjustments to our engagement strategy. Our overall engagement index score allows us to benchmark against nearly 1,100 companies across more than 150 countries.• ERG participation: We track participation levels in our ERGs, ensuring these groups remain active and effective in providing feedback.• Talent turnover and retention: Serve as additional indicators of our engagement effectiveness. Engagement with non-employees in our workforceContractors in our workforce are considered non-employees of the Carlsberg Group. As our non-employees cover many different needs in our business, across all markets, we do not have one formalised process for engaging with them. However, we follow a similar process to that described in the section “Workers in the value chain”. S1-5; S1-4Targets and actions ZERO Accidents Culture Our Health and Safety Policy is founded on the belief that all accidents are preventable, and our target of achieving ZERO accidents reflects our commitment to this area. Our targets also demonstrate that we are focused on delivering incremental and consistent improvements as we work towards our goal of ZERO accidents. For information on how TTZAB targets are based on the views of our stakeholders, see page 55. Our two health and safety targets are presented below.  Targets 1 &amp; 2: Reduction in accident rate year-on-year and ZERO lost-time accidents by 2030  The KPIs for these targets are the number of lost-time accidents and the lost-time accident rate (LTAR). These targets apply to all our own employees. Given their related nature, the targets are presented together in this report. Employees are engaged on performance against targets during safety week and through regular campaigns. As part of our approach to identifying root causes and continually improving, we convene incident review panels after LTAs and near-misses, with communications to share learnings with the wider workforce.  To learn more about our methodology for these targets, and for additional details, please see the corresponding accounting policies below.Ingraining a culture of health and safetyOur Health and Safety programme is designed to prevent physical harm to our people caused by accidents anywhere in the business, and to mitigate the risk of severe accidents and loss of life. The programme is active across all our global markets and includes all sites (offices, breweries, warehouses etc.). It also covers our own employees when performing work outside our sites, including driving, making deliveries and conducting visits at points of sale. Our health and safety measures also apply to contractors and anybody who visits our sites.Our focus is on preventing incidents. However, when one occurs, we prioritise two things: taking care of the affected individual and understanding how the incident happened to identify learnings. There are a variety of measures to help people involved in an incident, from initial responses, including first aid and facilitation of hospital assessment, to communication with family members and long-term physical and mental support. An incident review panel is convened to investigate the root causes of any incident to prevent future occurrences. Learnings are shared across all our sites via a weekly health and safety update.We have implemented a number of programmes to promote a health and safety culture in recent years, and continued driving these in 2024. Some of the key actions associated with these programmes, which are ongoing and revisited on an annual basis, include:• Safety in day-to-day behaviours: To ingrain a culture of health and safety in the everyday behaviours of our workforce, we host regular health and safety days with interactive workshops and strong leadership presence. We also run quarterly townhall meetings to share local priorities, and conduct regular safety walks to maintain a focus on daily safety. • In 2023, a company-wide awareness and training campaign focused on our five Life Saving Rules, anchored in our Health and Safety programme. In 2024, “espresso shot” micro-training sessions put these rules into action in everyday working life and issued new standards on key topics. In addition, we rolled out a training programme for leaders that goes beyond compliance and incorporates coaching techniques to increase engagement and foster a safety mindset.  • We continually run awareness and engagement campaigns focused on our most common injuries. In 2024, we targeted slips, trips and falls, chemical hazards and driving risks in our global approach. At a regional level, we focus on mitigating and managing relevant hazards and risks identified through local risk assessment processes. Measuring impact and effectiveness We measure the effectiveness of our health and safety activities through a number of methods:• Each project has an action tracker with key milestones, allowing us to monitor how initiatives are being realised globally and in individual markets. • Monthly reporting processes allow markets to discuss progress and identify opportunities, alongside regular one-to-one calls between the head of health and safety of each market and their regional leads. • Regular site visits, either by Group- or regional-level leadership, assess how actions and processes are being implemented. Sites complete self-assessment questionnaires and internal audits are performed on a regular basis. • A heat map of previous incidents and identified risks is analysed on an annual basis and actions are developed as needed.At the end of each year, ongoing actions are reviewed and refined, and new actions are introduced, focusing on the key areas to be addressed. Actions are also informed by local legal requirements as well as consultations with key stakeholders. Informed by our Health and Safety Policy, consultations with internal and external stakeholders, and implementation of best-practice examples and regulation, we continue to mitigate negative impacts on our own workforce. Performance against targets In 2024, we experienced 94 lost-time accidents, a decrease of 69% from our 2015 baseline of 302. We achieved a lost-time accident rate of 1.6, representing a decrease of 63% from our 2015 baseline of 4.4, and a year-on-year improvement. This performance matches our expectations, and reflects our long-term global focus on creating a culture of health and safety. We also experienced ZERO severe injuries and fatalities as a result of work-related injuries in 2024.Performance on targetsUnit ValueLost-time accidents, own employees number 94Lost-time accident rate, own employees rate 1.6Lost-time accidents, contractors number 37Health and safety figures for Carlsberg employees (S1-14)Unit ValueEmployees covered by Carlsberg's health and safety management system % 100Fatalities as a result of work-related injuries and work-related ill health number 0Recordable work-related incidents number 190Recordable work-related incidents rate 3.3Note: Number of fatalities of contractors on Carlsberg sites caused by work-related injuries or work-related ill health is 0.ACCOUNTING POLICIESThe definition for lost time accidents is the same as lost time incidents (LTI) in "recordable work-related incidents", see below. The lost-time accident rate is calculated as the number of LTIs per one million hours worked and covers own employees. The baseline value has been retroactively calculated following the same methodology.All employees covered by our health and safety management system are also covered by our formal Health and Safety Policy. See further information on page 90. Recordable work-related incidents includes the number of fatalities (work-related incidents where the person lost their life), number of permanent disabilities due to injuries, lost-time incidents (LTI: injuries that result in the injured person being unable to work for one or more days), restricted work incidents (RWI: injuries where the injured person is able to perform only restricted work for one or more days after the incident) and medical treatment incidents (MTI: incidents where the injured person receives medical treatment provided by a licensed health professional). The numbers of recordable work-related incidents covers own employees, whereas the number of fatalities covers both own employees and contractors.Recordable work-related incident rate is calculated as the number of incidents per 1 million hours worked and covers own employees.The number of hours worked per year used for both the lost-time accident rate and recordable work-related incidents rate is calculated by multiplying the number of FTEs by a factor of 1,746 hours.Diversity, Equity and InclusionBased on the aspirations set out in our DE&amp;I Policy, we defined a range of commitments that will help guide our decisions, increase awareness and ensure we concentrate our efforts where we can have the most positive impact in mitigating inequality. One of these commitments is our target to increase the number of women in senior leadership roles by 2030, described below.Target 1: 40% women in senior leadership roles by 2030The interim targets are to reach 30% women in senior leadership roles by 2024, and 35% women in senior leadership roles by 2027. These targets apply to all senior leaders globally (Director level and above). Our target of 40% women in senior leadership roles by 2030 was set in January 2024. All other targets were set as part of our Together Towards ZERO and Beyond ESG programme launch in 2022, and based on extensive stakeholder engagement. Please see page 55 for more information on this process.To monitor our progress, we keep a close track of the gender split in various senior leadership levels each month, using tools to analyse representation.To learn more about our methodology for this target, and for additional details, please see the corresponding accounting policies below.Cultivating a diverse, equitable and inclusive workplaceOur DE&amp;I approach seeks to promote gender equity in response to material issues for our workforce. Achieving our target in this area will broaden perspectives in leadership, improve staff retention and strengthen our succession planning. To do this, we have a robust DE&amp;I agenda with actions to ensure that our business activities do not negatively impact our workforce. We monitor the effectiveness of our policies via targeted questions in the annual My Voice employee survey, regular employee listening sessions, SpeakUp complaints and matters raised in Employee Resource Groups. Some key programmes that support our strategic focus are: • Women’s Sponsorship Programme: This is an ongoing programme established in 2023 to develop identified women leaders to take on executive roles. In 2024, 13 women from across our regions and functions participated to better prepare them for success in senior leadership roles. The success of the programme will be measured by monitoring promotions for participants.• Pay Equity and Transparency: We are satisfied that, based on all available data, we continue to operate according to the principle of equal pay for equal work, while continuing to address issues of female representation at the most senior management levels. Our reported global gender pay gap is negligible but we are aware this number can be heavily influenced by the geographic and functional composition of the workforce. Therefore, we continue to monitor on a granular level in each market.• We have developed an internal Pay Transparency dashboard to monitor pay equity across positions, functions and levels. Initially for our Western European markets, it is now being rolled out in further markets globally. This tool creates greater transparency of how our markets implement our Global Pay Principles – including, but not limited to, ensuring gender equity. This tool allows us to gather insights on any potential issues and will support us in creating mitigating action plans. Performance against target The percentage of women in senior leadership roles has increased steadily in recent years. Against the 2020 baseline of 28%, representation increased to 30% in 2024. The percentage of women in ExCom also increased to 33% in 2024, from 0% in 2020. In 2024, we improved the accuracy, consistency and scope of our data, including adding new markets. This strong performance meets our interim target of 30% women in senior leadership roles by 2024, and is therefore in line with our expectations.To ensure that DE&amp;I decisions are aligned with the company strategy, we have formed a DE&amp;I Council composed of senior executives from across functions and regions. ExCom is provided with quarterly gender balance data from our internal dashboards to track progress on women in leadership. We keep employees informed of our DE&amp;I progress and developments in every global townhall meeting hosted by our Group CEO and our CFO. We actively seek input from employees to identify opportunities for improvements to our DE&amp;I agenda. To inspire action and solicit further feedback on how we can improve our work on gender equity, we run campaigns related to International Women's Day. From 2025, we will host quarterly community calls and invite all interested employees to share best practice on DE&amp;I matters.  