SHAH ALAM: Carlsberg Brewery Malaysia Bhd will remain responsive to market dynamics and competition in both Malaysia and Singapore, particularly as consumption behaviour continues to evolve.
Managing director Stefano Clini said the brewer is also mindful of the impact of excise duty and broader economic uncertainties.
“That said, we will continue to improve our bottom line in a disciplined manner while investing in our brands and capabilities,” he said during a media briefing on Wednesday.
To note, Budget 2026 introduced a 10% excise duty increase on all alcoholic beverages, effective Nov 1, 2025. With the revision, the duty rose to RM192.50 per litre of pure alcohol, applying to both imported and locally manufactured products.
Clini said the Visit Malaysia 2026 campaign could provide a potential uplift. “We expect tourism activities to support domestic spending, which may in turn have a positive impact on consumer demand for our products.”
Carlsberg posted a record net profit of RM375.6 million for the financial year ended Dec 31, 2025, up 11.4% year-on-year, despite revenue slipping 4.9% to RM2.3 billion amid weaker consumer sentiment and unfavourable festive timing.
Profit from operations rose 8.1% to RM449.7 million, supported by price increases, value management initiatives and continued cost optimisation efforts. Earnings per share climbed to 122.86 sen from 110.25 sen previously.
Malaysia’s revenue declined 3% to RM1.7 billion, while Singapore’s revenue fell 10.2% to RM560.4 million.
However, operating profit improved in both markets, up 8.5% in Malaysia to RM380.2 million and 6% in Singapore to RM69.6 million, reflecting margin expansion during the year.
In the fourth quarter, revenue fell 10.8% to RM523.6 million due mainly to the later 2026 Chinese New Year and lower distributor stocks at year-end.
Nevertheless, net profit jumped 22% to RM96.2 million, driven by lower operating costs.
Segment performance showed premium sales down 7% and mainstream down 4% year-on-year, while alcohol-free brews dropped sharply by 47%. However, Sapporo recorded double-digit volume growth in Malaysia and Singapore.
Clini said the group delivered “a resilient set of results” despite a challenging operating environment.
“We are pleased to have achieved record-high profit for FY2025, despite lower sales due to the shorter Chinese New Year timing and subdued consumer sentiment.”
The board proposed a final dividend of 43 sen per share, bringing the total FY25 dividend to 111 sen, representing about a 90% payout and a total distribution of RM131.5 million.
On outlook, Clini said the group remains cautious amid macroeconomic uncertainties and the impact of the excise duty implemented in November 2025.
On investments, Carlsberg has allocated RM77 million over two years to upgrade its enterprise resource planning system to Microsoft Dynamics 365 under its “Smart Core” initiative, with completion targeted for the third quarter of 2026.
Separately, the group has invested RM277 million in production upgrades, including a beer membrane filtration system and ionised-air can rinsing technology, which reduced filtration water use by 26% and canning water use by 38%.
On sustainability, the brewer improved its FTSE4Good ESG score to 3.8 from 3.6 and maintained its MSCI ESG rating at AA, positioning it as a “Leader” among 80 global beverage companies.
Brewery carbon emissions improved to 2.75 kgCO2e per hectolitre from 2.8 previously, while water usage declined to 2.66 hl per hl of beer from 2.9. The group also recorded 351 days of zero lost-time accidents and recycled 96% of bottles collected.
Clini said the company remains committed to its net-zero carbon ambition by 2040 and will continue to exercise cost vigilance while strengthening long-term resilience through brand investments, brewery upgrades, and digital transformation.
