Heineken expects its sales volumes to fall this year after beer sales slid in the third quarter. The Amstel and Sol brewer today (22 October) predicted its volumes would “decline modestly” in 2025 following a “challenging” three months to the end of September. Third-quarter revenue dropped 4% to €8.71bn ($10.12bn) and dipped 0.1% on an organic basis. The company’s volumes fell 3.8% during the quarter as Heineken's beer volumes declined more than 4% amid lower sales in Europe and North America. Heineken ...

  Amsterdam, 22 October 2025 – Heineken N.V. (EURONEXT: HEIA; OTCQX: HEINY) announces Staying the course while navigating a challenging quarter Key Quarterly Highlights   Revenue €8,712 million for the quarter, €25,636 million year to date Net revenue (beia) organically down 0.3% for the quarter, up 1.3% year to date Beer volume organically down 4.3% for the quarter, down 2.3% year to date Premium beer volume organically down 2.2% for the quarter, up 0.4% year to date Heineken® volume down 0.6% for the q ...

Core Insights - Heineken is restructuring its global headquarters in Amsterdam, impacting around 400 jobs as part of a new five-year strategy called EverGreen 2030 [1][2] - The restructuring aims to create a more agile, simplified, and connected organization focused on growth and innovation [1] - More details on the strategy will be revealed at Heineken's capital markets event in Seville on October 23 [2] Job Impact - The restructuring will affect 400 jobs, in addition to 200 roles in the Digital and Technology department that have been undergoing transformation since October of the previous year [2] Business Services Expansion - Heineken plans to expand its Heineken Business Services unit, establishing global capability centers anchored in new technologies [3] - The global headquarters will become a more focused strategic center, with some roles relocating to the business services unit and others being made redundant [3] Digital Transformation - The company is broadening its multi-year Digital Backbone program, integrating over 40 digital platforms to simplify processes and enhance data utilization [4][5] - This initiative aims to enable faster innovation and improve responsiveness to consumer trends and market shifts [5] Leadership Perspective - Heineken's CEO emphasized the need to accelerate digital transformation and focus on market competitiveness amid geopolitical and economic pressures [5][6] - The company is committed to supporting its employees through the transition with care and respect [6]

Acquisition Overview - Heineken is acquiring the beverages and retail businesses of Costa Rica-based Florida Ice and Farm Company (FIFCO), purchasing the remaining 75% stake in Distribuidora La Florida and over 300 retail outlets in Costa Rica, along with operations in El Salvador, Guatemala, and Honduras [1][2] - The deal includes a 75% stake in Nicaragua Brewing Holding, a 25% stake in Heineken Panama, and full ownership of FIFCO's beyond beer business in Mexico, with a total payment of $3.2 billion for these equity stakes [2] Strategic Implications - The acquisition will provide Heineken with a multi-category portfolio, including Costa Rica's national beer Imperial and a significant soft drink business with its own brands and a bottling license with PepsiCo [3] - Heineken aims to accelerate its EverGreen strategy and enter new profit pools across Central America by integrating FIFCO's brands and market expertise [4] Financial Impact - The integration of FIFCO's assets is expected to yield run-rate cost savings of approximately $50 million [5] Company Background - FIFCO operates five production plants and 13 distribution centers across Central America, the Dominican Republic, Mexico, and the US, exporting to over ten countries [6]

Core Insights - Marc Busain, President of HEINEKEN Americas, will step down effective October 1, 2025, to become CEO of LIPTON Teas and Infusions [1] - Busain has had a successful 30-year career at HEINEKEN, with the last 10 years as President of the Americas, where he significantly contributed to the company's growth [2][3] Company Performance - Under Busain's leadership, the Americas region doubled its revenue, operating profit, and net profit over the past decade [3] - Key markets such as Mexico and Brazil became major profit contributors, with Brazil emerging as the largest market for Heineken® and Amstel [3] Strategic Contributions - Busain played a crucial role in the acquisition and integration of Brazil Kirin, enhancing HEINEKEN's market position in Brazil [3] - He led transformations in supply chain efficiency, revenue management, and the implementation of AI-driven sales tools [3] - Premiumisation and the expansion of Heineken® 0.0 were significant growth strategies during his tenure [3] Leadership and Culture - HEINEKEN's Chairman expressed gratitude for Busain's contributions, highlighting his commitment to building strong teams and mentoring future leaders [4] - Busain cultivated a winning culture in the Americas, emphasizing trust and empowerment [4]

