Carlsberg has today reported annual operating profit growth at the top of its guided range and forecast higher than anticipated growth for 2025, sending the Danish brewer's shares 6% higher.

In its FY25 guidance, Carlsberg forecasts organic EBIT growth between 1% and 5%. Morgan Stanley (NYSE: MS) analysts consider the guidance to be slightly better than consensus expectations, despite the wide range reflecting the loss of San Miguel's UK licence.

Carlsberg beat profit expectations in 2024 but said it expects slower growth due to the loss of the San Miguel brand license in the U.K. The Danish brewer, maker of the namesake lager brand as well as other beers and ciders,