Dutch beer giant Heineken started the day positively, rising 1.6% in Amsterdam. The brand today released its third-quarter results, closing with revenues of over €8.7 billion, down 1.4% from a year earlier. Year-to-date revenues stood at €25.6 billion. Organic net revenues decreased 0.3% in the quarter to €7.3 billion, up 1.3% year-to-date.

Beer volumes also declined organically by 4.3% in the quarter and 2.3% year-to-date, with growth in Africa and the Middle East more than offsetting volume declines in Europe and the Americas. The company is gaining or maintaining volume market share in most markets, with notable gains in Mexico, Brazil, India, Vietnam, Nigeria, and Ethiopia.

Premium beer volumes decreased by 2.2% (YoY: +0.4%), as growth in Vietnam, India, Nigeria, and South Africa was more than offset by volume declines in Brazil and the United States. Heineken® volumes declined slightly by 0.6% (YoY: +2.7%), as double-digit growth in 21 markets failed to offset the decline in Brazil and the United States. Heineken 0.0 recorded a decline of 1.8% (YoY: -0.6%), also driven by Brazil and the United States. Heineken Silver recorded growth of more than 20% (YoY: +31.6%), with strong and continued growth in China and Vietnam.

Given the challenging quarter just ended and based on the current assessment of near-term consumer demand, Heineken expects a slight decline in volumes for 2025. Organic operating profit growth in 2025 is expected to be at the lower end of the forecast range of 4% to 8%.

"Macroeconomic volatility persisted as expected and intensified in the third quarter, creating a challenging environment that led to mixed results," commented Dolf van den Brink , Chairman and CEO of Heineken. "We expect consumer confidence and demand to recover as conditions return to normal."

"Our advantageous geographic position," the manager added, "has helped us adapt, including solid beer volume growth in South Africa, portfolio-wide gains in Vietnam, and continued strong growth for Heineken and Amstel in China, which has partially offset some weaknesses in Europe and the Americas. We are also excited about the announced FIFCO transaction in Central America, which will further strengthen our growth footprint and increase earnings."

"By pursuing our EverGreen strategy," the president continued, "our portfolio continues to evolve positively, with market share increases in most of our markets and volume growth for Heineken and premium products since the beginning of the year. Furthermore, we are future-proofing the business by accelerating digital investments and reorganizing our structure. Taking into account the challenging quarter, we remain confident that we can achieve gross savings of €0.5 billion by 2025 and expect full-year organic operating profit growth to be at the low end of our guidance of 4% to 8%."