United Breweries’ beer volumes dip in Q3 on heavy monsoon; premium segment grows in double digits

United Breweries Limited (UBL), part of Dutch brewing giant Heineken N.V., reported a mid-single-digit decline in beer volumes in India during the July–September 2025 quarter, as heavy monsoon rains dampened consumption across key markets.

Despite the slowdown, the company saw premium beer volumes grow in the low teens, led by Kingfisher Ultra Max and the launch of Amstel Grande.

“In India, organic net revenue grew by a mid-single digit, while beer volume fell by a mid-single digit, impacted by an unusually strong monsoon season. We outperformed the market,” UBL said in an exchange filing. The company added that its price-mix expanded by a high single digit, supported by price hikes in key states and a favourable portfolio mix.

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Heineken NV, which raised its stake in UBL from 46.5% to 61.5% in 2021, reported consolidated revenue of €8.7 billion for the quarter. However, its global beer volume fell 4.3% for the period and 2.3% year to date, reflecting a broader slowdown in the beer market.

Heineken CEO Dolf van den Brink said that macroeconomic volatility and weaker consumer sentiment created a “challenging environment” in the third quarter. The company expects its full-year operating profit growth to be at the lower end of the 4–8% guidance range, with beer volumes likely to decline modestly for 2025.