Pricing and cost management took center stage in the H1 results. Organic volume growth turned out to be positive, driven by a robust performance from Asia, while the consumer situation in Europe remained more challenging. Given the consensus of +5.1% growth in the organic operating result, the increase to the guidance did not come as a big surprise. Despite easy comps for H2, Carlsberg remains cautious due to the lack of visibility on the Chinese situation and the challenging environm ....