Heineken initially downplayed tariffs. Now the brewer is concerned

Heineken shrugged off the threat of tariffs earlier this year, but now the company is raising more concerns about potential disruptions to its business.

In the Dutch brewer’s earnings report released Wednesday, Heineken indicated new U.S. tariffs, particularly those targeting canned beer, could force it to adjust spending and investments.

“There are broader uncertainties, including recent tariff adjustments and potential increases, as we go forward,” the company said in its earnings release. “To navigate this fluctuating environment, we remain agile in our allocation of capital and resources.”

While Trump’s steep tariff rates on dozens of countries remain in flux under a 90-day pause, he has maintained the 25% duty on imported canned beer and empty aluminum cans that went into effect earlier this month.

Heineken reported first-quarter revenue growth that beat analysts’ expectations on Wednesday morning and affirmed its full-year guidance despite the tariff risks. But its beer sales fell 2.1% in the first quarter.

CEO Dolf van den Brink said the company expected weaker beer sales, given ongoing risks from inflation, weak consumer sentiment, and currency fluctuations, in addition to the uncertainty surrounding global tariffs.

Van den Brink’s comments mark a departure from earlier statements in February, when he described proposed U.S. tariffs, including those on aluminum used in beer cans, as “relatively manageable.”

“The beer industry is capital intensive and it’s very local. So, as such, it’s an industry that’s a bit less susceptible to disruption in international trade flows,” he told “Squawk Box Europe” in February.

At that time, AB InBev, the world’s largest brewer and owner of brands including Budweiser and Stella Artois, similarly downplayed the threat of tariffs.

“We don’t think that we’re going to have big topics to discuss during this year in terms of tariffs,” CEO Michel Doukeris said.

But now, a growing global trade conflict has led Heineken and others to reassess.

Constellation Brands reported a quarterly earnings beat last week, but lowered its long-term guidance for 2027 and 2028, citing in part “the anticipated impact of tariffs.”

“The guidance that we have provided reflects the fact that there are a lot of unknowns today, including things like tariffs,” said CEO Bill Newlands.