Who Owns Carlsberg Company?

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Who Owns Carlsberg A/S?

The ownership of a major brewing company like Carlsberg A/S is key to its strategy and market standing. The acquisition of Britvic plc in early 2025 highlights how ownership changes can reshape a company's offerings and market position.

Founded in 1847, Carlsberg A/S has a rich history rooted in Copenhagen, Denmark. The company's name itself, derived from founder Jacob Christian Jacobsen's son Carl and the Danish word for hill, 'bjerg', reflects its origins. Jacobsen's vision extended to societal contribution through science, leading to the establishment of the Carlsberg Foundation.

Carlsberg A/S is a global leader in the brewing industry, ranking sixth worldwide by revenue. In 2024, the company reported DKK 75,011 million in revenue, distributing over 140 brands, including Carlsberg and Tuborg, across more than 150 countries. This extensive reach is supported by a unique ownership structure where the Carlsberg Foundation holds a majority voting stake.

Understanding the ownership evolution of Carlsberg A/S, from its founder's initial stakes to current institutional and public shareholders, is crucial. This includes examining its dual-class share structure and the impact of its Board of Directors. Recent strategic moves, such as the acquisition of Britvic plc, continue to shape the company's future. For a deeper understanding of the external factors influencing the company, a Carlsberg PESTEL Analysis provides valuable context.

The foundation of Carlsberg A/S was laid in 1847 by Jacob Christian Jacobsen, a visionary Danish industrialist. Driven by a passion for brewing excellence and scientific inquiry, Jacobsen established the company with a commitment to quality that would define its future. His early endeavors were marked by a dedication to applying scientific principles to the brewing process.

Jacob Christian Jacobsen's Vision

Jacob Christian Jacobsen, born in 1811, inherited his father's brewery and was deeply committed to advancing brewing through scientific research. His pioneering spirit led to the establishment of the Carlsberg Laboratory in 1875.

Establishment of the Carlsberg Foundation

In 1876, J.C. Jacobsen established the Carlsberg Foundation, a pivotal move that shaped the company's ownership. This foundation was designed to ensure the brewery's long-term commitment to scientific advancement and philanthropy.

Jacobsen's Bequest

Upon his death in 1887, J.C. Jacobsen bequeathed a controlling stake in the brewery to the Carlsberg Foundation. This ensured that the company's profits would continue to fund scientific research and support cultural initiatives.

Father-Son Dynamics

A notable aspect of the early ownership involved a divergence with J.C. Jacobsen's son, Carl Jacobsen. Carl established his own brewery, Ny Carlsberg, in 1882, initially operating separately from his father's business.

Merger and Foundation Consolidation

Despite initial competition, the two breweries eventually merged in 1906 under Carl Jacobsen's leadership. The ownership of Ny Carlsberg was transferred to the Carlsberg Foundation in 1902, leading to the creation of the Ny Carlsberg Foundation.

Philanthropic and Cultural Objectives

The consolidation of ownership under the Carlsberg Foundation underscored a deep-seated commitment to philanthropic and cultural objectives. This structure continues to influence the company's strategic direction and societal contributions.

The Carlsberg Foundation, established by J.C. Jacobsen, remains the majority owner of the company, holding approximately 70% of the voting shares. This unique ownership structure ensures that a significant portion of the company's profits are channeled back into scientific research, arts, and culture, aligning with the founder's original vision. This arrangement also provides a degree of stability and long-term perspective for the company's strategic decisions, influencing its approach to market challenges and opportunities, as seen in its Marketing Strategy of Carlsberg.

Key Ownership Milestones

The early years of the company were shaped by the founder's dedication to quality and scientific advancement, culminating in a foundational ownership structure that persists today.

• Jacob Christian Jacobsen founded Carlsberg in 1847.
• The Carlsberg Laboratory was established in 1875 to advance brewing science.
• The Carlsberg Foundation was created in 1876, becoming the primary owner.
• J.C. Jacobsen's will transferred controlling shares to the Foundation upon his death in 1887.
• The merger of Old Carlsberg and Ny Carlsberg in 1906 solidified the company's structure.
• The Ny Carlsberg Foundation was established in 1902, also under the Carlsberg Foundation's umbrella.

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The ownership structure of Carlsberg A/S has been significantly shaped by its dual-class share system and the enduring influence of its founding entity. Key acquisitions in 2024 and 2025 have further consolidated its market position and diversified its holdings.

Carlsberg A/S operates as a publicly traded entity on the Nasdaq Copenhagen, distinguished by a dual-class share structure. This system, comprising A-shares with 20 votes and B-shares with 2 votes, allows for a deliberate separation between capital ownership and voting control, a fundamental aspect of its governance. The Carlsberg Foundation stands as the principal and controlling shareholder, legally bound to maintain at least 51% of the total voting rights. As of May 2024, the Foundation held approximately 30% of the capital but wielded a commanding 77% of the voting power, ensuring a consistent strategic direction and stable leadership aligned with the founder's vision of supporting science and society.

