FINANCIAL STATEMENT 2020 5 February 2021

1 FY 2020 FINANCIAL STATEMENT PRESENTATION Disclaimer

FORWARD-LOOKING STATEMENTS

This presentation contains forward-looking statements, including statements about the Group’s sales, revenues, earnings, spending, margins, cash flow, inventory, products, actions, plans, strategies, objectives and guidance with respect to the Group's future operating results. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain the words "believe", "anticipate", "expect", "estimate", "intend", "plan", "project", "will be", "will continue", "will result", "could", "may", "might", or any variations of such words or other words with similar meanings. Any such statements are subject to risks and uncertainties that could cause the Group's actual results to differ materially from the results discussed in such forward- looking statements. Prospective information is based on management’s then current expectations or forecasts. Such information is subject to the risk that such expectations or forecasts, or the assumptions underlying such expectations or forecasts, may change. The Group assumes no obligation to update any such forward- looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking statements.

Some important risk factors that could cause the Group's actual results to differ materially from those expressed in its forward-looking statements include, but are not limited to: economic and political uncertainty (including interest rates and exchange rates), financial and regulatory developments, demand for the Group's products, increasing industry consolidation, competition from other , the availability and pricing of raw materials and packaging materials, cost of energy, production and distribution related issues, information technology failures, breach or unexpected termination of contracts, price reductions resulting from market driven price reductions, market acceptance of new products, changes in consumer preferences, launches of rival products, stipulation of fair value in the opening balance sheet of acquired entities, litigation, environmental issues and other unforeseen factors. New risk factors can arise, and it may not be possible for management to predict all such risk factors, nor to assess the impact of all such risk factors on the Group's business or the extent to which any individual risk factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Accordingly, forward-looking statements should not be relied on as a prediction of actual results.

2 FY 2020 FINANCIAL STATEMENT PRESENTATION A solid set of results…

TOTAL VOLUMES REVENUE 130.1 m.hl DKK 58.5bn -3.8%¹ -8.4%¹

OPERATING MARGIN OPERATING PROFIT 16.6% DKK 9.7bn +70bp -3.1%¹

FREE CASH FLOW CASH RETURNS DKK 5.1bn DKK 6.0bn

¹ Organic growth 3 FY 2020 FINANCIAL STATEMENT PRESENTATION … achieved by a resilient business…

ORGANISATIONAL AND PEOPLE RESILIENCE • Engaged workforce rapidly adapting to new ways of working • No serious business discontinuity PORTFOLIO RESILIENCE • Strong local and global brands • Price point and pack formats to cater for changing consumer demands • Volume growth for craft & speciality and alcohol-free brews FINANCIAL RESILIENCE • Well-managed costs • Strong balance sheet and liquidity

4 FY 2020 FINANCIAL STATEMENT PRESENTATION … and our well-embedded FtJ culture, mitigating COVID-19 top-line impact

FUNDING THE JOURNEY DRIVING COST REDUCTION • OCM toolkit for setting and monitoring cost targets • Gap-closing plans prepared in Q1 and Funding the continuously adapted • Adaption of organisational structures to a Journey new reality STRONG TEAM-BASED PERFORMANCE CULTURE

5 FY 2020 FINANCIAL STATEMENT PRESENTATION SAIL’22 continuously relevant, with sharpened strategic priorities … +9% Supporting E-commerce Reverting to local power brands B2B – B2B2C – D2C volume growth in +7% +4% 18% ~ +60% of revenue in E-comm volume +38% on Carl’s shop¹ growth

¹ In December

6 FY 2020 FINANCIAL STATEMENT PRESENTATION … and with our growth priorities demonstrating good performance in the light of COVID-19 challenges

Craft & speciality Alcohol-free brews Asia² 24% 33% Revenue 29% Operating profit

26% 16% 13% 12%

8% 16% 15% 5% 5%

11%

7%

1% -5%

2017 2018 2019 2020 2017¹ 2018¹ 2019 2020 2017 2018 2019 2020

¹ Western Europe. ² Organic growth.

