Assets

Type	Time	Amount	Unit
ifrs-full:Assets	2025-12-31	153955000000	dkk
ifrs-full:Assets	2024-12-31	113992000000	dkk

Revenue

Type	Start date	End date	Amount	Unit
ifrs-full:Revenue	2025-01-01	2025-12-31	89095000000	dkk
ifrs-full:Revenue	2024-01-01	2024-12-31	75011000000	dkk

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Organic revenue development of -0.6% was impacted by the loss of the San Miguel brand (“San Miguel”) in the UK from 1 January 2025. Adjusting for that, organic revenue grew by 1.1%. The adverse currency impact mainly related to the Chinese, Laotian, Vietnamese, Kazakh and Ukrainian currencies. Revenue/hl increased organically by +1.4% with a positive contribution from all three regions.Gross profit was flat organically. Cost of sales/hl increased by slightly less than 0.8% organically, with efficiency improvements partly offsetting inflationary pressure, product mix and underabsorption of fixed costs because of lower volumes. Gross profit/hl increased organically by 2% resulting in a continued organic gross margin improvement of 30bp. The gross margin (MPM) declined by 60bp to 45.2% due to the consolidation of Britvic, which has a lower gross margin. We maintained our focus on costs, supporting our efforts to offset inflation and increase growth investments in brands and commercial activities. Sales investments increased organically by around 5%, mainly due to higher activity in China and, in Kazakhstan, preparations for taking over the Pepsi business. Reported marketing/revenue was down by 50bp to 8.3% due to the inclusion of Britvic. Total sales and distribution expenses amounted to DKK 23,128m (2024: DKK 19,242m). The increase mainly reflects higher sales expenses, particularly in China and Kazakhstan, and the acquisition of Britvic, including the impact of PPA, which amounted to DKK 574m.Administrative expenses declined organically, mainly due to the cost efficiency measures, but increased by 6% in reported terms to DKK 4,961m due to Britvic.Other operating activities amounted to DKK 549m, positively impacted by compensations, including insurance indemnifications relating to events with a negative operating profit impact during the year. Share of profit in associates increased by DKK 44m to DKK 660m due to good results for the businesses in Myanmar and Portugal and, in H1, a real estate gain in the 25%-owned property development company Carlsberg Byen in Copenhagen.Operating profit (MPM) grew by 22.7% to DKK 13,996m (including the impact of hyperinflation accounting in Laos of DKK 85m), supported by the Britvic acquisition. Organic operating profit grew by 5.0%. Reported operating profit before special items was DKK 13,356m, an increase of DKK 1,945m (+17.0%).Section 1 of the consolidated financial statements contains more details on operating activities.Reported special items (pre-tax) amounted to DKK -1,926m (2024: DKK -519m). Significant items impacting special items included integration costs in Britvic, costs related to acquisitions, and restructuring provisions and impairment costs in all three regions, most pronounced in Western Europe due to the brewery closure in the UK and reorganisation of the Teisseire business in France. Read more about special items in section 3.1 of the consolidated financial statements.Financial items, net, amounted to DKK -2,380m (2024: DKK -905m). Excluding currency gains and losses, financial items, net, amounted to DKK -2,193m (2024: DKK -1,064m). The increase was mainly a result of higher interest expenses due to higher net interest-bearing debt. Net currency and fair value adjustments amounted to DKK -187m, primarily due to currencies in Ukraine and Vietnam. Read more about net financial items in section 4.4 of the consolidated financial statements.Tax totalled DKK -2,072m (2024: DKK -1,982m). The effective tax rate was 22.9%. Tax is detailed in section 6 of the consolidated financialstatements. The Carlsberg Group’s share of profit from continuing operations amounted to DKK 5,955m (2024: DKK 6,858m). Earnings per share was DKK 45.1.Adjusted net profit (adjusted for special items after tax), continuing operations, amounted to DKK 7,579m (2024: DKK 7,280m). Adjusted earnings per share, continuing operations, increased by 4.4% to DKK 57.3. Adjusted net profit (MPM) grew by 10.7% to DKK 8,060m. Adjusted earnings per share (MPM) increased by 11.1% to DKK 61.0. Non-controlling interests’ share of profit for the period was DKK 1,023m (2024: DKK 1,147m). The non-controlling interests mainly consisted of Carlsberg Chongqing Breweries Group, Carlsberg Malaysia Group and Lao Brewery. The decline was due to last year’s acquisition of the remaining 40% of the shares in Carlsberg Marston’s Brewing Company and lower reported profits in China, impacted by the lower CNY.ROIC (MPM) was 10.8% (2024: 13.8%), mainly impacted by the Britvic acquisition. ROIC excluding goodwill (MPM) was 30.9% (2024: 35.5%).Composition of the 1ExecutiveCommitteeThe Executive Committee (ExCom) currently consists of the Executive Board (Group CEO and CFO) and a wider group of senior executives, in total ten members, portrayed on pages6-7.Executive Committee gender representation ExCom Women MenNumber 3 7Share of total 30% 70%ExCom members collectively prepare and implement the Group’s strategic plans.The ten 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.1  ESRS-2, GOV-1; 21c, 21d.Composition of the 1SupervisoryBoardThe Supervisory Board has 13 members, none of whom are part of the executive management of the Company. Eight of the 13 members are elected by the General Meeting, six of whom (75%) 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. Four of the current employee representatives were elected in 2022 at the ordinary election, and one in 2024 at a supplementary election. The next ordinary election will take place in March 2026. The members of the Supervisory Board and their board meeting attendance are shown in the table on the right. Information on the Supervisory Board members is available on pages 40-42. 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, there is equal representation of menand women, as four of the eight members (50%) elected by the General Meeting are women and four are men. The Supervisory Board aims to maintain an equal gender representation.The Supervisory Board constantly considers how to best achieve as diverse a representation as possible in terms of views, culture, experience, background, gender etc. With regard to the employee-elected Supervisory Board members, we actively encourage both men and women to stand for election as employee representatives, and we support and motivate women to participate. We have ensured that election procedures and information materials are gender-neutral and inclusive. We have also made sure that our communication and election campaigns include role models of all genders. For the employee-elected Group representatives chosen by an electoral college, we have encouraged the electoral college to prioritise diversity. ESRS-2, GOV-1; 21d.4CompetenciesAccording 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.Six of the eight 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.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. The Supervisory Board believes that the current composition of the Board ensures an appropriate level of skills, breadth and diversity, thereby helping to ensure that decisions are well considered and that both short- and long-term perspectives are taken into account.4 ESRS-2, GOV-1; 21c.1SUSTAINABILITY STATEMENTGENERAL DISCLOSURESOVERVIEWDisclosure requirements index IRO-2The following index lists all the European Sustainability Reporting Standards (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 49nBP-2 Disclosures in relation to specific circumstances SUS 49nGOV-1 The role of the administrative, management and supervisory bodies SUS 54GOV-1 Characteristics of the supervisory board and management members MR 44nGOV-2 Information provided to and sustainability matters addressed by the undertaking’s administrative, management and supervisory bodies SUS 55GOV-3 Integration of sustainability-related performance in incentive schemes REM 14nGOV-4 Statement on due diligence SUS 55nGOV-5 Risk management and internal controls over sustainability reporting SUS 5549-51; nSBM-1 Strategy, business model and value chain SUS54nSBM-2 Interests and views of stakeholders SUS 56nSBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model SUS 51nIRO-1 Description of the processes to identify and assess material impacts, risks and opportunities SUS 52nIRO-2 Disclosure requirements in ESRS covered by the undertaking’s sustainability statement SUS 47-48nIRO-2 Determining thresholds for inclusion in the sustainability statement SUS 49nIRO-2 Data points that derive from other EU legislation SUS 95-97E1 - Climate changeGOV-3 Integration of sustainability-related performance in incentive schemes REM 14nE1-1 Transition plan for climate change mitigation SUS 59nSBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model SUS 57-58nIRO-1 Description of the processes to identify and assess material climate-related impacts, risks and opportunities SUS 58nE1-2 Policies related to climate change mitigation and adaptation SUS 59Standard Section PagenE1-3 Actions and resources in relation to climate change policies SUS 59-64nE1-4 Targets related to climate change mitigation and adaptation SUS 59-64nE1-4 Stakeholder involvement in target setting SUS 53nE1-5 Energy consumption and mix SUS 64nE1-6 Gross Scope 1, 2, 3 and total GHG emissions SUS 64-66nE1-6 GHG emissions disaggregated by value chain stage SUS 62E3 - Water and marine resourcesnIRO-1 Description of the processes to identify and assess material water and marine resources-related impacts, risks and opportunities SUS 67nE3-1 Policies related to water and marine resources SUS 67nE3-2 Actions and resources related to water and marine resources SUS 68-69nE3-3 Targets related to marine resources SUS 68-69nE3-3 Stakeholder involvement in target setting SUS 53nE3-4 Water consumption SUS 69E4 - Biodiversity and ecosystemsnE4-1 Transition plan and consideration of biodiversity and ecosystems in strategy and business model SUS 71nSBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model SUS 70-71nIRO-1 Description of the processes to identify and assess material biodiversity and ecosystem-related impacts, risks and opportunities SUS 70-71nE4-2 Policies related to biodiversity and ecosystems SUS 71nE4-3 Actions and resources related to biodiversity and ecosystems SUS 71-73nE4-4 Targets related to biodiversity and ecosystems SUS 71-73nE4-4 Stakeholder involvement in target setting SUS 53E5 - Resource use and circular economyDescription of the processes to identify and assess material resource use and circular economy-related impacts, risks and nIRO-1SUS 74opportunitiesnE5-1 Policies related to resource use and circular economy SUS 74nE5-2 Actions and resources related to resource use and circular economy  SUS 75-77nE5-3 Targets related to resource use and circular economy SUS 75-76nE5-3 Stakeholder involvement in target setting SUS 53nE5-4 Resource inflows SUS 77nE5-5 Resource outflows SUS 77Standard Section PageS1 - Own workforcenSBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model SUS 78nS1-1 Policies related to own workforce SUS 78-79nS1-2 Processes for engaging with own workers and workers’ representatives about impacts SUS 79-80nS1-3 Processes to remediate negative impacts and channels for own workers to raise concerns SUS 93-94nS1-4 Actions and resources related to own workforce SUS 80-83nS1-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities SUS 80-83nS1-5 Stakeholder involvement in target setting SUS 53nS1-6 Characteristics of the undertaking’s employees SUS 83-84nS1-8 Collective bargaining coverage and social dialogue SUS 83nS1-9 Diversity metrics SUS 82-83nS1-10 Adequate wages SUS 83nS1-14 Health and safety metrics SUS 81nS1-16 Compensation metrics (gender pay gap) SUS 82S1-16 CEO pay ratio REM 14nS1-17 Incidents, complaints and severe human rights impacts SUS 84S2 - Workers in the value chainnSBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model SUS 85nS2-1 Policies related to value chain workers SUS 85-86nS2-2 Processes for engaging with value chain workers about impacts SUS 86nS2-3 Processes to remediate negative impacts and channels for value chain workers to raise concerns SUS 93-94nS2-4 Actions and resources related to value chain workers SUS 87nS2-4 Severe human rights incidents SUS 84nS2-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities SUS 87S4 - Consumers and end-usersnSBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model SUS 88nS4-1 Policies related to consumers and end-users SUS 89nS4-2 Processes for engaging with consumers and end-users about impacts SUS 89nS4-3 Processes to remediate negative impacts and channels for consumers and end-users to raise concerns SUS 93-94nS4-4 Actions and resources related to consumers and end-users SUS 89-91nS4-4 Severe human rights incidents SUS 84nS4-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities SUS 89-91nS4-5 Stakeholder involvement in target setting SUS 53Standard Section PageG1 - Business conductnIRO-1 Description of the processes to identify and assess material impacts, risks and opportunities SUS 94nG1-1 Corporate culture and business conduct policies SUS 92-93nG1-1 Reporting business conduct incidents SUS 93-94nG1-3 Prevention and detection of corruption and bribery SUS 94nG1-4 Confirmed incidents of corruption or bribery SUS 94nG1-4 Actions taken to address breaches in procedures and standards of anti-corruption and anti-bribery SUS 94SUS Sustainability statementnMandatory disclosure requirementMR Management reviewnMaterialREM Remuneration Report Incorporation by reference NON-MATERIAL TOPICS IRO-2E2 Pollution and S3 Affected communities were deemed to be non-material topics in our 2025 double materiality assessment (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. Reporting principles of the sustainability statement BP-1; BP-2; IRO-2Scope of consolidation and coverage of our value chain BP-1; BP-2Our 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. In addition to reporting consolidated data, we report performance excluding acquisitions for our ESG target-related metrics in order to reflect the organic performance against targets and baselines. An overview of acquisitions is available  in section 5.1 in the financial statements. Our targets and baselines have not been restated following recent acquisitions, due to the absence of historical data. At the same time, we are awaiting final validation of our updated SBTi‑aligned targets, and therefore any adjustments would be premature before this process is completed. We expect our new ESG programme, including updated targets and baselines, to be approved and launch in Q1 2026.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) 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. Measurement uncertainty and restatementSome metrics are subject to measurement uncertainty, primarily due to the use of estimates or assumptions. Measurement uncertainties are present in the input data for Scope 3 GHG emissions (disclosed under E1 Climate change), water discharges (disclosed under E3 Water and marine resources), resource inflows and outflows (disclosed under E5 Resource use and circular economy), CEO pay ratio (disclosed in the Remuneration Report) and gender pay gap (disclosed under S1 Own workforce). We are working on various initiatives to reduce measurement uncertainty. For E1 and E5 metrics, we continuously work to improve the quality of value chain data through supplier engagement programmes, stricter internal controls and increased use of standardised data‑sharing platforms. For water discharges, we are increasing metering coverage to enhance data accuracy. For the CEO pay ratio and gender pay gap, we are working on centralising data inputs to minimise the need for proxies.  We have restated the following reported figures due to material changes resulting from data corrections and improved data accuracy identified subsequent to publication:• Relative GHG emissions in our near-term science-based target scope in 2024 and baseline year. Since this figure is connected to other emissions data points, we have also restated absolute emissions in our near-term SBT scope, total emissions in the value chain and gross Scope 3 emissions in 2024 and baseline year to ensure consistency in our emissions reporting (see E1-6). • Absolute weight of virgin plastic use, recycled content and collection and recycling rate for PET plastic in 2024. To ensure consistency in our recycling reporting, the recycling rate for glass in 2024 was also adjusted as part of the improved data changes (see targets 2, 3 and 4 in E5 Resource use and circular economy).• Lost-time injury rate and recordable work-related injury rate in 2024 (see target 1 in S1 Own workforce and S1-14). • Number of employees with no guaranteed hours and number of part-time employees in 2024 (see S1-6). Details on measurement uncertainty and restatements are disclosed in the table notes and accounting policies for the relevant metrics.Determining thresholds for inclusion in the sustainability statement IRO-2To collect and assess the information necessary for disclosure in the sustainability statement, we conducted a series of interviews with employees 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. Carlsberg at a glance SBM-1Unit 2025 2024Production sites #   95    82 Warehouses, offices and other #   319    306 Total reporting sites #   414    388 Production of fermented million hl   88    90 beveragesProduction of non-fermented million hl   39    19 beveragesTotal production of beverages million hl   127    109 Total revenue DKK million   89,095    75,011 Geographical breakdown of employees by headcount Asia# 12,220 12,792Central &amp; Eastern Europe and # 9,978 7,997India (CEEI)Western Europe# 14,800 11,802Total #36,998 32,591Abbreviations in the sustainability statementAFB Alcohol-free brewsABV Alcohol by volumeCapEx Capital expendituresCSRD 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 OrganizationIRO 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 &amp; Licensee Code of ConductTTZAB Together Towards ZERO and BeyondUNGPs United Nations Guiding Principles on Business and Human RightsWBA World Brewing AllianceOur value chain SBM-1 In order to offer consumers our products, we operate within a geographically diverse and resilient value chain, described below. Underpinning the chain of activities are our supplier relationships, strong brand reputations and long-standing commitment to responsible business conduct. While beer and other beverages are the most obvious output resulting from our value chain, there are many others, including positive economic impacts (dividends for shareholders, tax and duty revenues for governments etc.); local employment; intellectual contributions (innovations in brewing and wider scientific contributions from the Carlsberg Research Laboratory); and brand presence (market share and customer satisfaction). The environmental, social and governance-related outcomes of our value chain activities are detailed further in the respective chapters of this report. By enhancing our positive impacts and mitigating our negative ones, we create value for all our stakeholders.Our business model SBM-1 The Group produces and markets beer, soft drinks and other beverages. Mainstream core beer accounts for approximately half of total volumes. The Group’s strategy – Accelerate SAIL – particularly focuses on the categories outside mainstream beer with attractive long-term volume and value growth opportunities, including premium beer, alcohol-free brews, soft drinks and Beyond Beer. An overview of some of our key figures, including reporting sites, production volumes and revenue, can be found on the previous page. The Group’s main activities are in markets across Europe and Asia, where the Group holds a number 1 or 2 market position in beer in 25 markets and in soft drinks in seven markets. The rest of the world is serviced primarily through export and licence agreements.In 2025, the Group acquired Britvic plc, a major soft drinks producer based in the UK. More details on this acquisition can be found in the management review. Implications for our ESG programme include an increased share of soft drinks and therefore a greater share of consumer health impacts associated with these beverages; a higher share of our packaging mix from PET bottles; and a wider geographic and ingredient footprint in terms of sourcing of raw materials. Upstream Packaging suppliers AgricultureTo make our products, we rely on agricultural ingredients such as barley, hops, sugar and rice, and packaging materials such as glass, aluminium, plastic and cardboard. Suppliers and their workforce ensure these raw materials make their way to our facilities.  StakeholdersSupply chain workersSuppliersOur own operationsBeverage production &amp; administrationAt our 95 Carlsberg sites around the world, our skilled employees brew the beers and produce the soft drinks that form the cornerstone of our business. Operating our facilities requires equipment and energy and water use. In addition to production sites, our own operations also include administrative and management functions.EmployeesContractorsDownstreamOnce bottled, our products are packaged and transported to customers by means of our network of own and outsourced transportation and logistics service providers. CustomersOnce at our customers’ locations, including shops, restaurants and bars, our products are marketed and sold to consumers. We always seek to encourage mindful and informed consumption of all our products.ConsumersIt is crucial that our products’ packaging is disposed of properly, so that it can be reused or recycled whenever possible. It is the task not only of individual consumers but also governments to create efficient deposit return schemes for packaging to encourage its collection.OUR MATERIAL TOPICSMaterial IROs across our value chain SBM-3 Impacts, 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. The core content of these IROs remains relatively unchanged from 2024, with a few exceptions: we have added a risk related to key ingredient supply chain instability; adapted our impact related to consumption of our products to include sugar and soft drinks; removed the risks of internal carbon pricing and impact of executive remuneration; removed the opportunity of deposit return schemes; and adapted the time horizon for all IROs to reflect not only when the given IRO appears, but for how long we expect it to persist. 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 table below provides a consolidated list of all our material IROs identified in the 2025 DMA, mapping where they exist across our value chain. A more detailed overview of material IROs specific to each topic is shown under SBM-3 for each topical standard.Among our material topics, we have identified three financial risks and one financial opportunity, 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. Material impacts, Value chain stages Time horizon Impact, risk or risks and opportunitiesopportunityE1 Climate changeCarbon emissions in our operations andvaluechain (see E1 for n n n n n n n nNegative impactdetailed breakdown)Carbon pricing on own operations andpurchased goodsn n n nBusiness riskKey ingredient supply chain instabilityn nBusiness riskE3 WaterWater consumption for cultivation of cropsn n n nNegative impactWater consumption for beverage productionn n n nNegative impactWater replenishment and stewardshipprogrammesn n n nPositive impactE4 Biodiversity and ecosystemsImpacts from conventional agriculturen n n n nNegative impactE5 Resource use and circular economyPurchasing of packaging materialsn n n nNegative impactPost-consumer waste from packaging materialn n n n n n nNegative impactMaterial impacts, Value chain stages Time horizon Impact, risk or risks and opportunitiesopportunityS1 Own workforceHealth and safetyn n n n n nNegative impactGender disparity in senior managementn n n nNegative impactWorking conditions in our own workforcen n n n n nNegative impactS2 Workers in the value chainWorking conditions in the upstream value chainn n n n nNegative impactWorking conditions in the downstream value chainn n n n n nNegative impactS4 Consumers and end-usersHealth and safety connected to harmful or excessive consumptionn n n nNegative impactNegative impacts from marketing practicesn n n nNegative impactNegative public perception of alcoholn n nBusiness riskExpanding our range of low- and no-alcohol brewsn n nBusiness opportunityG1 Business conductUnethical business conductn n n n n n n n nNegative impactOur double materiality assessment (DMA) IRO-1Purpose and focus of our DMAOur DMA analyses 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. This background research into developments in the food and beverage industry included a review of industry peers’ DMAs. Underlying analyses and inputs that contribute to the DMA (including water risk assessment, GHG inventory and climate scenario analysis) utilise distinct parameters, and these in turn influence our material outcomes. Where there is insufficient primary information, data or documentation of an IRO, we also utilise secondary sources of information to assess the materiality. Our inherent assumption is that IROs affecting our business today will still affect our business in the future, as we do not pre-emptively assume completion of any targets.While our methodology remained largely unchanged from 2024, our 2025 DMA update focused on identifying and assessing how the acquisition of Britvic, now part of the Carlsberg Group, impacted our existing IROs. Here, we determined that topics related to sugar and soft drinks required increased focus, but no other IROs were materially impacted. In addition, drawing on insights from previous DMAs, we revisited the organisation of our IROs and restructured them to reflect how they are managed, while eliminating duplication, clarifying descriptions and reassessing the assumptions applied in the previous year’s DMA. These updates were informed by interviews and workshops, the final CSRD requirements and the DMA guidance from the European Financial Reporting Advisory Group (EFRAG).