Heineken’s shares took a sharp dive on Monday, falling more than 8% on the Amsterdam stock exchange after the company reported a decline in global beer sales for the first half of 2025. The drop made it one of the day’s biggest losers in an otherwise stable market.
The world’s second-largest brewer behind AB InBev said it sold 116.4 million hectolitres of beer between January and June, down from 118.2 million during the same period last year. This figure also missed analyst expectations, which were set at 117.0 million hectolitres.
According to Heineken, rising sales in countries like Vietnam, India, and Mexico were outweighed by falling demand in the United States, Brazil, and parts of Europe. Net revenue for the period came in at €14.2 billion ($16.5 billion), slightly down from €14.8 billion last year, though still within expected limits.
The brewer reported a 2.1% organic growth in sales, which excludes the impact of exchange rate changes. Operating profits before exceptional items and amortisation — the company’s key financial metric — reached €2.0 billion, slightly above forecasts.
Despite the sales slump, Heineken maintained its full-year projection for a 4% to 8% increase in operating profit. CEO Dolf van den Brink also welcomed a new agreement between the EU and the US that eased trade tensions and prevented a tariff battle.
He noted that the flat 15% tariff rate for most EU exports to the US had already been factored into the company’s outlook, with 95% of its products being both made and sold locally, which reduces the risk of disruption from import taxes. “The impact for us is manageable,” van den Brink said.
