19 August 2026 | 8:29AM BST Equity Research Carlsberg (CARLb.CO): First Take: H1 beat on profitability with strong FCF generation reducing leverage Carlsberg reported Q2 organic volume growth of +0.8%, in line with company collected consensus. Q2 organic sales growth of 2.1%, vs. consensus of 2.6%, was due to more pronounced weakness in China, affected by adverse weather that looks set to continue in Q3. South East Asia was strong, particularly Vietnam at +20% in H1. Western Europe saw a -0.7% volume declin ...