Brewing giant Heineken has said it sold less beer in the face of tense price negotiations with European retailers over the first half of the year.
The Dutch brewer saw shares dip as it also indicated that US tariffs would act as a drag on company profits.
The company, which also makes Birra Moretti and Amstel, reported a 1.2% slump in beer volumes in the first six months of 2025, driven by declines in Brazil, the US and parts of Europe.
It said European volumes dropped by 4.7% after a number of retailers, primarily in France, the Netherlands, Germany and Spain, pulled the brand due to planned price increases.
Heineken said the talks with retailer groups took longer than expected to be resolved.
Group revenues dropped by 5% to 16.9 billion euros (£14.6 billion) for the half-year.
The company said it also saw weaker sales in the US over the period, with beer volumes down by “high” single digits due to weak consumer sentiment.
It comes as the company is set to be impacted by the proposed 15% tariff on all EU products imported into the US.
In the UK, net revenues, before exceptional items and amortisation, increased by “low single digits” over the half.
Beers and cider volumes dropped, despite strong growth from its Cruzcampo lager brand.
Its Murphy’s stout brand also saw further growth after being boosted by improved distribution and new draughts.
The brand benefited from supply issues from rival stout brand Guinness late last year following soaring demand.
Dolf van den Brink, chief executive and chairman, said: “We continued to invest in future-proofing our business, strengthening our footprint and brand portfolios, funded by productivity savings.
“Our volume performance improved across all regions in the second quarter and continued to be of high quality.”
