UBS Expects Carlsberg to Log Higher Q3 Volumes, Revenue Amid Destocking in China

06:34 AM EDT, 10/01/2026 (MT Newswires) -- UBS Global Research expects Carlsberg (CARL-A.CO, CARL-B.CO) to book an annual growth in third-quarter volumes and revenue when it releases its trading statement for the three-month period on Oct. 29. The research firm forecasts the Danish brewer will see a 0.9% and 3% organic increase in volume and revenue, respectively, lower than the Visible Alpha consensus of 2.1% and 3.6%, according to a Wednesday note. UBS sees a downside risk to volumes, mainly driven by lower projected volumes in China due to weather trends and destocking. "Although Q3 remains another quarter below medium term guidance of 4-6%, we think the possibility of more normalised volume exit rates in China in Sept/Oct could support a more favourable set-up into FY27, as it would indicate greater validation of Q2/Q3 weakness being more weather related as opposed to structural change," UBS said. "Furthermore, potential India IPO and closing of Sapporo JV are important deleveraging catalysts which could play out before year end." UBS has a buy rating on the stock, with a price target of 1,100 Danish kroner.