LONDON (Reuters) -Carlsberg missed half-year profit and volume forecasts on Thursday, with the Danish brewer warning it does not expect any improvement in the consumer environment for the rest of 2025.

The world’s third largest brewer behind Anheuser-Busch InBev and Heineken nevertheless raised its full-year profit guidance, breaking with those rivals who opted to keep their forecasts unchanged as U.S. tariffs drive uncertainties.

Volume growth or forecasts at all three brewers have disappointed in recent weeks as the sector battles with weak demand, tariff impacts and poor weather, leaving investors fretting over growth.

Carlsberg, which makes Kronenbourg 1664, Tuborg and Somersby, said it had grown first-half organic operating profit by 2.3%, while organic volumes slipped 1.7% – putti

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