Carlsberg maintains full-year outlook, warns of volatile consumer sentiment

By Jacob Gronholt-Pedersen and Emma Rumney

COPENHAGEN/LONDON (Reuters) - Danish brewer Carlsberg reported connected Tuesday a "solid" commencement to the twelvemonth successful China but warned that U.S. tariffs could impact some user spending and earthy worldly costs going forward.

Carlsberg, the world's 3rd largest brewer down Anheuser-Busch InBev and Heineken, maintained its outlook for the afloat twelvemonth contempt reporting first-quarter income somewhat beneath expectation.

The institution had not yet seen a deterioration successful user behaviour successful April, erstwhile U.S. President Donald Trump announced sweeping tariffs, CEO Jacob Aarup-Andersen told Reuters by phone.

"But past tells america that prolonged uncertainty volition provender into consumers' purchasing decisions," helium said.

Carlsberg has small nonstop vulnerability to Trump's tariffs connected U.S. imports, arsenic the United States lone accounts for a tiny fraction of its wide sales.

However, businesses person warned of aftershocks that could dent user assurance globally, disturbance inflation, and rise the costs of materials.

Carlsberg's concern units were strategising astir the imaginable interaction connected prices of earthy materials similar barley, sweetener and aluminium, which could emergence oregon autumn successful antithetic regions arsenic a effect of the tariffs, Aarup-Andersen said.

While nary institution was wholly protected from tariffs, Carlsberg represents a comparatively harmless harbour for investors acknowledgment to its minimal U.S. exposure, said Henrik Hallengreen Laustsen, expert astatine Jyske Bank.

"They whitethorn beryllium a spot of a winner," helium said.

Carlsberg said it inactive expects betwixt 1% and 5% maturation successful integrated operating nett for the existent year.

It's shares, which person risen 30% since the commencement of the year, were trading 1.9% little astatine 0726 GMT.

Global income successful the archetypal 3 months of the twelvemonth roseate 17% from the aforesaid play of 2024 to 20.12 cardinal Danish crowns ($3.07 billion), compared with the 20.4 cardinal forecast by analysts successful a canvass gathered by the company.

Volumes successful China, Carlsberg's biggest market, grew 2% driven by its premium portfolio and income successful large cities.

However, income of section mainstream brands successful the occidental portion of the state were deed by anemic user sentiment, it said.

The Chinese brew marketplace contracted 4% past year, with a further estimated low-single-digit percent diminution successful the archetypal 3 months of this year, Carlsberg said.

Aarup-Andersen said Carlsberg expected consumers successful China to stay subdued, but request would amended somewhat from past year.

($1 = 6.5565 Danish crowns)

(Reporting by Jacob Gronholt-Pedersen and Emma Rumney, Editing by Louise Heavens, Kirsten Donovan and Susan Fenton)