Carlsberg A/S B

Sapporo Brewery, Japan's fourth-largest beer maker, is preparing to move some of its beer production from Canada to the United States after the US imposed a 50% tariff on beer imports from Canada. Rieko Shofu, Chief Strategy Officer, said the company will shift production of its non-alcoholic beer, currently made in Canada for the US market, to the US within the first half of 2027. The company is considering both purchasing or building a brewery on the US West Coast, as well as contracting with other producers. This production shift is part of a business restructuring following the company's struggles with underperforming acquisitions in North America. The company sold Stone Brewing in 2022 and closed Anchor Brewing in 2023. Sapporo aims to invest 30-40 billion yen (approximately 1.9-2.6 billion dollars) by 2030, including acquisitions, with a goal to increase operating profit from about 24 billion yen last year to 40 billion yen. It expects about 30% of profit to come from overseas operations. In addition to the US, Sapporo is expanding in Asia. In July, the company announced a joint venture with Carlsberg to expand in Southeast Asia, and it is also looking for investment opportunities in China and South Korea.

Danish brewer Carlsberg said on the 19th that although first-half results missed market expectations, full-year operating profit is expected to come in near the top of its previous forecast range. It now expects full-year organic operating profit growth of 4 to 6 percent, up from a previous forecast of 2 to 6 percent. The benefits from its acquisition of British soft drinks maker Britvic in 2025 are materialising faster than expected, with around 50 percent of the total 110 million pounds in synergies expected to be realised in 2026. It had previously expected a realisation rate of 30 to 40 percent. First-half operating profit was 7.45 billion Danish kroner, below analyst expectations of 7.55 billion kroner.

Tilray Brands guided for adjusted EBITDA between $68 million and $75 million in fiscal 2027, representing a double-digit increase from the prior year. The company reported record fiscal 2026 net revenue of $915.5 million, up 11%, and adjusted EBITDA of $61.1 million, which was impacted by approximately $2.3 million in unanticipated fuel surcharges. Net loss improved to $105.2 million, while adjusted net income rose 87% to $12.2 million. Management highlighted a near-zero net debt position, $235 million in cash and marketable securities, and the acquisition of BrewDog, which contributed $51.1 million in fourth-quarter beverage revenue. The company also announced it will begin brewing and selling Carlsberg brands in the U.S. starting January 1, 2027, and outlined priorities of margin expansion, efficiency, and innovation for the coming year.

The 2026 FIFA World Cup in the United States, Mexico, and Canada has concluded, and Chinese brand marketing has shifted from a ‘betting-style’ approach to a ‘companion-style’ one, leveraging new tournament rules like cooling breaks and the emotional farewell of legendary players. FIFA mandated three-minute cooling breaks in each half of every match, adding approximately 7.5 hours of advertising time across the entire tournament. Fox Sports alone is expected to generate over 250 million dollars in advertising revenue from these breaks. Brands such as BOSS Zhipin, Bu Shui La, Eastroc Beverage, Alien Electrolyte Water, and Mengniu took turns appearing during CCTV’s cooling break slots. Capitalizing on the emotional farewell of superstars like Messi and Ronaldo, Mengniu, which has an endorsement deal with Messi, Cotti Coffee became the global sponsor of the Argentina national team, and Luckin Coffee sponsored the Portugal and Spain national teams, creating a rivalry among brand camps. Taobao Flash Sale partnered with 12 brands to anchor key match highlights. Carlsberg’s brand business grew over 600 percent year-on-year on June 27. After Spain’s victory, Luckin Coffee released 100,000 free drink coupons, with co-branded meal sets reaching an average customer spend of 33.9 yuan. Cotti Coffee tied free drinks to every goal scored by Argentina, giving away a total of 220,000 cups. Mengniu covered all 104 matches with the slogan ‘Whoever wins, come to Mengniu.’ Instant retail platforms also launched game-day food and drink companions. The marketing focus has shifted from pursuing exposure to resonating with consumer emotions and building long-term relationships.

Sapporo Breweries announced on the 6th that it will form a capital and business alliance with Danish beer giant Carlsberg. They will establish a joint venture in Singapore to strengthen sales of Sapporo brand beer in rapidly growing Southeast Asia and Hong Kong. Sapporo will invest about 643 million dollars and hold a 25 percent stake.

Sapporo Breweries announced on the 6th that it will form a capital and business alliance with Danish brewing giant Carlsberg. The announcement was made by Sapporo President Hiroshi Tokimatsu at a press conference held that afternoon in Shibuya Ward, Tokyo.

Panmure Liberum analysts warned that simple tournament-themed stock baskets tied to the 2026 World Cup could mislead investors, even as Adidas, Entain, and Carlsberg draw fresh attention. Strategists Joachim Klement and Francisca Reis reviewed nine World Cups since 1990 and found the strongest performers often had little obvious link to soccer, including Sagax AB, Man Group Plc, and Fresnillo Plc. They described many World Cup baskets as noise dressed up as thematic investing. Instead, the analysts pointed to stocks that may look attractive beyond the tournament because of valuation, profitability, and growth, highlighting Adidas with a forward price-to-earnings ratio of around 18, about 40% below its 10-year average, and expected annual earnings growth of more than 15% over the next three years. Entain, which owns more than 35 betting and gaming brands including Ladbrokes, Bwin, and BetMGM, trades at about 10 times forward earnings with double-digit annual profit growth estimated over the next three years. Both Adidas and Entain are seeing positive earnings revisions, possibly helped by the World Cup's familiarity effect, though some optimism may fade after the tournament, creating a risk of modest downgrades. For a more defensive play, the analysts highlighted Carlsberg A/S, trading at about 13 times forward earnings, around 20% below its 10-year average, with earnings expected to grow roughly 10% a year.