HIGHLIGHTS

• Organic net revenue growth of 4%; reported growth of 5% to DKK 13.7bn.
• Solid price/mix of +4%.
• Total volumes flat organically
  • Growth of our international premium brands: Tuborg +1%; Carlsberg +8%; Grimbergen +25%

2017 EARNINGS EXPECTATION MAINTAINED

• Mid-single-digit percentage growth in organic operating profit.
• Financial leverage reduction.
• Positive translation impact of around DKK 300m now expected (previously DKK +350m).

Commenting on the results, CEO Cees ’t Hart says: “With 4% organic net revenue growth, we delivered a solid start to 2017, in the seasonally small first quarter. The execution of Funding the Journey is progressing well and we’re on track to deliver on our 2017 commitments. We’re maintaining our full-year outlook.”

Carlsberg will host a conference call for analysts and investors today at 9.00 am CET (8.00 am GMT).