Gender split in senior leadership (S1-9)Unit ValueFemale number 246Female % 30Male number 562Male % 70Other number 0Not reported number 0Note: S1-9 data disclosure continues on page 95.ACCOUNTING POLICIESSenior Leadership includes Director-level and above. The number of employees in Senior Leadership is based on year-end data. Gender pay gap (S1-16)Unit ValueGender pay gap % 0Note: CEO pay (S1-16) is disclosed in our Remuneration Report.ACCOUNTING POLICIESGender pay gap is calculated as the difference between the average gross annual pay of all male and female employees divided by the average gross annual pay of all male employees. Gross pay covers all fixed and variable components of the employees' compensation. The average annual pay of each gender is calculated by dividing total gross annual pay of all employees of each gender (only covering male and female) by the number of FTEs of the respective gender. For more information on measurement uncertainty, please see Appendix 3 (BP-2) on pages 108-109.Healthy work-life balance Our approach to tracking the effectiveness of our policies and actions related to a healthy work-life balance is to monitor developments in the My Voice survey. We do not have an official global target, as actions to address the topic are managed locally. We do, however, track yearly performance in the My Voice survey in order to stay aware of developments. We believe our people deliver their best when they have a healthy work-life balance and feel a sense of belonging, purpose and team spirit. To protect their wellbeing, we ensure all employees are entitled to reasonable breaks and rest periods, including sick leave, holiday and parental leave, the latter of which is supported by our Parental Leave Policy. This publicly accessible policy sets out a globally consistent minimum standard of non-gendered parental leave entitlements for all employees in all our locations. We encourage flexible working opportunities wherever possible so all our people can better balance their work and home lives. In 2024, we piloted a new global leadership development programme, focusing on key leadership capabilities, such as people development, coaching, wellbeing, engagement, and building and caring for diverse, high-performing teams. Data collection will continue on an annual basis, and action plans will be developed if any challenges are identified. Surveys conducted with participants before and after our leadership training enable us to monitor their effectiveness and quality, identify areas of improvement for leaders and develop individual performance priorities. When a leader enrols in the aforementioned leadership training, 360-degree feedback is sought before the training course and again after six months to identify areas of improvement. As the programme commenced in 2024, we do not yet have a representative set of data to share. Collective bargaining We welcome collective bargaining and do not discriminate against anyone taking part. We do not have a global target or baseline, as our focus is on securing sound processes and strong management support for engaging with employee representatives. We do, however, track collective bargaining in our workforce in order to stay up to date and aware of any developments. Our stance regarding collective bargaining is clearly set out in our global Human Rights Policy. Collective bargaining agreements are negotiated regularly at a local level in each market, complying with all relevant laws and regulations regarding labour rights. To ensure we stay abreast of changing requirements, each of our markets continuously monitors regulations relevant to our operations. Collective bargaining agreements are negotiated in good faith, and we are careful to consult and inform relevant employee representatives regarding potential changes to working conditions, as appropriate. By doing this, we aim to ensure our employees feel consulted and well informed about business activities and developments. The proportion of employees covered by such agreements varies considerably from market to market. We monitor the progress of any collective bargaining negotiations across locations and escalate any areas of concern to ExCom as needed. We annually monitor the number of employees covered by collective bargaining agreements in every market where we operate. In 2024, 61% of our global workforce was covered by collective bargaining agreements.Collective bargaining and social dialogue (S1-8)Unit ValuePercentage of total employees covered by collective bargaining agreements % 61Western Europe (excl. EEA) % 49CEEI (excl. EEA) % 65Asia % 601Percentage of employees covered by workers' representatives% 721 An agreement signed with the European Works Council (EWC) is included in these figures.ACCOUNTING POLICIESCollective bargaining agreements that cover Carlsberg employees include those signed by the Carlsberg Group or any of its entities, or agreements signed by an employee organisation of which the Carlsberg Group or any of its entities is a member. Percentage of employees covered by workers' representatives is all employees covered by workers' representatives. Applicable representatives include trade union representatives (elected in accordance with national legislation and practice) or other duly elected representatives who are freely elected by the workers of the organisation.HarassmentWe do not tolerate any acts of physical, verbal, sexual or psychological harassment, bullying, abuse or threats in the workplace, nor in any work-related circumstances outside the workplace. Ensuring this can be challenging, as harassment is not a systemic issue but individual cases that unfortunately can occur in different parts of the organisation. Our recently developed and continuously offered training programmes seek to enhance awareness. For example, training to increase awareness on unconscious bias is available to all employees, inclusive leadership training is available for all people leaders and mandatory for our 350 most senior leaders, and sexual harassment training is mandatory for all employees. Training programmes are offered continuously, and participation is monitored to ensure engagement remains strong. As with other employee-related actions, the My Voice survey helps us identify areas for improvement. We utilise the My Voice survey and SpeakUp cases to track the effectiveness of our policies and actions related to harassment and prioritise future actions. Actions to address this topic are managed locally or centrally, depending on their severity. We do not have an official global target or baseline, as our focus is on securing robust processes and management oversight. Our ambition is to reduce the number of confirmed cases of harassment each year. Wage adequacy (S1-10) In the past, the topic of adequate wages has not been managed centrally by global functions. We do not have a global target or baseline related to this topic, as our performance currently indicates we do not experience cases of employees paid below the minimum or living wage, as explained further below. We track the data centrally and continue to work with all markets to ensure our global pay principles are applied consistently and fairly. To attract and retain employees, we offer competitive salaries and regularly review local payment practices against criteria aligned with the ESRS framework. Our commitment to paying a competitive wage is reflected in our Global Pay Principles and is one of the ways we aim to create a positive employee experience.  In 2024, we conducted a review of all our markets to gather data regarding the lowest wage paid. This data was benchmarked against national minimum wages where available, and an external benchmark of living wages where national minimum wages were not available. Findings confirmed that we are paying all employees at or above the minimum wage or living wage, depending on the aforementioned data availability. Data collection and review exercises will continue annually. If any areas of concern are identified from our data review, they are reported to the Chief Human Resources Officer and action plans are developed to address any issues. To gather employee perspectives on the adequacy of wages throughout our global workforce, in 2023 we introduced a new question to the My Voice survey, asking whether employees feel they are fairly compensated for the work they do. The results were 7 percentage points higher than the Glint Global Benchmark. This question will remain in the annual survey going forward. For information regarding allocation of financial resources see page 102.S1-6; S1-9Mandatory data disclosures. Employee headcount by contract type, broken down by genderUnit Female Male Other Not disclosed TotalTotal employees number 8,819 23,771 1 0 32,591Permanent employees number 8,229 22,118 0 0 30,347Temporary employees number 530 1,580 1 0 2,111Non-guaranteed hours employees number 60 73 0 0 133Full-time employees number 8,587 23,510 1 0 32,098Part-time employees number 232 261 0 0 493Note: The corresponding financial reconciliation for FTE figures can be found on page 168.Employee headcount in countries where Carlsberg has at least 50 employees representing at least 10% of its total number of employeesCountryValueChina 6,843Employee headcount by genderUnit ValueMale number 23,771Female number 8,819Other number 1Not reported number 0Total 32,591Employee headcount by ageUnit ValueEmployees under 30 years old number 6,204Employees under 30 years old % 19Employees between 30 and 50 years old number 19,466Employees between 30 and 50 years old % 60Employees over 50 years old number 6,921Employees over 50 years old % 21Employee turnoverUnit ValueEmployees who have left Carlsberg number 5077Employee turnover % 16ACCOUNTING POLICIESEmployee characteristics are reported by employment type, gender, contract type and age. All employee figures are reported based on headcount at the end of the reporting period.Employment type includes permanent employees, who are defined as employees with a permanent contract (accounting for local differences in definition). Temporary employees are defined as employees with a temporary contract. Non-guaranteed hours employees includes all employees who do not have a guarantee of a minimum or fixed number of working hours. Employees who are registered as 1 FTE (full-time equivalent) are considered full-time employees, whereas employees who are registered as &lt;1 FTE are considered part-time employees. Gender is based on the gender stated by the employee (while respecting local data protection regulations).  