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Investing.com -- Heineken N.V. on Wednesday said its full-year profit growth will fall at the lower end of its 4% to 8% guidance range after weaker third-quarter sales and softer demand in Europe and the Americas.
The world’s second-largest brewer reported quarterly revenue of €8.7 billion, bringing year-to-date revenue to €25.6 billion.
Net revenue before exceptional items and amortisation of acquisition-related intangibles (beia) declined organically by 0.3% in the quarter but rose 1.3% over the first nine months of 2025. Beer volume dropped 4.3% organically, while total consolidated volume fell 3.8%.
Chief executive Dolf van den Brink in a statement said “macroeconomic volatility persisted as anticipated and became more pronounced in the third quarter, creating a challenging environment.”
He added that “solid beer volume growth in Southern Africa, gains across the portfolio in Vietnam, and continued strong growth for Heineken® and Amstel in China” helped offset weaker results in Europe and the Americas.
Heineken brand volume fell 0.6% in the quarter but grew 2.7% year to date. Premium beer volume decreased 2.2% in the quarter and rose 0.4% for the first nine months.
Currency translation reduced quarterly net revenue (beia) by €304 million, mainly due to a stronger euro against the Mexican peso, Ethiopian birr and Brazilian real.
In Africa and the Middle East, net revenue (beia) increased 14.9% organically, supported by a 2% rise in beer volume.
The Americas region saw a 5.5% decline in organic net revenue (beia) and a 7.4% drop in beer volume, reflecting weaker demand in Brazil and the United States.
In Asia Pacific, net revenue (beia) grew 5.6% organically, with Vietnam and China driving growth despite a 0.8% decline in beer volume.
Europe posted a 3.6% organic drop in net revenue (beia) and a 4.7% decline in beer volume as consumption remained subdued.
Heineken said it remains on track to deliver €0.5 billion in gross savings this year. It expects beer volume for 2025 to decline modestly given current market conditions.
Jefferies described the results as “good enough,” saying they were slightly better than expectations and reflected important offsets from Africa and Asia to softer Americas and Europe performance.
The brokerage said it viewed the quarter as “good enough” for shares to hold up, and maintained a “buy” rating with a €100 price target.
Heineken said it had repurchased 6,959,115 shares for €500.4 million under its €1.5 billion share buyback program.
The company also confirmed its plan to acquire the remaining 75% stake in Distribuidora La Florida from Costa Rica’s FIFCO, a deal approved Oct. 7 and expected to close in the first half of 2026.