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 basedon magnitude and likelihood. The magnitude criterion scores risks and opportunities based on estimated impacts on operating profit on a scale of 1-5. These financial assessments 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practicesGroup 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 the Executive Committee (ExCom).  As our global risk management framework was updated in 2025, we worked to improve the compatibility between the ERM framework and DMA processes. Going forward, we aim to ensure that inputs related to financial risks collected during the DMA inform the ERM process, and vice versa, to facilitate further alignment.To ensure the accuracy of the results of our DMA, the IROs were thoroughly validated with internal stakeholders. 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 48, 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 follow a structured process for identifying and assessing pollution-related impacts, risks and opportunities, in line with our ISO 14001-certified Environmental Management System. For every major project or modification of existing processes, equipment or infrastructure, we systematically identify environmental aspects and assess potential impacts. This includes, but is not limited to, compliance with local regulations, environmental permits and licences; brewing, bottling, storage and utilities; raw and packaging materials and processing aids; cleaning chemicals and lubricants; energy sources; waste and intermediate products; and any other specific scope required by local regulations. Each location also maintains a communication plan to inform and involve communities and authorities when relevant and necessary.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. OUR ESG PROGRAMMEAnchoring our ESG programme in our business SBM-1Our ESG programme, Together Towards ZERO and Beyond, is a key part of our corporate strategy to create value for shareholders and society. With ambitious targets and commitments across the focus areas that are most material for our business and our stakeholders, this 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 the next page.The programme and its targets have been developed based on thorough stakeholder engagement processes. Since 2011, we have undertaken regular materiality assessments to identify and prioritise the issues most significant to our stakeholders and the planet. These assessments gather the views of customers, suppliers, investors, industry associations, academics, NGOs, consumers and our employees around the world.Our 2025 DMA confirmed our material impacts, risks and opportunities (IROs), and validated the existing focus areas of our ESG programme, with the exception of sugar and soft drinks, which will be added to our programme from 2026. It reflected IROs related to our products, all the markets in which we operate 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, supply chain instability due to climate change, which can impact the price and availability of our raw materials, 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.Our ESG targets and performance SBM-1Performance BaselineTarget Unit¹ 2025 2025* 2024* Value Year Δ*  PageZERO Carbon Footprint Zero carbon emissions at our breweries by 2030 kt CO2e 286 258 294 697 2015  -63%  60All electricity comes from additional renewable assets by 2030 %  21   19   6   1  2021  18%p  6030% reduction in relative value chain carbon emissions by 2030 kg CO2e/hl 52 54 57ⁱ 58ⁱ 20223 -6%  61Net zero value chain by 2040 kt CO2e 9,041 7,976 8,278ⁱ N/A2N/A263ZERO Farming Footprint 30% of raw materials from regenerative agricultural practices by 2030; 100% by 2040 %  &lt;1   &lt;1  &lt;1  0  2021  &lt;1%p  7230% of raw materials sustainably sourced by 2030; 100% by 2040  %  5   4   0   0  2021  4%p  73ZERO Packaging Waste 100% recyclable, reusable or renewable packaging by 2030 %  95   95   94   94  2024  1%p  7590% collection and recycling rate for bottles and cans by 2030 %  75   78   77ⁱ   72  2019  6%p  7550% recycled content in bottles and cans by 2030 %  51   51   46ⁱ   29  2019  22%p  7650% reduction in virgin fossil-based plastic by 2030 kt 88 56 58ⁱ 60 2019  -7%  76ZERO Water Waste Water usage efficiency of 2.0 hl/hl at breweries globally by 2030 hl/hl 2.3 2.4 2.5 3.6 2015  -33%  68Water usage efficiency of 1.7 hl/hl at breweries in high-risk areas by 2030 hl/hl 2.0 2.2 2.2 4.0 2015  -46%  68100% replenishment of water consumed at breweries in high-risk areas by 2030 %  23   32   16   0  2021  32%p  68ZERO Irresponsible Drinking 35% of our brews globally are low-alcohol or alcohol-free by 2030 %  31   31   30   27  2021  4%p  90100% availability of alcohol-free brews (AFB) by 2030 %  84   87   90   58  2021  29%p  90100% of our markets run partnerships to support responsible consumption by 2030 %  89   89   86   68  2021  21%p  90100% responsible drinking messaging through packaging and brand activations by 2030 for on-back elements: Ingredients information %  100   100   100   98  2021  2%p  91Nutrition information %  57   58   57   58  2021  0%p  91Legal drinking age &gt;0.5% ABV %  97   97   70   41  2021  56%p  91Legal drinking age AFB %  77   77   42   28  2023  49%p  91Consumer information %  99   99   88   77  2023  22%p  91Responsible drinking message on #1 or #2 brand %  65   64   56   26  2021  38%p  91ZERO Accidents Culture Reduction in injury rate year on year towards 2030 Lost-time injury 1.9 1.4 1.7ⁱ 4.4 2015  -69%  80rate (LTIR)Zero lost-time injuries by 2030 Lost-time injuries 122 79 94 302 2015  -74%  80(LTI)Diversity, Equity &amp; Inclusion 30% women in senior leadership roles by 2024; 35% by 2027; and 40% by 2030 %  33   34   30   28  2020  6 %p  81* Excluding acquisitions in the current reporting period, see section 5 in the financial statements on page 148. ⁱ Figures have been restated due to material changes resulting from data corrections and improved data accuracy identified subsequent to publication. Details on restatements are disclosed in the table notes in the relevant topical standards.  1 For further details on the metric units used for each sustainability target, please refer to the corresponding page number indicated in the overview. 2 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 2026. 3 2022 is applied as a reference year, but is not the baseline for our current Science Based Targets initiative (SBTi) submission (2015). The baseline year is currently being reassesed and will be updated during 2026.ESG GOVERNANCEHow we manage our ESG programme 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 IROs is led by the Group Sustainability &amp; ESG team. After consolidating expertise and analysis from stakeholders across all functions and discussing topics in the ESG Steering Committee, 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 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. In 2025, we engaged with the Board regarding specific ESG sessions in June, during the board strategy days and in August. This oversight contributes to the firm anchoring of our ESG programme in our overall corporate strategy, Accelerate SAIL. It also ensures an ongoing consideration of our material impacts, risks and opportunities in business steering. Supervisory BoardThe Supervisory Board is responsible for oversight of ESG at Carlsberg, including approval of ESG strategy and targets. It is responsible for annually reviewing overall ESG performance and progress, and discusses relevant impacts, risks and opportunities related to our ESG programme at least twice a year.Board committees’ oversight of ESGBoard 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)ExCom holds accountability to the Supervisory Board for the effective management of ESG. It approves the ESG strategy, key roles, policies, targets and resource allocation, and is responsible for annually reviewing ESG performance and progress towards targets.ESG Steering Committee (ESG SteerCo)The ESG SteerCo analyses material ESG topics in depth and makes recommendations to ExCom. It is comprised of a subset of ExCom members, with ESG-relevant leaders brought in as necessary. It met five times in 2025.ESG programme area ownersEvery target has an ExCom sponsor responsible for delivering the target. These sponsors delegate responsibility to VP-level target owners and roadmap owners, who ensure each target has a fully costed plan for implementing its actions.ZERO Carbon FootprintZERO Farming FootprintZERO Packaging WasteZERO Water WasteZERO Irresponsible DrinkingZERO Accidents CultureEVP, Integrated Supply ChainEVP, Integrated Supply ChainEVP, Group Strategy &amp; CommercialEVP, Integrated Supply ChainEVP, Chief Marketing OfficerEVP, Integrated Supply ChainEVP, Chief Marketing OfficerChief Executive OfficerResponsible SourcingDiversity, Equity &amp; InclusionHuman RightsLiving by our CompassCommunity EngagementEVP, Integrated Supply ChainChief People &amp; Culture Officer Chief Executive OfficerChief Financial OfficerLocal managementRegional, market and functional leadership teams ESG Champions Local TTZAB area ownersResponsible for integrating TTZAB into their markets/functions Responsible for coordinating local implementation and communication Responsible for local implementationManaging and controlling ESG governance GOV-1; GOV-2A 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, managing and advising top management on ESG, Group Sustainable Finance, which consolidates and verifies all ESG data for reporting, and Group Integrated Supply Chain Sustainability, which has ownership of delivery of several environmental targets. All functions answer 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 2025During 2025, the Supervisory Board and its various committees held a number of discussions related to our ESG programme, reporting requirements and legislative developments. Through these discussions, the following impacts, risks and opportunities have been addressed: 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 54.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 and soft drinks. They also have extensive experience in overseeing human rights and governance matters. In 2025, 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 44 in the management review for more information on where the gender diversity ratio of our Supervisory Board can be found. Risk management and internal controls for ESG reporting GOV-5General approach to internal controls for ESG reportingThe Group’s Internal Control Framework for Sustainability Reporting was updated in 2025 following a revised risk assessment that considered an updated double materiality assessment, resulting in new or updated disclosure requirements, changes to working practices and adjustments to the reporting perimeter and scope. Unchanged is the ambition to ensure the proper collection, validation, consolidation and reporting of ESG data in line with detailed accounting practices for ESG indicators and local operating procedures. The framework is still monitored through a Group-level biannual self-assessment process to evaluate its effectiveness. Progress has been made in the execution of Group-level controls and in the deployment of additional data point entry controls at the start of the reporting chain to ensure proper traceability and accuracy of the collected data. Our approach to ESG data assurance is supported by the Group Sustainable Finance function, which contributes to the collection and treatment of non-financial data, and by the Group Sustainability function, which provides strategic direction and process alignment towards our ESG goals. Group Internal Audit and Group Risk &amp; Internal Controls continue to prepare quarterly reports for the Audit Committee, providing a comprehensive overview of internal control activities and matters. These reports include regular updates on the status and effectiveness of risk and internal control activities related to the sustainability reporting process, ensuring ongoing transparency and accountability. Identifying and mitigating ESG reportingrisksIn 2025, we conducted an assessment of risks and opportunities related to the ESG data collection process, using a structured approach that included identifying risks, evaluating the impact and likelihood of risks, and prioritising mitigation measures. The outcomes of the assessment highlighted the need to review existing controls and introduce certain new control requirements. These enhancements are currently being integrated into our internal control framework to further strengthen the reliability and comprehensiveness of ESG reporting.In 2025, the review process continued to be driven by the results of a risk assessment exercise, feedback on controls execution, outcomes from controls self-assessments and independent Group Internal Audit reviews. When risks or areas for improvement are identified, action plans are created and systematically followed up. This approach ensures that internal controls, processes and ways of working remain robust and responsive to both existing and newly identified risks. The process supports ongoing enhancements to documentation, data validation, reconciliations and control activities, maintaining the accuracy, reliability and timeliness of sustainability reporting.We continued to focus on the three main risk categories: misstatements, compliance breaches and fraud that could directly or indirectly impact the sustainability statement. Building on the foundation of previous years, new sub-risks have been identified and incorporated within each main category to reflect the evolving complexity of ESG reporting. These sub-risks address emerging challenges such as changes in regulatory requirements and advancements in data management. By expanding the scope of internal controls and refining corrective action plans, we aim to ensure that risks are consistently mitigated and that our ESG reporting processes remain robust, accurate and responsive.Sustainability due diligence GOV-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.Paragraphs in the Core elements of due diligencesustainability statementEmbedding due diligence in governance, Cross-topics: ESRS 2 GOV-2; strategy and business modelESRS 2 GOV-3; ESRS 2 SBM-3Engaging with affected stakeholders in all Cross-topics: ESRS 2 SBM-2; key steps of the due diligenceESRS 2 IRO-1 Social: 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; to address those adverse impactsE5-2Social: S1-4; S2-4; S4-4Governance: G1-3Tracking and communicating the Environment: E1-4; E1-6; E3-3; effectiveness of these effortsE3-4; E4-4; E5-3; E5-4; E5-5Social: S1-4; S1-5; S1-8; S1-9; S1-10; S1-14; S1-16; S1-17; S2-5; S2-4; S4-5; S4-4Governance: G1-4OUR STAKEHOLDERSUnderstanding and engaging with our stakeholders SBM-2In order to run our business, we need input and consultation every step of the way. That is why we share experiences, discuss expectations, map opportunities and manage risks in dialogue with 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 Stakeholder interests and purpose of engagement How we engage Impact on operations, business model and strategyConsumers Increasing consumer demand for no- and low-alcohol and no- and low-sugar beverages and Events, messaging on our products, advertising, marketing campaigns, social media, local Expanding our range of no- and low-alcohol and no- and low-sugar beverages worldwide and responsible marketing practices. websites, global consumer research and local consumer feedback questionnaires.encouraging responsible consumption of alcoholic products through messaging and partnerships.On- and off-trade customers Reducing supply chain risks, achieving sustainability goals and meeting consumer demand for Ongoing communication with and regular visits to key accounts, customer service handling Impact varies greatly from market to market. For example, increased data requirements healthier and more sustainable options.processes, customer satisfaction surveys, completion of our customers’ supplier questionnaires, concerning carbon emissions necessitate customer-specific emissions accounting for some participation in customers’ supplier audits, and collaboration on events and campaigns.markets.Employees and contractors Development opportunities, a diverse and inclusive workplace, and a purpose-driven company Daily communication via managers and team leaders, our intranet, annual My Voice employee Learnings from engagement and communication efforts are analysed and integrated where they can be proud of. Our aim is to stay attuned to evolving employee expectations so that we survey, performance reviews, townhall meetings and employee resource groups (ERGs). appropriate into improvement initiatives. They also inform our Growth Culture principles, which can attract and retain talent that secures our mutual long-term success.provide clarity on the culture we need to achieve our growth ambitions.    Industry organisations Working together with industry peers, including direct competitors, to drive improvements in Industry organisation memberships, partnerships and board positions to learn, share and drive Significant influence over our policies, practices and targets, both through self-regulation and responsible, sustainable and ethical business practices, keep pace with evolving legislation, hold best practices. Examples include the Beverage Industry Environmental Roundtable (BIER) and auditing processes within many of the industry associations of which we are members.ourselves to recognised standards and pool resources to develop and drive best practices. Climate Group’s RE100. We also utilise membership of industry organisations to advocate for industry interests through policy engagement and to promote sustainable practices across industry activities. Examples include the International Alliance for Responsible Drinking (IARD), the World Federation of Advertisers (WFA), Brewers of Europe, the Union of European Soft Drinks Associations (UNESDA) and the European Brands Association (AIM – Association des Industries de Marque).Investors and analysts Transparent information about our business, financial performance and progress on EGS Annual and half-yearly reports, quarterly trading statements, quarterly conference calls, ad Influence over our business strategy, which they can exert through regular engagement, voting targets.hoc stock exchange announcements, press releases, regular meetings with investors and rights, proposals and activism.analysts, and capital markets days. Suppliers ESG subject matter expertise, practical assistance and clear understanding of our priorities and Site visits, periodic in-person and virtual training sessions, supplier summits, communication of Engagement allows us to learn about market-specific conditions and challenges, and in turn long-term goals so that they can align their own strategies for mutual success. the Supplier &amp; Licensee Code of Conduct, regular quality audits, Sedex assessments and third-understand opportunities for improvement. party audits for our highest-risk suppliers. Sustainability experts and NGOs Strong ESG performance, transparent reporting on measurable targets, and support on Strategic partnerships (WWF, TapEffect, Water.org and WaterAid for water replenishment Engagement fills gaps in our expertise and demonstrates a commitment to standards or projects and initiatives that help address broad societal and/or environmental challenges.projects), the Science Based Targets initiative (SBTi), the RE100, the World Economic Forum’s targets that exceed regulatory requirements. This insight is integrated into our work with ESG, Alliance of CEO Climate Leaders, Sustainable Agriculture Initiative (SAI) Platform and the UN including integration into policies, targets and actions.   Global Compact. Policymakers and regulators Economic contributions to the societies in which we operate, including job creation. These Bilateral meetings and high-level public events, such as the World Economic Forum’s annual Through continuous engagement and dialogue with key policymakers and regulators, we stakeholders also want to understand how we support strategies on sustainability and public Davos meeting. We also engage with governments indirectly on sustainability and public enhance our alignment with their objectives, refining our internal policies and business health.health issues through industry associations. strategies.ENVIRONMENTCLIMATE CHANGE E1OVERVIEWMore 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 five material sources of greenhouse gas (GHG) emissions in our value chain with negative impacts on climate change, and two long-term material financial risks that climate change poses to our business. We seek to address all these IROs through the policies, targets and actions outlined in this section.KEY POLICIES• Environmental Policy• Supplier &amp; Licensee Code of ConductTARGETSBy 2030• Zero carbon emissions at our breweries• All electricity comes from new, renewable assets• 30% reduction in relative value chain carbon emissionsBy 2040• Net zero value chainOur material impacts, risks and opportunities SBM-3Material impacts, Description Value chain stages Time horizon Impact, risk or risks and opportunitiesopportunityCarbon emissions in our operations and value chainEmissions generated by our We source ingredients from agricultural businesses, with emissions generated during the farming and n n n nNegative impactagricultural sourcingprocessing of these raw materials.Emissions generated by the GHGs are emitted in the production of packaging used to prepare our products for transportation and sale.n n n nNegative impactproduction of our packagingEmissions generated from our GHGs are emitted by our production sites, by burning fuels ourselves, using purchased energy during n n n nNegative impactproduction sitesoperations, and in the generation and transportation of the energy we purchase.Emissions generated from The transportation and distribution of our products result in GHG emissions.n n n nNegative impacttransportation and distributionEmissions generated by product GHGs are emitted in the powering of fridges, which are used to keep drinks cool in bars and shops.n n n nNegative impactrefrigeration in bars and shopsCarbon pricing on our own operations Our operations result in GHG emissions throughout the value chain, with potentially broad-based impacts n n n nBusiness riskand purchased goodscontributing to climate change globally. The potential for carbon pricing to increase the costs of purchased goods and the costs of our own operations presents a financial risk to the business.Key ingredient supply chain instability Our products are highly dependent on the sourcing of agricultural materials. Where these materials are n nBusiness riskaffected by a natural hazard, such as a drought or a flood, availability and cost may be affected.Impact, risk and opportunity assessment IRO-1Climate-related impact assessment The 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 key challenges and identifying key levers. Climate-related financial risk and opportunity assessment and scenarioapplicationOverall frameworkThe Task Force on Climate-related Financial Disclosures (TCFD) provided the framework for our identification, assessment and scenario application of climate-related financial risks and opportunities. This approach was complemented by our existing analyses and research, and the shortlisted risks and opportunities were then discussed with internal stakeholders to deepen understanding and validate the results.We applied three ranges of scenarios, drawing on sources from the Intergovernmental Panel on Climate Change (IPCC), the Network for Greening the Financial System (NGFS) and other analyses referencing the IPCC. These three ranges were: a low-emissions scenario (RCP 2.6 / SSP1 and NGFS CGAM 6.0 Below 2°C), an intermediate-emissions scenario (RCP 4.5 / SSP2) and a very high-emissions scenario (RCP 8.5 / SSP5).  A high-emissions scenario, with pathways exceeding 4°C warming, was applied to understand physical risks (i.e. when the most significant impacts of climate change would affect our business and wider society), while a low-emissions scenario, limiting warming to 2°C, was applied to understand transition risks (i.e. the business risks that would arise if society was on track to reach net zero, but our business did not make a similar transition). These scenarios were applied to analyses with time horizons of 2025, 2030 and 2050.We consider climate-related impacts where relevant in our financial planning. However, as we do not expect significant immediate financial implications, these impacts are not integrated into the financial statements. Identifying and assessing physical risks andopportunities Site-level assessment tools help us understand inherent physical climate risks for our own operations, including drought, fire, heat stress, precipitation, river flooding, sea-level rise and cyclones. These tools, along with broader climate-related scenario analyses, inform our understanding of both acute and chronic physical climate risks. They also provide insights into how our specific assets are exposed to climate- and water-related risks in the short, medium and long term. Our full risk assessment combines findings from these analyses and assessments together with an understanding of our mitigating actions, insurance coverage and insights from interviews. In 2025, we examined physical risks related to raw material sourcing in greater detail. This included modelling temperature and precipitation changes affecting barley and sugar prices in key sourcing countries. Similarly, we developed a model to investigate how changes in temperature and precipitation impact sales volumes in major markets. Both models consider the likelihood and magnitude of financial impacts. Identifying and assessing transition risks andopportunities To identify transition risks for our operations and broader value chain, we use our GHG inventory, conduct interviews and do desktop research. The GHG inventory helps us estimate the financial impact of carbon pricing and allows us to identify potential locked-in emissions from assets that could slow our transition to a climate-neutral economy, particularly sources beyond electricity consumption. Interviews allow us to spot other potential transition risks, including regulatory developments and reputational or consumer preference shifts. When we translate these findings into our double materiality assessment (DMA), we consider how likely each risk is to happen. However, our scenario analysis aims to assess possible situations rather than make predictions, so we do not put great emphasis on the likelihood of each risk.Our resilience to climate risks SBM-3We conducted our climate-related scenario analysis, including resilience assessment, in H1 2024 and partially updated it in 2025 to better analyse physical risks in the upstream value chain. The resilience assessment is based on the scenario analysis, but also considers the likelihood of events and whether our planned mitigation actions, assuming we meet our targets, will help. Aside from this, the scope, time horizons and methodology remain consistent with the scenario analysis.Key results When interpreting our results, consideration must be given to the inherent limitations and uncertainties of scenario and resilience analyses. For physical risks, in particular, it is especially difficult to predict how changing climate patterns will affect different regions. This creates uncertainty around the impact of climate physical risks on the production and supply of key ingredients. Despite these uncertainties, our analyses drew the following conclusions:• In the low-emissions scenario (RCP 2.6 / SSP1), we expect stricter regulations, including expanded carbon pricing. This may increase expenses within our operations and procured goods. The decarbonisation efforts of our ESG programme can largely mitigate these transition risks. • In the intermediate-emissions scenario (RCP 4.5 / SSP2), transition risks related to carbon pricing are much lower than under RCP 2.6. Physical risks, such as key ingredient supply chain instability, are higher, but still manageable. • In the very high-emissions scenario (RCP 8.5 / SSP5), transition risks are minimal, but physical risks – particularly key ingredient supply chain instability – become more severe. More frequent and intense droughts and heatwaves could disrupt global ingredient supply, causing shortages and higher costs. While some of these risks can be partially managed, the chance of serious impacts increases if multiple major sourcing regions are affected for long periods. Our model also showed that changes in temperature and precipitation can affect consumer demand, but these effects are limited to certain seasons and are not material at Group level.  