Shares in Dutch brewer Heineken plunged Monday after it reported a drop in beer sales in the first half of the year, with volumes down in the United States and Europe.
The firm’s stock was among the biggest losers at the closing bell, down more than eight per cent on the Amsterdam market, which was flat overall on the day.
Heineken, world’s second-biggest brewer after AB InBev, reported global first-half beer volumes of 116.4 million hectolitres, compared with 118.2 million in the first six months of 2024.
This was also below the 117.0 million hectolitres expected in analysts’ forecasts published by the company.
“Notable growth in Vietnam, India … and Mexico was more than offset by declines in Brazil, the U.S., and parts of Europe,” said the firm in a statement.
Heineken said total net sales were US$16.5 billion in the first half year, compared with US$17.1 billion in the first six months of 2024.
This was roughly in line with expectations.
The firm said this represented “organic growth” — stripping out the impact of currency fluctuations — of 2.1 per cent.
Operating profits excluding exceptional items and amortization — the firm’s preferred measure — came in at US$2.3 billion, fractionally above expectations.
The company, whose brands include Amstel, Kingfisher, and Savanna cider, maintained its full-year outlook for a gain of between four and eight per cent in operating profits, its preferred metric.
Heineken Chief Executive Officer Dolf van den Brink welcomed the deal clinched late Sunday between the EU and the United States that averted a possible trade war.
“I think it’s good that the uncertainty ends that. Further escalation has been avoided. We have now clarity going forward for Heineken,” he said.
He said the impact of the tariffs — a flat 15-per cent rate for most EU goods into the U.S. — had already been baked into their profit forecasts.
Virtually all of its products — 95 per cent said the CEO — were manufactured and sold in local markets, so tariffs do not apply.
“As such, the impact for us is manageable,” he said.
