Dutch brewer Heineken posted net attributable profit of €744 million in the first six months of 2025, compared to a loss of €95 million in the first half of last year, when its results reflected the adverse impact of the impairment of its investment in China Resources Beer.
Heineken’s net revenue between January and June totaled €14.18 billion, down 4.3% from the first half of 2024. However, on an organic basis, which excludes the impact of exchange rates and changes in accounting perimeter, the figure increased by 2.1% year-over-year.
Heineken’s net sales in Africa and the Middle East grew 4.4% to €2.003 billion, while in the Americas they decreased 12% to €4.617 billion. Meanwhile, in Asia-Pacific, net revenue increased by 1.6% to €2.134 billion, and in the European market, Heineken’s net revenue totaled €5.69 billion, down 3.7% year-over-year.
In Spain, net revenue (before non-typical items and amortizations) and beer volume decreased by low single digits in the period, improving in the second quarter thanks to growth in the on-trade market. The premium portfolio performed well, with strong growth in El Águila and Heineken, particularly.
Likewise, beer volume sold in the first half of 2025 reached 116.4 million hectoliters, down 1.5% in absolute terms and 1.2% in organic terms, including a 0.8% decline (-0.4% organic) in the second quarter, to 62.3 million hectoliters.
“In the first half, we delivered solid results,” stated Dolf van den Brink, Chairman and CEO of Heineken, who emphasized that the company’s “privileged geographic presence” helped the company adapt to the current macroeconomic challenges that impacted consumer confidence and spending.
“In Europe, protracted negotiations with retailers temporarily impacted volumes, but were important for preserving the category’s sustainable future development,” the executive added.
The company also reported that it achieved gross savings of more than €300 million in the first half, after which it has updated its target from €400 million to more than €500 million by 2025 to offset the lower volume and maintain a competitive level of marketing and sales investments.
Thus, following “solid first-half results,” while acknowledging a greater impact of US tariffs and transactional exchange rates on the cost base in the Americas in the second half, the Dutch company reaffirms its expectation of achieving organic operating profit growth (BEIA) in the range of 4% to 8% for the full year.
