Overview

• Global beer volumes fell 1.5% to 116.4 million hectolitres in the first half of 2025, missing analysts’ forecast of 117 million.
• The company upheld its full-year operating profit growth outlook of 4–8%, supported by 2.1% organic sales growth and productivity savings.
• Growth in Vietnam, India and Mexico was offset by volume declines in Brazil and the United States, reflecting varied regional performance.
• Delayed pricing talks with major European retailers prompted a 4.7% drop in Western European volumes before agreements were reached.
• On July 28, Heineken’s shares dropped over 8% as investors fretted that tariff challenges and uncertain consumer spending could weigh on second-half volumes.