Q1 beer volumes down 3.0 vs consensus of 1.9 decline
Q1 revenues up 8.9 to 6.38 bln euros, in line with consensus
Maintains 2023 operating profit growth forecast

BRUSSELS, April 19 Reuters Heineken maintained its forecast for 2023 profit growth with the risk of slower economic expansion in the AsiaPacific region offset by greater resilience among beer drinkers in Europe.

The world39;s secondlargest brewer expects its operating profit this year to increase by a mid to high singledigit percentage.

We see signals of a relatively resilient Europe and risks of slower economic growth in Asia Pacific, thus performance across markets may be different than anticipated, Heineken said.

The Dutch brewer reported a steeper than expected decline in firstquarter beer sales on Wednesday, with a sharp decline in major markets Nigeria and Vietnam, but price hikes and some consumer shift to more expensive beers meant revenue expanded in line with the market consensus.

The brewer whose namesake brand is Europe39;s topselling beer said consumer demand in Europe and the Americas was holding up better than expected, but results in the Asia Pacific and the region including Africa were disappointing.

Overall beer volumes fell 3.0 in the first quarter, below the average expectation of a 1.9 decline in a companycompiled poll.

Heineken shares were up 2.5 at 102.40 euros in early trading, making them one of the top performers in the FTSEurofirst 300.

The Dutch company, whose brands…