Age is based on the age of each employee at the end of the reporting period.Employee turnover covers people leaving the organisation, including all employees who have left through voluntary resignations, dismissals, retirement and death during the reporting year. The rate of employee turnover is calculated as the number of employees who have left the organisation during the reporting period divided by the total number of employees at year-end.S1-17Grievance mechanisms and corresponding figuresUnit ValueIncidents of discrimination, including harassment number 39Complaints filed through channels for people in own workforce to raise concerns number 17Complaints filed to National Contact Points for OECD Multinational Enterprises number 0Fines, penalties and compensation for damages as a result of the incidents &amp; complaints DKK 0Confirmed severe human rights incidents connected to own workforce number 0Confirmed severe human rights incidents connected to own workforce that are cases of non-respect of UN Guiding Principles and OECD Guidelines for Multinational Enterprises number 0Fines, penalties and compensation for damages related to confirmed severe human rights incidents DKK 01Confirmed severe human rights incidents connected to upstream and downstream value chainnumber 01Confirmed severe human rights incidents connected to consumers and/or end-usersnumber 0Note: No confirmed severe human rights incidents occurred within the FY2024 reporting year. Since there have been no material fines, there is no corresponding financial reconciliation. Please refer to our ESRS index on page 50 for where more information about our grievance mechanisms can be found.1 Figures are relevant to S2 and S4. ACCOUNTING POLICIESIncidents of discrimination and harassment includes any incidents recorded through the SpeakUp Line. The reported figure includes all substantiated cases of bullying and harassment, sexual harassment, discrimination and retaliation regarding own employees.Total number of complaints filed includes any reported through the SpeakUp Line and to the OECD National Contact Points regarding own employees, including work environment, health and safety cases, but excluding "incidents of discrimination and harassment".Confirmed severe human rights incidents includes reported figures of confirmed severe human rights incidents (defined in line with the UN Guiding Principles on Business and Human Rights (UNGPs)) regarding own employees, including cases recorded through the SpeakUp Line, in-country human rights impact assessments and audits, and substantiated lawsuits and public reports. All human rights incidents are assessed annually based on their scale, scope and remediability, and categorised as severe on a case-by-case basis. All confirmed severe human rights incidents are considered cases of non-respect of established human rights frameworks. Confirmed severe human rights incidents connected to our value chain and end-users are defined as above and follow the same process as for issues and incidents related to our own employees. Additionally, any cases found in supplier audits are considered confirmed. Incidents under investigation are not considered confirmed. Fines, penalties and compensation for damages includes any financial payments paid in relation to confirmed cases within the fiscal year.S2 WORKERS IN THE VALUE CHAINMATERIAL IMPACTS, RISKS AND OPPORTUNITIESSBM-3From sourcing our raw materials, to marketing our products to customers and consumers, to ensuring our packaging gets recycled, we rely on thousands of value chain workers across many industries and geographies to be able to run our business. As such, our DMA identified two material negative impacts related to workers in our value chain over the short term. The following section outlines how we understand the interests of workers in our value chain and how we engage with them. It also presents the policies, targets and actions we undertake to address the impacts on them. How our S2 Workers in the value chain IROs link to our value chainAGRICULTUREPACKAGINGBEVERAGE PRODUCTION &amp; ADMINISTRATIONDISTRIBUTIONSELLING &amp; MARKETINGREUSE &amp; RECYCLING Material impact Where it originates How it affects people or planet Time horizon Addressed in TTZABWorking conditions in Upstream value chain employees may be Negative impacts on value chain workers Short termthe upstream value subject to working conditions that are could include poor working conditions, Human RightsLiving by our chainnon-compliant with local regulations excessive working hours, inadequate Compassand/or Carlsberg policies. wages or inadequate personal protective equipment. Working conditions in Downstream value chain employees may Negative impacts on value chain workers Short termthe downstream value be subject to working conditions that are could include poor working conditions, Human RightsLiving by our chainnon-compliant with local regulations excessive working hours, inadequate Compassand/or Carlsberg policies. wages or inadequate personal protective equipment.Understanding interests of value chain workers Within our supply chain, including among indirect suppliers, we interact with marginalised or vulnerable groups, including migrant workers, women, ethnic minorities, children and indigenous people. Value chain employees (including employees at upstream and downstream business partners) may be subject to working conditions that are non-compliant with local regulations and/or Carlsberg policies and guidelines, such as the Carlsberg Human Rights Policy, the Supplier and Licensee Code of Conduct and the Brand Promoter Manual.The impacts on value chain workers can include (but are not limited to): poor working conditions, excessive working hours, inadequate wages or inadequate personal protective equipment. These are the systemic issues that appear most frequently across countries and industries, with Malaysia, China and the Democratic Republic of Congo being countries where we have identified heightened risk around practices, including agriculture, labour and cobalt mining. We have also identified material negative impacts for brand promoters.Workers in the informal waste sector of our downstream value chain are particularly vulnerable to potential negative impacts, including child labour, discrimination, inadequate compensation, harsh (extreme heat) and unsafe working conditions (safety hazards). Child labour is a particular risk within the informal recycling value chain in geographies where a formal recycling system is absent, such as many Asian countries.We include all materially impacted workers in our value chain in our disclosure under ESRS. S2-1PoliciesSupplier and Licensee Code of Conduct Our Supplier and Licensee Code of Conduct (SLCOC) details the minimum requirements we expect suppliers to adhere to regarding labour conditions, human rights, environmental protection and business ethics. It is based on and/or aligned with international frameworks, including the ILO Conventions, the UNGPs on Business and Human Rights, the UN Global Compact, the Sedex audit protocol and the OECD Guidance for Responsible Business Conduct. To make sure the SLCOC is adhered to and implemented by our suppliers, we use the Sedex platform and analysis and audit tool to monitor tier 1 suppliers. An essential part of the monitoring process includes direct worker interviews. If any instances of non-compliance are identified during the audit process, the supplier is expected to develop a corrective action plan and close the findings within a certain timeframe. In case of structural issues on a broader scale, we partner with NGOs and industry peers through the member organisation AIM Progress to find solutions in a collaborative way. The SLCOC addresses issues of forced labour or human trafficking and child labour. It also mandates that suppliers notify Carlsberg as soon as they become aware of any actual or potential breach of any laws, or any actual or suspected slavery or human trafficking. Principles in the SLCOC and Sedex audits are aligned with the UNGPs and the ILO Fundamental Principles and Rights at Work. Among some suppliers in the scope of audits, some deviations to the requirements in the audit have been observed and reported. Most violations occur in the area of occupational health and safety, followed by working hours and wages.  Our policy is defined by a risk-based approach to human rights. While the SLCOC is part of every supplier contract, monitoring of adherence to the SLCOC is based on a risk assessment, which aims to cover all suppliers with a high risk profile by the end of 2026. The EVP, Integrated Supply Chain is the most senior executive responsible for implementing the SLCOC. The SLCOC was revised in 2024 to better reflect the requirements of the Sedex Members Ethical Trade Audits (SMETA) across four main areas: labour conditions, human rights, environmental management systems and business ethics. The SLCOC is available internally on our intranet, and publicly available online. Our Human Rights Policy is also relevant for workers in our value chain and is described in S1-2.S2-2Engaging with stakeholdersGeneral approachWe have three methods to monitor compliance with our Human Rights Policy across the value chain: 1. Country- or region-specific human rights impact assessments (HRIAs). These are comprehensive assessments that cover the entire value chain associated with activities in a particular country or region, including workers, communities and consumers, and also consider external factors, such as political and social conditions. 2. Third-party audits of high-risk suppliers, most notably SMETA audits carried out through Sedex (discussed in the following section). 3. Internal human rights audits, covering our own operations, including the working conditions of brand promoters. These three tracks allow us to monitor policy compliance and provide the foundation of inputs to our due diligence process. Our due diligence process consists of four core steps: 1. Annually assessing and prioritising impacts. 2. Implementing mitigation action plans based on assessment findings. 3.Tracking progress against the action plans. 4. Communicating our efforts. For more information, please see our Human Rights Report.Engaging with upstream value chain workers Screening suppliers for risks We screen our suppliers using four different tools, which are partially included in the procurement process. 1. New and existing suppliers are asked to fill in an online Self Assessment Questionnaire (SAQ) provided by Sedex, an organisation for enhancing supply chain transparency and auditing, to get a basic understanding of workers’ conditions at the supplier site. 2. If the questionnaire shows a potential risk to workers, we ask the supplier to undergo a SMETA audit, covering, among other topics, labour conditions and human rights at the production site. 3. We offer suppliers internal and external training free of charge to build capacity. 4. For categories and industries that have been identified as high-risk, we apply additional scrutiny over working conditions and respecting human rights, including conducting HRIAs and offering training and education directly to higher-risk suppliers through our specially trained procurement teams. To ensure we consider the perspectives of individual workers, our HRIAs include direct inputs from workers in our supply chain. Likewise, as part of a Sedex audit, auditors are required to speak to workers and ask for specific feedback. These conversations are conducted in a way that ensures confidentiality. Our procurement team also carries out internal supplier relationship management talks with select suppliers. At these, suppliers are rated on their responsible sourcing performance. If an issue is identified via our processes, the regional manager is the first point of escalation. The VP, Group Procurement is notified if further escalation is needed and also consulted if a responsible exit of a business relationship might be required.Monitoring the effectiveness of our engagementTo monitor the effectiveness of our engagement, we evaluate audit performance results and improvement curves over time. Through training of our suppliers in high-risk topics, we contribute to building long-term capacity at our suppliers to be able to adhere to the requirements in our SLCOC.Our HRIAs and the Sedex audit process ensure we gain insight into the situations of vulnerable people within our supply chain. We also monitor global media for developments that might impact vulnerable individuals in our supply chain. Engaging with downstream value chain workers Screening for human rights impactsAs part of our country-specific HRIAs, we conduct confidential face-to-face interviews with rightsholders about their perspectives on issues such as harassment, safety and working conditions. Our HRIAs are managed by external third-party organisations with extensive expertise in this area. They engage directly with workers in their own language. Brand promoters are an at-risk group within our downstream activities. The Executive Vice President in Asia is ultimately responsible for implementing the Brand Promoter Manual, which outlines how our Human Rights Policy should be put into practice regarding this stakeholder group. We check that their working conditions align with the guidance in the Brand Promoter Manual. If actual or potential negative impacts are identified, these are included in the impact assessment remedial action plan. In some markets, supervisors hold weekly meetings with brand promoters to gather their feedback.Outsourced