7 FY 2020 FINANCIAL STATEMENT PRESENTATION Progress on our sustainability journey – Together Towards ZERO

ZERO ZERO carbon water footprint waste 12% 39% 7% 7% 18% Reduction in Reduction in Reduction in Reduction in Improvement relative relative brewery relative -in- relative water in water carbon emissions carbon emissions hand emissions usage versus efficiency versus 2019 since 2015 since 2015 2019 since 2015

ZERO ZERO accidents irresponsible culture drinking 19% 100% Reduction in Of international premium accident rate beer and 1/3 of all our since 2019 brands offer alcohol-free options

8 FY 2020 FINANCIAL STATEMENT PRESENTATION Western Europe

TOTAL VOLUMES¹ REVENUE -7.3% • Revenue/hl -6% due to channel and country mix REVENUE¹ • Region impacted by COVID-19 restrictions and lockdowns, particularly -12.8% in Q2 and Q4 OPERATING PROFIT OPERATING PROFIT¹ • Significant cost savings within supply chain, marketing and administration -17.2% • Decline driven by top-line

OPERATING MARGIN OPERATING MARGIN 15.8% • -120bp

¹ Organic growth

9 FY 2020 FINANCIAL STATEMENT PRESENTATION Western Europe MARKET COMMENTS

THE NORDICS • Volumes in impacted by changed • On-trade impacted by lockdown border trade • Brewery impacted by COVID-19 constraints in H1 • In Norway, positive impact from domestic • Volume improvement in H2 tourism and less border trade • Sweden impacted by on-trade restrictions and UK less border trade to Norway • Volume growth in off-trade • Significant on-trade decline • Acquisition of Marston’s brewing activities • Solid growth and continued premiumisation concluded in October • Less impact of COVID-19 due to small on-trade exposure • Flat volumes • Acquisition and integration of Wernesgrüner • Business skewed to on-trade Brewery from January 2021 • Solid growth in off-trade • Positive brand mix

10 FY 2020 FINANCIAL STATEMENT PRESENTATION Asia

TOTAL VOLUMES¹ REVENUE -5.9% • Revenue/hl +1%, mainly impacted by negative country and channel mix REVENUE¹ • Volume recovery in unable to offset COVID-19-related decline in the -5.0% rest of the region OPERATING PROFIT OPERATING PROFIT¹ • Substantial cost reductions more than +5.0% offsetting topline decline OPERATING MARGIN OPERATING MARGIN • +220bp 23.5%

¹ Organic growth

11 FY 2020 FINANCIAL STATEMENT PRESENTATION Asia MARKET COMMENTS

CHINA INDIA AND • Volume growth and solid revenue/hl growth • Significant impact from lockdowns, including full • Expansion of Wusu brand, solid growth of closures in Q2 premium portfolio and big city expansion • Improvement in H2 • Material asset restructuring concluded in December MALAYSIA AND SINGAPORE , LAOS AND CAMBODIA • Malaysia impacted by restrictions on on-trade, • A volatile year for Vietnam. Good performance by distribution, and in Q2 production Huda brand. Q4 impacted by flooding • In Singapore, modest volume impact but • Recovery in Laos from May negative channel mix • Cambodia impacted by less tourism and re-build of business. Volume growth in Q4

12 FY 2020 FINANCIAL STATEMENT PRESENTATION

TOTAL VOLUMES¹ REVENUE +6.2% • Revenue/hl -5%, impacted by the planned higher level of promotional activities in Russia REVENUE¹ • Modest impact from COVID-19 due to generally small on-trade exposure in +1.0% the region

OPERATING PROFIT¹ OPERATING PROFIT • Significant cost savings driving growth +10.9% and offsetting promotional investments OPERATING MARGIN OPERATING MARGIN • +220bp 19.2%