Although several other climate-related risks could affect our business, only carbon pricing and key ingredient supply chain instability currently exceed materiality thresholds in the long term.Overall, we believe we can adjust and adapt our strategy and business model to climate change in several ways. We have already initiated the transition to a more climate-resilient business model through our ESG programme, including net zero decarbonisation plans and the shift to regeneratively grown ingredients. From a net risk perspective, most risks, particularly transition risks, can be almost fully mitigated. Other physical risks still pose residual risks, requiring ongoing monitoring of mitigation effectiveness. Our resilience is further strengthened by site-level responses, including the ability to shift production to other Group facilities in the region in the event of a climate-related hazard in a given location, such as a severe flood. Site-level assessments indicate that while certain hazards (e.g. extreme precipitation) may be locally material, our business is generally effective at responding and adapting to disruptions, minimising overall impacts at Group level. Climate transition plan E1-1To take action on climate change and ensure a resilient business, we aim to eliminate carbon emissions from our breweries by 2030 and reach net zero emissions for our entire value chain by 2040, aligned with the Paris Agreement. Our transition plan is anchored in our ESG programme, Together Towards ZERO and Beyond, which is available on our website. Our decarbonisation levers and key actions to achieve our targets are described under “Target 4: Net zero value chain by 2040”, and further information can be found throughout the environmental section of this report. Specifically, our targets related to carbon emissions, including water efficiency, regeneratively grown materials and packaging, are the key drivers in our transition plan. A stand-alone climate transition plan will be available on our website in Q1 2026. Embedding climate action in our businessstrategyTo ensure that our climate action ambitions become a reality, we have anchored our transition plan in 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 ESG target sponsors, our Group Sustainability &amp; ESG function  and our Integrated Supply Chain Sustainability 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 targets and initiatives, and robust data on our Scope 1, 2 and 3 emissions. Meeting our targets will require both business transformation and significant investment in decarbonising our physical infrastructure and equipment. While we believe that, with commitment and collaboration, this transition is possible for most of our operations, we expect to face a certain proportion of GHG emissions that are particularly hard to abate (&lt;10%). This could be due to infrastructure availability in particular markets, availability of sustainable fuel and other unavoidable emissions. We plan to compensate for these hard-to-abate emissions 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. Carlsberg is not excluded from EU Paris-aligned Benchmarks. We do not have an EU Taxonomy-aligned capital expenditure plan, 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. Please refer to Appendix 2 on page 97 for our EU Taxonomy disclosure.Policies E1-2Both 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 ESG programme and other function-specific activities, operational manuals and training programmes. 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 &amp; 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 year to meet the evolving requirements and expectations of a wide range of stakeholders, as assessed in our materiality assessments.Supplier &amp; Licensee Code of Conduct (Environmental considerations)Our Supplier &amp; Licensee Code of Conduct (SLCOC) includes a section addressing environmental concerns as they relate to our upstream 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. Targets and actions E1-4; E1-3Addressing our carbon footprintWe have clear commitments to address climate change, with targets of zero carbon emissions at our breweries by 2030, 100% of our electricity coming from 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 ESG programme, our 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 our ESG targets are based on the views of our stakeholders, see page 53.Impact of external factors on our decarbonisation roadmapOur ambition to reach net zero by 2040 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 zero emissions in our operations, whichever socioeconomic scenario 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 prices on carbon emissions. We are diversifying our approach to take these factors into account.There can be instances when target baselines need to be reassessed. Specifically, when we experience significant inorganic change within Scope 1, 2 or 3 emissions due to mergers and acquisitions, divestments, insourcing/outsourcing, changes in methodologies or discovery of errors in baseline calculations, we review whether the baseline needs to be recalculated. During 2025, we worked on revising our targets and their baselines in order to account for the recent acquisition of Britvic, updated SBTi requirements and other factors.We will therefore launch updated carbon commitments in Q1 2026, alongside a new climate transition plan. We do not calculate detailed achieved emissions reductions based solely on our specific actions, unless otherwise noted. Achieved emissions reductions associated with Scopes 1-3 can be found on page 64. To learn more about our methodology and other additional details for these targets, please see the corresponding accounting policies below. Further assessment of levers and expected emissions reductions per lever is part of our roadmap development and can be found in our forthcoming updated Climate Transition Plan. TARGET 1: Zero carbon emissions at our breweries by 2030 We have set a target to achieve zero emissions from our beverage production. The target covers 92% of our 2015 baseline Scope 1 and 2 emissions. It excludes Scope 1 and 2 emissions outside our production sites, such as offices, warehouses and owned logistics. This target allows us to offset up to 10% of hard-to-abate emissions with carbon credits. Reaching this target will require that both Scope 1 and Scope 2 emissions are each abated by approximately 90%. The target was set and approved by the Science Based Targets initiative in 2017. Decarbonisation of production sitesTo address and mitigate our climate impact, all production sites are working towards our 2030 target to eliminate carbon emissions in our operations. Guiding this work is a production site decarbonisation action plan, with activities ongoing towards 2030. The plan has three primary focus areas: • Energy efficiency improvements. These actions account for 10-20% of planned beverage production emissions reductions. They include improving equipment efficiency, applying best practices and sharing knowledge, and measuring and optimising energy consumption. • Transform fossil-based energy sources to electricity or renewable energy. These actions account for 50-60% of our planned beverage production emissions reductions. In 2025, we continued the installation of electric boilers at selected sites, with new installations in China and Lithuania. Biomass energy systems also continue to be rolled out, with seven locations – in Estonia, Switzerland, Laos, Vietnam and India – implementing biomass boilers in 2025. All sites in India now operate with biomass boilers, and biomass energy as a service (EaaS) systems have been rolled out at sites in Malaysia and China. In all but five of our markets, we have secured full procurement of green electricity through Guarantees of Origin (GoO) and International Renewable Energy Certificates (I-RECs), as well as operational Power Purchase Agreements (PPAs) for renewable electricity from additionality in six markets (please see the following section for more information). We have also begun work to install additional biogas recovery systems at two of our wastewater treatment plants. • Technological innovation. These actions account for 10-20% of planned beverage production emissions reductions. Technological innovations include heat pumps and energy storage. In 2025, heat pumps were installed at one Chinese production site and energy storage at another. While energy efficiency and electrification were prioritised in 2025, next year we have a number of heat pump installations planned.  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 production site 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. In 2025, we launched an internal tool to analyse and prioritise decarbonisation projects. Now utilised in all markets, the tool presents different scenarios, including cost, emissions savings and payback, to help markets and roadmap owners decide on the most cost-efficient way to reduce emissions.Performance against targetIn 2025, our production sites emitted 286 kt CO2e. The relative emissions per hectolitre of beverage were 2.3 kg CO2e/hl. Excluding acquisitions, sites emitted 258 kt CO2e, a 12% reduction in absolute emissions compared with 2024 and a 63% decrease compared with our 2015 baseline. For relative emissions, we saw a 9% reduction from 2.7 kg CO2e/hl in 2024 and a 64% reduction from 6.8 kg CO2e/hl in 2015. This performance was primarily driven by improving energy efficiency and transitioning to lower‑carbon fuel sources across our operations. A key example is the switch to lower‑carbon fuel sources at Lao Brewery Company’s Vientiane Brewery, which made a significant contribution to our results. Even when adjusting for lower organic production volumes, we continue to observe a reduction in our emissions. Given regional production volume variations, this performance is in line with our expectations.Progress in actionBiomass facility helps Lao  brewery decarboniseIn 2025, Lao Brewery Company (LBC) commissioned the country’s first biomass energy facility in partnership with a third party. This facility now supplies over 80% of Vientiane Brewery’s steam requirements using locally sourced biomass, replacing fossil fuels and reducing annual CO2e emissions by 84% – or approximately 15 kt CO2e. The project positions Vientiane Brewery to achieve its decarbonisation target ahead of schedule and supports our global ambition of zero emissions across all breweries by 2030. In addition to environmental benefits, the initiative strengthens local economic development through local biomass sourcing and reduces dependency on imported fuels. Performance on target 1Performance BaselineUnit 2025 2025* 2024* 2015* Δ*Absolute GHG kt CO2e 286 258 294 697  -63 %emissions at our breweriesRelative GHG kg 2.3 2.5 2.7 6.8  -64 %emissions at our CO2e/hlbreweries* Excluding acquisitions; see financial statements section 5.1 (pp. 148–151) for excluded entities.Accounting policiesAbsolute GHG emissions at our breweries include all Scope 1 and 2 (market-based) GHG emissions from our production sites, excluding fugitive emissions from refrigerants and CO₂ released during production. Emissions from owned and leased warehouses, offices and vehicles are not in scope of this target. The relative emissions are calculated as the sum of absolute GHG emissions at breweries divided by the total production of beverages (hl). For more information on the specific emission sources, please see the accounting policies for Scope 1 and 2 GHG emissions on page 65. TARGET 2: All electricity comes from additional renewable assets by 2030In 2025, 86% of our electricity came from renewable sources, mainly purchased from the grid through certificates that meet RE100 criteria. Though a slight decrease of 3 percentage points from 89% in 2024, a result of the acquisition of Britvic, we are proud of this achievement. We see renewable energy certificates (RECs) as a stepping stone towards our goal of contributing to the generation of new renewable energy production through PPAs. This is to support the growing scientific consensus that PPAs contribute more directly to increased production of renewable electricity and the emissions reductions that come with it. We are therefore committed to investing in these types of agreements that create additional renewable capacity in the markets where we operate. We do this through signing PPAs with partners to develop new assets, either at our own sites or elsewhere, widening availability of renewable power from national grids. While this brings no contribution to emissions reduction from a GHG inventory perspective, as PPAs are assessed with the same consideration as certificates in this regard, we believe it is a key element of driving an ambitious ESG programme.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.Reducing emissions from electricityAs we already source the vast majority of the electricity for our production sites 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 2025, we signed three new PPAs under which approximately 100 GWh of electricity will be generated. These agreements are in Sweden, Norway and Finland, each with a separate and unique electricity provider and contract. Our agreement in Norway came into effect in January 2026 and will last 10 years. In the first year, it will provide roughly 15 GWh of electricity to Ringnes Brewery, increasing to 45 GWh after two years, when it will cover roughly 90% of their electricity consumption. Under the new agreement in Sweden, approximately 25 GWh of electricity will be generated by a new onshore wind farm. The agreement lasts for eight years and will cover roughly 80% of Carlsberg Sweden’s electricity needs. In Finland, the new agreement is also linked to an onshore wind farm. It lasts 10 years and will cover approximately 90% of Sinebrychoff’s electricity usage.These new PPAs signed in 2025 complement the three existing agreements in Lithuania, Denmark and China. In Lithuania, the PPA was expanded in 2025, with an off-site solar park providing 7 GWh of additional renewable electricity to our production site.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 2025, 185 GWh of our contracted and operational renewable electricity contributed to additional renewable capacity, amounting to 21% of our total electricity consumption across all our production sites. Of this, 10% was fully operational and 11% was contracted. This significant increase was driven by newly operational PPAs in China and Lithuania, full-year utilisation of the PPA in Denmark and the addition of our newly signed PPAs in Norway, Sweden and Finland. These Nordic PPAs will be operational in 2026. The acquisition of Britvic has also positively affected this performance, as PPAs are in place covering the majority of electricity at sites in the UK and Ireland. Given the volatility of electricity markets, this performance is in line with our expectations.Performance on target 2 (%)Performance Baseline2025 2025* 2024* 2021* Δ*Relative renewable electricity  10   6   2   1   5 %pconsumption from new assets (operational)Relative renewable electricity  11   13   4   0   13 %pconsumption from new assets (contracted)Total  21   19   6   1   18 %p* Excluding acquisitions; see financial statements section 5.1 (pp. 148–151) for excluded entities.Accounting policiesRelative additional renewable electricity consumption is calculated by dividing the total consumption of additional renewable electricity by total electricity consumption. Additional renewable electricity is electricity purchased by Carlsberg under a contractual agreement that facilitates investment in new renewable capacity. To be considered renewable, the installation must comply with RE100. As these installations may start delivery after the publication of this report, the KPI is reported as both “contracted” and “operational".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 on the following page. It is aligned with a 1.5°C pathway, using the assumptions and criteria from the SBTi at the time of submission in 2017. Since launching our GHG emissions reduction target in 2017, 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 2025. This will also be addressed in the 2026 update to our targets. 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 2025, the relative emissions in our value chain were 52 kg CO2e/hl, and absolute emissions were 6,667 kt CO2e. Excluding acquisitions, the relative emissions in our value chain were 54 kg CO2e/hl, representing a decrease of 4% from 57 kg CO2e/hl in 2024 and 6% from 58 kg CO2e/hl in 2022. Absolute emissions in our value chain have been reduced by 8% since 2024 and by 9% since 2022. This steady performance is driven by a transition to green energy among key suppliers, including those that supply glass – one of our most carbon-intensive materials. Also contributing to this performance is the further decarbonisation of our own operations, a decrease in the use of sugar cane and an overall reduction in procured materials due to decreased production volumes. Importantly, even when accounting for decreased organic production volumes, we continue to observe a decline in our relative value chain emissions. The inclusion of Britvic resulted in lower relative emissions, as soft drinks production is generally less emission-intensive thanbrewing. 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 the coming years.Performance on target 3Performance BaselineUnit 2025 2025* 2024* 2022*ⁱⁱ Δ*Relative GHG kg 52 54 57ⁱ 58ⁱ  -6 %emissions within CO2e/hlour near-term target scopeAbsolute GHG kt CO2e 6,667 5,749 6,240ⁱ 6,311ⁱ  -9 %emissions within our near-term target scope* Excluding acquisitions; see financial statements section 5.1 (pp. 148–151) for excluded entities.ⁱ 2022 and 2024 figures have been restated after obtaining more accurate input data from our upstream value chain. Relative emissions have been restated from 60 kg CO2e in 2022 and 58 kg CO2e/hl in 2024. Absolute emissions have been restated from 6,422 kt CO2e in 2022 and 6,378 kt CO2e in 2024.ⁱⁱ 2022 is applied as a reference year, but is not the baseline for our current Science Based Targets initiative (SBTi) submission (2015). Accounting policiesRelative GHG emissions are calculated by dividing the absolute GHG emissions by the total beverage production volume (hl). The absolute GHG emissions within our near-term target scope include all gross Scope 1 and 2 (market-based) emissions, as well as Scope 3 emissions associated with Carlsberg beverages – specifically those arising from procurement, production, distribution, in-trade cooling and waste treatment. Sources of emissions that are excluded are illustrated in the graphic on page 62. For details on the methodology, please refer to the accounting policies for gross Scope 1, 2 and 3 GHG emissions on page 65.GHG emissions by value chain stage E1-6Agriculture &amp; processingGrowing and processing of our raw ingredients21%1,412 kt CO2eBeverage 1production Production of our beer and other beverages7%474 kt CO2ePackagingManufacturing and disposal of our packaging 51%3,348 kt CO2eTransportation &amp; distributionDistribution of our products to customers13% 882 kt CO2e CoolingRefrigeration of our products in bars and retailstores8%551 kt CO2eAdditional emissions• Licensee volumes• Joint venture volumes• Co-manufacturing &amp; third-party product volumes• Capital goods• Employee commuting• Business travel• Non-product purchases (advertising, services etc.)Additional scope of our long-term net zero emissions target represents 2,374 kt CO2e, covering 26% of gross Scope 1-3 GHG emissions. 6,667 kt CO2Scope of our near-term net zero emissions target, covering 74% of full gross Scope 1-3 GHG emissions. Scope of our long-term net zero emissions target, covering our full gross Scope 1-3 GHG emissions. The value for this scope is 9,041 kt CO2e. 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. This scope differs from our near-term 2030 target in that all emissions sources are included, as illustrated on the previous page. We assessed the target to be in line with the Science Based Targets initiative’s criteria for limiting global warming to 1.5°C. 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 65. This target allows us to use carbon removals for hard-to-abate emissions, up to 10%. The expected percentage of total gross GHG emissions that must be reduced between our baseline year and 2040 is therefore 90%. Due to an expanded scope, updated methodology and improved data accuracy, we cannot measure the performance against our baseline in 2015. We worked on updating this target and its baseline in 2025, for communication in early 2026. 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 grown using regenerative and lower-carbon practices.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, 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 by the supplier, and using raw materials with lower carbon footprints.Reducing emissions from transportation anddistributionAs transportation and distribution account for 13% of our near-term target scope (Target 3), decarbonising this area of our value chain is important for reaching our 2040 net zero targets. The vast majority of our transportation is outsourced to third parties, making collaboration with suppliers even more important for achieving reductions. Replacement of owned or leased fossil fuel-poweredtrucks In 2025, we maintained operation of our 28 biogas and 22 electric vehicles on the road in markets throughout Western Europe. As all our trucks in Western Europe are leased, the remaining diesel vehicles will be replaced gradually over the coming years based on contract expiration and kilometres driven. A transition is also under way for our forklifts and pallet movers, 95% of which are electric in Western Europe.Electrification of outsourced transport and logistics In 2025, electric trucks continued to operate our shuttle deliveries between Sweden’s Falkenberg Brewery and other facilities in the region through our contract with an external logistics provider. We are also replacing diesel trucks with liquified natural gas (LNG) and electric vehicles in China. While LNG vehicles are inferior to electric vehicles, they result in fewer carbon emissions and are therefore a tool on our journey towards decarbonisation. As of 2025, the share of LNG trucks in China has risen to 11% and the team has been piloting the use of electric trucks, with plans to further increase the share of both in the coming few years. Reducing emissions from refrigeration in bars and shops Keeping our products cool in bars, restaurants and shops accounts for 8% of our near-term target scope (Target 3). To make progress on our value chain emissions reduction target, we continuously seek 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. This programme was further rolled out in 2025. We also implemented a fridge standardisation programme – known as a global master specification – which has reduced the number of different fridge types purchased across our markets from 16 to 7. As a result, we achieved a 3% improvement in energy efficiency in 2025 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.Performance against targetIn 2025, the absolute GHG emissions in our value chain were 9,041 kt CO2e. Excluding acquisitions, this was 7,976 kt CO2e, which represents a reduction of 302 kt CO2e, or 4%, compared with 2024. As the reduction achieved in Target 3 covers 74% of the scope of this target, we expect the performance to follow a similar trajectory, and it is therefore in line with our expectations.  Performance on target 4 (kt CO2e)Performance Baseline2025 2025* 2024* N/Aⁱⁱ Δ*Absolute GHG emissions in 9,041 7,976 8,278ⁱ N/A N/Aour value chain* Excluding acquisitions; see financial statements section 5.1 (pp. 148–151) for excluded entities.ⁱ The 2024 figure has been restated from 8,220 to 8,278 after obtaining more accurate input data from our upstream value chain.