drivers in our downstream value chain are also identified as at-risk. The VP, Group Procurement has ultimate oversight of this group. While we do not follow a specific Global Framework Agreement within our supplier contracts, we have general terms of procurement, including provisions in respect of human rights, applicable to all contracted parties everywhere we operate. Monitoring the effectiveness of our engagement We monitor the progress of action plans stemming from HRIAs, checking that they are being implemented effectively and within the established timelines. We also monitor reports to our SpeakUp grievance line to identify any trends regarding human rights-related grievances.S2-5; S2-4Targets and actionsWe do not currently have an official target for responsible sourcing, as we are focused on building a strong foundation through policies and processes. Still, our responsible sourcing commitments include a target of achieving 100% compliance with our Supplier and Licensee Code of Conduct. To track this, compliance with our SLCOC is continuously monitored through SMETA audits.Onboarding of suppliers to Sedex began in 2023. In the coming years, we aim for all suppliers in scope to be onboarded to the Sedex platform and for the majority of those in scope to be audited or certified. For suppliers that received a high risk score, we also expect to see progress and improvement after their first audit. Our tracking of the effectiveness of our policies and actions can be found in S2-2 on page 97.For information regarding allocation of financial resources see page 102.Establishing a Responsible Sourcing Framework In 2024, we fully implemented our enhanced Responsible Sourcing Framework, sharpening our focus on salient human rights risks in the supply chain. By communicating our standards and expectations to suppliers, monitoring their compliance and supporting them to improve their performance where needed, we aim to ensure ethical and socially responsible business practices throughout our supply chain as set out in our SLCOC. Integrated into procurement processes, the Framework ensures compliance with SLCOC as part of doing business. Applying a risk-based screening processLaunched as a pilot in 2023, the Framework utilises the Sedex Risk Assessment tool for the inherent country and industry risk assessment, and the outcome of the salient human rights risk assessment to prevent material negative impacts on supply chain workers.For raw materials with higher levels of risk, the Framework sets the requirement for transparency on the origin on the materials to prove they are responsibly sourced. We seek assurance via the Responsible Minerals Assurance Process of the Responsible Minerals Initiative for cobalt, while for sugar, we use an internal tool to track farm-level certifications. Enrolling suppliers in the programmeWithin the first year, the number of Carlsberg suppliers in the Sedex platform surpassed 200. All of these suppliers were asked to complete the detailed Sedex SAQ. Those showing a high risk profile were required to additionally complete a SMETA audit on labour, ethical, environmental, and health and safety risks. These audits, which include site visits, were conducted by Sedex-approved third-party auditors. Remediating issuesIf we find that we are directly linked to adverse impacts on human rights, we will use our leverage to help bring positive change. The Sedex escalation process ensures that best-practice procedure is followed and follow-up actions are monitored in a timely manner. If gaps that might lead to a severe violation of ESG criteria are not closed, we apply an escalation and remediation process. If this fails, we will consider terminating the business relationship. In instances of specific material negative impacts on value chain workers, we undertake supplier training in partnership with external providers, host supplier days and collaborate with industry peers to address specific challenges. We are a member of AIM Progress, a forum that allows us to share best practices and identify opportunities to collaborate on mutual recognition of certifications or standards. It also provides an essential platform for addressing broad-based issues that impact the whole industry, such as working conditions in the sugar-cane industry. Monitoring effectivenessThe effectiveness of our Responsible Sourcing Framework is monitored via reporting tools within the Sedex platform, analysing data on certain criteria.Training and communication Proper training and communication are essential for implementing our Responsible Sourcing Framework. Consequently, in 2024 we provided six accompanying training sessions for our procurement teams and suppliers in three regions.A prerequisite for entering a business relationship with us is to sign and adhere to the SLCOC. Suppliers located in higher-risk countries, or supplying higher-risk raw materials, are asked to register on the Sedex platform.  We conduct training on specific supply chain issues on a regional, country or raw material basis as required, focusing primarily on prevention and risk mitigation. We also communicate our Whistleblower Policy and the details of how workers in our value chain can raise an issue if a breach of our SLCOC is suspected. To gauge the effectiveness of our training, we monitor how quickly suppliers complete the Sedex questionnaire after attending one of our sessions. Addressing working conditions in the informal waste sector In markets where formal recycling infrastructure is lacking, the job of collecting packaging, such as bottles and cans for recycling, falls to informal waste pickers. Their working conditions can be hazardous and precarious, with a lack of health and safety precautions and reliable pay. There is also a risk of child labour. To achieve our ZERO Packaging Waste targets, we work with industry players and others to support the development of formalised processes for collection of used packaging, including effective deposit return schemes. We are identifying potential partnerships for initiatives to improve conditions for people working in the informal waste sector, recognising their role in global value chains. In 2024, we initiated the process of conducting an assessment of potential solutions, addressing the environmental and human rights challenges in the informal waste sector in one of our markets, with support from an external expert organisation.S4 CONSUMERS AND END-USERSMATERIAL IMPACTS, RISKS AND OPPORTUNITIESSBM-3We have the privilege of being able to reach consumers directly through our products and brands. We acknowledge our responsibility in terms of how we market our products. We are committed to offering great-tasting drinks for every occasion, including catering for changing consumer attitudes towards alcohol, moderation and healthy lifestyles. Our DMA identified two material negative impacts related to our consumers and end-users over the short term. In addition, it identified one long-term financial risk and one corresponding medium-term financial opportunity. In this section, we share how we understand the interests of and engage with our consumers, and detail the policies, targets and actions we have in place to address our material IROs related to all consumers.How our S4 Consumers and end-users IROs link to our value chainSOURCINGPACKAGINGBREWING, BOTTLING &amp; ADMINISTRATIONDISTRIBUTIONSELLING &amp; MARKETINGMaterial impact Where it originates How it affects people or planet Time horizon Addressed in TTZABHealth and safety We recognise the negative impact that Impacts connected to harmful drinking Short termconnected to harmful alcohol consumption can have on include alcohol-associated illnesses and drinkingconsumers and end-users, and diseases, addiction, physical accidents, ZERO encourage responsible drinking.and other impacts on people and society. Irresponsible DrinkingAnybody engaging in harmful drinking, including pregnant women and children, is subject to these material impacts.Negative impacts from Irresponsible marketing practices include Irresponsible marketing practices could Short termmarketing practices appealing to audiences other than those expose children or other vulnerable Living by our above the legal drinking age, marketing groups to our products, encourage ZERO Compassexcessive consumption, associating excessive consumption, or associate Irresponsible Drinkingdrinking alcoholic beverages with unsafe alcoholic beverages with unsafe activities, and marketing alcohol as behaviour.leading to success, enhanced abilities or health benefits.Material risk/opportunity Where it originates How it affects our business Time horizon Addressed in TTZABDiminishing public Diminishing public perception of alcohol Risk: There is a financial risk to our business if Long termperception of alcoholcan potentially lead to less purchasing of these issues diminish society’s perception of our alcoholic products.alcohol and lead to lower demand for our ZERO alcoholic products.Irresponsible DrinkingExpanding our range of As consumer interest in health and Opportunity: We have already seen Medium termlow- and no-alcohol wellbeing grows, we have an opportunity impressive sales growth of no- and low-beveragesto benefit from increased demand for alcohol products and expect this trajectory to ZERO low- and no-alcohol products.continue.Irresponsible DrinkingS4-1PoliciesOur approach to managing the material impacts, risks and opportunities relating to consumers and end-users is underpinned by our Marketing Communication Policy.Marketing and Communication Policy Our Marketing and Communication Policy sets out our approach to communicating with consumers and the general public. It has eight key focus areas, comprising: transparency and integrity, adult appeal, enjoyment in moderation, alcohol-free, safe and sensible behaviours, effects, health &amp; performance, socially inclusive and environmentally conscious. We updated the policy in 2024 to more clearly set out our commitments to the respective focus areas, and we have added sections that address the changing media landscape of sponsorships, influencers, digital marketing and gaming.  The Chief Marketing Officer (CMO) and the Vice President (VP), Corporate Affairs are responsible for governing the policy, which covers all our alcohol brands and their alcohol-free line extensions. It applies to all employees, agency partners and retailers communicating on behalf of our company or brands. We are a signatory to the Responsible Marketing Pact of the World Federation of Advertisers and undergo regular audits on our compliance with IARD’s Digital Guiding Principles for online and social media. In setting our policy, we considered stakeholder interests, including social responsibility and moderation, public health and safety, and protecting minors from exposure to our products and communication. The Marketing and Communication Policy is available internally on our intranet, and publicly available online. Our Human Rights Policy is also relevant for consumers and end-users and is described in S1-2.S4-2Engaging with stakeholdersWe have a responsibility to ensure that we engage with consumers in an ethical and honest way. We are aware that our products can cause harm if misused and we are conscious of shaping our response to align with consumer priorities.Engaging ethically and honestlyWe aim to be proactive in terms of how we self-regulate. Engaging with consumers is one way in which we do this – both in the product development process and via our marketing and communications activities, which reach consumers directly with transparent information in an effort to help prevent harmful use of our products.Capturing global and local insightsWe use messaging on products, partnerships and campaigns to promote responsible alcohol consumption, with our approach informed by consumer insights. At a global level, the Marketing Insights team manages research in trends of health and wellness and other areas of interest to consumers that feed into the brand planning. These insights, which indicate a significant global consumer interest in alcohol-free and low-alcohol products, were among the rationale behind the expansion of our AFB range to include 60 new AFBs in the last three years. Measuring impact and effectiveness of engagementOur markets must report on their local initiatives, campaigns and partnerships, and the status of compliance for their labelling and online consumer information. We