Global beer volumes for the world’s second-biggest brewer, after AB InBev, came in at 53.6 million hectolitres in the first three months of the year, compared to 54.1 million in 2025.

“The macro-economic environment is increasingly complex and uncertain, with potential impacts from higher energy prices, and supply shortages in particular markets,” the firm said in a statement.

“This may disrupt global trade flow and trigger weaker consumer sentiment, which in turn may affect beer market growth.”

Heineken’s CEO Dolf van den Brink also stunned the company by announcing he would be stepping down after six “turbulent” years at the helm.

The company however maintained its full-year outlook for a gain of between two and six percent in operating profits, its preferred metric.

“Our outlook is based on the assumption of a temporary rather than a prolonged disruption in global energy trade,” the firm noted.

Heineken no longer publishes quarterly net profit figures, unveiling these only in half-year or full-year reports.

Its annual report published in February showed net profit of €2.7 billion, which the firm said was a 4.9% gain on last year when currency fluctuations were stripped out.

Heineken said its low or non-alcoholic brands performed strongly in the first quarter, with volumes up “in the low teens”.