Heineken holds firm despite challenging third quarter

Amsterdam brewer Heineken has reported softer volumes but strong premium performance in Asia and Africa in its third-quarter trading update.

Heineken reported revenue of €8.7 billion for the third quarter of 2025 and €25.6 billion year to date, according to its latest trading update on 22 October. Net revenue (beia) was down 0.3% organically in the quarter and up 1.3% year to date. Total consolidated volume decreased by 3.8% in the quarter and by 2.1% year to date.

Beer volume declined 4.3% organically in the quarter, with Europe and the Americas offsetting gains in Africa and Asia Pacific. Heineken volume fell by 0.6% in the quarter but rose 2.7% year to date. Premium beer volume declined 2.2% but remains up 0.4% over the first nine months of the year.

Dolf van den Brink, chair of the executive board and CEO, said: “Macroeconomic volatility persisted as anticipated and became more pronounced in the third quarter, creating a challenging environment, resulting in a mixed performance. We expect consumer confidence and demand to recover when conditions normalise.”

Regional performance paints a mixed picture

In Africa and the Middle East, net revenue (beia) grew 14.9% organically, supported by strong pricing and premium beer growth, particularly in Nigeria, South Africa and Ethiopia. Beer volume in the region increased by 2.0% in the quarter and by 1.4% year to date.

Ethiopia stood out, with organic net revenue (beia) growing by more than 50%, driven by double-digit beer volume growth and continued strength from the mainstream brand Harar, according to the company.

In Asia Pacific, net revenue (beia) rose 5.6% organically in the quarter, despite a 0.8% drop in volume. Growth in Vietnam, Myanmar and Laos partially offset declines in Cambodia and India. Vietnam delivered beer volume growth ahead of the market, with Heineken® Silver nearly doubling its performance, as reported by the brewer.

Europe faced the sharpest decline, with net revenue (beia) down 3.6% organically and beer volume falling 4.7%. Weaker consumer sentiment and slower volume recovery after retail negotiations weighed on results. There were, however, strong showings in the UK and Portugal, where Cruzcampo and Sagres grew well.

In the Americas, net revenue (beia) fell 5.5% organically as beer volume declined 7.4%. Brazil and the USA were particularly weak, with subdued consumer sentiment and distributor stock adjustments. Mexico was broadly stable, gaining share despite lower volume.

Premium and licensed brands continue to grow

Heineken Silver grew in the high twenties, with particularly strong performances in China and Vietnam. Licensed beer volume increased by 19.8% in the quarter and by 21.0% year to date, led by double-digit Heineken growth and the doubling of Amstel volume at China Resources Beer in China.

Amstel also performed well in South Africa, India, Romania, Tunisia and Ecuador. In mainstream beer, Larue in Vietnam, Cruzcampo in the UK and Bedele and Harar in Ethiopia offset declines in Brazil and Cambodia.

Digital investments and productivity targets

Heineken reported that its eB2B platforms captured €9.7 billion in gross merchandise value year to date, a 13% organic increase. The company is now connecting 730,000 active customers through traditional channels.

The brewer remains on track to deliver €0.5 billion in gross savings for 2025. “Staying the course on our EverGreen strategy, our portfolio continues to evolve positively, with market share gains in a substantial majority of our markets,” said van den Brink.

Outlook and guidance

The company anticipates full-year organic operating profit (beia) growth at the lower end of its 4% to 8% guidance, taking into account the quarter’s challenges and current demand outlook. Heineken also expects ongoing macroeconomic volatility, including weak consumer sentiment and currency pressures against a strong Euro.

Strategic expansion in Central America

On 22 September 2025, Heineken announced that it had entered into binding agreements with its long-term partner FIFCO to acquire the remaining 75% of Distribuidora La Florida. The transaction, which was approved by FIFCO shareholders on 7 October, is expected to be completed in the first half of 2026, subject to regulatory approval.

The acquisition is expected to be earnings accretive and further strengthen Heineken’s footprint in the region.

The update follows the brewer’s recent announcement that it would be restructuring its head office in Amsterdam, a move that will impact “approximately 400 jobs”, as reported by the drinks business.

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