also conduct a survey among our markets twice a year to monitor the impact of responsible drinking activities.Our CMO and the VP, Corporate Affairs are the most senior executives responsible for activities targeted at responsible drinking. The CMO holds responsibility for marketing and communications targeted towards end-consumers, while the VP, Corporate Affairs leads on broader stakeholder engagement. Protecting vulnerable groupsWe are committed to protecting minors from exposure to our products, marketing and communication. We mandate that all primary packaging of alcohol products and their alcohol-free line extensions carry a legal age-restriction symbol or equivalent text where legally permissible. Our Marketing and Communication Policy clearly states that our communication and products must not appeal to minors. Advertising on media channels is subject to a 70/30 rule, meaning that we will not advertise on channels with less than 70% adult audiences. We follow the Digital Guiding Principles and Influencer Guiding Principles agreed upon in the International Alliance for Responsible Drinking (IARD) to minimise exposure of minors to alcohol products and advertising. S4-5; S4-4Targets and actions ZERO Irresponsible Drinking Our targets reflect our commitment to advocate for responsible drinking, moderation and enjoyment of our products as part of a balanced lifestyle, as stated in our Marketing and Communication Policy, and offer consumers alternatives to alcohol.Direct consumer engagement in responsible drinking activities occurs at market level and is not driven globally. However, markets must follow global policies when it comes to labelling, marketing and communications. At a global level, we stay up to date on consumer insights and research into consumer behaviours and attitudes to support our markets. We do not engage consumers for the purpose of tracking performance against our targets. There are four ZERO Irresponsible Drinking targets. To learn more about our methodology for these targets, and for additional details, please see the corresponding accounting policies below. While it can be difficult to distinguish between the prevention of a negative impact and the creation of a positive impact, our primary focus in pursuit of our goals towards ZERO Irresponsible Drinking is the former: investing in actions to minimise and mitigate potential negative material impacts on consumers. To identify how best to encourage responsible drinking, we collect inputs on a global and local basis on consumer trends and needs. We also monitor public and political interests on public health through various engagements with industry organisations, health agencies and political engagements. Our approach stems from the view that alcohol can be consumed safely when consumed responsibly and in moderation.To ensure our practices do not contribute to negative impacts on consumers and end-users, we continuously monitor market developments to identify emerging issues and where we might need to update our policies or develop initiatives to address and mitigate any potential negative impacts. An example is the potential appeal of energy drinks to children. We are monitoring this issue and will be addressing our practices in relation to energy drinks in our next policy update. We do not have a global process for providing remedy in relation to the material impact, other than the processes described in the SpeakUp section within the management review. Please refer to the ESRS index on page 50 for where more information can be found. Addressing our financial risk and opportunity in tandemThrough our four ZERO Irresponsible Drinking targets, presented below, we address the financial risk to our business of the diminishing perception of alcohol. We do this through increasing the share and availability of low- and no-alcohol alternatives, and by engaging with consumers through responsible drinking messaging and partnerships. Increasing the share of our no- and low-alcohol range also allows us to capitalise on the financial opportunity of expanding this product offering.Target 1: 35% of our brews globally are low-alcohol or alcohol-free by 2030We have set a target of increasing the combined share of low-alcohol brews (LABs) and alcohol-free brews (AFBs) to 35% of the volume of brews (beer, cider, kvas and malt-based beverages) we sell globally by 2030. We define AFBs as 0.0-0.5% alcohol by volume (ABV) and LABs as 0.6-3.5% ABV.Our actions to address this target include the promotion of no- and low-alcohol products through marketing campaigns and partnerships in markets around the world. To reach our target, we will continue to develop the no- and low-alcohol portfolio and expand our commercial offerings across all our global markets. By expanding these product ranges and promoting them as an attractive alternative, we contribute to our policy objectives and targets. We monitor the share of low- and no-alcohol brews in our portfolio on a quarterly basis.Target 2: 100% availability of alcohol-free brews by 2030By 2030, we are targeting 100% availability of AFBs to ensure that all customers and partners in all our operating markets will have access to our AFB portfolio, wherever Carlsberg brands are sold. Our actions to address this target include continually expanding the availability of these products across our global markets. Ensuring the availability of these products contributes to our policy objectives and targets.Target 3: 100% of our markets run partnerships to support responsible consumption by 2030Our target is for 100% of our markets to run partnerships that support responsible consumption by 2030. Actions include partnerships with music festivals, sporting events, retailers, pubs/bars/restaurants, authorities including law enforcement agencies, NGOs and other civil society organisations. The partnerships and activities should be measurable and long-running.Each market is encouraged to identify strategic partnerships that will help us achieve our 2030 target. The effectiveness of these partnerships and programmes is monitored regularly, with each market reporting on its initiatives and results at least annually. Performance against targetsIn 2024, low-alcohol or alcohol-free beers represented 30% of our total volume of brews sold globally. This represents an increase of 3 percentage points from our 2021 baseline of 27%. Meanwhile, AFBs were available in 90% of markets, an increase of 32 percentage points from our 2021 baseline of 58%, and 86% of companies implemented responsible drinking partnerships, an 18 percentage points increase on our 2021 baseline of 68%. The performance across all three targets is in line with our expectations and reflects our commitment to championing responsible drinking. Performance on targets 1-3Unit ValueShare of low-alcohol or alcohol-free brews sold% 30Share of markets with AFB products included in price lists to customers% 90Share of Carlsberg companies implementing responsible drinking initiatives % 86(responsible drinking partnerships)ACCOUNTING POLICIESThe total volume of beer, cider, kvas and malt-based beverages with an alcohol content below 3.5% is divided by the total volume of beer, cider, kvas and malt-based beverages. This calculation excludes water, energy drinks, wines and soft drinks.The total number of markets where alcohol-free brews (AFBs) are included in customer price lists is divided by the total number of markets with at least one majority-owned Carlsberg company. An AFB is defined as a beverage with an alcohol content of 0.5% or less, unless a lower limit is specified by local legislation. A market is considered to have AFB products in the price list if at least 50% of the Carlsberg companies operating in that market offer AFB products to both on-trade and off-trade customers.Carlsberg companies implementing responsible drinking initiatives: number of companies implementing initiatives divided by the total number of majority-owned companies within Carlsberg. Responsible drinking initiatives encompass areas such as binge drinking, health risks, drinking during pregnancy and drink-driving, and may be associated with brand campaigns, partnerships and consumer outreach programmes. This figure excludes all microbrewery companies as well as Bosnia, Hungary and Montenegro.Target 4: 100% responsible drinking messaging through packaging and brand activations by 2030We have set a target that by 2030 100% of our primary packaging should include responsible drinking messaging, namely ingredient information, nutritional information, legal age restrictions, warnings about consuming alcohol while driving or while pregnant and a responsible drinking tagline.As we believe that self-regulation of our marketing, communications and product labelling is the best way to guide consumers towards responsible consumption, actions to address this target include continuously seeking to update packaging messaging across all markets.To further support responsible marketing practices across our industry, we collaborate with peers via industry bodies, such as the IARD, the WFA and the WBA.Performance against targetIn 2024, the share of products with responsible drinking messaging on the packaging increased across all messaging areas compared with our baseline years, apart from nutritional information, which experienced a very slight decrease. Other than this outlier, the performance on this target has been in line with expectations. See the table below for a complete overview of 2024 progress.Responsible drinking messaging through packaging and brand activationsUnit ValueShare of products listing ingredient information % 100Share of products listing nutritional information % 57Share of products carrying legal age-restriction symbol or equivalent text (alcoholic) % 70Share of products carrying legal age-restriction symbol or equivalent text (AFB) % 42Share of products including consumer information about drinking while driving or % 88drinking while pregnantShare of Carlsberg companies having a responsible drinking message on the primary % 56packaging of the #1 or #2 brand in the marketACCOUNTING POLICIESThe volume of fermented alcoholic beverages with labels featuring responsible drinking information is divided by the total volume of fermented alcoholic beverages produced. The label content is categorised into the following four areas:       1.       Ingredient information: Labels that provide a complete list of ingredients (e.g. water, malted                 barley, malted oats, hops etc.).       2.      Nutritional information: Labels that include energy content in a linear format (e.g. "Energy:                 190 kJ/46 kcal per 100 ml").       3.      Legal drinking age: Labels that display a clear symbol, text or both indicating the legal                 drinking age, in compliance with national legislation. This metric also covers fermented                 alcohol-free brews (AFBs).       4.      