Heineken retains profit guidance despite lower H1 volumes
By Benjamin Chiou
Date: Monday 28 Jul 2025
(Sharecast News) - Heineken has reiterated its full-year profit guidance despite the impact trade tariffs on imports into the US, following a slip dip in beer volumes sold in the first half.
The Dutch brewer said that, despite recognising "a larger impact of US import tariffs and transactional exchange rates on our cost base", operating profits are still expected to show between 4-8% growth this year.
In an earnings call on Monday, chief executive Dolf van den Brink said he welcomed the trade deal struck between the US and EU over the weekend, which lowered tariffs on EU imports into the US to 15%, down from the potential 30%.
He added that the company was still looking to mitigate the negative hit from the duties, including options to potentially move manufacturing.
Heineken, which owns Amstel, Birra Moretti and other beers alongside its namesake brand, reported revenues of €16.92bn for the first half of 2025, down 5% on last year.
Organic beer volumes fell 0.4%, weighed down by extended retailer negotiations in Europe - though volumes performances improved across all regions in the second quarter.
First-half operating profits were down 7.1% year-on-year on a reported basis at €1.43bn, though adjusted operating profits improved 7.4% to €2.03bn.
"As the year progresses, we remain agile in our execution, focusing our investments to seize the biggest opportunities, supported by a step up in expected gross savings now to exceed €0.5 billion in 2025," van den Brink said.
"Considering the current conditions, we confirm our full-year outlook to organically grow operating profit [adjusted] by 4% to 8%, reflecting our agility and commitment to invest in growth."
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