ⁱⁱ 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 2026. Note: The corresponding accounting policies can be found below the E1-6 table on p. 65.Challenges The 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, may also delay our actions. Converting fossil fuel-based thermal energy to renewables or electricity is also expensive and technologically challenging, both for our own operations and our entire supply chain. The growing complexity and variation in product offerings also presents an emissions reduction challenge, as benefits of economy-of-scale production are minimised. Challenges and risks are considered in roadmap planning, allowing us to prioritise cost-efficient solutions that can drive the agenda to reach our targets. Addressing our financial risksCarbon pricingAs our operations result in GHG emissions, there is a financial risk that potential future carbon pricing will increase the costs of purchased goods and of our own operations. We mitigate the potential financial impact of carbon pricing through adherence to our Environmental Policy, which addresses the emissions of GHGs from our own operations and broader value chain, as well as through all targets and actions taken to reduce our carbon emissions, including those presented in E1, E4 and E5. Key ingredient supply chain instabilityClimate change impacts the stability of our supply chain, and we recognise a financial risk associated with this instability. We take two primary approaches to address it – the first being reducing our own emissions. Though our global impact may be small, we have a responsibility to reduce our emissions and support the transition to a low-carbon future, as presented above. The second, more direct way we manage the risk of supply chain instability is through transitioning our supplier base to regenerative agriculture, which increases the resilience of farming systems to climate change. Our Environmental Policy supports this work by setting out our stance regarding regenerative agriculture. The targets and actions related to this risk are outlined in E4. These actions help mitigate potential long-term financial impacts, while our procurement strategy, focused on diversifying sourcing, addresses short-term financial risks. Current and future allocated resourcesIn 2025, we invested DKK 85m in CapEx to reduce our GHG emissions through, for example, energy reductions and inclusion of renewable electricity, and DKK 1.8m in OpEx related to emissions reductions. Additional OpEx for emissions reductions related to E4 and E5 is disclosed in the respective sections. The investment in 2026 is expected to amount to DKK 150-200m 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 110 and section 2.2 on page 118 respectively. Other mandatory data disclosures E1-5; E1-6Energy consumption E1-5Unit 2025 2024From fossil sourcesFuel consumption from coal and coal products GWh 0 &lt;1Fuel consumption from crude oil and petroleum GWh 208 296productsFuel consumption from natural gas GWh 1,006 1,017Fuel consumption from other fossil sources GWh 1 1Consumption of purchased or acquired GWh 262 186electricity, heat, steam and cooling from fossil sourcesTotal fossil energy consumption GWh 1,477 1,500Share of fossil sources in total energy %  55   61 consumptionConsumption from nuclear sources GWh 0 0Share of consumption from nuclear sources in % 0 0total energy consumptionFrom renewable sourcesFuel consumption for renewable sources, including GWh 309 196biomassConsumption of purchased or acquired electricity, GWh 885 771heat, steam and cooling from renewable sourcesConsumption of self-generated non-fuel renewable GWh 7 10energyTotal renewable energy consumption GWh 1,201 977Share of renewable sources in total energy %  45   39 consumptionTotal energy consumption GWh 2,678 2,477Accounting policiesTotal energy consumption related to our own operations includes fuel consumption at sites where Carlsberg has operational control (production sites, warehouses and offices), fuel consumption in own vehicles, and consumption of purchased and self-generated energy (electricity, heat and cooling). Fossil fuel sources include oil and petroleum, coal, natural gas, liquified petroleum gas (LPG) and town gas. Renewable fuel sources include biogas, biofuel and biomass. Purchased electricity and heat from renewable sources are covered by either GoO, RECs or PPAs, whereas non-renewable electricity and heat is sourced from the grid or contracted suppliers. Lower heating values are applied to convert fuel consumption into energy.Energy intensity E1-5Unit 2025 2024Energy intensity from activities in high MWh per DKK 30 33climate impact sectorsmillionTotal energy consumption from activities GWh 2,678 2,477in high climate impact sectorsAccounting policiesTotal energy consumption from activities in high climate impact sectors is equal to total energy consumption. This is due to the fact that all revenue-generating operations are directly or indirectly linked to beverage manufacturing, which is classified as a high climate impact sector.GHG emissions (kt CO2e) E1-62025 2024 ΔScope 1 GHG emissionsGross Scope 1 GHG emissions 305 331  -8 %Percentage of Scope 1 GHG emissions from  9 %  11 % -2%pregulated emissions trading schemes (%)Scope 2 GHG emissionsGross location-based Scope 2 GHG emissions 318 300  6 %Gross market-based Scope 2 GHG emissions 77 57  26 %Significant Scope 3 GHG emissionsTotal gross indirect (Scope 3) GHG emissions 8,659 7,890ⁱ  9 %Category 1: Purchased goods and services 5,434 4,867ⁱ  10 %Category 2: Capital goods 266 170  36 %Category 3: Fuel and energy-related activities 95 92ⁱ  3 %(not included in Scope 1 or 2)Category 4: Upstream transportation and 842 884ⁱ  -5 %distributionCategory 5: Waste generated in operations 19 20ⁱ  -2 %Category 6: Business travel 157 155ⁱ  1 %Category 7: Employee commuting 13 8ⁱ  38 %Category 9: Downstream transportation and 593 539ⁱ  9 %distributionCategory 11: Use of sold products 211 174ⁱ  18 %Category 12: End-of-life treatment of sold 180 129ⁱ  28 %productsCategory 14: Franchises 562 570  -1 %Category 15: Investments 287 282  2 %Total GHG emissionsTotal GHG emissions (location-based) 9,282 8,521ⁱ  8 %Total GHG emissions (market-based) 9,041 8,278ⁱ  8 %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.ⁱ The 2024 figures have been restated after obtaining more accurate input data from our upstream value chain. The totals for location-based and market-based emissions have been restated from 8,463 and 8,220 kt CO2e respectively.Accounting policiesScope 1 emissions are reported based on the GHG Protocol and cover all direct greenhouse gas emissions from fuel combustion and fugitive emissions, including CO₂ released during production processes and the use of refrigerants. These emissions are calculated by multiplying energy consumption by the applicable emission factors. To determine the percentage of Scope 1 emissions covered by regulated emissions trading schemes, the total emissions from markets subject to such regulations are divided by the overall Scope 1 emissions. Carlsberg partially offsets its Scope 1 emissions by purchasing renewable natural gas certificates, specifically through GoO.Scope 2 emissions are reported based on the GHG Protocol and cover indirect greenhouse gas emissions from the generation of purchased electricity, heat and steam consumed by Carlsberg. Emissions are calculated using both the location-based and market-based approach by multiplying the amount of energy purchased by country-specific emission factors. The market-based method accounts for renewable electricity procurement through PPAs, RECs or GoO. In the absence of actual energy consumption data from warehouses and offices, energy consumption is estimated based on the surface area (US Energy Information Administration).Scope 3 GHG emissions cover indirect GHG emissions across Carlsberg’s value chain, including both upstream and downstream activities. This includes operations from subsidiaries, franchises and joint ventures where Carlsberg does not have operational control. Emissions are calculated in accordance with 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 emissions under categories 8 (upstream leased assets), 10 (processing of sold products) and 13 (downstream leased assets), as these are either not applicable or not material to our operations. Detailed accounting policies for the relevant categories are outlined below.Category 1: Upstream emissions related to the cultivation and processing of purchased ingredients, packaging materials, water, fridges, and other goods and services. Emissions from packaging materials are calculated based on the Circular Footprint Formula (CFF) validated by the European Commission as part of the Product Environmental Footprint (PEF) approach, whereas agricultural emissions are calculated using a mix of supplier-specific data for gate-to-gate emissions and third-party emissions factors for cultivation. Category 2: Upstream emissions related to the capital expenditure on construction, installation, maintenance and repair, calculated based on spend.Category 3: Upstream well-to-tank (WTT) emissions related to purchased fuel and energy.Category 4: Emissions related to the inbound transportation of agricultural and packaging materials (including return transportation of reused packaging materials), third-party distribution and transportation of third-party production volumes. Inbound transportation emissions are calculated based on the weight of materials procured, supplier location, load factor and freight method, whereas outbound distribution is calculated using estimated diesel consumption derived from contracts with our logistics providers.Category 5: Emissions related to the external treatment of waste generated at Carlsberg production sites. The GHG emissions are calculated based on the weight of waste generated per 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: Emissions from business 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. Emissions are calculated based on travel agency reports for flight travel and spend data for the remaining activities.Category 7: Emissions related to the transportation of employees to and from their home and worksite, as well as employees working from home.Category 9: Emissions related to outbound distribution performed by third parties not paid for by Carlsberg and cooling in third-party fridges in the on- and off-trade. Emissions are calculated based on third-party distribution where Carlsberg pays (i.e. category 4) and the assumed share of distribution where Carlsberg does not pay. 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 in each market, the respective cooling days and volumes sold per market.Category 11: Emissions from cooling of beverages in fridges provided by Carlsberg in on- and off-trade venues and the CO₂ released from beverages during consumption.Category 12: Downstream 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) using publicly available statistics on national waste treatment systems.Category 14: GHG emissions from licensing partners that produce and sell Carlsberg products. Emissions are estimated based on emissions from Carlsberg's own production channels and the volumes sold by licensees.Category 15: Emissions from joint ventures that produce and sell beverages. Joint ventures not producing beverages are not considered material and are therefore excluded from the scope. 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.Measurement uncertainty: Because specific input data throughout the value chain cannot be accurately obtained, we have to apply certain assumptions and estimates. This leads to measurement uncertainties in some Scope 3 categories. These estimates include the use of average weight conversion factors for direct materials in category 1, use of spend-based allocation of supplier volumes in categories 1 and 4, spend-based estimations used to calculate diesel usage of logistic providers in categories 4 and 9, and use of estimated cooling factors and chilling days for cooling of our non-draught products in the downstream value chain in category 11. Finally, we use forecast Q4 data across several categories, as the complexity of the calculations requires the metrics to be finalised before year-end.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 on the applied emission factors for Scope 1-3 GHG emissions, see page 66.GHG intensity (t CO2e per DKK million) E1-62025 2024GHG intensity (location-based) 104 113GHG intensity (market-based) 101 110Financial reconciliation (DKK million) E1-62025 2024Net revenue used to calculate GHG intensity 89,095 75,011Net revenue (other) 0 0Total net revenue (in financial statements) 89,095 75,011Biogenic emissions (kt CO2e) E1-62025 2024Biogenic emissions not included in Scope 1 GHG emissions 448 401Biogenic emissions not included in Scope 2 GHG emissions 43 29Biogenic emissions not included in Scope 3 GHG emissions 112 89ⁱⁱ The 2024 figures have been restated from 52 kt CO2e to 89 kt CO2e after obtaining more accurate input data from our upstream value chain. Contractual instruments (%) E1-62025 2024Share of Scope 2 GHG emissions covered by contractual  67   73 instrumentsShare of Scope 2 GHG emissions covered by energy  60   72 attribute certificates (unbundled)Share of Scope 2 GHG emissions covered by power  7   1 purchase agreements (bundled)Accounting policiesThe GHG intensity is calculated as gross Scope 1, 2 and 3 GHG emissions divided by total net revenue, for both market- and location-based emissions. The figure for total net revenue can be found in the financial statements, income statement, page 102.Biogenic emissions outside of Scope 1 include CO₂ emissions from the combustion of biomass, biofuels and biogas and the release of CO₂ in the fermentation processes. Biogenic emissions outside of Scope 2 include CO₂ emissions from purchased district heating where the energy source is biomass. Biogenic emissions outside of 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 biogenic emission factors.The share of Scope 2 GHG emissions covered by contractual instruments is calculated as the sum of energy purchased from bundled certificates (i.e. PPAs) and energy purchased from unbundled energy attribute certificates (EACs) divided by total energy consumption (electricity and heating).Emission factors applied to Scope 1-3 GHG emissionsActivity data Applied emission factor sourceScope 1 GHG emissions: direct energy and refrigerants UK Department for Energy Security and Net Zero (DESZN)Scope 2 GHG emissions: electricity and district heating (location-based) International Energy Agency (IEA)Scope 2 GHG emissions: electricity and district heating (market-based) Supplier-specific, International Energy Agency (IEA)Scope 3 GHG emissions: packaging materials Sphera (Thinkstep), Ecoinvent 3.10, DESZN, supplier-specificScope 3 GHG emissions: agricultural ingredients Agrifootprint 6.3, Blonk, Quantis, Ecoinvent 3.10, DESZN, supplier-specificScope 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 EcoInvent 3.10Scope 3 GHG emissions: upstream transmission &amp; distribution losses, upstream generation, electricity consumption International Energy Agency (IEA)in upstream value chain, wastewater treatment, working from home and coolingScope 3 GHG emissions: upstream direct energy consumption, upstream transmission &amp; distribution losses, DESZNupstream generation working from home, transport, outbound logistics, employee commuting, purchased CO2Scope 3 GHG emissions: purchased water QuantisScope 3 GHG emissions: purchased fridges ADEMEScope 3 GHG emissions: non-core production and sales Carlsberg value chain EF1Biogenic GHG emissions (outside of scopes): energy consumption DESZNBiogenic 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 in the prior year and covers value chain stages that are relevant to the brewing process. The value chain stages are: sourcing and cultivation of agricultural materials, malting, brewing (energy consumption), sourcing of primary &amp; secondary packaging, and transport &amp; 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 material on a regional basis.WATER AND MARINE RESOURCES E3OVERVIEWWater plays a vital role in our production processes and is fundamental for cultivating the barley and grains we rely on. Increasing pressures from climate change and rising populations are intensifying challenges for water resources globally, especially in regions identified as high-risk areas. In our 2025 double materiality assessment, we reaffirmed water as a priority, highlighting three material impacts: the substantial use of water for cultivating raw materials; water required for beverage production; and water stewardship and replenishment initiatives in areas facing elevated water stress. The following section explores these impacts further and outlines the corresponding policies, objectives and actions we have implemented to address them.KEY POLICIES• Environmental Policy• Supplier &amp; Licensee Code of ConductTARGETSBy 2030• Water usage efficiency of 2.0 hl/hl globally and 1.7 hl/hl at breweries in high-risk areas • 100% replenishment of water consumed at breweries in high-risk areasOur material impacts, risks and opportunities SBM-3Material impacts, Description Value chain stages Time horizon Impact, risk or risks and opportunitiesopportunityWater consumption for cultivation of The farms we source our agricultural ingredients from consume a significant amount of water. This water n n n n nNegative impactcropsconsumption could worsen water stress, especially in areas of high water risk.Water consumption for beverage We consume water to produce our beverages, and this consumption could worsen water stress, especially n n n nNegative impactproductionin areas of high water risk.Water replenishment and stewardship We take part in water replenishment and stewardship programmes in the river basins of a number of our n n n nPositive impactprogrammesproduction sites located in areas with high water risk. These programmes aim to increase access to water in local communities and improve biodiversity and ecosystem health.Impact, risk and opportunity assessment IRO-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 our IRO related to water consumption for the cultivation of crops are covered in E4. Our ZERO Water Waste efforts are based on a robust understanding of the water risks facing our production sites and key crops. High-risk areas were identified by an assessment, finalised in 2025, using the WWF’s Water Risk Filter tool. The assessment looked at three types of water risk: physical, regulatory and reputational. We then applied our operation’s growth expectations and production volumes.In addition to our water efficiency programme within our own operations, we work closely with NGOs on our replenishment projects. These organisations 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. Our current water replenishment partners include WWF, WaterAid, Tap Effect and Water.org. The water replenishment impacts are verified by the external consultant Limnotech.Policies E3-1Our 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 &amp; 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 59.Targets and actions E3-3; E3-2Addressing our water footprint 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 targets related to water drive our continuous action in these areas. There are two ZERO Water Waste targets, detailed below. For information on how our targets are based on the views of our stakeholders, see page 53.To learn more about our methodology and other additional details for these targets, please see the corresponding accounting policies to the right and next page.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 an ambitious target to reduce the hectolitre of water usage per hectolitre of beverage produced to 2.0, with production sites in high-risk areas having an even more ambitious target of 1.7. This target applies to all production sites. External warehouses and offices not connected to a production site are not in scope. The target was set in 2017 based on internal subject matter expertise and the technological feasibility available at the time. 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.  While biodiversity impacts, dependencies, risks and opportunities are not a primary focus for our water efficiency target, efficiency gains could indirectly reduce negative impacts on biodiversity in water-stressed areas. Efficient water consumption for beverageproductionAt Group 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 strong focus on the 18 production sites in high-risk areas. These sites are described in more detail under target 2. 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 target in 2015.The overarching factors that affect our global water efficiency are the establishment of a culture of water savings, shifts in production volumes by region, and the age and modernisation levels of our production sites. Key actions in 2025 to further ingrain water efficiency into our ways of working included ongoing optimisation of cleaning in place (CIP) procedures, hot water balancing, deaerated water (DAW), water reduction and cooling tower water savings. During the year, we also rolled out to all markets a water efficiency optimisation tool that helps to prioritise interventions and activities based on investment cost, water savings, payback period and more. This tool offers markets clear guidance on how to best prioritise interventions in a cost-efficient way that maximises water savings. With this global tool, we are also able to maintain a helicopter view of initiatives, and spot if there are any markets where opportunities are not being capitalised on, and take action accordingly. This tool offers a structured way to build our local roadmaps by identifying best practices from a list of over 250 individual initiatives.Performance against targetIn 2025, our water usage efficiency was 2.3 hl/hl globally and 2.0 hl/hl at sites in high-risk areas. Excluding acquisitions, this was 2.4 hl/hl globally and 2.2 hl/hl at sites in high-risk areas. This represents decreases of 2% and 3% respectively compared with 2024, and decreases of 33% and 46% respectively compared with our 2015 baseline. This was achieved through water efficiency improvements in our Chinese operations, particularly our Foshan Brewery, and through continued focus on best practice implementation across the Group. The acquisition of Britvic brought an increased volume of soft drinks production, which contributed to a strong overall performance on our water efficiency, as soft drinks production is less water-intensive than fermented production.3Our total water usage amounted to 30 million m in 2025. 3Excluding acquisitions, this figure was 26 million m,a 6% 3decrease from 27 million m in 2024. We are satisfied with our performance in 2025, but there remains more work to be done. We are confident we will continue to achieve further water efficiency gains across operations.Performance on target 1 (hl/hl)Performance Baseline2025 2025* 2024* 2015* Δ*Water usage efficiency 2.3 2.4 2.5 3.6  -33 %(global)Water usage efficiency (high-2.0 2.2 2.2 4.0  -46 %risk areas)* Excluding acquisitions; see financial statements section 5.1 (pp. 148–151) for excluded entities.Accounting policiesWater usage is calculated as the total water intake at production sites minus sold water. Sources of water intake include water from municipalities, own boreholes, surface water and other minor sources. Water usage efficiency is the water needed at Carlsberg breweries to produce a hectolitre of beverage and is calculated as the ratio of total water usage at production sites (hl) divided by the total packaged beverage production volume (hl).Production sites in areas at water risk and/or with high water stress are identified by conducting a detailed water risk assessment using the Water Risk Filter tool from WWF. The assessment includes three types of risk: physical, regulatory and reputational. The latest assessment was conducted in 2025 to include newly acquired sites.TARGET 2: 100% replenishment of water consumed at breweries in high-risk areas by 2030This 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.The 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 assessment was updated in 2025 based on data from 2024, and resulted in an additional site – Carlsberg Britvic’s facility in Rugby, UK – being added to the list of priority high-risk sites, bringing the total to 18. The addition of a site in Western Europe reflects the increasingly global nature of water challenges. The 17 remaining high-risk sites from the 2020 assessment are: Alwar, Aurangabad, Dharuhera, Hyderabad, Gorkha, Kolkata, Mysuru and Paonta Sahib in India; Sihanoukville in Cambodia; Vientiane Brewery in Laos; and Changzhou, Dazhulin, Korle, Kunming, Ningxia, Urumqi and Wusu in China. Water replenishment and stewardshipTo address this target, we undertake projects to replenish the same amount of water we consume at production sites in high-risk areas.Our water replenishment projects can be categorised as either recharge or availability projects. Recharge 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 support the long-term availability of water in our regions with water scarcity. Availability projects improve access to and availability of safe drinking water and sanitation. Water replenishment projects will be continuously implemented until we achieve our target. Subsequently, these projects will be maintained and monitored to ensure they continue to provide the full amount of replenished water to local communities.In 2025, we established new availability projects with Water.org related to three priority high-risk locations in northern India, detailed in our case study to the right. In collaboration with WWF, in 2025 we reactivated a recharge project in Nepal and prepared for another recharge project near our Ningxia Xixia Jianiang Brewery in China, which we plan to implement beginning in 2027. Lastly, we have expanded or continued projects with NGO partners at another nine locations (four in India, three in China, one in Laos and one in Cambodia). 