Heineken warns 2025 beer volumes will decline modestly amid weak macro backdrop

Heineken N.V., the Dutch brewer and world’s No. 2 in its sector, on 22 October 2025 announced that it expects its beer sales volumes to “decline modestly” in 2025, downgrading its prior guidance. The company said sluggish consumer demand, inflationary cost pressures and macroeconomic uncertainty are weighing on its developed-market volumes. Heineken’s shares dropped over 8 % in early trading after the announcement, underlining investor concern over volume-led headwinds even as pricing levers remain. The company emphasised margin protection remains a priority.