Core Insights - HEINEKEN inaugurated the Dr. H.P. Heineken Centre, a new €45 million Global Research and Development Centre in Zoeterwoude, Netherlands, aimed at enhancing brewing techniques and developing new beverages [1][7][11] - The Centre will focus on innovation in response to changing consumer preferences, including new flavors, natural ingredients, and low- or no-alcohol options [2][5] - The facility is strategically located near leading universities, fostering collaboration in sustainable brewing and fermentation science [6][8] Investment and Infrastructure - The Centre spans 8,800 m² and is designed to support HEINEKEN's global R&D network, which includes hubs in Mexico, South Africa, and Vietnam [11] - It will house around 100 employees from 12 nationalities, focusing on brewing innovation, flavor research, and sustainability [11] - The building meets BENG standards with an A++++ energy label, emphasizing HEINEKEN's commitment to sustainability [11] Strategic Goals - The Centre is part of HEINEKEN's EverGreen Strategy, aimed at innovating faster and smarter while reducing environmental impact [5] - It aims to connect HEINEKEN's brewing legacy with modern science, ensuring the development of products that resonate with future drinking cultures [5][7] - The investment reinforces the Netherlands' position in the global food technology sector and contributes to the knowledge economy through partnerships with universities [8]

Group 1 - Heineken reported a mid-single-digit decline in both sales volume and revenue in the Brazilian market for Q1 FY2025, attributed to last year's high base effect [1] - The management indicated a market share growth from a "sold" perspective, with the mainstream product line, particularly the Amstel brand, showing a slight increase in sales volume [1] - Goldman Sachs views the flat year-on-year pricing as a negative surprise, reinforcing concerns about an increasingly competitive environment and some consumers shifting to lower-priced brands [1] Group 2 - Ambev is the largest beer brewer in Latin America and the Caribbean, and a subsidiary of Anheuser-Busch InBev, producing and distributing beer and PepsiCo products in Brazil and other Latin American countries [2] - Key upside risks for Ambev's stock price include higher dividend payout rates, faster-than-expected recovery of the Skol brand in Brazil, currency appreciation, and cost reductions [2] - Maintaining market share, achieving sales growth, and actual price increases in the Brazilian market, along with improvements in Argentina's macroeconomic conditions and the continuation of certain tax incentives in Brazil, are also considered potential positive factors [2]

Core Insights - Heineken Holding N.V. reported its first quarter performance for 2025, indicating that results were as anticipated and the full-year outlook remains unchanged [2][10] Financial Performance - Revenue for the first quarter was €7.8 billion, with net revenue (beia) showing an organic increase of 0.9% and net revenue (beia) per hectolitre up by 3.3% [4][10] - Total consolidated volume decreased by 2.4%, while the price-mix on a constant geographic basis increased by 4.1% due to pricing strategies to counter inflation and premiumisation [4][10] - Currency translation negatively impacted net revenue (beia) by €345 million, primarily due to the strengthening of the Euro against currencies like the Mexican Peso and Brazilian Real [5][10] Volume and Market Share - Beer volume decreased organically by 2.1%, attributed to calendar timing effects, including a later Easter and the earlier timing of Tết [8][10] - Despite the overall volume decline, Heineken is gaining or holding market share in more than half of its markets year-to-date [8] Premium Segment Performance - Premium beer volume increased organically by 1.8%, outperforming the total beer portfolio, with significant growth in markets such as Vietnam, India, and Nigeria [11][12] - Heineken® brand volume grew by 4.6%, with double-digit growth in 25 markets, including Vietnam and China [12][13] Outlook and Strategic Initiatives - The company anticipates ongoing macroeconomic volatility, including global inflationary pressures and currency devaluations, but maintains its full-year expectations of 4% to 8% organic growth in operating profit (beia) [14][16] - Heineken is focusing on capital allocation and productivity initiatives to navigate the fluctuating environment while continuing to invest in growth opportunities [15][16] Share Buyback Program - Heineken has initiated a two-year share buyback program for a total of €750 million, with the first tranche of €375 million expected to be completed by January 2026 [17][18]