Carlsberg missed half-year profit and volume forecasts on Thursday and warned it did not expect the consumer environment to improve in the rest of 2025, sending the Danish brewer's shares down almost 7% in early trading. While Carlsberg, which makes Kronenbourg 1664, Tuborg and Somersby, raised the bottom end of its annual profit guidance, that did not offset slower-than-expected first-half operating profit growth of 2.3%, and a 1.7% decline in volumes. CEO Jacob Aarup-Andersen said on a media call that the brewer's performance was strong in a difficult year, and that it anticipated slightly better volume growth in the second half. Haider Anjum, analyst from Jyske Bank, said he was surprised by the share price reaction, given Carlsberg's relatively strong performance. While it narrowed its expectations for annual operating profit growth to 3% to 5%, compared with 1% to 5% before, analysts said they were already expecting 4%.