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, our partnership with WWF in China seeks to improve the wetland landscape to enhance the habitat of the black-necked crane, the world's only alpine crane species residing in high-altitude wetlands. Performance against target3In 2025, we replenished 1.46 million m of water in areas near our high-risk sites in India, China and Cambodia. Of this, 840 thousand m³ is considered part of our water replenishment target, with the rest being an overperformance that exceeds 100% of consumed water at production sites. We welcome this overperformance and its benefits to nature and local communities, but we do not include it in our target, which has a maximum achievement of 100% per site. Looking only at the amounts that align with our target, we replenished 23% of our consumed water at high-risk sites, with 4 sites achieving 100% replenishment in 2025. Excluding acquisitions, we replenished 32% of our consumed water at high-risk sites, which is an increase of 16 percentage points compared with 2024, and largely in line with our expectations. We had anticipated an even greater increase, but due to severe flooding in Laos, one of our replenishment projects was delayed.The acquisition of Britvic brings the aforementioned Rugby site to our list of sites in high-risk areas. We will begin planning replenishment work for this site in 2026. Performance on target 2 (%)Performance Baseline2025 2025* 2024* 2021* Δ*Replenishment of water  23 %  32 %  16 %  0 %  32 %pconsumed at breweries in high-risk areas* Excluding acquisitions; see financial statements section 5.1 (pp. 148–151) for excluded entities.Accounting policiesReplenishment of water consumed at production sites is the total amount of water replenished through off-site projects in high-risk areas relative to total water consumption at production sites in high-risk areas. These projects must be situated within the same river basin as the brewery, and multiple breweries in the same high‑risk basin may share a single off‑site replenishment project. 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, in 2025 we invested DKK 91.5m in CapEx and DKK 9.2m in OpEx. The investment in 2026 is expected to amount to DKK 120-160m in CapEx and DKK 5.5-7.5m in OpEx. This includes investment in new assets enabling improved water efficiency at production sites, cleaning of wastewater, management of water on-site and investment in water replenishment projects near sites in areas with high risk of water scarcity. Note that additional actions related to water efficiency are part of usual business operating costs or capital goods investments, and therefore not necessarily captured here. These costs are not specifically segmented in our accounting and are thus reported based on the general rules for financial reporting. Progress in actionPartnering for sanitation withWater.org Our newest partnership for water replenishment, signed in 2025 with work already under way, is with Water.org. This partnership aims to improve access to safe water and sanitation in communities across the Ganges River Basin, including the states of Haryana, Rajasthan, Uttar Pradesh and Bihar. It will enable access to 247 million litres of water and reach more than 112,000 people across the region with access to safe water or sanitation by 2028. Water.org helps tackle India’s water and sanitation crisis by making access affordable. Through its WaterCredit solution, launched in India in 2004, the organisation partners with microfinance institutions, banks and government programmes to provide small, affordable loans to families in need for water and sanitation improvements. This approach has enabled more than 30 million people to get access to safe water or sanitation.Other mandatory data disclosures E3-4Water consumption from own operations E3-4Unit 2025 2024Total water consumption million m³ 14 12Total water discharges million m³ 16 15Total water withdrawals million m³ 30 27Total water recycled and reused million m³ 1 1Water consumption in areas at water risk, million m³ 4 3including areas of high water stressWater intensity ratio m³ per DKK 152 162millionAccounting policiesTotal water consumption is calculated as the total water withdrawal at production sites minus discharged and sold water.Water recycled and reused is defined as water recycled from wastewater and used for a meaningful activity at production sites (including cleaning, irrigation, groundwater recharge and cooling).High-risk areas are as defined in the accounting policies for target 1 on page 68.Water intensity ratio is the total water consumption divided by total net revenue. The figure for total net revenue can be found in the income statement on page 102.Total water withdrawals cover all water intake at Carlsberg's production sites, including supplies from municipalities, own boreholes, surface water and other sources.Total water discharges is the volume of wastewater released from production sites, including discharges to the surrounding environment and to public or third-party treatment facilities, both prior to and following on-site treatment.All water intake figures are based on meter readings or invoices. Water consumption outside of production sites is excluded from the scope, as it is considered immaterial. Measurement uncertainty: As some sites lack water discharge metering, a portion of the reported discharge is based on estimates.BIODIVERSITY AND ECOSYSTEMS E4OVERVIEWBiodiversity and nature loss have become more apparent and better understood in recent years. As conventional agriculture production is a driver for these losses globally – and a major part of our value chain – we are committed to doing our part to reduce these impacts. Our DMA has identified one material negative impact in our value chain that relates to biodiversity and ecosystems, outlined to the right. In the following section we describe this impact in more detail, discuss the assessments we have performed to get a better understanding of its relationship to our business, and outline the policies, targets and actions we have in place to mitigate its effects.KEY POLICIES• Environmental PolicyTARGETSBy 2030• 30% of raw materials from regenerative agricultural practices • 30% of raw materials sustainably sourcedBy 2040• 100% of raw materials from regenerative agricultural practices• 100% of raw materials sustainably sourcedMaterial impacts, risks and opportunities SBM-3Material impacts, Description Value chain stages Time horizon Impact, risk or risks and opportunitiesopportunityImpacts from conventional agriculture Intensive conventional agricultural practices are used in the cultivation of the ingredients we source. These n n n n nNegative impactmethods can negatively impact biodiversity and ecosystems, and can affect soil health through activities such as tilling, and the use of pesticides and fertilisers. Impact, risk and opportunity assessment IRO-1; SBM-3Assessing our impacts on natureIn 2025, we updated and expanded the scope of our nature-related assessment to better understand both our impact on nature and our dependence on nature and ecosystem services. Starting with our impact on nature, we divided the task into two, looking at both our own operations and our upstream supply chain. Regarding our own operations, we analysed how we put pressure on nature at our production sites – for example, our water withdrawals and wastewater discharge, the quality of water leaving our sites, waste, our energy consumption and the physical footprint of our facilities. We also examined the condition of sites’ surrounding environments (also known as state of nature). For our upstream supply chain, we looked at where our largest volumes of raw materials are procured and analysed the location-specific life cycle assessment (LCA) factors associated with them, including land use, land use change, water use, eutrophication, ecotoxicity and soil pollution. This gave us a picture of the assumed pressure on nature from these materials in these particular areas. We then combined these findings with local state of nature indicators for these same areas, such as water availability, water pollution, soil pollution and land conversion. This combination of factors gave us a more complete picture of the potential nature impacts of our supply chain. Key resultsBased on the boundaries of the impact assessment, we concluded that there are no material impacts on nature stemming from our own operations. However, we did identify impacts related to particular raw materials in our upstream value chain. The implication of these impacts on the Group-level impact on nature will be assessed in the coming years. When we combined upstream pressures with the local state of nature we found that barley and aluminium cans are the main drivers of impact, followed by rice, sugar cane, corn and glass bottles. For barley, land use changes were identified as significant impacts in a few countries. Key Biodiversity AreasSeparate from, and in addition to, the nature-related assessment, we investigated whether any of our sites are in Key Biodiversity Areas (KBAs). KBAs are regions that have been determined to be of international importance in terms of biodiversity conservation. We did this using the WWF Biodiversity Risk Filter, and consulted the Biodiversity Intactness Index (BII) to assess the overall intactness of these environments. This review identified some of our sites as being in or near KBAs. This co-location does not indicate whether our site is impacting the ecosystem in that area, but it provides a first indication of where to prioritise further investigation at individual site level. We therefore plan to investigate these sites further to determine whether they contribute to the deterioration of natural habitats or disturb species, or if biodiversity mitigation measures are needed. Current mitigation and next stepsOur Environmental Policy and existing actions, for example those related to regenerative agriculture and water replenishment, seek to ensure that we comply with local regulations and our own internal standards to identify and control environmental risks, including those related to nature. In the event of an emergency, our crisis management teams are prepared to respond appropriately. Each site is required to communicate with local communities and emergency services, ensuring they have the information needed for effective community-level response planning, as outlined in our Health and Safety Policy. As part of our next steps, we will also investigate our potential impact on threatened species. Although we have checked for our presence in areas with a low Biodiversity Intactness Index – which suggests biodiversity is already compromised due to human pressure – we have not determined whether our operations have contributed to this situation. As we continue to improve our understanding of our real and potential impact on nature through more detailed and site-specific assessments, we will continue to assess whether changes or updates to our policies, targets or actions are necessary.Assessing our dependence on natureTo better understand our dependence on nature, we took a similar approach to that in our nature impact assessment, looking at our own sites and our upstream supply chain to map where we rely on nature and to what degree. For example, we rely on sufficient availability of clean water to source the water needed for beverage production, and on consistent rainfall patterns, soil retention capabilities and crop yields to procure our ingredients. We mapped these dependencies – and many more – and combined them with metrics that indicate our specific nature dependence at our own sites and in key supply chain locations, such as water withdrawals, crop yields and agricultural land use. Assessing our physical risks related tonatureBased on this analysis, we identified several physical risks related to nature – such as water stress, drought frequency, water pollution and soil erosion. We did not consider systemic risks, such as global pollinator decline, in this scope. For transition risks (i.e. the risk that society makes a transition towards net zero, but our business lags behind), we focused on areas such as regulatory changes, market shifts and consumer preferences, reputational concerns and technological developments, following the Taskforce on Nature-related Financial Disclosures (TNFD) framework. We also gathered input from workshops and internal subject matter experts to assess how seriously these risks could affect us. We will continue to investigate and gain insight into potential financial impacts in the coming years.  In parallel to this process, we engaged with a wide range of stakeholders – both inside and outside the company. This included NGOs, local communities (especially those involved in water replenishment projects) and farmers working on the transition to regenerative agriculture. Their feedback gave us valuable insights into both the positive and negative impacts of our activities, and these perspectives were incorporated into our updated assessment.Resilience analysis E4-1MethodologyBased on the findings of our nature-related assessment, particularly our physical risks related to nature, we sought to understand how resilient our business is to these potential physical risks. With support from external nature consultants and workshops with Carlsberg Group employees from various sustainability roles, we therefore performed our first resilience analysis focused on the current situation at 12 of our own production sites, as well as four key raw material categories, namely barley, rice, sugar cane and corrugated paperboard. Sites and material categories were selected based on the results of the nature-related assessment and their strategic importance to the business. The resilience analysis assessed how both selected production sites and key raw materials withstand nature-related risks by combining each site or material’s inherent nature-related risks, as identified in the nature assessment, with their resilience capacity – or the ability of existing actions to reduce risk exposure. Together, these factors yield a residual risk. This assessment produced a consistent framework to identify where adaptation and mitigation efforts are most needed – both at our own production sites and in our upstream supply chain.Key resultsWe did not find any critical nature-related risk exposures within our own operations; however, some of our sites are exposed to nature-related risks due to the conditions of their nearby water basins. The most significant risks were found upstream in our value chain, where the nature-related risks of fluctuations in crop yield and water stress in agricultural production regions could potentially affect our supply chain security and cost stability. About 15% (by weight) of Carlsberg’s raw and packaging material volumes are highly exposed to nature-related risks, including barley, rice, sugar cane and corrugated paperboard, requiring further mitigating actions to be implemented. We recognise these nature-related risks have a significant overlap with the material risks to our business of supply chain instability caused by climate change. The financial materiality of these specific nature-related risks at Group level, and their connection to climate-related supply chain risks, will be further investigated in 2026 and beyond. Policies E4-2Through our ESG programme targets, our partnerships, our advocacy work and more, we encourage farmers and suppliers to adopt regenerative agricultural 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, land use changes and total agricultural carbon emissions. 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. Social consequences of biodiversity, ecosystem-related impacts and biodiversity and ecosystem protection standards in or near biodiversity-sensitive areas are not addressed in our Environmental Policy. Details of the policy can be found in section E1-2 on page 59. Targets and actions E4-4; E4-3Addressing our farming footprintOur targets related to agriculture encompass our aim to reduce GHG emissions and other negative environmental impacts by promoting regenerative agricultural practices and sustainable sourcing of raw materials. Our company-specific approach to regenerative agriculture is aligned with the Sustainable Agriculture Initiative’s (SAI) Regenerating Together Framework, albeit with more specific requirements for certain crops, such as barley. The framework provides companies in the food and beverage industry with a set of processes and principles to grow and source regenerative raw materials, and can be incorporated into farming protocols based on the specific conditions of the given location. This makes it possible to account for agro-ecological and socioeconomic differences between farming systems. As the standards and definitions of regenerative agriculture continue to evolve, we will ensure that our principles are aligned with the SAI Regenerating Together Framework. In both the Regenerating Together Framework and the specific requirements we have outlined for barley, GHG emissions reduction is expected to come from reduction of fuel usage at farm level due to low or no tilling, reduced fertiliser usage due to healthier soils and a more stable yield over time compared with conventional farming. We look forward to further alignment with the Regenerating Together Framework in 2026. Our targets aim to minimise our footprint on nature and do not rely on offsetting. These targets contribute to the Environmental Policy’s objective of reducing GHG emissions and improving resilience.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 targets are based on the views of our stakeholders, see page 53. There are two targets related to our farming footprint. 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 2040We have set a target that 30% of our 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, syrup, corn and hops. Sourcing raw materials from regenerative agricultural practicesDriving a transition to regenerative agriculture is not a simple or straightforward task. It requires a number of interventions both within our business and across our broader value chain. Two of the primary areas we are focused on at the moment are formalising our principles of regenerative agriculture in alignment with leading global frameworks, and executing strong collaboration and partnerships to pilot and expand our approach throughout our raw material value chain. 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 in the future, as well as the need to engage closely with our local teams, experts and our suppliers to understand the local regenerative agenda. In the markets where we are piloting regenerative agriculture projects, we collaborate closely with the individual farmers participating in the projects, either directly and/or together in collaboration with our suppliers. Our principles of regenerative agricultureIn collaboration with agricultural consultancies, we have developed and defined a set of key principles of regenerative barley production that form the basis for our work with our suppliers across our markets. Aligned with the SAI Regenerating Together Framework, these relate to low or no tilling, use of cover crops, crop rotation, and minimal use of fertiliser and pesticides.These principles outline the minimum standard, and in many of our markets we are working with suppliers on creating even more beneficial conditions for soil. In Denmark, for example, our requirement regarding insecticides is even stricter, as they are not permitted on the fields growing barley that will be supplied to Carlsberg. In addition to these principles, farmers can further enhance biodiversity on their initiative by creating field margins for insects, restoring soil with compost or organic fertiliser, and integrating livestock where possible.Based on the principles, we can categorise the farmers who supply barley to Carlsberg into three levels according to how many principles they follow: engaging, advancing and leading (described further in the accounting policies on the following page). We then work with them, either directly or via our suppliers, to understand their current approach, share research, participate in meetings of local networks and onboard them to our targets. This allows us to effectively engage as many parties as possible in the transition to regenerative methods, as each farmer can start small and gradually implement more regenerative principles until all principles are met. 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 a primary focus on barley farming in Western Europe in 2025. During the year, we also began outlining our approach to the transition of other key raw materials to regenerative principles, including sugar beets and rice. Developing partnerships and piloting our approachWe are continuing to expand a range of approaches to regenerative agriculture in markets across Europe. • In the UK, we continued working with farmers to brew Carlsberg Danish Pilsner with 100% regenerative barley by 2027. In 2025, 27% of the barley procured was through regenerative practices. • In Finland, KOFF’s Christmas Beer continues to incorporate barley grown with some regenerative principles, work it has been doing since 2021. • In France, 70% of the barley for our Kronenbourg 1664 Blonde beer is derived from grains grown using some regenerative practices, up from 50% in 2024, with a newly signed agreement accelerating this further in future years. • In Denmark, we signed an agreement in 2024 to purchase up to 500 tonnes of regeneratively grown malting barley for roughly 3.3 million litres of beer. After a successful harvest in 2025, this agreement was expanded to cover 20,000 tonnes of regeneratively grown barley. This barley went into malt for Denmark, Norway and Sweden during 2025 and will continue into 2026.In addition to these markets, we are also undertaking projects that work towards the requirements of regenerative agriculture. In Laos, we continue to expand a project that reduces the use of chemical fertiliser and promotes the practice of alternative wetting and drying of rice paddies. Since it began in 2023, this project has  expanded from 100 to 900 hectares and from 35 to 450 farmers. The procurement changes necessary for the adoption of regenerative agricultural sourcing are to be accelerated gradually over the coming years. With approved roadmaps and associated budgets, as well as learnings from 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. Progress in actionAccelerating the transition to regenerative farming in France In 2025, Brasseries Kronenbourg, Carlsberg’s French business, signed a new multi-year contract with grain suppliers Soufflet Malt and Soufflet Agriculture (InVivo Group) for the 2026 and 2027 barley malt harvests. This agreement guarantees that, from 2026, 1664 Blonde beer will be made with 100% traceable barley malt and incorporate regenerative agricultural practices, including soil protected by plant cover, low-carbon fertiliser, crop diversification and active preservation of biodiversity. Under the agreement, 216 farmers covering more than 5,800 hectares are now committed to a regenerative transition, up from 45 in 2022. Engaging consumers in this journey has also been a cornerstone of the project since it began in 2022. So far, more than 400,000 consumers have scanned the QR code affixed to bottles and packs of 1664 Blonde allowing them to track the journey of the barley malt in their beer from field tobottle.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 the 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 or Bonsucro certification 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, which in turn reduces 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 or Bonsucro certification. This gives us an understanding of the work required to achieve our target. Performance against targetsIn 2025, 27,600 tonnes – or 2% – of procured raw materials were grown according to engaging, advancing or leading regenerative principles, up from approximately 12,000 tonnes in 2024. Of this, more than 7,000 tonnes – primarily malting barley – was grown according to leading regenerative principles. While this is less than 1% of our total share of raw materials, it is a eleven-fold increase on 2024. We remain in the ramp-up phase of this target’s progress, and with time lags of 2-3 years between implementation and visible results, this performance is in line with our expectations. We remain confident we will reach our target, as scale will be achieved through partnerships within the farming value chain, including cooperatives and key suppliers. We believe the foundational actions we are undertaking, as well as the movement within the broader industry, will yield a more significant improvement in this area in the coming years. We report that in 2025 5% of our raw materials was sustainably sourced. Data collection related to sustainably sourced raw materials remains a challenge and the actual percentage of raw materials that is sustainably sourced is likely higher. Excluding acquisitions, the figure is 4%. Due to this incompleteness of data, we are unable to assess our actual progress.Performance on target 1-2 (%)Performance Baseline2025 2025* 2024* 2021* Δ*Share of regeneratively  &lt;1   &lt;1   &lt;1   0  &lt;1%pgrown raw materials purchased (leading)Share of regeneratively  &lt;1   &lt;1   0   0  &lt;1%pgrown raw materials purchased (advancing)Share of regeneratively  1   1   1   0  1%pgrown raw materials purchased (engaging)Raw materials that are  5   4   0   0  4%psustainably sourced* Excluding acquisitions; see financial statements section 5.1 (pp. 148–151) for excluded entities.Accounting policiesThe share of regeneratively grown raw materials purchased is calculated as the weight of regeneratively grown materials divided by the total inflow of biological raw materials. The weight of regenerative materials includes both physical deliveries to our sites and certified volumes allocated through a mass-balance approach. The total inflow of biological materials includes malt, barley, wheat, rice, sugar, syrups, corn and hops. To determine what is regeneratively grown, six main criteria and 11 additional criteria are applied to malt, barley and wheat farmers. Farmers are classified into three levels of regenerative practices: engaging, advancing and leading. This naming convention is derived from and has been verified by the 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 fulfil three out of the six main requirements as well as at least one additional requirement, whereas leading farmers must fulfil four out of the six main requirements as well as at least one additional requirement.Main 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 (e.g. 