By Emma Rumney LONDON, Feb 4 (Reuters) – Danish brewer Carlsberg on Wednesday reported a forecast-beating 5% rise in full-year operating profit, but warned it did not expect any improvements in a stubbornly difficult consumer environment. The world's third-largest brewer and larger rivals Anheuser-Busch InBev and Heineken have been struggling to grow sales volumes, hit by everything from bad weather to geopolitical uncertainty. Carlsberg forecast further profit growth of 2% to 6% in its current financial year, but CEO Jacob Aarup-Andersen warned there were no signs yet of a material change in consumer behaviour. Geopolitical uncertainties, particularly surrounding trade policies, would be the key deciding factor, he said. "Another year of continued changes and uncertainties around trade policies will impact job creation and it will impact consumer confidence," he said. Analysts on average currently expect Carlsberg to deliver over 5% growth versus their estimates for 2025. It reported 2025 organic operating profit of 13.99 billion Danish crowns ($2.22 billion) before special items, versus analyst expectations for 13.82 billion crowns. POSSIBLE INDIA IPO The company, which owns brands including Kronenbourg 1664, Tuborg and Somersby, has outperformed some peers amid weak global beer demand, supported by its acquisition of soft drinks maker Britvic, which completed last year and doubled the share of soft drinks in its portfolio to 30% of volumes. But it still saw a decline in organic revenues and volumes for the year. The group has also tightened spending on travel, consultants and headcount to protect earnings while managing pressures ranging from subdued consumer demand to the effects of U.S. tariffs and the war in Ukraine. Carlsberg said it is reviewing a potential initial public offering for its Indian operations, confirming media speculation that has been swirling since last year. Aarup-Andersen declined to comment further on the plans. Jefferies analyst Edward Mundy said India accounts for around 5% of Carlsberg's sales volume and an IPO of 35% of the unit could raise 5 billion Danish crowns and help Carlsberg reduce its debt. Carlsberg's shares were up 1% by 0823 GMT. ($1 = 6.3110 Danish crowns) (Reporting by Emma Rumney, Editing by Louise Heavens and Thomas Derpinghaus)
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