Carlsberg

1. Economic Risk: Carlsberg AS is largely dependent on the performance of the economy and on economic factors, such as consumer spending and taxation. A recession or market fluctuations could have a direct impact on Carlsberg's performance, reducing demand for its products, or impacting the cost of production and/or distribution.

2. Currency Risks: Carlsberg AS is subject to foreign currency risks, as it sells its products in multiple currencies around the world. Fluctuations in exchange rates could also have an adverse effect on Carlsberg's bottom line.

3. Regulatory Risk: Carlsberg AS is subject to regulatory changes, which could increase the cost of operations or adversely affect the sale of certain products. Changes to taxes, tariffs, or alcohol-related regulations could negatively impact Carlsberg.

4. Market Risk: Carlsberg AS operates in a competitive market with numerous multinational beverage companies. Competition could reduce demand for Carlsberg's products, or could increase the cost of producing and distributing its products.

5. Political Risk: Carlsberg AS is exposed to political risk due to its geographical spread across many different markets. Changes in the political environment, such as government policies and geopolitical instability, could affect Carlsberg's operations, pricing, or demand for its products.