Consumer information: Labels that feature a clear symbol, text or both advising against                 drinking and driving or consuming alcohol while pregnant.The number of Carlsberg companies featuring a responsible drinking message on the primary packaging of their #1 or #2 brand divided by the total number of Carlsberg majority-owned companies. A responsible drinking message refers to a fixed tagline aligned with a responsible drinking initiative, seamlessly integrated into the design and tone of the label. This figure excludes all microbrewery companies as well as Bosnia, Hungary and Montenegro.Current and future allocated resourcesKey actions are integrated into regular operations at Group and market level, utilising human and financial resources. Consequently, resources allocated to own workforce, workers in the value chain and consumers are not tracked independently, but included in overall OpEx and CapEx.GOVERNANCE G1 – BUSINESS CONDUCTMATERIAL IMPACTS, RISKS AND OPPORTUNITIESSBM-3Good governance and sound business conduct are the foundation for a healthy, thriving company, and a necessity for achieving our ESG ambitions. Recognising this importance, our DMA identified two material impacts related to business conduct at Carlsberg over the short term – one positive and one negative. In the following section, we describe these impacts in more detail and discuss the assessments we undertake to identify risks and to detect and prevent corruption and bribery, and the policies and processes that underpin the material impacts and our management of them.How our G1 Business conduct IROs link to our value chainSOURCINGPACKAGINGBREWING, BOTTLING &amp; ADMINISTRATIONDISTRIBUTIONSELLING &amp; MARKETINGMaterial impact Where it originates How it affects people or planet Time horizon Addressed in TTZABLinking executive Our executive remuneration is linked to The Executive Committee is incentivised Short termremuneration to ESG ESG objectives and performance.to make meaningful progress and further Living by our performance integrate ESG considerations into day-to-Compassday operations. Corruption and bribery Corruption and bribery of individuals Corruption and bribery negatively impact Short termcould result in unethical or illegal actions fair competition and citizens' rights to Living by our that undermine our commitment to participate in public affairs, and can have Responsible CompassSourcingresponsible business conduct. indirect negative environmental consequences.G1-1Policies All the policies below are available publicly online and internally on our intranet.Please refer to our ESRS index on page 50 in the management review for more information on where reporting of business conduct incidents can be found. Code of Ethics and Conduct  Our Code of Ethics and Conduct provides the foundation for our compliance programme, setting expectations of and guiding the daily decisions made by our employees and contract workers around the world, enabling them to make the right choices and demonstrate the highest standards of integrity and ethical behaviour. The code details our ethical standards across a range of areas, including anti-bribery and corruption, selection of and work with third parties, conflicts of interest, competition law, data protection and privacy, accurate records, anti-money laundering, workplace health and safety, environmental protection, political activities and donations, and discrimination and harassment. It includes a practical ethical decision-making guide on how to act when faced with common dilemmas.   We evaluate our corporate culture via our annual My Voice employee engagement survey, which includes specific questions around culture and the way we conduct our business. We also analyse reports to our SpeakUp whistleblower system, as well as the Code of Ethics and Conduct training completion rates, repetitive control failures and turnover rates.  The Compass+ programme also includes a review of the style, structure and wording of our policies. Internal stakeholders are consulted as part of this programme in order to improve policy comprehension across the organisation.Available in 27 languages, the code applies to all our employees and contract workers, and all senior leaders are required to certify annually that they comply with all our codes and policies. The Group CEO is accountable for implementing the code. Anti-bribery and Corruption Policy Our Anti-bribery and Corruption Policy expands on the Code of Ethics and Conduct by providing more detailed guidance on how to identify and avoid high-risk situations.The policy requires compliance with all applicable laws and regulations on bribery and corruption, including, but not limited to, the U.S. Foreign Corrupt Practices Act (FCPA), the UK Bribery Act 2010 (UKBA), and other applicable national anti-bribery statutes and implementing rules and regulations. It also states our commitment to adhere to the relevant standards set out in the United Nations Convention Against Corruption. Details on how we review our policies in consultation with stakeholders as part of our Compass+ programme can be found in the Code of Ethics and Conduct section.The policy applies globally to all employees and contract workers. The Group General Counsel and Chief Compliance Officer are responsible for implementing the policy. Remuneration PolicyOur Remuneration Policy has been prepared in accordance with sections 139 and 139a of the Danish Companies Act, and outlines the components of remuneration for both the Supervisory Board and the Executive Board, as well as the procedures for approval and application of these rules. In the 2024 update, the intention to include long-term ESG targets was added in incentive arrangements, replacing the pre-existing short-term ESG target incentives. The policy is updated by the Remuneration Committee and reviewed and internally approved by the Supervisory Board. As the policy requires final approval at the Carlsberg A/S Annual General Meeting, shareholder interests are considered through investor engagement during the update process. SpeakUp Manual The SpeakUp Manual explains to our employees and any external parties how to raise concerns in confidence about potential breaches of our Code of Ethics and Conduct or the national law of the relevant jurisdiction, and how their concerns are investigated. This policy has been designed to respect and protect the interests of key stakeholders (both internal and external) at Carlsberg.The Chief Financial Officer is the most senior executive responsible for implementing the policy, which aligns with the EU Directive on the Protection of Whistleblowers.In 2024, we updated the SpeakUp Manual to provide more details on protecting reporters. We also translated the manual into local languages of the countries where we have operations to make it more accessible to potential reporters, and published these translations on our internal and external websites. In order to ensure that the SpeakUp process functions as intended, we regularly perform a series of training sessions for relevant human resources personnel, compliance representatives and local investigators on recognising and reporting misconduct and the investigation process. In 2025, we plan to continue our efforts to promote SpeakUp among potential reporters, specifically focusing on external parties, including our suppliers and contractors. In addition, we plan to improve the SpeakUp process based on employee feedback received through the SpeakUp survey. We have not performed assessments of whether workers in the value chain or consumers are aware of our SpeakUp system and trust it.G1 IRO-1; G1-3; G1-4Corruption and bribery detection We do not tolerate bribery and corruption, and we have robust global policies and practices to prevent, detect and address concerns. This includes market managing directors being asked to sign an annual compliance “sign-off” included in the finance representation letter. We stay abreast of bribery and corruption risks by conducting annual assessments of legal and compliance risks in our markets. In 2024, we enhanced our assessment with increased oversight by bringing in Group-level subject matter experts to analyse and challenge the assessment findings to build an aligned view of our high-risk markets and regions. The consolidated findings from the risk assessments were reported to ExCom and the Audit Committee and will be updated annually. Feedback is shared with regional leaders, who oversee risk mitigation plans. Implementation of these is continuously monitored by regional Heads of Legal, and ExCom and the Audit Committee are updated on progress. Relevant input regarding potential impacts and risks is also considered during the DMA process.By the end of 2024, we kicked off an integrated governance, risk and compliance programme, Compass+, with the aim of bringing together risk management, internal controls, internal audit and compliance, ensuring that our activities focus on the risks that could have the greatest impact. Compass+ includes the implementation of a centralised governance, risk and compliance (GRC) data management, monitoring and reporting system. The platform will enable us to be more proactive, efficient and coordinated in identifying and managing bribery and corruption risks in line with our policy. We plan to fully implement the Compass+ programme to support our global markets from 2025 onwards. Alongside assessments, the primary ways we identify actual and potential breaches of our Anti-Bribery and Corruption Policy are through internal controls, internal audits and our SpeakUp whistleblower system, which is open to internal and external stakeholders globally. Our markets implement compliance controls locally with oversight at Group level. Each year, local members of our Legal and Compliance team assess the effectiveness of our internal controls and provide evidence of their implementation. Our Legal and Compliance team monitors implementation of these controls throughout the year, and we continuously review and refine our controls based on knowledge gained from internal SpeakUp cases, audit findings, regulatory guidance and enforcement actions. We also evaluate ways to integrate real-time data insights into the effectiveness of our controls. In 2024, we continued to trial an automated tool that monitors financial transactions for fraud in high-risk jurisdictions, with plans to expand this pilot to additional jurisdictions in 2025. We continued to embed our enhanced anti-bribery and trade sanctions online screening process, first launched in 2022. If the automated screening process identifies any potential risks, we take appropriate follow-up action, including a detailed review by our Legal and Compliance teams at Group or local level.Internal investigations and independent oversight Suspected cases of bribery and corruption are investigated and addressed through standard internal investigation processes. Please refer to our ESRS index on page 50 in the management review for where more information on these processes and actions can be found. Training and communication All employees with a corporate email address are covered by training programmes on the core principles of our Code of Ethics and Conduct and Anti-Bribery and Corruption Policy. They are required to complete the training during their onboarding, and to undergo refresher training every three years. This includes those who have exposure to government officials in jurisdictions deemed to be at higher risk. These employees must undergo additional annual in-depth training, overseen by the Head of Legal in each market. Heads of Legal in each region are themselves required to attend more detailed annual training on anti-bribery and corruption, delivered by Group Legal and Compliance.   In 2024, we developed an integrated annual refresher training programme, covering all compliance areas, including anti-bribery and corruption.  The Supervisory Board is made aware of the material risks facing the company in an ongoing manner, with deep dives into specific risks each year. ExCom members complete training on our Anti-Bribery and Corruption Policy and Code of Ethics and Conduct every three years.Our Anti-Bribery and Corruption Policy is available to employees in 27 languages through our intranet.  