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, for example, compost or biochar added in significant quantities; (4) Livestock integration: livestock grazing or use of manure application that corresponds to 20% of the fertiliser demand; (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.Raw materials that are sustainably sourced is calculated as the weight of sustainably sourced raw materials divided by the total inflow of raw materials. Sustainably sourced materials are defined as those that are certified by valid third-party agencies, including the FSA for barley and Bonsucro certifications for cane sugar. The total inflow of raw materials is aligned with that applied for regeneratively grown materials.Current and future allocated resourcesIn 2025, we spent DKK 7.8m in OpEx on pilots to support the transition to regeneratively grown raw materials. In 2026, the procurement cost related to regenerative agriculture is expected to amount to DKK 13-17m in cost of goods sold (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. RESOURCE USE AND CIRCULAR ECONOMY E5OVERVIEWPackaging gets our beer safely to consumers and influences what they buy. But it is also responsible for half of our value chain carbon emissions, and cutting its climate impact is a priority to achieve our carbon reduction ambitions. 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 two material negative impacts in our value chain that relate to resource use and the circular economy. This section details these impacts further, as well as the policies, targets and actions in place to achieve our targets.KEY POLICIES• Environmental PolicyTARGETSBy 2030• 100% recyclable, reusable or renewable packaging• 90% collection and recycling rate for bottles andcans• 50% recycled content in bottles and cans• 50% reduction in virgin fossil-based plasticOur material impacts, risks and opportunities SBM-3Material impacts, Description Value chain stages Time horizon Impact, risk or risks and opportunitiesopportunityPurchasing of packaging materials We purchase a significant volume of packaging materials that rely on raw materials for production. n n n nNegative impactIntensive use of (both biological and mineral) virgin resources has a significant impact on nature and the environment, which could lead to resource scarcity.Post-consumer waste from packaging If not disposed of correctly, our packaging could end up in nature, including waterways and oceans, and n n n n n n nNegative impactmaterialslead to air and soil pollution through incineration or landfilling of materials.Impact, risk and opportunity assessment IRO-1As part of our DMA process, we held interviews with internal and external stakeholders, and conducted third-party research regarding resource use and circular economy. In these interviews, we discussed findings from our various product environmental footprint screenings. For example, to assess 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 (LCA) 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.Policies E5-1Reducing packaging waste is a key focus of our ESG programme, and 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 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 59.Targets and actions E5-3; E5-2Addressing our packaging footprintWe 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 the 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 this and all other targets are based on the views of our stakeholders, see page 53.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, and our actions in this area are focused on increasing the use of these types of material to minimise our environmental impact. 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. Key to achieving this target is improving the recyclability of our PET bottles. Actions that help us achieve this are investigating and analysing bottle colour composition for glass and PET bottles, alternative barriers for oxygen and carbon dioxide permeation in PET bottles and technical alternatives for light protection. In 2025, we continued an in-depth analysis of our primary packaging and improvement to our packaging-related data collection. Based on this increased awareness and understanding, we have further developed a roadmap of specific actions necessary 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.Performance against targetIn 2025, 95% of our packaging was recyclable, renewable or reusable, representing a slight increase from 94% in 2024. This development is driven by the increased recyclability of our PET bottles, and is visible both when including and excluding acquisitions. While we are satisfied with this result, given its high share, we are committed to transitioning the remaining 5%. Please see page 77 for a breakdown of our packaging mix by material type.Performance on target 1 (%)Performance BaselineRate of recyclable, reusable or renewable packaging 2025 2025* 2024* 2024* Δ*PET 84   73   68   68  5 %pAluminium  100   100   100   100   0 %pGlass  100   100   100   100   0 %pTotal   95   95   94   94   1 %p* Excluding acquisitions; see financial statements section 5.1 (pp. 148–151) for excluded entities.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 Resource outflows E5-5 on page 77 for definition.TARGET 2: 90% collection and recycling rate for bottles and cans by 2030 We have set a target to achieve a 90% collection and recycling rate for glass and plastic bottles, cans, and plastic and steel kegs by 2030. We measure progress by comparing sold beverages in each market with the recycling rate for each packaging type in that market.Our primary action to address this target is to promote and advocate for industry-driven non-profit consumer deposit return schemes (DRSs). By encouraging these schemes, we can create a higher level of resilience in our packaging value chain. High return rates maintain the high value of clean mono-materials in a closed recycling loop for beer and beverage packaging. This creation of circular material flows contributes to a future-proofed business model in a world with increasing material scarcity. Performance against targetIn 2025, our markets globally achieved an average collection and recycling rate of 75%. Excluding acquisitions, we observed a collection and recycling rate of 78% – a slight increase from 77% in 2024, and a 6 percentage point increase from our baseline in 2019. This performance was due to rising collection rates in Scandinavian markets and volume decreases in markets with less efficient recycling systems. Our performance since our 2019 baseline reflects positive developments in deposit return schemes and industry partnerships. It also underscores the importance of continuing the expansion of these collection and recycling systems.The inclusion of Britvic resulted in a lower total recycling rate due to their relatively higher use of PET, which is the material with the lowest recycling rate. Please see page 77 for a breakdown of our packaging mix by material type.Performance on target 2 (%)Performance BaselineRecycling rate 2025 2025* 2024* 2019* Δ*PET 58   63   61 ⁱ  56  7 %pAluminium  76   79   79 ⁱ  77   2 %pGlass  81   82   82   79   3 %pTotal  75   78   77 ⁱ  72   6 %p* Excluding acquisitions; see financial statements section 5.1 (pp. 148–151) for excluded entities.ⁱ We have restated the 2024 figure from 76% to 77% due to improved data sources for collection rates.Accounting policiesThe recycling rate is collected on a market basis and weighted based on production volume. Where reusable glass bottles are lost in the market, we assume the standard recycling rate for glass in the country.Progress in actionChampioning deposit return schemes across our marketsFor years, we have been active in developing recycling and DRSs in many of our markets, and there are now consumer-facing systems in place in 11 of our production markets – Denmark, Sweden, Norway, Finland, Estonia, Lithuania, Latvia, Germany, Croatia, parts of Canada and Poland – as well as B2B deposit return systems in markets such as China and Laos. Poland was our most recent market to launch a consumer-facing DRS, coming into force in 2025. In many cases, these systems have transformed the recycling and reuse infrastructure in a country, with significant improvements in return rates for bottles and cans achieved in all four Nordic and all three Baltic countries. We are actively engaged in discussions regarding DRSs in the UK, Bulgaria, France, Greece, Italy, Singapore and Serbia. In 2026, we hope to see some of these systems up and running. Looking to the future, 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. TARGET 3: 50% recycled content in bottles and cans by 2030In 2022, we set the target 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. As increasing the share of recycled content is one of our primary actions to reduce the use of virgin fossil-based plastic in our packaging. Please see target 4 for information on actions undertaken in 2025.Performance against targetIn 2025, 51% of the content in our bottles and cans comprised recycled materials, achieving our 2030 target five years ahead of schedule. This performance is an increase of 5 percentage points on 2024. Aligned with our expectations, this progress reflects our commitments to create a more circular value chain. The development is primarily driven by an increased use of recycled PET in our Eastern European markets and recycled aluminium and glass in a number of our Asian markets. The inclusion of Britvic resulted in a higher share of recycled content for both PET and aluminium, but the share remained stable for total bottles and cans due to the relatively higher production volume in PET, which is the material with the lowest recycled content share.Performance on target 3 (%)Performance BaselineRate of recycled content 2025 2025* 2024* 2019* Δ*PET 26   22   20 ⁱ  4  18 %pAluminium  58   55   49   41   14 %pGlass  60   60   54 ⁱ  36   24 %pTotal  51   51   46 ⁱ  29   22 %p* Excluding acquisitions; see financial statements section 5.1 (pp. 148–151) for excluded entities.ⁱ We have restated the 2024 figure from 43% to 46% due to erroneous classification of input data discovered after publication.Accounting policiesThe 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. Recycled content is defined as materials that have been reprocessed or recovered after consumer usage with the consumer being either a downstream customer (industry) or end-consumer.TARGET 4: 50% reduction in virgin fossil-based plastic by 2030We 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 (rPET) or polyethylene furanoate (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.An example of a market where the increase in rPET is well under way is Sweden. Carlsberg Sweden’s ambition related to rPET goes back to 2019, when it introduced bottles made with 50% rPET for its full carbonated soft drinks (CSD) and still drinks portfolio. By working closely with suppliers and partners, it took this ambition even further in 2025, accelerating the transition of all CSD and still drinks plastic packaging to 80% rPET, the highest share allowed by the Swedish deposit return scheme. This transition is expected to be complete in early 2026. Addressing both target 3 and target 4, actions and innovations such as this minimise the need for virgin materials and contribute to our policy objectives of reducing consumption of packaging materials and promoting their reuse and recycling. Performance against targetIn 2025, we used 88 kt of virgin fossil-based plastic in our primary packaging materials. Excluding acquisitions, this figure was 56 kt, representing a 4% decline in the use of virgin plastic since 2024 and a 7% decline since our baseline of 2019. This development was driven by increased use of rPET in Eastern European markets and is in line with our expectations. Given our strong performance in increasing the share of recycled content in our bottles and cans, we believe we can continue to accelerate the reduction in virgin fossil-based plastic in the years ahead. The impact of the acquisition of Britvic is the inclusion of a large portion of PET, 74% which was sourced from virgin sources. Performance on target 4 (kt)Performance Baseline2025 2025* 2024* 2019* Δ*Absolute virgin plastic use 88 56 58ⁱ 60  -7 %* Excluding acquisitions; see financial statements section 5.1 (pp. 148–151) for excluded entities.ⁱ We have restated the 2024 figure from 48 kt to 58 kt due to erroneous classification of input data discovered after publication. Accounting policiesVirgin plastic use is calculated as the weight of virgin plastic purchased. For primary packaging, this includes plastic bottles and kegs. For secondary packaging, this includes shrink film and hi-cones. Virgin plastics are defined as those not purchased as recycled or reused materials (see accounting policy on “Total weight of recycled or reused materials” in Resource inflows E5-4 on page 77 for definition).Packaging mixPackaging mix (%) 2025 2024gCans  38   36 gRefillable glass bottles (RGBs)  26   30 gNon-refillable glass bottles (NRGBs)  8   10 gPET bottles  22   16 gKegs  5   6 gBulk  1   1 gOther  &lt;1   &lt;1 Accounting policiesPackaging mix is the share of total production volume of beer and soft drinks packed in primary packaging types. This is calculated as the volume (hl) of beverage produced in a packaging type divided by total production volume.Current and future allocated resourcesIn 2025, we invested DKK 292m in OpEx in the purchasing of recycled packaging materials, primarily rPET. In 2026, the investment is expected to amount to DKK 336-448m in OpEx. 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 disclosures E5-4; E5-5Resource inflows E5-4Unit 2025 2024Total weight of products and biological kt 3,574 3,616materials usedTotal weight of recycled or reused materials kt 832 774Share of recycled or reused materials %  23   21 Share of biological materials that are %  5  0sustainably sourcedResource outflows (%) E5-52025 2024Recyclable content in packaging  95   96 Note: Products in scope include the following primary packaging categories: glass bottles, aluminium cans, PET bottles and plastic kegs (DraughtMaster). For more information on our product outflow, see the Our business model section on p. 50.Accounting policiesTotal weight of products and biological materials includes agricultural ingredients (adjuncts, ingredients and process materials) and packaging materials (aluminium, glass, plastics, steel and cardboard). The inflow is 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. The share of reused or recycled content is calculated as the weight of recycled and reused materials divided by the total material inflow. The inflow of recycled content includes primary, secondary and tertiary packaging materials. For the definition of recycled content, please see the accounting policies for recycling rate on page 75.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 policies for share of raw materials that are sustainably sourced on page 73.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 global approach. For PET materials, an assessment is conducted on colour and barrier properties. Aluminium, cardboard and glass are assumed to be 100% recyclable.Measurement uncertainty: For the indicators above, measurement uncertainties are present. This is because weight information for agricultural ingredients and packaging materials is sourced from procurement reports, where factors for converting the standard unit of measurement to weight are not always available. Where conversion factors cannot be obtained, Carlsberg applies estimated factors based on material-specific regional averages. Also, where supplier-specific data on recycled content is not available, a proxy based on available data from other suppliers is applied.OWN WORKFORCE S1OVERVIEWThe roughly 37,000 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 closely with them. Our commitment to a Growth Culture underpins how we care for our people and sets our overall ambition to pursue excellence, act with compassion and empower each other to grow.Our DMA identified three material negative impacts related to our own workforce. All employees and contractors are potentially subject to these impacts and are included in the scope of our disclosure. We found no significant risk of forced or child labour in our operations, and our climate transition plan is not expected to negatively impact workers in a material way. 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. KEY POLICIES• Health &amp; Safety Policy• Diversity, Equity &amp; Inclusion Policy• Human Rights PolicyTARGETSBy 2030• Reduction in injury rate year on year• Zero lost-time injuries • 40% women in senior leadership rolesMaterial impacts, risks and opportunities SBM-3Material impacts, Description Value chain stages Time horizon Impact, risk or risks and opportunitiesopportunityHealth and safety Health and safety incidents occur at Carlsberg related to production and distribution processes and in our n n n n n nNegative impactsales operations. Incidents could occur anywhere in the business without a robust programme and culture to prevent them. Impacts range from minor to severe physical injury, with a potential risk of fatalities.Gender disparity in senior management We have an unequal representation of genders in senior management, which can lead to disparities in the n n n nNegative impacthiring, training, pay and promotion of women in the workplace. This issue could potentially affect all markets.Working conditions in our own Employees and contractors may be subject to working conditions that are non-compliant with local n n n n n nNegative impactworkforce regulations and/or Carlsberg policies, including harassment and discrimination, overtime, inadequate wages and infringement of the right to freedom of association. These impacts could have a negative effect on the ability of employees and their dependants to meet their basic needs. Policies S1-1Our 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 are publicly available online. Health &amp; Safety PolicyOur Health &amp; 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.  A substantial engagement process was undertaken in the development and launch of the policy, with consideration and involvement of key stakeholders, both internal and external.The policy was revised in 2025 to create a clear connection between our Growth Culture principles and our Zero Accidents vision. In addition, the standards that underpin the policy are continually reviewed and updated to ensure they remain best in class. Any updates to the standards are communicated in both online and offline forums in order to reach all workers, including those without intranet access. 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. The EVP, Integrated Supply Chain is the most senior executive responsible for implementing the policy.  Diversity, Equity &amp; Inclusion Policy Our Diversity, Equity &amp; 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 ensure all our people feel included and able to show up as their best selves at work. We define diversity in terms of gender equity; LGBTQ+ and allies; culture, ethnicity and nationality; age and life stages; and diverse abilities (visible and invisible). The policy specifically seeks to manage the material negative impacts of unequal representation of genders in senior management.The policy was developed using both employee feedback gathered via the annual My Voice employee survey and other engagement sessions conducted across the Group. The policy was updated in 2025 to include greater focus on DE&amp;I governance, behaviours, and supporting tools and resources.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 People &amp; Culture Officer (CP&amp;CO), 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.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 dedicated resources and subject matter experts, drives our human rights due diligence process.Furthermore, our Human Rights Manual provides extra guidance to relevant employees on how to implement and enforce our policy commitments in real-life situations.Monitoring compliance with our Human RightsPolicyWe have three methods to monitor compliance with our Human Rights Policy across the value chain: • 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.• Third-party audits of high-risk suppliers, most notably SMETA audits carried out through Sedex (discussed in the following section). • Internal human rights audits, covering our own operations, including the working conditions of brand promoters and third-party employees working on our premises. 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: annually assessing and prioritising impacts, implementing mitigation action plans based on assessment findings, tracking progress against the action plans, and communicating our efforts.For more information, please see our Human Rights Report.Engaging with stakeholders S1-2Proactive employee engagement Engaging with employees is an important element of our people strategy, and a way for us to bring our Growth Culture principles to life, 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. The Chief People &amp; Culture 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 actively gathers feedback to better understand employees’ experiences regarding topics including inclusion, workloads and work-life balance. 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: Each quarter, our Group CEO and the CFO share key business updates with employees and give them the opportunity to raise questions and concerns.• Market visits: Senior managers regularly visit local markets, providing employees with the opportunity for direct engagement and dialogue.• Employee Resource Groups (ERGs): ERGs are voluntary, employee-driven groups that come together to use their personal passion to make their workplace more inclusive. At Group level, one ERG is dedicated to gender balance and one to culture, ethnicity and nationality. Feedback from ERG activities is shared with People &amp; Culture (P&amp;C) to inform our diversity, equity and inclusion strategies. These groups also serve as a first sounding board for new developments within P&amp;C.• Global engagement campaign: A global engagement campaign asked our employees around the world to nominate a colleague who they feel embodies the principles of our Growth Culture. This campaign resulted in 1,000  submissions and five winners who enjoyed a trip to Copenhagen to meet with CEO Jacob Aarup-Andersen and other key leaders.• European Works Council: This standing forum discusses cross-border employee matters within the European Union. It includes a two-day annual conference, 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 2025 Council brought together 27 representatives from 15 markets. This was the Council’s 25th annual meeting.  • Onboarding and exit surveys: We are continuing to pilot onboarding and exit surveys in 11 markets, gathering input on what works well and where we can improve in our employeeexperience.An important complement to our engagement work is the training and development of our people. We do this by, among other things, upskilling employees through training sessions, which averaged 17.6 hours a year per employee in 2025.Monitoring the effectiveness of ourengagementTo gauge the effectiveness of our engagement efforts, we monitor several key metrics:• Engagement Survey: We monitor participation, engagement and satisfaction levels through our annual My Voice survey, and use the trends to inform adjustments to our engagement strategy. Through our survey provider, we are able to benchmark against nearly 1,300 companies across more than 150 countries. One of the engagement-related questions we benchmark against is how happy employees are working at their company. On this question, our colleagues scored an index of 82 out of 100 (based on weighted mean scores), which is 4 points higher than responses from the top 25% of companies answering this question. Our leaders review and take action on the My Voice survey result every year as an important part of our employee listening process.• ERG participation: We track participation levels in our ERGs, ensuring these groups remain active and effective in providing feedback.• Talent turnover and retention: Monitoring these metrics offers additional indicators of our engagement effectiveness• External benchmarks: We monitor global benchmarks of employee satisfaction and always seek to perform strongly among peers.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”.Targets and actions S1-5; S1-4Zero Accidents Culture Our Health &amp; 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 our targets are based on the views of our stakeholders, see page 53. Our two health and safety targets are presented in the following section. TARGETS 1 &amp; 2: Reduction in injury rate year on year and zero lost-time injuries by 2030The KPIs for these targets are the number of lost-time injuries (LTI) and the lost-time injury rate (LTIR). 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 LTIs 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.Nurturing 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 injuries 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 Health and Safety programme has three overarching strategic priorities, outlined below. Actions associated with the programme are ongoing and revisited on an annual basis. • Deeply ingraining a culture of health and safety in day-to-day behaviours across our entire workforce: To do this, we hold regular health and safety days with interactive workshops and strong leadership presence; run quarterly townhall meetings to share local priorities; conduct safety walks to maintain a focus on daily safety; and run a training programme for leaders that goes beyond compliance and incorporates coaching techniques to increase engagement and foster a safety mindset. • Ensuring zero fatalities and zero severe injuries: We are continuing to run our successful “Life Saving Rules espresso shot” micro-training sessions to maintain awareness of our Life Saving Rules and how they are met in real life, accompanied by posters, videos and other communication materials. • Consistently address risk exposure reduction: In 2025, we implemented a “Slip, trip and fall” standard, including on-site risk assessments and gap analysis. We train all employees on relevant work hazards, and we are continuing to spotlight risks related to other common injuries, including chemical hazards and driving. A crucial enabler of success in these areas is further developing the competence and expertise of health and safety teams through in-depth training modules and the introduction of sophisticated digital tools to promote safe behaviours. Our ultimate 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.Measuring impact and effectivenessWe 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 &amp; 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 targetsIn 2025, we recorded 122 lost-time injuries and a lost-time injury rate of 1.9. Excluding acquisitions, we recorded 79 lost-time injuries, representing a 16% decrease from 94 in 2024, and a 74% decrease from 302 in our baseline year of 2015. Also excluding acquisitions, we recorded a lost-time injury rate of 1.4, a 19% decrease from 1.7 in 2024 and a 69% decrease from 4.4 in our baseline year of 2015.Most of our markets reported a reduction in incident frequency and successfully lowered the severity of reported cases. These improvements are evident across most incident categories and are primarily driven by our targeted efforts to prevent slips, trips, and falls – demonstrating the effectiveness of our dedicated awareness campaigns and behavioural initiatives. We also experienced zero severe injuries and fatalities in 2025. Our organic development aligns with our expectations and underscores our long-term commitment to fostering a global culture of health and safety.The acquisition of Britvic has included a rise in absolute numbers, primarily due to the addition of approximately 4,400 employees. As part of this integration, we are actively embedding our ambitious health and safety culture and global standards across the organisation. Performance on targets 1-2Performance BaselineUnit 2025 2025* 2024* 2015* Δ*Lost-time injuries, # 122 79 94 302  -74 %own employeesLost-time injury rate 1.9 1.4 1.7ⁱ 4.4  -69 %rate, own employeesLost-time injuries, # 29 25 37contractors* Excluding acquisitions; see financial statements section 5.1 (pp. 148–151) for excluded entities.