Carlsberg Malaysia Grows Revenue To RM515 Million, Lifts Dividend To 45 Sen As Malaysia Operations Hit New High

Carlsberg Malaysia delivered a fifth consecutive quarter of revenue growth in Q2FY26, with Malaysia operations posting an 11.8% jump in operating profit and the Group lifting its cumulative interim dividend to 45 sen per share, even as Singapore operations faced a challenging quarter.

Carlsberg Malaysia

In Brief

Carlsberg Malaysia posted group revenue of RM514.9 million for Q2FY26, a 5.0% increase, with net profit rising 1.2% to RM82.9 million.
Malaysia operations hit a new high, delivering 8.7% revenue growth to RM401.5 million, driven by favourable pricing and stronger off-trade sales.
The Board lifted the cumulative interim dividend to 45 sen per share, up from 40 sen at the same point last year.

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The Malaysian business is performing, the dividend is up, and the Sapporo deal is done.

Carlsberg Brewery Malaysia Berhad (Carlsberg Malaysia) is having a complicated quarter — and the complications are largely not of its own making.

The Group reported group revenue of RM514.9 million for the quarter ended 30 June, a 5.0% increase from RM490.2 million a year earlier.

Group net profit rose 1.2% to RM82.9 million.

The Board declared a second interim dividend of 21 sen per share, bringing the cumulative interim dividend for FY2026 to 45 sen — up from 40 sen at the same point last year.

Malaysia operations delivered an 8.7% revenue increase to RM401.5 million and an 11.8% rise in profit from operations to RM90.2 million — the strongest segment performance in the results.

The gains were supported by a longer selling period ahead of Chinese New Year, favourable pricing from a prior-year adjustment, and stronger off-trade sales.

Two new products entered the market during the period: Somersby Apple Light in April, targeting the health and wellness segment with a lower-calorie, lower-sugar cider option, and Chongqing Beer in June.

Sapporo Premium Beer delivered strong double-digit growth, supported by sustained outlet expansion and consumer demand.

Managing Director Stefano Clini noted that commercial execution and disciplined value management in Malaysia more than offset the headwinds from Singapore.

Clini presents the Group’s Q2FY26 financial results at the analyst and press conference in Shah Alam on 14 August, with Malaysia operations posting an 8.7% revenue increase to RM401.5 million and group net profit rising 1.2% to RM82.9 million. (Pix: Carlsberg Malaysia)

Singapore: External Headwinds, Not a Structural Break

Singapore revenue declined 6.1% to RM113.4 million.

Profit from operations fell to RM7.7 million from RM14.6 million a year earlier.

Three factors drove the decline — none of them domestic demand failure.

Lower export sales, the strengthening of the Ringgit against the Singapore Dollar, and the absence of prior-year trade offer adjustments that had inflated the Q2FY25 comparison base combined to compress the Singapore result.

Domestic sales in Singapore grew during the period.

The Group does not characterise the Singapore performance as a structural concern.

Carlsberg Malaysia received the JobStreet by SEEK Platinum award for Employer of the Year and Clini was named People Leader of the Year (Platinum) at the 2026 SEEK People + Purpose Awards, while the Group also collected two Gold awards for Best Soft Skills Training Programme and Best Employer Branding, and three Silver awards for Most Inspiring Leader, Best Talent Assessment and Selection Process, and Best Holistic Leadership Development Programme at the Human EXA Malaysia 2026 awards. (Pix: Carlsberg Malaysia)

The Sapporo Partnership: A Long Game Move

On 6 July, Carlsberg Group announced a strategic partnership with Sapporo Breweries for a joint venture across Southeast Asia and Hong Kong, securing perpetual exclusive rights to produce, import and distribute Sapporo Premium Beer in Malaysia and Singapore.

The partnership converts an existing licensed arrangement into a permanent structural asset.

Given Sapporo’s double-digit growth trajectory during the period, the timing—locking in exclusivity before the brand’s momentum peaks—is notable.

The transaction remains subject to regulatory approvals.

Clini stated that the Group is seeing early signs of the 10% excise duty increase imposed in November 2025 affecting consumer demand.

The Group’s response has been disciplined value management and brand investment rather than volume discounting — a posture consistent with protecting margin over the medium term.

Sri Lankan associate Lion Brewery Ceylon contributed RM17.2 million in share of profit for H1FY26, up 8.2% year-on-year, partially offset by Rupee weakness.

Four smiles, two bouquets, and RM600,000 for the forest. Carlsberg Brewery Malaysia formalised its partnership with the Malaysia Forest Fund at a ceremony endorsed by the Ambassadors of Denmark and the European Union, committing the funds toward forest biodiversity conservation under its Brewing Tomorrow sustainability programme. (Pix: Carlsberg Malaysia)

First Half Scorecard

For H1FY26, group revenue rose 5.9% to RM1.22 billion; group net profit rose 3.1% to RM181.9 million.

Malaysia profit from operations grew 6.7% to RM199.6 million.

Group EPS stood at 59.48 sen against 57.71 sen in H1FY25.

The Group flagged a challenging operating environment ahead, citing volatile input costs, geopolitical developments, and cautious consumer sentiment.

Clini stated the Group will stay focused on brand investment, brewery capabilities, digital transformation, and disciplined cost management.

We will continue to invest in our brands, brewery capabilities and digital transformation initiatives to strengthen business resilience and deliver long-term sustainable value to shareholders and stakeholders.