Summary of Q125 sales Carlsberg''s Q1 LFL sales declined -1.5% marking a modest (c.-50bp) miss vs. company consensus. LFL volume growth (-2.3% vs. co. cons. -1.7%) was the source of the sales miss vs. expectation, and by region we note that Asia (vols. -2.1% vs. co. cons. -0.8%) and CEEI (vols. -1.7% vs. co. cons. +0.8%) were the drivers. In Western Europe, LFL volumes surprised positively (-3.1% vs. co. cons. -4.7%) which we primarily attribute to strength in Poland which grew volumes double-digits. News We highlight that Carlsberg volumes in China grew +2% in Q1 in a beer industry that it estimates declined c.-2-3%. Earnings We revise our FY25e-FY27e EPS by c.+1%. Investment thesis Given Carlsberg''s reliance on market-share driven growth in China, we see better value at Heineken and ABInBev. Rating and target price We maintain our Neutral rating. Our target price moves from DKK775 to DKK880 (reflecting increase to our target multiple). 15 questions for management You described Q1 Alcohol-Free Brews (AFB) volume growth of +15% as being structural. Have you observed a step-change in consumer demand for alcohol-free beer in your major European markets?