Prevention and detection of corruption and bribery (G1-3)Unit ValueShare of functions at risk covered by training programmes %  100 ACCOUNTING POLICIESFunctions at risk refer to employees whose tasks and responsibilities expose them to potential risks of corruption and bribery, which encompass all employees with a corporate email address. To address these risks, Carlsberg has implemented a comprehensive, mandatory training programme that covers its Anti-Bribery and Corruption Policy as well as its Code of Ethics and Conduct. Employees are considered to be covered when they are invited to the aforementioned training.Linking executive remuneration to ESG performanceThis material impact does not necessarily require specific actions to drive constant progress, but a robust process and governance to ensure effectiveness. The policy, processes and results relevant to this impact are stated in detail throughout the Remuneration Policy and Remuneration Report. Tracking effectivenessOur zero-tolerance policy on bribery and corruption reflects our ambition level related to our material impact. The effectiveness of our policies, processes and actions can also be seen in the number of convictions, albeit with potential time lags. Please see the G1-4 table presented below for the relevant metrics. For linking executive remuneration with ESG performance, the approval of the Remuneration Policy and the inclusion of ESG targets in executive performance-based remuneration are indicative of the effectiveness of the process in place. As we believe the most prudent approach to ensuring effectiveness of anti-bribery and corruption and ESG-linked executive remuneration is having robust and well-anchored processes, we have not set specific targets to monitor performance in these areas, and we therefore do not have a baseline year from which our progress is measured.Incidents of corruption and bribery (G1-4)Unit ValueConvictions for violation of anti-corruption and anti-bribery laws number 0Fines for violation of anti-corruption and anti-bribery laws DKK 0ACCOUNTING POLICIESThe metrics encompass instances where a Carlsberg legal entity has been convicted of anti-bribery or corruption violations by a court of law, as well as any fines imposed in connection with enforcement actions brought against the company for such violations.Current and future allocated resourcesKey actions are integrated into regular operations at Group and market level, utilising human and financial resources. Consequently, resources allocated to business conduct are not tracked independently, but included in overall OpEx and CapEx.APPENDICES APPENDIX 1:  Data points that derive from other EU legislationBenchmark Disclosure Requirement and related data point SFDR Pillar 3Regulation  Materiality Page referenceESRS 2 GOV-1 Board's gender diversity § 21 (d)ƒ ƒMaterial 40-41ESRS 2 GOV-1 Percentage of board members who are independent § 21 (e)ƒMaterial 40ESRS 2 GOV-4 Statement on due diligence § 30ƒMaterial 61ESRS 2 SBM-1 Involvement in activities related to fossil fuel activities § 40 (d) iƒ ƒ ƒNot material N/AESRS 2 SBM-1 Involvement in activities related to chemical production § 40 (d) iiƒ ƒNot material N/AESRS 2 SBM-1 Involvement in activities related to controversial weapons § 40 (d) iiiƒ ƒNot material N/AESRS 2 SBM-1 Involvement in activities related to cultivation and production of tobacco § 40 (d) ivƒNot material N/AESRS E1-1 Transition plan to reach climate neutrality by 2050 § 14ƒMaterial 64ESRS E1-1 Undertakings excluded from Paris-aligned Benchmarks § 16 (g)ƒ ƒMaterial 64ESRS E1-4 GHG emission reduction targets § 34ƒ ƒ ƒMaterial 66-70ESRS E1-5 Energy consumption from fossil sources disaggregated by sources (only high climate impact sectors) § 38ƒMaterial 71ESRS E1-5 Energy consumption and mix § 37ƒMaterial 71ESRS E1-5 Energy intensity associated with activities in high climate impact sectors §§ 40 to 43ƒMaterial 71ESRS E1-6 Gross Scope 1, 2, 3 and Total GHG emissions § 44ƒ ƒ ƒMaterial 72ESRS E1-6 Gross GHG emissions intensity §§ 53 to 55ƒ ƒ ƒMaterial 73ESRS E1-7 GHG removals and carbon credits § 56ƒNot material N/AESRS E1-9 Exposure of the benchmark portfolio to climate-related physical risks § 66ƒNot material N/AESRS E1-9 Disaggregation of monetary amounts by acute and chronic physical risk § 66 (a)ƒNot material N/AESRS E1-9 Location of significant assets at material physical risk § 66 (c).ESRS E1-9 Breakdown of the carrying value of its real estate assets by energy-efficiency classes § 67 (c)ƒNot material N/AESRS E1-9 Degree of exposure of the portfolio to climate-related opportunities § 69ƒNot material N/AESRS E2-4 Amount of each pollutant listed in Annex II of the E-PRTR Regulation (European Pollutant Release and Transfer Register) emitted to air, water ƒNot material N/Aand soil, § 28ESRS E3-1 Water and marine resources § 9ƒMaterial 78ESRS E3-1 Dedicated policy § 13ƒNot material N/AESRS E3-1 Sustainable oceans and seas § 14ƒNot material N/AESRS E3-4 Total water recycled and reused § 28 (c)ƒMaterial 803ESRS E3-4 Total water consumption in m per net revenue on own operations § 29ƒMaterial 80ESRS 2 - SBM 3 - E4 § 16 (a) iƒMaterial 81ESRS 2 - SBM 3 - E4 § 16 (b)ƒMaterial 82ESRS 2 - SBM 3 - E4 § 16 (c)ƒMaterial 82ESRS E4-2 Sustainable land / agriculture practices or policies § 24 (b)ƒMaterial 82Benchmark Disclosure Requirement and related data point SFDR Pillar 3Regulation  Materiality Page referenceESRS E4-2 Sustainable oceans / seas practices or policies § 24 (c)ƒNot material N/AESRS E4-2 Policies to address deforestation § 24 (d)ƒMaterial 82ESRS E5-5 Non-recycled waste § 37 (d)ƒNot material N/AESRS E5-5 Hazardous waste and radioactive waste § 39ƒNot material N/AESRS 2 - SBM3 - S1 Risk of incidents of forced labour § 14 (f)ƒMaterial 88ESRS 2 - SBM3 - S1 Risk of incidents of child labour § 14 (g)ƒMaterial 88ESRS S1-1 Human rights policy commitments § 20ƒMaterial 89-90ESRS S1-1 Due diligence policies on issues addressed by the fundamental International Labour Organization Conventions 1 to 8 § 21ƒMaterial 90ESRS S1-1 Processes and measures for preventing trafficking in human beings § 22ƒMaterial 90ESRS S1-1 Workplace accident prevention policy or management system § 23ƒMaterial 89ESRS S1-3 Grievance-/complaints-handling mechanisms § 32 (c)ƒMaterial 45ESRS S1-14 Number of fatalities and number and rate of work related accidents § 88 (b) and (c)ƒ ƒMaterial 92ESRS S1-14 Number of days lost to injuries, accidents, fatalities or illness § 88 (e)ƒMaterial N/A - Phase-in data pointESRS S1-16 Unadjusted gender pay gap § 97 (a)ƒ ƒMaterial 93ESRS S1-16 CEO pay ratio § 97 (b)ƒMaterial Remuneration reportESRS S1-17 Incidents of discrimination § 103 (a)ƒMaterial 95ESRS S1-17 Non-respect of UNGPs on Business and Human Rights and OECD § 104 (a)ƒ ƒMaterial 95ESRS 2 - SBM3 – S2 Significant risk of child labour or forced labour in the value chain § 11 (b)ƒMaterial 96ESRS S2-1 Human rights policy commitments § 17ƒMaterial 89-90; 96-97ESRS S2-1 Policies related to value chain workers § 18ƒMaterial 89-90; 96-97ESRS S2-1 Non-respect of UNGPs on Business and Human Rights principles and OECD guidelines § 19ƒ ƒMaterial 96ESRS S2-1 Due diligence policies on issues addressed by the fundamental International Labour Organization Conventions 1 to 8 § 19ƒMaterial 96ESRS S2-4 Human rights issues and incidents connected to its upstream and downstream value chain § 36ƒMaterial 95ESRS S3-1 Human rights policy commitments § 16ƒNot material N/AESRS S3-1 Non-respect of UNGPs on Business and Human Rights, ILO principles or and OECD guidelines § 17ƒ ƒNot material N/AESRS S3-4 Human rights issues and incidents § 36ƒNot material N/AESRS S4-1 Policies related to consumers and end-users § 16ƒMaterial 89-90; 100ESRS S4-1 Non-respect of UNGPs on Business and Human Rights and OECD guidelines § 17ƒ ƒMaterial 90ESRS S4-4 Human rights issues and incidents § 35ƒMaterial 95ESRS G1-1 United Nations Convention against Corruption § 10 (b)ƒNot material N/AESRS G1-1 Protection of whistleblowers § 10 (d)ƒNot material N/AESRS G1-4 Fines for violation of anti-corruption and anti-bribery laws § 24 (a)ƒ ƒMaterial 105ESRS G1-4 Standards of anti-corruption and anti-bribery § 24 (b)ƒMaterial 45APPENDIX 2: Emission factors applied to Scope 1-3 GHG emissionsActivity data Applied emission factor sourceScope 1 GHG emissions: energy consumption and refrigerants UK Department for Energy Security and Net Zero (DESZN) (2023)Scope 2 GHG emissions: electricity consumption and district heating International Energy Agency (IEA)Scope 2 GHG emissions: district heating (market-based only)Supplier-specific emission factorsScope 3 GHG emissions: quantities purchased – packaging materials Supplier-specific emission factors, Sphera (Thinkstep), Ecoinvent 3.10Scope 3 GHG emissions: quantities purchased – agricultural Agrifootprint v6.3, Blonk, Quantis, Ecoinvent ingredients3.10, supplier-specific emission factorsScope 3 GHG emissions: spend-based data Extended Environmental Input Output (EEIO) database, corrected for inflation and carbon intensity developmentsScope 3 GHG emissions: waste treatment – packaging materials Sphera (Thinkstep)Activity data Applied emission factor sourceScope 3 GHG emissions: electricity consumption related to packaging International Energy Agency (IEA)material processing, malting process, wastewater treatment, working from home and cooling; Scope 2-related T&amp;D lossesScope 3 GHG emissions: malting process thermal energy UK Department for Energy Security and Net consumption; Scope 1 and 2-related upstream; working from home Zero (DESZN) (2023)thermal energy; transport; outbound logistics; employee commuting; waste generated; CO₂ releasedScope 3 GHG emissions: quantities purchased – water consumption QuantisScope 3 GHG emissions: quantities purchased – fridges ADEME1Scope 3 GHG emissions: production and sales volumes Carlsberg value chain EFBiogenic GHG emissions (outside of scopes): energy consumption UK Department for Energy Security and Net Zero (DESZN) (2023)Biogenic GHG emissions (outside of scopes): CO₂ release Carlsberg Research Laboratory1 In the absence of relevant activity data from non-core production volumes (third-party, bought-in, licensees, joint ventures), GHG emissions are estimated based on the emissions related to Carlsberg's own production. The emission factor is based on Carlsberg's own emissions (2022) covering stages of its value chain that are relevant to the brewing process. The value chain stages included are: sourcing and cultivation of agricultural materials, the malting process, the brewing process (energy consumption), primary packaging, secondary packaging, and transport and distribution. Since the type of primary packaging has a significant impact on the emissions, the emission factor is broken down into five different types of primary packaging materials. The emission factor is furthermore broken down into four regions.APPENDIX 3: BP-2 disclosures on value chain estimates and measurement uncertaintiesThis section covers the disclosures in relation to specific circumstances. There are several metrics for which we apply value chain estimates or which are subject to measurement uncertainty, as disclosed in the table below. Continuous efforts are made to improve the accuracy of the input data.Measurement uncertaintyActivity data Estimate/assumption ApplicabilityScope 2 GHG emissions: energy consumption from warehouses and offices In the absence of actual energy consumption data, the 2018 Commercial Buildings Energy Location-based and market-basedConsumption Survey (US Energy Information Administration) is applied to estimate energy consumption based on surface area.Scope 3 GHG emissions: production volumes, sales volumes, procurement reports Input data is based on Q1-Q3 actuals and Q4 forecast. As the complexity of the calculations require Scope 3 GHG emissions: categories 1, 2, 4, 6, 9, 11, (spend); Scope 3 GHG emissions, Resource inflows, Resource outflows: purchased the metrics to be finalized before year-end, forecasted data for Q4 is used. The forecast is made by 12 and 15direct materials; Gender pay gap: total annual remuneration per genderindividual sites and validated per region. This leads to some degree of measurement uncertainty in the reported values.Scope 3 GHG emissions: utility data: waste Input data is based on previous year Q1-Q4 actuals, which leads some degree of measurement Category 5uncertainty. Scope 3 GHG emissions, Resource inflows, Resource outflows: purchased direct Input data for agricultural ingredients and packaging materials is sourced from procurement reports, Scope 3: Categories 1, 4 and 12.materialswhere information on the unit of measurement is inconsistent. Hence, where purchased quantities are Resource inflows: Biological materials (including reported in units other than weight ("packs", "pieces" etc.), Carlsberg applies weight conversion factors raw materials); Recycled or reused materials; where necessary. The conversion factors are based on a comprehensive reconciliation that was Recycled content for bottles and cans; Virgin performed in 2022. Further, the reports do not allocate weights to individual suppliers. Hence, the plastic use.same reconciliation is also used to map quantities of procured materials to suppliers. Local Resource outflows: Recyclable packaging; procurement managers must validate and/or adjust allocations that deviate by more than 5%.Recyclable, reusable and renewable packaging; Recycling rate for bottles and cansGender pay gap: average remuneration The gender pay gap is calculated based on the annual remuneration per FTE. This does not account Gender pay gapfor differences in standard working hours across various countries.Value chain estimatesActivity data Estimate/assumption ApplicabilityScope 3 GHG emissions: transport Load factors as recommended by PEF Guidance applied to road transport;Categories 1 and 4Distance of transport as recommended by PEF Guidance applied to road transport, where supplier data is unavailableScope 3 GHG emissions: wastewater COD limit in wastewater as provided by UK Environment Agency is applied;Category 5The average electricity required per kg COD removal