ⁱ The 2024 figure has been restated from 1.6 to 1.7 to reflect a revised FTE scope excluding external FTEs.Health and safety figures for Carlsberg employees S1-14Unit 2025 2024Employees covered by Carlsberg's health and %  100   100 safety management systemFatalities as a result of work-related injuries # 0 0and work-related ill healthRecordable work-related injuries # 206 190Recordable work-related injuries rate rate 3.2 3.4ⁱNote: Number of fatalities of contractors on Carlsberg sites caused by work-related injuries or work-related ill health is 0.ⁱ The 2024 figure has been restated from 3.3 to 3.4 to reflect a revised FTE scope excluding external FTEs.Accounting policiesLost-time injuries are injuries that result in absence from work for one or more days. All employees covered by our health and safety management system are also covered by our formal Health &amp; Safety Policy. See further information on page 78. Recordable work-related injuries includes the number of: fatalities; permanent disabilities, which are injuries leading to lasting impairment; lost-time injuries (LTI), which are injuries causing absence from work for one or more days; restricted work incidents (RWI), which are injuries where the individual can only perform restricted work for one or more days following the incident; and medical treatment incidents (MTI), which are incidents requiring medical treatment by a licensed health professional. The lost-time injury rate and the recordable work-related injury rate are both calculated as the number of cases per 1 million hours worked. The number of hours worked per year is calculated by multiplying the number of FTEs by a factor of 1,746 hours.The lost-time injury and recordable work-related injury metrics cover own employees, whereas the number of fatalities covers both own employees and contractors.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 2030As with all our ESG targets, this one was set based on extensive stakeholder engagement. Please see page 53 for more information on this process. To learn more about our methodology for this target, and for additional details, please see the corresponding accounting policies below. Last year, we achieved our interim target of 30% women in senior leadership roles by 2024. Our next interim target is 35% by 2027. These targets apply to all senior leaders globally (director level and above). Cultivating a diverse, equitable and inclusiveworkplaceThe foundation of our approach to diversity, equity and inclusion is strong business ownership of the topic and clear targets that guide our journey. We work towards these targets by offering training and instituting policies that support our vision; running dedicated talent programmes and equitable recruitment and promotion processes. We complement this work with ongoing awareness raising – through learning opportunities, webinars and celebrations of cultural events across our markets. Through the dialogues we engage in during these awareness campaigns, we are also able to identify improvements and plan future priorities and initiatives.Our approach to diversity, equity and inclusion 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 diversity, equity and inclusion agenda with actions to ensure that our business activities do not negatively impact our workforce. We monitor the effectiveness of our policies and actions via targeted questions in the annual My Voice employee survey, regular employee listening sessions, SpeakUp complaints, matters raised in Employee Resource Groups and outcomes of talent sessions, in which the CP&amp;CO and ExCom review potential promotions, leadership pipelines and risk of turnover among senior women leaders in each team. Some key programmes that support our strategic focus are: • DE&amp;I roadmaps: All of our markets have and execute on DE&amp;I roadmaps. These roadmaps lay out the locally specific actions to be taken in order to meet our global target. The roll-out of these roadmaps began in 2024 and was completed in 2025. The roadmaps are informed by local insights, including research papers commissioned for each market on the state of diversity and inclusion in their country, and are signed off by country managing directors and regional EVPs, ensuring senior stakeholder support. Roadmaps and their progress are evaluated yearly in Q1, and discussions are taken as to whether more support is needed. • Women’s Sponsorship Programme: This is an ongoing programme established in 2023 to develop identified women leaders to take on executive roles. In 2025, 13 women from across our regions and functions participated to better prepare them for success in senior leadership roles. The success of the programme is measured by monitoring promotions for participants over two years following the conclusion of the programme. • ExCom Mentoring Programme: This mentoring programme pairs ExCom members with identified women in manager and senior manager roles for a one-to-one mentoring programme to assist them with developing further in their career. 2025 was the first year of this programme, and it runs on an annual cycle with the ambition to continue in years to come. 16 women were selected for the programme in 2025.• Training: Our Leading Inclusively training is designed to expand all employees’ knowledge of diversity, equity and inclusion, to increase appreciation of the value of inclusion and to develop new habits that foster a more inclusive working environment. In 2025, this training was attended by 196 employees at our central office. • Pay Transparency dashboard: We continue to work with our internal Pay Transparency dashboard to monitor pay equity across positions, functions and levels. Our priority is to ensure there is equal pay for equal work. Initially for our Western European markets, it is now being rolled out in further markets, focusing on Central &amp; Eastern Europe.  This tool creates greater transparency on how our markets implement our Global Pay Principles – including, but not limited to, ensuring gender equity, allowing us to gather insights on any potential issues and supporting us in creating mitigating action plans. We work with this tool on an ongoing basis and especially with an annual focus on ensuring the annual salary review process continues to promote our principles of fairness and equality. 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 minimal, but we are aware this number does not measure equal pay for equal work and is heavily influenced by the geographic and functional composition of the workforce. We are therefore continuing to monitor on a granular level in each market.Performance against target In 2025, the representation of women in senior leadership continued to improve, with women accounting for 33% of senior leadership roles. Excluding acquisitions, the development was very similar, landing at 34%, representing an increase of 4 percentage points from 30% in 2024 and 6 percentage points from 28% in our baseline year of 2020. Our steady performance underscores the positive impact of our targeted actions and established processes. The percentage of women in ExCom remained consistent at 30% in 2025, up from 0% in2020. Progress in actionAccelerating action for gender equity in the UKIn the UK, the Be‑Empowered Network Group is driving meaningful progress towards greater gender equity by elevating female talent and increasing the visibility of women across the business. In 2025, the group led International Women’s Day celebrations across several sites, inspiring open conversations and personal pledges under the theme Accelerate Action. To spotlight women in senior leadership, the team also hosted a podcast exploring how collective leadership can advance gender equity.A powerful example of activation came on the International Day of Women in Engineering, where Carlsberg Britvic celebrated its brilliant female engineers. With women representing only 15.7% of the UK engineering workforce, the initiative aimed to challenge underrepresentation by showcasing authentic career stories – internally and on LinkedIn – to spark awareness, inspire young talent and encourage more women to pursue engineering.Gender split in senior leadership S1-9, performance on target 1Performance BaselineUnit 2025 2025* 2024* 2020* Δ*Female # 310 286 246%  33   34   30   28  6%pMale # 619 566 562%  67   66   70 Other # 0 0 0% 0 0 0Not reported # 0 0 0% 0 0 0* Excluding acquisitions; see financial statements section 5.1 (pp. 148–151) for excluded entities.Note: S1-9 data disclosure continues on p. 83.Accounting policiesSenior leadership is defined as employees at director level and above. The metrics reported are based on headcount at year-end. Gender pay gap (%) S1-162025 2024Gender pay gap  -3   0 Note: 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 FTEs divided by the average gross annual pay of all male FTEs. A negative percentage indicates that female employees earn more on average. Gross pay includes all fixed and variable components of compensation. Measurement uncertainty: Gross annual pay per FTE is partly based on forecast figures and certain components of remuneration that cannot be attributed to individual employees are split using an estimate, which causes measurement uncertainty. Working conditions in our ownworkforceHarassment and discriminationWe 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. Harassment is not identified to be a systemic issue at Carlsberg, but individual cases unfortunately can occur. We continuously offer training programmes to enhance awareness of how to avoid any type of harassment, and how employees can speak up and respond if it does occur. Key training programmes include our unconscious bias awareness training, which is available to all employees, inclusive leadership training, which is available to all people leaders and mandatory for our 350 most senior leaders, and sexual harassment awareness training, which is mandatory for all employees. We monitor participation in these training programmes to ensure that engagement remains strong. As with other employee-related actions, the My Voice survey helps us identify areas for improvement. SpeakUp cases are monitored and analysed to track the effectiveness of our policies and actions related to harassment prevention and response, and to prioritise future actions.  Remediating actions 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. OvertimeOur 2025 saliency assessment of potential human rights impacts found that excessive overtime is a salient issue among our workforce. This finding is supported by internal human rights audits and impact assessments. It is relevant for our hourly employees, and can occur for a number of reasons, including non-optimal organisation of shift patterns. Though we do not have targets related to the issue of overtime, we have instituted a number of actions based on the outcomes of our audits and assessments. A global action has been the 2024 update to our Human Rights Policy. Previously, the policy was not explicit in its description of the limits of working hours. By updating it to be explicit, we have made it easier for our markets to uphold the policy and monitor its implementation consistently through impact assessments and audits. We also launched a new global human rights e-learning training programme, which is mandatory for all employees. The training includes a case on working hours, spotlighting its importance to our human rights agenda. In markets where overtime was found to be a salient issue, more specific actions are also under way, for example changing shift patterns to avoid the risk of overtime and implementing overtime alert and approval systems so that requested overtime must be checked by a series of managers before it can be approved – limiting the risk of excessive overtime. While these concrete actions were implemented in certain markets in 2025, the monitoring of overtime remains an ongoing and continuous process.Collective bargaining and social dialogue We welcome collective bargaining and do not discriminate against anyone taking part. Our stance regarding collective bargaining is clearly set out in our global Human Rights Policy. Collective bargaining agreements are negotiated regularly at 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.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 annually in order to stay up to date and aware of any 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 the CP&amp;CO as needed. In 2025, 58% of our global workforce was covered by collective bargaining agreements. This represents a slight decrease of 3 percentage points compared with 2024, primarily due to the inclusion of Britvic UK.Collective bargaining and social dialogue (%) S1-82025 2024Percentage of total employees covered by collective bargaining agreements  58   61 Western Europe (excl. EEA)  34   49 CEEI (excl. EEA)  63   65 Asia  59   60 Percentage of employees covered by workers'  72   72 representatives1 An agreement signed with the European Works Council (EWC) is included in these figures.Accounting policiesCollective bargaining agreements covering Carlsberg employees include those signed by the Carlsberg Group or any of its entities, as well as agreements signed by an employee organisation of which the Carlsberg Group or any of its entities are members. Applicable workers representatives include trade union representatives elected in accordance with national legislation and practice, as well as other duly elected representatives who are freely elected by the workers of the organisation.Wage adequacy (S1-10) Every year, we gather data in all our markets regarding the lowest wage paid. This data is benchmarked against national minimum wages where available, and WageIndicator’s benchmark of living wages where national minimum wages were not available. In 2025, findings from this review again confirmed that we are paying all employees at or above the minimum wage or living wage, depending on the aforementioned data availability. If any areas of concern are identified through our data review, they are reported to the CP&amp;CO and action plans are developed to address any issues. 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. We track this wage 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 pay a competitive wage is reflected in our Global Pay Principles and is one of the ways we aim to create a positive employee experience. 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. In 2025, 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 91. Mandatory data disclosures. S1-6; S1-9Employee headcount by contract type, broken down by gender (#) S1-6Not 2025 Female Male Otherdisclosed TotalTotal employees 10,548 26,448 2 0 36,998Permanent employees 9,721 24,813 2 0 34,536Temporary employees 715 1,495 0 0 2,210Non-guaranteed hours 112 140 0 0 252employeesFull-time employees 10,010 26,045 1 0 36,056Part-time employees 538 403 1 0 942Not 2024 Female Male Otherdisclosed TotalTotal employees 8,819 23,771 1 0 32,591Permanent employees 8,186ⁱ  22,042ⁱ  0 0 30,228ⁱ Temporary employees 521ⁱ  1,537ⁱ  1 0 2,059ⁱ Non-guaranteed hours 112ⁱ  192ⁱ  0 0 304ⁱ employeesFull-time employees 8,406ⁱ  23,414ⁱ  1 0 31,821ⁱ Part-time employees 413ⁱ  357ⁱ  0 0 770ⁱ ⁱ The 2024 figures have been restated to reflect corrected employee classifications identified during this year’s reporting cycle. The number of non-guaranteed hours employees has increased by 171, and the number of part-time employees by 277. These employees were previously reported under other contract types, so the figures have been adjusted accordingly.Note: The corresponding financial reconciliation for FTE figures can be found on p. 158.Employee headcount in countries where Carlsberg has at least 50 employees representing at least 10% of its total number of employees (#) S1-6Country 2025 2024China 6,577 6,843United Kingdom  4,102 N/AEmployee headcount by gender (#) S1-62025 2024Male 26,448 23,771Female 10,548 8,819Other 2 1Not reported 0 0Total 36,998 32,591Employee headcount by age S1-9Unit 2025 2024Employees under 30 years old# 6,539 6,204% 18 19Employees between 30 and 50 years old# 22,316 19,466% 60 60Employees over 50 years old# 8,142 6,921% 22 21Employee turnover S1-6Unit 2025 2024Employees who have left Carlsberg # 6,084 5,077Employee turnover % 16 16Accounting policiesAll employee characteristics are reported based on headcount at year-end. Employees are classified by both contract type and working time. Contract types include: permanent employees, defined as those with a permanent contract (with consideration for local variations in definition); temporary employees, who hold a temporary contract; and non-guaranteed hours employees, who do not have a guaranteed minimum or fixed number of working hours. Working time is determined based on full-time equivalent (FTE) registration. Employees registered as 1.0 FTE are considered full-time, while those registered as less than 1.0 FTE are considered part-time. Gender is reported based on the gender stated by the employee, in accordance with local data protection regulations. 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.Grievance mechanisms and corresponding figures S1-17Unit 2025 2024Incidents of discrimination, including harassment # 45 39Complaints filed through channels for people in # 51 17own workforce to raise concernsComplaints filed to National Contact Points for # 0 0OECD Multinational EnterprisesFines, penalties and compensation for damages DKK 0 0as a result of the incidents &amp; complaintsConfirmed severe human rights incidents # 0 0connected to own workforceConfirmed severe human rights incidents # 0 0connected to own workforce that are cases of non-respect of UN Guiding Principles and OECD Guidelines for Multinational EnterprisesFines, penalties and compensation for damages DKK 0 0related to confirmed severe human rights incidentsConfirmed severe human rights incidents # 0 0connected to upstream and downstream value chain1Confirmed severe human rights incidents # 0 0connected to consumers and/or end-users1Note: No confirmed severe human rights incidents occurred within the 2025 reporting year. Since there have been no material fines, there is no corresponding financial reconciliation.  Figures are relevant to S2 and S4.Accounting policiesIncidents of discrimination, including harassment, include all substantiated cases of bullying and harassment, sexual harassment, discrimination and retaliation. The scope of reporting covers cases regarding own employees, recorded through the SpeakUp Line.Complaints filed through channels for people in own workforce to raise concerns includes any complaints related to the work environment and health and safety, but excludes incidents categorised under "discrimination and harassment", as these are reported as part of the above metric. The scope for reporting covers cases regarding own employees reported through the SpeakUp Line and the OECD National Contact Points. 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)). The scope of reporting includes cases regarding own employees 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. Incidents under investigation are not considered confirmed. Confirmed severe human rights incidents connected to our value chain and end-users are defined in the same way 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.Fines, penalties and compensation for damages includes any financial payments paid in relation to confirmed cases within the fiscal year.WORKERS IN THE VALUE CHAIN S2OVERVIEWWe rely on thousands of value chain workers across many industries and geographies to be able to run our business – from sourcing our raw materials, to marketing our products to customers and consumers, and to ensuring our packaging gets recycled. Our DMA identified two material negative impacts related to workers in our value chain. 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 our impacts on these stakeholders.  KEY POLICIES• Supplier &amp; Licensee Code of Conduct• Human Rights PolicyMaterial impacts, risks and opportunities SBM-3Material impacts, Description Value chain stages Time horizon Impact, risk or risks and opportunitiesopportunityWorking conditions in the upstream Upstream supply chain employees may be subject to working conditions that are non-compliant with local n n n n nNegative impactsupply chainregulations and/or Carlsberg policies. Negative impacts of these conditions on supply chain workers could include excessive working hours, inadequate wages or inadequate personal protective equipment.Working conditions in the downstream Downstream supply chain employees may be subject to working conditions that are non-compliant with n n n n n nNegative impactsupply chainlocal regulations and/or Carlsberg policies. Negative impacts of these conditions on supply chain workers could include excessive working hours, inadequate 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 &amp; Licensee Code of Conduct and the Brand Promoter Manual. The impacts on value chain workers may 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 consistently emerge across countries and industries. We have identified heightened risks in Malaysia and China, for example, particularly regarding labour management in the agricultural sector. We also recognise the risk of material negative impacts affecting brand promoters (such as discrimination and inadequate compensation) and workers in the informal waste sector of our downstream value chain, who are particularly vulnerable to instances of child labour, and harsh (extreme heat) and unsafe working conditions (safety hazards).    Policies S2-1Supplier &amp; Licensee Code of Conduct Our Supplier &amp; 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 UN Guiding Principles on Business and Human Rights, the UN Global Compact and the OECD Guidelines for Responsible Business Conduct.To make sure the SLCOC is adhered to and implemented by our suppliers, we use the Sedex platform and the Sedex Members Ethical Trade Audits (SMETA) methodology to monitor high-risk tier 1 suppliers. An essential part of the monitoring process includes in-person, confidential 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 and 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 act of 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 SMETA audits 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.Engaging with stakeholders S2-2Engaging 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.• New and existing high-risk 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.• If the questionnaire shows a potential risk to workers, we ask the supplier to undergo a SMETA audit, covering labour conditions and human rights at the production site and other topics.• We offer suppliers internal and external training free of charge to build capacity. • For categories and industries that have been identified as high-risk, we apply additional scrutiny over working conditions and respecting human rights, including conducting human rights impact assessments (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 selected suppliers, during which 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 of our SLCOC. Our HRIAs and the Sedex audit process ensure we gain insight into the situations of vulnerable people within our value 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 EVPs in each of the regions where we operate are 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.Undertaking research and awarenessbuildingIn 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 ESG 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.   In 2025, we conducted a baseline study of post-consumer packaging in Laos to map and better understand how recyclable materials are handled – formally and informally. The study was conducted with the support of a global consultancy specialising in this field, as well as its local representatives and implementation partners on the ground. This research included field observations and extensive stakeholder engagements through interviews and workshops. Participants included informal waste workers and their communities, as well as representatives from civil society and the private and public sectors. The study focused on identifying human rights and environmental impacts, risks and opportunities connected to post-consumer plastics in the market, and producing actionable recommendations to take forward.The outcomes of this initial assessment set the foundation for our next steps, which include defining a roadmap to activate the recommendations over time in cooperation with our local team, our expert partner and selected implementation partners. Monitoring the effectiveness of ourengagementWe 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. Targets and actions S2-5; S2-4We do not currently have an official target for responsible sourcing, as we are focused on building a strong foundation through policies and processes. However, our responsible sourcing commitments include an ambition of achieving 100% compliance with our Supplier &amp; 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 high-risk suppliers to be onboarded to the Sedex platform and for the majority of them to be audited. For suppliers that receive a high risk score, we also expect to see progress and improvement after their first audit.   