Heineken reported first-quarter net revenue of 6.7 billion euros ($7.84 billion), matching analyst expectations, as stronger pricing and a pickup in volumes drove growth. The Dutch brewer said Thursday that revenue rose 2.8% on an organic basis year-on-year between January and March.

Total volumes turned positive, climbing 1.2% organically after slipping backwards throughout 2025. On a consolidated basis, volumes continued to slightly decline. Higher prices helped the company offset weaker sales in key markets like Brazil and Mexico, where volume pressures persisted.

CEO Dolf van den Brink warned that renewed inflationary pressures threaten to weigh on consumer sentiment ahead. Despite the quarterly rebound, the pricing power that sustained revenue growth faces increasing strain as costs rise across Heineken's global markets.