Carlsberg reported a 2.8% rise in organic volumes for the first quarter, driven by stronger sales of premium‑priced beers and non‑alcoholic soft‑drink offerings. The Danish group, owner of Tuborg and 1664, said revenue grew alongside volume, signalling a modest rebound for brewers as geopolitical tensions failed to dent consumer demand.

Earlier this year, Carlsberg’s U.S. and Asian markets showed mixed performance, with craft‑segment growth offset by slower off‑premise sales. Analysts had feared that the war in the Middle East could suppress discretionary spending, yet the brewer’s diversified portfolio insulated earnings. The soft‑drink segment, expanded through recent bottling agreements, contributed a noticeable lift to the top line. Margins stayed resilient despite a tighter credit environment overall.

With organic volume up and premium pricing holding, Carlsberg ends Q1 ahead of many peers, positioning itself for a steadier cash flow trajectory. The brewer’s dividend payout, unchanged at 5.5% of earnings, reassured shareholders seeking yield.

Analysts at Citi raised Carlsberg’s 12‑month target price by 4%, citing the volume uptick and soft‑drink momentum as catalysts for earnings expansion. With a market cap near €60 billion, the brewer is positioned to outpace peers if it can sustain premium‑beer pricing while navigating input‑cost volatility. The firm also plans to roll out new low‑calorie offerings in Europe later this year.