Heineken beats estimates with Q1 organic growth

Heineken was able to grow underlying revenues more than expected in the first quarter despite a challenging consumer backdrop, with the Danish brewer keeping its full-year outlook unchanged on Wednesday.

The beer giant reported revenues of €7.78bn over the first three months of 2025, down 4.9% on a reported basis but 0.9% higher on an organic basis.

Organic beer volumes were 2.1% lower than last year due to calendar-related factors, but net revenues per hectolitre improved by 3.3% due to an improved price-mix as the company mitigated inflationary pressures and focused on "portfolio premiumisation".

Results beat the consensus forecast for a 0.6% increase in organic revenues, with shares up nearly 4% at €78.06 by 1435 in Amsterdam.

"Despite volatile consumer and geopolitical trends, we are performing within the range of expectations," said chair and chief executive Dolf van den Brink.

"Our EverGreen strategy continues to shape the business. We maintained the delivery of high quality growth, with premium beer volume growing by 1.8% and Heineken® volume up by 4.6%, outpacing overall volume growth."

Looking ahead, Heineken said it expects that macro volatility will impact consumer sentiment while tariff adjustments add another uncertainty. However, the company confirmed its full-year guidance to increase operating profits by 4% to 8%.

"As the year progresses, we will be navigating a macroeconomic environment increasingly in flux, requiring us to stay agile and proactively adapt to changing circumstances," van den Brink said.