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Investing.com -- Heineken (AS:HEIN) on Wednesday reported a stronger-than-expected first quarter, maintaining full-year guidance and continuing a trend of cautious but effective expectations management, sending its shares up by over 2%.
The brewing company posted a Q1 performance ahead of company-compiled consensus, with both volume and price mix contributing equally to the beat.
The standout regional performer was Africa and the Middle East, driven primarily by Nigeria, where organic revenue rose by more than 60%.
This surge was largely a result of very high, currency-induced cost inflation, with volume growth in the low single digits.
However, RBC Capital Markets emphasized that “the most significant performance came from Vietnam,” where mid-teens organic growth in both volume and revenue exceeded the market.
Vietnam, along with India and Ethiopia, delivered what RBC described as “promising volume growth,” pointing to a possible inflection point in the region.
In the Americas, performance was broadly as expected. The U.S. market remained slow, while Brazil saw market growth, though Heineken’s own sales were affected by a trade load in the quarter.
Mexico recorded low single-digit volume declines, which RBC viewed as “a neutral read-across for ABI.”
Heineken reiterated its full-year outlook, expecting continued volume and revenue growth. Consensus estimates point to organic revenue growth of 3.4% and organic operating profit (beia) growth in the range of 4% to 8%, with consensus at 5.8%.