Heineken NV’s volumes grew more than expected in the third quarter, driven by strong demand in Asia and a rebound in the Americas, providing an early lift for Chief Executive Officer Rafael Oliveira. The Dutch brewer said total organic volumes rose 4.8%, exceeding analyst forecasts, while consolidated volumes increased 3.9%. Growth was fueled by premium brand performance and a strong showing in Vietnam, where consumers are trading up to Heineken products.
Heineken shares have climbed more than 12% over the past 12 months. In his first public remarks as CEO, Oliveira noted that while the company has strong foundations, it has yet to translate them into consistent growth. He emphasized the need to sharpen execution, increase pace, and foster a stronger performance culture with greater accountability.
Oliveira will elaborate on his strategic outlook in February when Heineken reports full-year results. He assumed leadership of the family-controlled brewer amid lackluster sales in the US and Europe, where alcohol consumption is declining. As the first outsider to lead Heineken, he joined from JDE Peet’s NV after less than two years at the coffee maker.
The brewer continues to lag behind rivals Anheuser-Busch In Bev SA and Carlsberg A/S in post-pandemic recovery, relying on emerging markets such as Vietnam and Nigeria for growth. Heineken is also executing a cost-cutting program that includes cutting 5,000 to 6,000 roles globally, representing roughly 7% of its workforce. The company maintained its organic operating profit forecast of up to 6% growth for the year.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing