Heineken has posted strong H1 2025 growth in Asia with organic net revenue up 2.1% and operating profit up 7.4%. In contrast, AB InBev recorded a 1.9% volume drop in overall sales, with China sales plunging 7.4%.
Dutch brewing giant, Heineken N.V., released its first half 2025 figures on 28 July 2025, which report solid revenue and profit growth in Asia. The brewer posted a 2.1% organic increase overall in net revenue to EUR14.18 billion (US$16.2 billion), although total revenue declined approximately 5% due to a strong euro.
Beer volume also fell by 1.2%, although its premium beer volume rose by 1.8%. The company’s flagship Heineken brand also grew by 4.5%, powered by double digit expansion in markets such as China, Vietnam, and Nigeria. Asia Pacific delivered net revenue growth of 5.5%, while operating profit in the region climbed 11% to EUR441 million. Heineken’s organic EBIT rose 7.4% to EUR2.03 billion, well ahead of consensus expectations.
In contrast, Anheuser Busch InBev (AB InBev), the parent company of Budweiser, reported less rosy second-quarter and half year 2025 results on 31 July 2025. Poor performance in China and Brazil resulted in its global beer volumes declining by 1.9% organically, including a 7.4% drop in China, as a sluggish economy curbed demand, even for premium beers. Nonetheless, AB InBev delivered a 6.5% increase in organic operating profit, beating expectations thanks largely to effective pricing and cost control.
Revenue also rose by about 3%, with expanded margins favouring its high margin global megabrands like Corona and Stella Artois. Notably, no alcohol beer revenue surged by more than 33%, underlining a successful diversification beyond traditional beer categories. Despite volume declines, AB InBev has still reaffirmed its full year guidance of 4 to 8% EBITDA growth range, and emphasised its long term confidence in its premiumisation strategy in China, even as its short term sales remained weak.
Central to Heineken’s success in China is its strategic joint venture with China Resources Beer, which grants it access to mainland distribution of its key brands. This partnership has helped Amstel and Heineken brands to achieve strong premium segment volume gains, even as China’s overall beer consumption continues to decline by an estimated 4–5% per year. Premiumisation in the China market also has enabled Heineken to outperform competitors such as AB InBev in volume growth and profitability.
Both brewers are relying heavily on premiumisation and beyond beer diversification to offset volume pressure in China and other regions. AB InBev is doubling down on global megabrands, non alcoholic beers, and digital platforms like its BEES marketplace, while reaffirming long term premium ambitions in Asia. Heineken is executing in market premium growth through its local partnerships, premium brand leadership, and targeted rollouts of premium variants like Heineken Silver.