¹ Organic growth

13 FY 2020 FINANCIAL STATEMENT PRESENTATION Eastern Europe MARKET COMMENTS

RUSSIA OTHER MARKETS • 9% volume growth in a slightly growing market • Double-digit revenue growth • Continued challenging competitive environment • Solid revenue/hl increase due to growth of craft • Lower revenue/hl due to higher level of promotions & speciality and alcohol-free brews and negative channel and product mix • Improved market share • Volume decline in line with market • Negative impact from channel and brand mix • Good performance of local power brands, 1664 Blanc and alcohol-free brews

14 FY 2020 FINANCIAL STATEMENT PRESENTATION INCOME STATEMENT (1)

REVENUE GROSS ORGANIC OPERATING MARGIN OPEX PROFIT DKK 58,541m 48.4% -14% DKK 9,699m • Impacted by volume • Decline of 110bp • Well-embedded Operating • Organic decline of 3.1% decline and negative • Significant supply chain Cost Management toolkit • Operating profit/hl +1% price/mix savings • Main drivers of decline (organically) • Revenue/hl -5% • Fixed cost under-absorption included travel, admin, • Operating margin 16.6% • FX -3.1%, primarily RUB, • Margin also impacted by people, marketing (+70bp) NOK and RMB channel, product and country • Opex excl. marketing • EBITDA margin 24.1% mix organically -13% (+130bp)

15 FY 2020 FINANCIAL STATEMENT PRESENTATION INCOME STATEMENT (2)

SPECIAL NET TAX NET ITEMS FINANCIALS RATE PROFIT DKK -247m DKK -411m 24.7% DKK 6,030m • Impacted by restructuring • Decline of DKK 327m, mainly • Excluding one-offs related • Non-controlling interests costs, brand impairment due to FX and other financial to special items, effective DKK 778bn and COVID-19 related one- items tax rate would have been • Adjusted EPS DKK 43.6 offs • Excl. FX, net financials DKK 25.7% (+6.3%), supported by share • Positively impacted by -550m buy-back reversal of purchase price allocation provision in earlier years

16 Strong cash flow

DKKm DKK

14,085 +1,321 -1,033 -1,063 -2,382 5.1bn -3,835 FREE CASH FLOW

7,093 -2,036 DKK 5,057 3.2bn M&A IN 2020 EBITDA Non-cash Trade Other Net Operating Free Financial Free & W/C W/C interests investments operating & other cash restructuring and tax (incl. Brooklyn cash flow investments flow brand rights)

17 Net interest-bearing debt

DKKm

2,900 674 21,263 18,776 10,928 3,093 796 2,482 1.51x 3,470 NIBD/EBITDA

1 Jan. Cash flow Cash flow Cash flow Dividends Dividends Share Other 31 Dec. from from from to share- to non- buy-back operating investing acquisitions holders controlling activities activities interest

18 FY 2020 FINANCIAL STATEMENT PRESENTATION DELIVERING ON OUR CAPITAL ALLOCATION PRIORITIES

Invest in our business to drive Taking appropriate actions to ensure long-term 01 long-term value creation health and value creation

NIBD/EBITDA NIBD/EBITDA 1.51x 02 < 2.0x

Dividend pay-out ratio (of adjusted Dividend paid in March: DKK 3.1bn; payout ratio 50% 03 net profit) of around 50% Proposed dividend for 2020: DKK 22/share (DKK 3.2bn); payout ratio 50%

Excess cash to be redistributed through Share buy-back amounting to DKK 2.9bn in 2020 04 buy-backs and/or extraordinary dividends Quarterly DKK 750m buy-back programme initiated today

Deviating from the above if value-enhancing Acquisition of Marston’s brewing activities in the UK 05 acquisition opportunities arise Acquisition of Wernesgrüner Brewery, Germany Acquisition of the rights to the Brooklyn brand Material asset restructuring in China

19 FY 2020 FINANCIAL STATEMENT PRESENTATION Material asset restructuring in China

• Restructuring finalised in December ASSET RESTRUCTURING OWNERSHIP STRUCTURE • Most the Group’s Chinese assets and the assets of Brewery Company now owned by the All assets of Free float All assets of Group (shares listed on Chongqing Jianiang Chongqing Brewery Carlsberg Group controlled Chinese Stock Company • Chongqing Jianiang ownership businesses¹ Exchange) • Carlsberg Group 49% 60% 40% • Chongqing Brewery Company 51%

