Carlsberg invests €100 million in Ukraine amid war and geopolitical uncertainty

Carlsberg is moving forward with a 750 million kroner (€100 million) expansion of its brewery operations in war-torn Ukraine, despite ongoing bombings and escalating global instability, the company’s CEO Jacob Aarup-Andersen confirmed in an interview with Danish broadcaster DR.

Aarup-Andersen described the current geopolitical climate as a “Game of Thrones,” referencing the TV series’ brutal power struggles to illustrate the unpredictable shifts reshaping global business. “The geopolitical tectonic plates are moving,” he said. “This creates uncertainty where, as a business leader, I must be prepared to wake up every day to find my playing field has changed.”

The investment in Ukraine serves both commercial and ethical purposes, according to the CEO. While the company sees long-term market potential, Aarup-Andersen also framed the decision as a values-driven commitment to supporting the country amid war. “Uro [turmoil] is the new normal for global businesses,” he stated.

When asked whether corporations can navigate such instability without becoming entangled in geopolitical conflicts, Aarup-Andersen did not provide a direct response. The full interview is available on DR’s Deadline program.