07:27 AM EDT, 08/20/2026 (MT Newswires) -- UBS Global Research sees scope for volume growth acceleration in Carlsberg's (CARL-A.CO, CARL-B.CO) third quarter, after the Danish brewer reported "mixed" first-half results. The research firm said Thursday it views the anticipated third-quarter volume growth improvement as a key re-rating catalyst, amid an expected outperformance in its soft drinks portfolio and despite ongoing headwinds in its core beer segment in China, Poland, and Ukraine. "In all three cases, we note the comps are easier in Q3, such that overall accelerating growth in Western Europe and [Central and Eastern Europe and India] should support group volumes accelerating to c2%," UBS wrote. Additionally, analysts noted Carlsberg's potential to execute a share buyback of 12 billion Danish kroner in full-year 2027, which represents over 10% of its market cap, as another key catalyst. For the six months ended June 30, the brewery group's revenue came in at 47.05 billion Danish kroner, compared with 45.86 billion kroner in the previous year. The research firm noted the first-half results were weighed down by weather-related headwinds in China, gross margin compression offset by reduced operating expenses, and earnings revisions tied to the Sapporo joint venture dilution and accounting adjustments. UBS rates the stock at buy, with a price target of 1,100 Danish kroner.

Disclaimer:This article represents the opinion of the author only. It does not represent the opinion of Webull, nor should it be viewed as an indication that Webull either agrees with or confirms the truthfulness or accuracy of the information. It should not be considered as investment advice from Webull or anyone else, nor should it be used as the basis of any investment decision.