J P M O R G A N Europe Equity Research 19 August 2026 Carlsberg Post the call: China caution weighs despite robust EBIT delivery Having reported mixed H1 (top-line miss, but H1 beat, and narrowed up the FY26 guide range) management delivered a confident message on being able to deliver FY26 profit despite a poor China outlook. Our key takeaways are: 1) Updated FY organic EBIT growth guidance of 4-6% (from 2-6%) as Britvic synergy realisations are coming through quicker than expected; 2) Q3 commentaries, wit ...