Heineken lowers 2025 outlook as global demand weakens  

 NETHERLANDS – Heineken has revised its 2025 outlook downward, warning of modestly lower beer volumes and slower earnings growth after a challenging third quarter marked by weak consumer confidence and trade disruptions in several markets.  

The Dutch brewer reported that total revenue for the three months ending in September dropped 4% to €8.71 billion (US$10.12 billion), with organic revenue edging down 0.1%. Beer volumes declined by more than 4%, driving an overall 3.8% decrease in total company volume.   

Lower sales in Europe and North America contributed significantly to the downturn, offsetting growth in emerging markets.  

Premium beer volumes were down 2.2% in the quarter, although year-to-date figures remain up by 0.4%. Heineken highlighted that growth in Vietnam, India, Nigeria, and South Africa helped cushion the decline caused by weaker sales in Brazil and the United States.  

In Africa, the company recorded strong results, with net revenue rising 14.9% organically and total consolidated volume increasing 1.3% (year-to-date flat). Net revenue per hectolitre advanced 13.0%, reflecting Heineken’s strategy to prioritize profitability over volume.   

The company reported continued progress in Nigeria, South Africa, and Ethiopia, supported by disciplined execution and a focus on premiumisation.  

Heineken’s “net revenue per hectolitre” globally increased 3.6%, attributed to higher prices and a stronger mix of premium products. However, the company now expects its organic operating profit growth to be “towards the lower end” of its 4-8% forecast range.  

“Macroeconomic volatility persisted as anticipated and became more pronounced in the third quarter, creating a challenging environment,” said Dolf van den Brink, Heineken’s chairman and CEO.   

He noted that despite the mixed performance, the company achieved market share gains in most of its markets and continues to invest in digital transformation and organizational restructuring.  

Analysts had projected full-year profits to increase 3.9% and volumes to decline by 1.8%, aligning closely with the company’s updated outlook.   

Last week, Heineken announced a restructuring plan for its Amsterdam headquarters that will affect approximately 400 jobs.  

The move follows the brewer’s decision to close the Namysłów Brewery in Poland by early next year due to falling beer consumption in the country.  

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