“High COGS inflation and significantly higher logistic costs created a difficult competitive situation in 2023 – a situation we expect to improve in 2024. In 2023, we also successfully relocated beer production for the Canadian market to Amsterdam Brewery, allowing us to better serve the market.”

Michael Nørgaard Jensen,
SVP International

Financial Performance

Volumes in International declined by 18% in 2023 to 1.1 million hectoliters, which corresponds to an organic decline of 21%. The decline is explained by political unrest and lack of hard currency in Africa, a situation that is now stabilized, and a down prioritizing of the business due to lack of production capacity. As a result, net revenue declined organically by 14% to DKK 1,166 million in 2023, which equates to a reported decline of 2% when adjusting for acquisitions.



EBIT declined by DKK 53 million to DKK 75 million, corresponding to 41% in reported terms and 40% in organic terms. This led to an EBIT margin of 6.4% in 2023, down from 10.7% in 2022. Acquisitional effects had a negative impact on the EBIT margin of 1 percentage point.






Development and initiatives in 2023

2023 marked a year of significant transition for us. Our International business underwent a transformation, becoming more localized, and we successfully shortened our supply chains, resulting in clear sustainability gains. The acquisition of the Amsterdam brewery and the relocation of Faxe brewing to Canada contributed to a decrease in our overall CO2 footprint. Similarly, our CO2 footprint in China substantially reduced as we shifted production operations to the local market. These actions represent important milestones in our ongoing efforts to reduce lengthy supply lines, localize production, and achieve sustainability gains, all while enhancing proximity to local markets. Proximity to our markets is crucial for maintaining agility and responsiveness to local market needs.

The integration of our two companies in Canada, Amsterdam Brewery and Bruce Ashley Group, is progressing according to plan. Despite cost increases in input materials, we managed to absorb costs through price adjustments in most markets.

In Germany, we successfully regained a strong position in the 1-liter beer market. Across the DACH region, we strengthened our market position in Crodo Italian Lemonade, holding a strong position in all three markets. In the UK, we lead the market in malt beverages and successfully introduced a new line of brands in collaboration with Live Nation for pre-mixed cocktails. Our presence in festivals and music venues across the UK has expanded, and we plan to continue this expansion into more venues in 2024.

Our malt business in the Americas and Latin America/Caribbean regions has improved, securing a leadership position in key strategic markets for premium malt beverages. We’ve included more markets in Latin America and are actively building additional markets in the region.

Despite economic challenges in some African markets, including strained economics and a lack of hard currencies, we are growing our African business, with Faxe beer leading the expansion. We are entering new markets to complete West Africa penetration, recognizing Africa as an important opportunity despite its volatile nature.

The expansion and localization of Tempt cider production in China represent a crucial step in several areas, offering the potential to grow profits, decrease the CO2 footprint, and establish closer connections with local consumers.