Details of our tracking of the effectiveness of our policies and actions can be found on this page in the section “Monitoring effectiveness”.For information regarding allocation of financial resources, see page 91. Expanding our Responsible Sourcing Framework In 2025, we further implemented our enhanced Responsible Sourcing Framework, sharpening our focus on salient human rights risks in the supply chain. We did this by carrying out more training programmes, conducting more audits and follow-ups to these audits, and further expanding our scope of suppliers. By communicating our standards and expectations to suppliers, monitoring their compliance and supporting them in improving 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 the SLCOC as part of doing business. Applying a risk-based screening processLaunched as a pilot in 2023, the Responsible Sourcing 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 of the materials to prove they are responsibly sourced. We seek assurance via the Responsible Minerals Assurance Process of the Responsible Minerals Initiative for cobalt and Bonsucro certification for sugar. Enrolling suppliers in the programmeA 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. However, we encourage all suppliers, regardless of risk level, to connect with us on Sedex to enhance transparency.In 2025, the number of Carlsberg suppliers on the Sedex platform reached 761, a significant increase from more than 200 in 2024. This growth was driven by our continued roll-out of the Sedex programme and the addition of Britvic’s 421 suppliers present on the Sedex platform. 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. Many of our suppliers in lower risk categories also conducted SMETA audits to identify areas for continuous improvement. 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 a 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, including the number of suppliers onboarded to Sedex and the number of audits that have been conducted. More information about our Responsible Sourcing Framework can be found in our Human Rights Report. Training and communication Proper training and communication are essential for maintaining our Responsible Sourcing Framework. In 2025, we provided training sessions for our procurement teams and suppliers with a focus on the SLCOC and its 2024 updates, as exemplified in the case study to the right. This built on foundational work we carried out in 2024, when we provided six training sessions across our three regions.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 SpeakUp 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.Progress in action Accelerating our responsible sourcing journey in MalaysiaIn 2025, we launched a responsible sourcing supplier capability building programme in Malaysia, reinforcing our commitment to ethical and transparent supply chains. Delivered in collaboration with AIM Progress – a global alliance advancing human rights in supply chains – the programme brings together leading FMCG companies and their suppliers in an effort to build trust and establish best practices.The programme, managed by external human rights experts, offers workshops, toolkits and best practice sharing. The kick-off event in November 2025 hosted over 200 attendees representing more than 70 suppliers of major FMCG companies, including ours. Running from November 2025 to May 2026, the initiative’s customised workshops cover responsible recruitment, fair labour practices and grievance handling. This effort builds on successful annual supplier days hosted by Carlsberg Malaysia since 2024, which bring together suppliers and procurement teams in an effort to build a resilient, risk-managed supply base and drive industry-wide improvements.CONSUMERS AND END-USERS S4OVERVIEWWe have the privilege of being able to reach consumers directly through our products and brands. This privilege also comes with a 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. In addition, it identified one financial risk and one related 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. KEY POLICIES• Marketing &amp; Communications CodeTARGETSBy 2030• 35% of our brews globally are low-alcohol or alcohol-free• 100% availability of alcohol-free brews • 100% of our markets run partnerships to support responsible consumption• 100% responsible drinking messaging through packaging and brand activations Material impacts, risks and opportunities SBM-3Material impacts, Description Value chain stages Time horizon Impact, risk or risks and opportunitiesopportunityHealth and safety connected to Excessive consumption of our products can have a negative impact on consumers and end-users. For n n n nNegative impactharmful or excessive consumptionalcoholic products specifically, those impacts can include addiction, physical accidents, and other impacts on people and society. Excessive consumption of our products can lead to alcohol- and sugar-associated illnesses and diseases. We encourage responsible consumption for all consumers, and recognise that vulnerable groups, such as pregnant women and children, are particularly affected by these impacts. Negative impacts from marketing Irresponsible marketing of soft drinks includes appealing to children and claiming health benefits. n n n nNegative impactpracticesIrresponsible marketing of alcoholic beverages includes appealing to those below the legal drinking age, promoting excessive consumption of alcoholic beverages, associating drinking alcoholic beverages with unsafe activities, success or enhanced abilities, and claiming health benefits. These practices could expose children or other vulnerable groups to our products, encourage excessive consumption of alcoholic beverages, or associate alcoholic beverages with unsafe behaviour.Negative public perception of alcohol Negative public perception of alcohol can potentially lead to less purchasing of our alcoholic products, n n nBusiness riskwhich could pose a financial risk to the business.Expanding our range of no- and low-As consumer interest in health and wellbeing grows, we have an opportunity to benefit from increased n n nBusiness alcohol brewsdemand for no- and low-alcohol brews. We have already seen impressive sales growth from this portfolio opportunityof products and expect this trajectory to continue.Policies S4-1Our approach to managing the material impacts, risks and opportunities relating to consumers and end-users is underpinned by our Marketing &amp; Communications Code, which is available internally on our intranet, and publicly available online. As the share of soft drinks in our portfolio has grown significantly, we are currently developing our first Soft Drinks Standard, which will set out how we address responsible marketing and moderate consumption of sugar-based beverages and energy drinks, as well as how we label soft drinks in order to provide the clearest consumer information. Marketing &amp; Communications Code Our Marketing &amp; Communications Code sets out our approach to communicating with consumers and the general public. It has eight key focus areas: transparency &amp; integrity; adult appeal; enjoyment in moderation; alcohol-free; safe &amp; sensible behaviours; effects, health &amp; performance; socially inclusive; and environmentally conscious.Previously known as the Marketing &amp; Communication Policy, the document was elevated to a code in 2025. This designation means it is now applicable to all employees, not only those who work in communication- and marketing-related functions. It also remains applicable to all agency partners and retailers communicating on behalf of our company or brands. The content of the code was updated in 2024 to more clearly set out our commitments to the aforementioned focus areas, and included new sections that address the changing media landscape of sponsorships, influencers, digital marketing and gaming.  The Chief Marketing Officer (CMO) and the VP, Corporate Affairs are responsible for governing the code, which covers all our alcohol brands and their alcohol-free lineextensions. We are a signatory to the Responsible Marketing Pact of the World Federation of Advertisers (WFA) and undergo regular audits on our compliance with the International Alliance for Responsible Drinking (IARD)’s Digital Guiding Principles for online and social media. In drawing up our Marketing &amp; Communications Code, we considered stakeholder interests, including social responsibility and moderation, public health and safety, and protecting minors from exposure to our products and communications.Our Human Rights Policy is also relevant for consumers and end-users and is described in S1-2. Engaging with stakeholders S4-2We have a responsibility to ensure that we engage with consumers in an ethical and honest way. This engagement includes promoting moderate and safe alcohol consumption and actively discouraging the harmful use of alcohol.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. The partnerships and industry alliances we participate in, including the IARD, also play an important role in shaping our commitments and ambitions, and allow us to move further faster together with industry peers.Capturing global and local insightsWe use a number of different channels to promote responsible alcohol consumption, including messaging on products, partnerships and campaigns. Our approach to these activities is always informed by consumer insights, allowing us to understand which messages will resonate most with our targeted audience in a given location. At a global level, the Marketing Insights team analyses research into health and wellness trends and other areas of interest to consumers that feed into brand planning. These insights, which continue to indicate a significant global consumer interest in alcohol-free and low-alcohol products, have been part of the rationale behind the expansion of our alcohol-free brews (AFB) range.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 communications. 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 &amp; Communications Code clearly states that our brews and associated communications must not appeal to those under the legal drinking age. Advertising on media channels is subject to a 70/30 rule, meaning that we will not advertise our alcoholic or alcohol-free line extensions on channels with less than 70% adult audiences. We follow the Digital Guiding Principles and Influencer Guiding Principles agreed upon in IARD to minimise exposure of minors to alcohol products and advertising.Targets and actions S4-5; S4-4Addressing responsible alcohol consumption 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 &amp; Communications Code, 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 Group level, we stay up to date on consumer insights and research into consumer behaviours and attitudes to support our markets. We do not engage with 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. For information on how our targets are based on the views of our stakeholders, see page 53. 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 in 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 and business developments to identify any areas where we might need to update our policies or develop targets and initiatives to address and mitigate potential negative impacts. An example of this is the ongoing development of our Soft Drinks Standard to reflect the evolving nature of our business and portfolio of products. We will also launch targets related to no- and low-sugar beverages in Q1 2026, and begin actions towards achieving those targets. Our global process for providing remedy in relation to the material impact is described under “Our whistleblower system” in G1. Please refer to the ESRS index on page 48, where more information can be found.Addressing our financial risk and opportunity Through our four ZERO Irresponsible Drinking targets, presented below, we address the financial risk to our business of a negative public 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 (LAB) and alcohol-free brews (AFB) to 35% of the volume of brews 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. 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 no- and low-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. 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. Actions include partnerships with music festivals, sporting events, retailers, pubs/bars/restaurants, authorities (including law enforcement agencies), NGOs and other civil society organisations. The effectiveness of these partnerships and programmes is monitored regularly, with each market reporting on its initiatives and results at least annually. In 2025, our markets launched a number of innovative campaigns and partnerships. In Greece, to celebrate the launch of Mythos 0.0%, the brand hosted a booth at one of Greece’s most popular music festivals, offering free breathalysers to drivers and sharing pamphlets on responsible consumption. The activation reached over 30,000 festival-goers and was amplified by even more social media and press coverage. In Denmark, the Tuborg brand launched a campaign called “Drink with Respect”, which used humour and a play on common Danish phrases for drinking too much alcohol to send a message of safe and considerate alcohol consumption. Progress in action Tiny beer carries a big message of responsible drinkingTo send a playful reminder to consumers about moderate alcohol consumption, in 2025 Carlsberg Sweden introduced the world’s smallest non-alcoholic beer. The miniature bottle was created through a collaboration with academic researchers, a local glass supplier and a miniature artist, combining scientific precision, craftsmanship and innovation. The novel bottle, comparable in size to a grain of rice, measures 12 millimetres in height and contains 0.005 centilitres of non-alcoholic beer. Its intentionally minimal format is designed to make moderation tangible and to encourage reflection on alcohol consumption. To further extend the initiative and engage future innovators, Carlsberg partnered with KTH Royal Institute of Technology’s Student Union to launch a competition inviting students to create an even smaller beer. The initiative combines education, innovation and dialogue as part of the ongoing work to promote responsible drinking.Performance against targets 1-3In 2025, no- and low-alcohol brews accounted for 31% of our total volume of brews sold globally. Meanwhile, AFBs were available in 84% of markets, and 89% of companies implemented responsible drinking partnerships. Excluding acquisitions, we still recorded 31% of brews as no- and low-alcohol. This represents an increase of 1 percentage point compared with 2024, and 4 percentage points compared with our 2021 baseline of 27%. AFBs were available in 87% of our markets – an increase of 29 percentage points from our 2021 baseline of 58%, though a slight decline from 2024 due to temporary local circumstances. 89% of companies had implemented responsible drinking partnerships, representing a 3 percentage point increase from 2024 and a 21 percentage point increase from 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 1-3 (%)Performance Baseline2025 2025* 2024* 2021* Δ*Share of low-alcohol or  31   31   30   27   4 %palcohol-free brews soldShare of markets with AFB  84   87   90   58   29 %pproducts included in price lists to customersShare of Carlsberg companies  89   89   86   68   21 %pimplementing responsible drinking initiatives (responsible drinking partnerships)* Excluding acquisitions; see financial statements section 5.1 (pp. 148–151) for excluded entities.Accounting policiesThe share of low-alcohol or alcohol-free brews is calculated as the volume of beer, cider, kvas and malt-based beverages with an alcohol content below 3.5% divided by the total volume of beer, cider, kvas and malt-based beverages. This calculation excludes water, energy drinks, wines and soft drinks.The availability of AFB products is calculated as the total number of markets where AFB are included in customer price lists 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.The share of Carlsberg companies running responsible drinking partnerships is calculated as the number of companies implementing initiatives divided by the total number of majority-owned companies within Carlsberg. A responsible drinking initiative encompasses areas such as binge drinking, health risks, drinking during pregnancy and drink-driving, and is linked to an associated brand campaign, partnership or consumer outreach programme. This figure excludes all microbrewery companies as well as companies in 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 in the form of ingredient information, nutritional information, legal age restrictions, warnings about consuming alcohol while driving or while pregnant and a responsible drinking tagline. This target applies to all our fermented beverages, and does not include soft drinks. 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. In 2025, we focused on improving collaboration and communication between Group- and market-level functions in order to implement necessary labelling updates. We also facilitated proactive sharing of best practice between markets in order to learn from one another.To further support responsible marketing practices across our industry, we collaborate with peers via industry bodies, such as IARD, WFA and the World Brewing Alliance (WBA). Our online channels are regularly audited for compliance with IARD and WFA commitments – known as the Digital Guiding Principles. In our most recent audit in 2024, we achieved 99.1% full compliance and 99.8% average compliance across our audited channels.Performance against targetIn 2025, the share of products with responsible drinking messaging on the packaging increased across all messaging areas compared with 2024 and with our baseline years. The only exception was nutritional information, which experienced a very slight decrease from our baseline. Other than this outlier, our performance on this target has been in line with expectations and exemplifies our commitment to provide transparent and clear consumer information. See the table below for a complete overview of 2025 progress. Performance on target 4 (%)Performance Baseline2025 2025* 2024* 2021* Δ*Share of products listing  100   100   100   98   2 %pingredient informationShare of products listing  57   58   57   58   0 %pnutritional informationShare of products carrying  97   97   70   41   56 %plegal age-restriction symbol or equivalent text (alcoholic)Share of products carrying  77   77   42   28 ⁱ  49 %plegal age-restriction symbol or equivalent text (AFB)Share of products including  99   99   88   77 ⁱ  22 %pconsumer information about drinking while driving or drinking while pregnantShare of Carlsberg companies  65   64   56   26   38 %phaving a responsible drinking message on the primary packaging of the #1 or #2 brand in the market* Excluding acquisitions; see financial statements section 5.1 (pp. 148–151) for excluded entities.ⁱ Baseline year for legal drinking age (AFB) and consumer information is 2023.Accounting policiesThe share of primary packaging containing responsible drinking messaging is calculated as the volume of fermented alcoholic beverages with labels featuring responsible drinking information divided by the total volume of fermented alcoholic beverages produced. The messaging 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"). 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 AFB. 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 label of their #1 or #2 brand is based on sales volume divided by the total number of Carlsberg majority-owned companies. A responsible drinking message refers to a fixed tagline linked to 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. BUSINESS CONDUCT G1OVERVIEWOur company is built upon good governance and sound business conduct – not only are these principles the foundation of our ESG work, they are fundamental to the overall operations of the business. Recognising this importance, our DMA identified one material negative impact related to business conduct at Carlsberg. In the following section, we describe this impact in more detail and address how we seek to avoid and mitigate it. We also discuss the ways in which we identify risks, how we detect and prevent corruption and bribery, and outline the policies and processes that underpin the material impact and our management of it.KEY POLICIES• Code of Ethics &amp; Conduct• Anti-bribery &amp; Corruption Policy• SpeakUp Policy and ManualsMaterial impacts, risks and opportunities SBM-3Material impacts, Description Value chain stages Time horizon Impact, risk or risks and opportunitiesopportunityUnethical business conduct In the business activities of sourcing, distributing, marketing and selling, we face inherent risks of unethical n n n n n n n n nNegative impactconduct, including corruption, bribery and anti-competitive behaviour, whether it arises from our own actions or through the involvement of others. Unethical business conduct may erode trust in institutions, lead to unfair advantages, and disadvantage honest businesses and individuals. It can stifle innovation, limit consumer choices and result in higher prices, harming the economy and reducing the quality of goods and services.Policies G1-1In 2025, we initiated a full review of the style, structure and wording of our global policies, including those highlighted in this section. This review, supported by ExCom, reinforces consistency and transparency in our governance framework. As part of this review, we engaged with our internal stakeholders to ensure that our policy framework is easier to understand and apply across all levels of the organisation. All the policies below are available publicly online and internally on our intranet.Code of Ethics &amp; Conduct  In 2025, we strengthened our global Compliance Programme to reinforce our commitment to ethical business practices, transparency and integrity across all our markets through a comprehensive refresh of our Code of Ethics &amp; Conduct, providing renewed clarity, accessibility and relevance to all employees. The Code forms the foundation of our Compliance Programme and applies to all employees and contract workers globally. Available in 25 languages, it sets expectations for responsible decision-making and ethical behaviour across key risk areas, including:• How we conduct business: anti-bribery and corruption, selection of and working with third parties, gifts and hospitality, conflict of interest, political activities and donations, trade sanctions, competition law, accurate record-keeping and anti-money laundering, and responsible marketing and communications.• How we protect our assets, our data and the environment: protection and use of corporate assets, data protection and privacy, confidential and proprietary information, insider trading and protecting the environment.• How we work together: DE&amp;I, discrimination and harassment, human rights, workplace health and safety, and responsible drinking.The Code also includes a practical decision-making guide to help employees navigate ethical dilemmas in their daily work. The Carlsberg Group CEO retains overall accountability for implementation of the Code. Certification of compliance includes market managing directors being asked to perform an annual compliance “sign-off” included in the finance representation letter. Anti-bribery &amp; Corruption Policy Our Anti-bribery &amp; Corruption Policy expands on the Code of Ethics &amp; Conduct by providing more detailed guidance on how to identify and avoid high-risk situations. The policy was fully updated in 2025 to clearly cover what is considered a bribe, and therefore prohibited, how to manage gifts, hospitality and donations, special procedures for using third parties and how to manage conflicts of interest.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. The policy applies globally to all employees and contract workers. The Group General Counsel and Chief Compliance Officer is responsible for implementing the policy. SpeakUp Policy and Manuals The SpeakUp Policy and SpeakUp Manuals explain to our employees and any external parties how to raise concerns in confidence about potential breaches of our Code of Ethics &amp; Conduct or the national law of the relevant jurisdiction, and how their concerns are investigated. Aligned with the EU Directive on the Protection of Whistleblowers, this policy has been designed to respect and protect the interests of key stakeholders, both internal and external.The Chief Financial Officer is the most senior executive responsible for implementing the policy. Progress in action Bringing renewed focus to our Code of Ethics &amp; ConductIn 2025, we advanced our commitment to integrity by refreshing the Code of Ethics &amp; Conduct and streamlining our global policy framework. This initiative reflects our heritage and Growth Culture principles while ensuring clarity and accessibility for all employees. As part of this effort, we worked with colleagues across the business to streamline global policies from 37 to 19, making them clearer on expected standards and non-negotiables, more accessible and directly linked to our principal risks. The refreshed Code now features a modern, updated, interactive design, a stronger alignment with our Growth Culture principles, and enhanced coverage of emerging risks such as AI and digital ethics. The roll-out was truly global, with materials translated into 24 languages and tailored communication packs shared with leaders and managers across our business. Engaging campaigns and interactive resources have driven awareness and excitement across all functions. This initiative exemplifies our commitment to ethical leadership, inclusivity and continuous improvement, setting a new standard for how we do business and empowering colleagues to navigate ethical challenges with confidence.  Our whistleblower system G1-1; S1-3; S2-3; S4-3The 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 People &amp; Culture (P&amp;C) 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 and at speakup@carlsberg.com, and available in local languages across our markets.Reviewing and investigating complaintsAll 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 P&amp;C, Group Internal Audit and Legal &amp; Compliance, including follow-up of major SpeakUp investigation