Summary of Q2/H124 results Carlsberg Q2 LFL sales grew +1.9% (vols. +1.0%) and missed consensus expectation by -200bp driven by Western Europe (-1.3% vs. co. cons. +2.0%) and Asia (+1.9% vs. co. cons.+5.4%) which were both impacted by adverse weather. H1 LFL EBIT growth at +4.7% was broadly in-line with co. cons. (+4.6%) but DKK EBIT was a c.-2% miss. Carlsberg H1 gross margin expanded by +160bp which was was offset by a material step-up in marketing investments (-110bp). H1 EPS (adj. basic) at DKK28.6 was a c.-4% miss driven by a combination of the miss at the EBIT level and above consensus NCI. News We highlight that bad weather and weak consumer sentiment continued into July in China and therefore Carlsberg expects H2 growth in China to be lower than H1 (+3% vol. growth) leading to expectation of modest growth in the FY. Earnings We revise our FY24e / FY25e / FY26e EPS by -6% / -5% / -5% which reflects a combination of the H1 EPS miss and unfavourable revisions to FY24e organic EBIT growth, FX, finance costs and NCI. Investment thesis As the market digests the Britvic acquisition and re-appraises the merits of being a Pepsi bottling consolidator, we expect the stock to recover its multiple on a higher earnings base. Rating and target price We maintain our Outperform rating. Our target price moves from DKK1,055 to DKK1,000. 15 questions for management Do you expect to be within your long-term organic sales growth ambition range of +4-6% this year?