Heineken Q3 Revenue Matches Expectations as Beer Volumes Decline, Shares Edge Higher

Overview

• Net revenue reached €7.33 billion, down 0.3% on an organic basis and in line with consensus, with total revenue at €8.71 billion, a 4% year-on-year decline.
• Consolidated beer volumes fell 4.3% organically in the quarter.
• Americas volumes contracted 7.4% organically, led by softer demand in Brazil and the United States, with Brazil shipment volumes down around 15%.
• Heineken reports market-share gains in parts of the Americas, including Brazil and Mexico, alongside improved performance in Vietnam.
• The company now expects 2025 organic operating profit growth at the low end of its 4%–8% range and forecasts a modest volume decline, while its Amsterdam-listed shares rose about 1.5% after the release.