is based on an engagement with wastewater treatment providersScope 3 GHG emissions: employee commuting Nationmaster - transport distance between home and workplace;Category 7Statisticbrain and Racfoundation – share of mode of transport per countryScope 3 GHG emissions: working from home Anthesisgroup and CarbonTrust – energy consumption related to working from home Category 7Scope 3 GHG emissions: cooling Carlsberg Research Laboratory – cooling and chilling factors for non-draught products;Category 9PEF Guidance – cooling factor for draught products;BIER Sector Guidance – cooling factor for home coolingScope 3 GHG emissions: cooling in Carlsberg fridges Internal analyses – assumption that 80% of capacity in Carlsberg fridges used for cooling Carlsberg Category 9productsScope 3 GHG emissions: electricity consumption Internal analyses – lifetime electricity consumption from fridges Category 11Scope 3 GHG emissions: purchased CO₂  Assumed that 50% of purchased CO₂ is categorised as fugitive (category 1) and the remaining 50% is Categories 1 and 11released upon opening any carbonised beverage (bottle or can; category 11)Scope 3 GHG emissions: packaging materials Eurostat – share of packaging materials sent to incineration Category 12Recycled or reused materials: suppliers without data on recycled content Recycled content proxy calculated based on available data from other suppliers Recycled or reused materialsRecyclable, reusable and renewable packaging: packaging materials Aluminium, cardboard and glass are assumed to be 100% recyclable Recyclable, reusable and renewable packagingAPPENDIX 4: ADDITIONAL ACCOUNTING POLICIESACCOUNTING POLICIESAdditional accounting policies related to Scope 3 GHG emissionsCategory 1: The agricultural raw materials include all ingredients required in the brewing process and processing materials (excluding malt). GHG emissions are calculated based on the weight of the ingredients, supplier location and a country-specific cultivation emission factor (where data is available). For materials where information on weight cannot be derived, a spend-based approach is applied. For malt, the GHG emissions cover the cultivation of barley and processing into malt, including transport to the malting plant. GHG emissions are calculated based on the implied weight of barley (based on the quantity of malt purchased), the barley cultivation country, the location of the malting plant, and a malting plant-specific emission factor (where data is available). Emissions related to packaging materials are calculated based on the Circular Footprint Formula (CFF), as developed by the European Commission, and cover all significant packaging materials (primary, secondary and tertiary). Lifecycle GHG emission factors are calculated based on country recycling rates, supplier-specific information on the share of recycled content, supplier-specific energy consumption, input-to-output ratio and supplier location, as well as secondary emission factors validated by the European Commission as part of the Product Environmental Footprint (PEF) approach. Emissions from water purchased at breweries are calculated based on total water consumption (see definition in E3-4). Purchased fridges cover all fridges that are bought by Carlsberg and distributed to customers for cooling Carlsberg beverages. Emissions are calculated based on the quantity of purchased fridges and their respective volumetric size. Third-party production covers all comanufactured and bought-in products. Emissions are calculated based on estimates from own operations and the sales volume per packaging type and region. Other goods and services cover all goods and services purchased by Carlsberg not captured elsewhere. GHG emissions from these are calculated based on spend data.Category 4: GHG emissions from inbound transport of agricultural and packaging products are calculated based on the weight of materials procured, supplier location, loading factor and freight method. Where supplier data is not available, assumptions from the PEF Guidance are applied. The return transport of packaging materials covers reusable glass bottles and kegs that are returned from the markets to the breweries. Emissions are calculated based on the weight of the packaging materials, the reuse rate, and the assumed distance between the point of sales and brewery. Third-party distribution covers the outbound transport of products sold by Carlsberg, performed by a third party, where Carlsberg pays for the transport. Emissions are calculated based on the estimated diesel consumption, which is derived from the average annual national diesel price and the associated cost variables in the contracts with the third parties. Transportation of third-party production covers all third-party produced and comanufactured volumes. Emissions are estimated based on GHG emissions from Carlsberg's own operations and the sales volume per packaging type and region.Category 7: GHG emissions related to commuting are calculated based on the estimated commuting distance and mode of transport. The emissions related to working from home are calculated based on the assumed energy consumption related to working from home and the estimated number of FTEs working from home.Category 9: As Carlsberg does not pay for the distribution, it lacks data insights and GHG emissions are estimated based on third-party distribution where Carlsberg pays (i.e. category 4) and the assumed share of distribution that Carlsberg does not pay for. GHG emissions from on- and off-trade cooling are calculated based on the electricity required to cool one unit of beverage, the share of beverages cooled on-trade within in each market (100% is assumed for kegs), the respective cooling days, and volumes sold per market split out by on-trade and off-trade sites. Since part of the non-draught products is cooled in fridges sold by Carlsberg (accounted for in category 11), the total sales volumes for non-draught products is corrected to avoid double-counting.Category 11: GHG emissions related to the cooling in fridges provided by Carlsberg are based on the quantity of fridges sold and the estimated lifetime electricity consumption of the respective fridge. CO₂ released upon opening the product is calculated based on the quantity of purchased CO₂. Emissions related to home cooling in fridges not sold by Carlsberg are excluded.For our Scope 3 GHG emissions, we apply a mixed calculation approach, relying primarily on supplier-specific data, and otherwise revert to the average-activity, hybrid or spend-based approach. Although significant efforts have been made to obtain complete and detailed supplier-specific data, most calculations include a third-party emission factor to measure upstream emissions from tier 2 suppliers and beyond (for more information, see Appendix 2 on page 108). Additionally, most input data is based on partially forecasted and/or estimated figures to obtain full-year values across all regions (for more information, see Appendix 3 (BP-2) on pages 108-109). Thus, we are unable to claim that more than 0% of our Scope 3 GHG emissions has been calculated exclusively using primary data.Additional accounting policies related to regenerative agricultureMain requirements include: (1) no/minimum soil disturbance: machinery used does not exceed a soil depth of 10 cm; (2) soil cover: soil must be covered at least 95% of the year (347 days); (3) crop rotation: minimum of four different crops per plot over four harvest seasons, or three different crops over five harvest seasons; (4) cover crops: established for a minimum of three months per year; (5) minimising synthetic inputs: use of fertilisers must not exceed field and crop demand; (6) no insecticides can be used unless the action is verified by a third-party consultant.Optional requirements include: (1) no till: only direct seeding, no tillage (harrowing); (2) field margins/biodiversity borders: 7% of fields should consist of borders/margins with high grass, wildflower mixes or plants targeted to benefit insects (the mandatory fallow demand of 4% can be included in the 7%); (3) addition of organic material: addition of, for example, compost or biochar in significant quantities; (4) livestock integration: livestock grazing or use of manure application that correspond to 20% of the fertiliser consumption; (5) recirculated fertiliser: biogas or sludge (biofertiliser) covers 20% of the fertiliser demand; (6) agroforestry: 1% of the field area at farm level is planted with trees that meet the definition of agroforestry; (7) precision farming: graduated fertiliser and/or pesticide application; (8) foliar fertiliser application: minimum 20% of nitrogen fertiliser applied as foliar application; (9) companion crops/undersown crops: 10% of the cultivated area should be with a companion crop/undersown crop; (10) legumes: minimum of 10% of field area covered with a legume; (11) cover crops with legumes: all cover crops should include a minimum of three species, which should include one legume.</mrv:SustainabilityReport>
   <mrv:LinkToCorporateGovernanceReport contextRef="ctx-1" id="f1__s9__7__5">carlsberggroup.com/who-we-are/corporate-governance/#Statutoryreports</mrv:LinkToCorporateGovernanceReport>
   <mrv:StatementOfPolicyForDataEthics contextRef="ctx-1" id="f1__s9__7__7" xml:lang="en">UPHOLDING DATA ETHICSThe Carlsberg Group is committed to earning and keeping the trust of our consumers, business partners, employees and other stakeholders as we strive to brew for a better today and tomorrow. As explained in our corporate Data Ethics Policy, which can be found on www.carlsberggroup.com, one way in which we live up to this commitment – within a globalised and digitised business environment – is to only use personal data consistently with our four ethical pillars:1. Keeping data safeWe take measures to ensure that any data shared and used – whether personal or business data – is protected through robust security features, effective processes for their implementation, and reliable IT applications and providers. Through these actions, we protect the digital wellbeing of our many stakeholders by safeguarding all of their data in our care, including in our information systems, from the exponentially growing risks of illegal and damaging conduct by individuals or groups acting either carelessly or intentionally for financial gain or other pernicious reasons.2. Complying with data protection lawsThe Carlsberg Group has effective and meaningful privacy and data protection standards in place, not only to comply with the many evolving regulatory requirements across our global markets, but also to promote the trust of those countries’ citizens, leaders and business communities. To comply with local requirements, the Carlsberg Group directs that all personal data, however and wherever used in our business operations, must be handled in strict accordance with the data protection standards set out in our internal policies.  3. Using data respectfullyThe Carlsberg Group respects individual privacy as part of our greater commitment to ethical business conduct and stakeholder dignity. For our workers, our commitment to a fair, respectful, safe and non-discriminatory workplace includes the lawful, fair and limited handling of their data as part of our working relationship. When collecting and using consumer data to better produce and market our products, the Carlsberg Group does so ethically, for example by not acting in any way to promote the drinking of alcohol to minors, by enabling consumers’ autonomy over how their data is processed through transparent privacy notifications, and by reducing the privacy impact of digital technologies that we use.4. Embedding data ethics in the organisationOur Data Ethics Policy is approved by the Carlsberg Group executive management team. In addition to top management being committed to prioritising data ethics, it is also embedded throughout the organisation in various polices, manuals and guidance, which detail Carlsberg’s standards of privacy, data protection and responsible use of data. These standards are promoted through employee training, communication and continuous improvement of underlying processes, technology, and organisational and technical controls.1 The information contained in this text box constitutes our compliance with section 99d of the Danish Financial Statements Act.</mrv:StatementOfPolicyForDataEthics>
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