Heineken N.V. reports its revenue grew 4.5% in the third quarter, 5.8% for the year-to-date, despite a 4.2% decline in beer volume (-5.1% for the year).

Premium beer volume fell even more, down 5.7% for the quarter and down 6.1% year to date. But the Heineken brand posted 2.3% volume growth in the third quarter, 1.9% YTD.

The decline in premium beer volume is explained, the company said, by its exit from Russia and developments in Vietnam. "Outside these markets, premium beer volume was down 2.0% (YTD: up 0.4%). Our premium portfolio outperformed the total portfolio in the majority of our markets, showing that premiumisation trends continue. Heineken^® continued its favourable momentum and grew volume 2.3% with double-digit growth in 28 markets. Heineken^® 0.0 grew 3.5%, driven by the Americas. Heineken^® Silver grew close to forty percent, with continued strong growth in China, Vietnam and the launch in the USA this year."

Dolf van den Brink, Chairman of the Executive Board / CEO, said the company "returned to volume growth in the Americas, with strong performances in Brazil and Mexico. Asia Pacific improved sequentially, despite ongoing challenges in Vietnam. The Africa, Middle East & Eastern Europe region was impacted by volume declines in Nigeria and South Africa. In Europe, following the impact of adverse weather in July and August, trends improved in September and we gained share in the majority of our markets in the on-trade, with more to do to recover in the off-trade."

In the U.S., "net revenue (beia) declined organically by a high-single-digit, as pricing and mix management were more than offset by a decline in volume shipments as distributors reduced inventory levels. Depletions were down by a mid-single-digit," the company said, adding:

"We outperformed in a soft market, both in the quarter and year to date, boosted by the launch of Heineken Silver, which continues to show encouraging early results in distribution build-up and rate of sale. Heineken 0.0, the No. 1 alcohol-free beer brand in the market by value, grew by a mid-single-digit in depletions."

"Heineken grew 2.3%, with double-digit growth in 28 markets and continued momentum of Heineken 0.0 and Heineken Silver. Our eB2B platforms captured €8 billion in gross merchandise value by the end of this quarter, 22% more than last year. Our productivity program remains fully on track," van den Brink said.

"Whilst inflation-led pricing is tapering, we observe a slowdown of consumer demand in various markets facing challenging macro-economic conditions. In this context, we will stay the course on executing our strategy, remain vigilant on costs and focus on rebalancing our growth. All in all, the operating profit (beia) guidance range for 2023 remains unchanged."