Heineken said Wednesday its beer sales were down in the first quarter but kept profit forecasts for the year unchanged despite noting increased uncertainty from tariffs.
Global beer volumes for the world’s second-biggest brewer after AB InBev came in at 54.1 hectolitres in the first three months of the year, compared to 55.4 in 2024.
The company said “calendar” effects were to blame, notably a later Easter and the loss of an extra selling day due to 2024 being a leap year.
Heineken shares rose more than two percent at the opening bell however, as the decline in beer volumes was less steep than analysts had expected.
The brewer maintained its full-year outlook for a gain of between four and eight percent in operating profits, its preferred metric.
“We anticipate ongoing macroeconomic volatility that may impact our consumers, including weak sentiment, global inflationary pressures, and currency devaluations in relation to a stronger euro,” the firm said.
“Additionally, there are broader uncertainties, including recent tariff adjustments and potential increases, as we go forward,” added Heineken.
Heineken no longer publishes quarterly net profit figures, unveiling these only in half-year or full-year reports.
Its annual report published in February showed net profit down sharply, at 978 million euros, compared to 2.3 billion euros in the previous year.
However, the company explained this was due to a one-off impairment from an investment in China Resources Beer, whose share price tanked on the Hong Kong stock exchange.