Heineken beats Q1 sales forecasts but flags risks from tariffs
Heineken posts higher-than-expected revenues despite volume drop, while tackling tariff uncertainty and antitrust violations in Africa.
NETHERLANDS – Heineken has reported better-than-expected first-quarter sales and reaffirmed its annual profit guidance, despite cautioning about continued volatility due to global trade tensions and macroeconomic uncertainty.
The world’s second-largest brewer by volume had signaled earlier that 2025 would present challenges, following a strong performance in 2024.
Organic net revenues for the quarter rose by 0.9 percent, exceeding analysts’ expectations of a 0.6 percent decline.
This growth came despite a 2.1 percent drop in beer volumes, driven by fewer trading days compared to last year, which was a leap year, and the later timing of key events such as Easter.
Analysts had anticipated a 2.9 percent drop in beer volumes.
Heineken attributed the resilience in net revenues to higher sales of premium products, including its flagship Heineken brand.
CEO Dolf van den Brink stated that, “Despite volatile consumer and geopolitical trends, we are performing within the range of expectations.”
Despite its positive performance, the brewer warned that global instability remains a threat. The company cited weak consumer sentiment, inflationary pressures, and fluctuating currency values, particularly against the stronger euro, as ongoing concerns.
In particular, uncertainty surrounding U.S. trade policy and proposed tariffs on beer in cans may impact future sales. Though recent sweeping tariff hikes have largely been put on hold, Heineken continues to monitor the situation closely.
The company maintained its forecast of 4 to 8 percent profit growth for 2025, despite these challenges.
Heineken found guilty of anti-competitive prices
Heineken has been found guilty of anti-competitive practices in the Common Market for Eastern and Southern Africa (COMESA) region.
The COMESA Competition Commission determined that the brewer restricted trade by preventing its distributors from selling other brands, setting minimum resale prices, and enforcing territorial limitations.
As part of a settlement, Heineken agreed to pay a US$900,000 fine and committed to reviewing and amending its distribution agreements across the region.
The company will also provide compliance training to staff, management, and distributors and submit periodic compliance reports to the commission.
The commission stated that such practices undermined regional trade integration by segmenting the market along national lines.
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