By Adria Calatayud
Heineken is scheduled to report results for the first half on Monday. Here is what you need to know.
SALES FORECASTS: Analysts expect the Dutch brewer to report adjusted net revenue of 14.15 billion euros ($16.62 billion) with organic growth of 1.1% compared with the same period last year, according to consensus estimates compiled by the company. For the second quarter, total beer volumes are expected to decline 0.3% organically, according to the same consensus.
EARNINGS FORECASTS: Heineken is expected to post a net profit of 1.02 billion euros for the half year, according to the company-compiled consensus. For the year-earlier period, the company posted a net loss of 95 million euros. Adjusted operating profit is forecast at 1.99 billion euros, up 2.9% organically, the consensus shows.
Shares in Heineken declined 1.8% in the second quarter, but rose 7.7% during the first half as a whole.
WHAT TO WATCH
--EUROPEAN BUSINESS: Heineken flagged in its first-quarter update that negotiations with customers held back its volumes in Europe. Chief Executive Dolf van den Brink said at a Deutsche Bank conference in June that disputes with regional buying groups lasted longer than the company expected and stretched into the second quarter. Analysts at Citi said the disputes likely weighed on Heineken's second-quarter volumes and potentially limited the company's ability to fully benefit from recent favorable weather trends. Nevertheless, a European heat wave in June leaves scope for second-quarter volumes to exceed consensus expectations, Citi analysts wrote in a note to clients. Beyond Europe, investors will likely focus on Heineken's performance in key markets like Mexico, Brazil, Vietnam and India, Bank of America analysts said.
--OUTLOOK: The company has guided for organic growth in adjusted operating profit of 4% to 8%. While there is little sign of improvement in the consumer background, the resilience of the beer market means brewers like Heineken, Anheuser-Busch InBev and Carlsberg should be able to avoid risk to their outlooks, analysts at RBC Capital Markets said.
Write to Adria Calatayud at adria.calatayud@wsj.com
(END) Dow Jones Newswires
July 25, 2025 09:02 ET (13:02 GMT)
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