• Chongqing Brewery Company is listed Chongqing Brewery on the Shanghai Stock Exchange Chongqing Jianiang Company • Carlsberg Group owns 60% of the shares in Chongqing Brewery 49% 51% Company

• Following the restructuring, Carlsberg Chongqing Jianiang Group’s total economic interest in Jianiang is 79%

¹ Most of Carlsberg Group Chinese assets were injected into Chongqing Jianiang

20 FY 2020 FINANCIAL STATEMENT PRESENTATION Earnings expectations

• In most markets, the COVID-19 pandemic continues to impact business performance, which means a challenging start to 2021. • The uncertainty related to the extent and length of the pandemic, further government actions, consumer reactions and macroeconomic developments remains high and may have significant implications for business performance.

Due to the high uncertainty about trading conditions, we are guiding: Organic growth in operating profit within the range of 3% to 10%

OTHER ASSUMPTIONS • A translation impact on operating profit of around DKK -200m, based on the spot rates as at 4 February • Net finance costs (excluding FX) of DKK 600m 2021 • Reported effective tax rate at around 25% • Capital expenditures of around DKK 4.0-4.5bn at constant OUTLOOK currencies 21 FY 2020 FINANCIAL STATEMENT PRESENTATION Delivering on SAIL’22 financial priorities

ORGANIC OPERATING PROFIT GROWTH OPERATING MARGIN ADJUSTED EPS (DKK)

11.0% 10.5% 16.6% 43.6 8.4% 15.9% 41.0 14.9% 35.2 14.6% 5.0% 32.3

13.2% 25.4

-3.1% 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020

RETURN ON INVESTED CAPITAL (ROIC) DIVIDEND PER SHARE (DKK) CASH RETURNS (DKKbn)

8.8% 8.9% 22.0 Share buy-back 21.0 8.1% Dividend 18.0 6.9% 2.7 16.0 5.9% 3.1

3.2 10.0 4.1 2.5 2.9 1.7 0.75 2017 2018 2019 2020 Q1 2021 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 22 Q&A Appendix FY 2020 FINANCIAL STATEMENT PRESENTATION Cash returns to shareholders

2020 2021 DIVIDEND PAYOUT IN MARCH PROPOSED DIVIDEND TO BE PAID IN MARCH • DKK 21/share • DKK 22/share • In total DKK 3.1bn • In total DKK 3.2bn • Payout ratio of 50% • Payout ratio of 50%

SHARE BUY-BACK SHARE BUY-BACK • DKK 2.9bn carried out January – August • Due to the continued business uncertainty related to the COVID-19 pandemic, especially at the beginning of 2021, the • 3,290,522 B shares bought Group intends to execute the 2021 share buy-back as quarterly programmes • 4,400,000 B shares cancelled in April • 5 February – 23 April: DKK 750m • At the 2021 AGM: proposal to cancel 2,900,000 B shares • The size of subsequent share buy-backs will be determined on a quarterly basis, with information on the next quarterly share buy-back being made on 28 April, in connection with the Q1 trading statement

25 FY 2020 FINANCIAL STATEMENT PRESENTATION New regional structure from 1 January 2021: Optimising regional management… Inner circle: Volume split Outer circle: Revenue split

WESTERN EUROPE CENTRAL & EASTERN EUROPE

MARKETS MARKETS Denmark Azerbaijan Finland Baltics France Belarus Germany Norway Poland Sweden Italy Switzerland UK Russia Ukraine Nordics Russia Export & licence France & Switzerland Ukraine, Kazakhstan, Belarus, Azerbaijan Other markets Export & licence 26 Other markets FY 2020 FINANCIAL STATEMENT PRESENTATION … and providing a better regional balance

WESTERN ASIA CENTRAL & EUROPE EASTERN EUROPE 29% of volume 31% of volume 40% of volume 44% of revenue 29% of revenue 27% of revenue 36% of operating profit 36% of operating profit 28% of operating profit

27