Key Stakeholders in Carlsberg's Ownership

Carlsberg's ownership is a blend of foundational control and broad institutional and public investment. Understanding these stakeholders is crucial for grasping the company's strategic direction and governance.

• The Carlsberg Foundation is the majority voting power holder, ensuring long-term strategic alignment.
• Institutional investors, such as The Vanguard Group and BlackRock, Inc., collectively hold a significant portion of shares.
• The general public represents a substantial minority ownership stake.
• Strategic acquisitions, like the full acquisition of Carlsberg Marston's Brewing Company in July 2024 and Britvic plc in January 2025, have influenced the overall ownership landscape.

Beyond the foundational control, institutional investors represent a significant segment of Carlsberg's shareholder base. By 2025, Carlsberg A/S (CARLB) had 26 institutional owners and shareholders managing a total of 1,732,069 shares. Prominent among these are entities like The Vanguard Group, BlackRock, Inc., and Invesco Ltd. Collectively, institutional ownership accounts for approximately 63.7% of the company's shares, with the general public holding around 36.2%. The company's ownership structure has also been influenced by strategic acquisitions, such as the full acquisition of Carlsberg Marston's Brewing Company in July 2024 and the significant acquisition of Britvic plc, completed in January 2025, which further consolidated its market position and diversified its beverage portfolio. These moves highlight a dynamic approach to growth and market presence, impacting the Growth Strategy of Carlsberg.

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The corporate governance of Carlsberg A/S is structured to accommodate its unique ownership, with the Carlsberg Foundation holding significant influence. The Supervisory Board, which oversees the Executive Board, consists of 13 members: nine elected by the General Meeting and five by employees, adhering to Danish Companies Act.

Carlsberg A/S employs a dual-class share structure, where A-shares carry 20 votes each, and B-shares carry 2 votes each. This system empowers the Carlsberg Foundation, which owns 30% of the capital but controls 77% of the voting rights. This ensures the Foundation's majority control, as its charter mandates holding at least 51% of the votes, thereby prioritizing long-term value and social contributions over short-term market fluctuations. This structure is a key element in understanding Brief History of Carlsberg and its ongoing operational philosophy.

Carlsberg's Voting Power Dynamics

The voting power distribution at Carlsberg A/S is heavily influenced by its share structure and the Carlsberg Foundation's holdings. This arrangement ensures a stable majority control.

• A-shares: 20 votes per share
• B-shares: 2 votes per share
• Carlsberg Foundation: Controls 77% of voting rights
• Carlsberg Foundation: Owns 30% of capital
• Foundation's majority control ensures long-term strategic alignment

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Recent developments have significantly reshaped the Carlsberg company's ownership landscape and strategic focus. Key acquisitions and capital allocation decisions have been central to these shifts over the past three to five years.

The acquisition of Britvic plc for GBP 3.3 billion, finalized in January 2025, represents a significant strategic pivot for the company, expanding its portfolio beyond beer into soft drinks, which will constitute 30% of its offerings by mid-2025. This move is projected to add GBP 250 million to annual operating profit and achieve GBP 100 million in cost synergies, impacting the company's financial leverage. While a share buy-back program was initiated in early 2024, it was suspended in July 2024 to prioritize balance sheet deleveraging following the Britvic announcement. Over the period from 2020 to 2024, the company cancelled 18.3 million shares, representing 12% of its outstanding shares at the end of 2019. Shareholder returns in 2024 amounted to DKK 5.6 billion, with a proposed dividend of DKK 27.0 per share for 2025. Leadership within the Executive Committee saw changes in 2024, with new officers appointed and a new regional manager expected by March 2025. The company's 'Accelerate SAIL' strategy, launched in February 2024, aims for 4-6% organic revenue growth and prioritizes premiumization, sustainability, and digital initiatives, with a goal to reduce its net interest-bearing debt to EBITDA ratio to below 2.5x by the end of 2027. These strategic moves underscore a commitment to diversification and disciplined financial management, which are crucial for understanding the Target Market of Carlsberg.

Strategic Acquisition Focus

The acquisition of Britvic plc for GBP 3.3 billion marks a major diversification into soft drinks. This strategic move is expected to significantly boost operating profit and generate substantial cost synergies.

Financial Management and Shareholder Returns

The company is focusing on deleveraging its balance sheet, evidenced by the suspension of share buy-backs. A consistent dividend policy is maintained, with a proposed DKK 27.0 per share for 2025.

Growth Strategy and Targets

The 'Accelerate SAIL' strategy targets 4-6% organic revenue growth and emphasizes premiumization and sustainability. Digital investments are also a key component of future growth.

Leadership and Operational Adjustments

Recent leadership changes within the Executive Committee reflect a focus on optimizing operational management. New appointments are aimed at strengthening key functional areas.

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