Source: Sharecast
Revenues for the three months to 30 September totalled €8.71bn, down 4% over last year, with organic net revenue growth coming in at -0.3% and currency movements having a €304m negative impact.
Beers volumes were 4.3% lower than last year on an organic basis, as growth in Africa and the Middle East – its smallest geographic region – offset by falling volumes in Europe and the Americas.
Nevertheless, the company said it was "gaining or holding volume market share" in a number of key markets, with notable gains in Mexico, Brazil, India, Vietnam, Nigeria, and Ethiopia.
For the full year, organic operating profit growth is expected to come in towards the lower end of the 4-8% target range, while volumes are now tipped to "decline modestly", compared with previous guidance of no change.
"Macroeconomic volatility persisted as anticipated and became more pronounced in the third quarter, creating a challenging environment, resulting in a mixed performance. We expect consumer confidence and demand to recover when conditions normalise," said chair and chief executive Dolf van den Brink.
"Staying the course on our EverGreen strategy, our portfolio continues to evolve positively, with market share gains in a substantial majority of our markets, and Heineken and premium volume growing year-to-date. Furthermore, we are future-proofing the business by accelerating digital investments and reshaping our organisation."
The stock was up 0.9% at €70.78 by 0910 in Amsterdam.