Heineken retained its full-year outlook on Wednesday after the world’s second-largest brewery witnessed a decline in beer sales during the third quarter. Nevertheless, the company managed to boost its earnings by capitalizing on higher prices and the growing consumer preference for premium lagers.

The European beverage company renowned for its top-selling lager, Heineken, alongside brands like Sol and Tiger, reported that Brazil and Mexico showed strong performance. In Asia, the situation had improved compared to earlier, although it was still below expectations. In Africa, declining volumes in Nigeria and South Africa had a negative impact, while in Europe, the unseasonably poor summer weather in July and August had adverse effects.

In a statement, CEO Dolf van den Brink mentioned that Heineken had observed positive volume trends in approximately half of its markets and was successfully maintaining its market share in slightly over half of them.

“Whilst inflation-led pricing is tapering, we observe a slowdown of consumer demand in various markets facing challenging macro-economic conditions,” he said.

During the July-September quarter, Heineken reported a 4.2% decrease in beer volumes on a like-for-like basis, with declines evident in all regions except the Americas. Nevertheless, net revenue, excluding one-off items, increased by 4.5%.

The results were in accordance with anticipated figures, as analysts surveyed in a company-conducted poll had predicted a 4.3% decrease in volumes and a 4.8% revenue increase.

Heineken reaffirmed its projection for operating profit growth in 2023, which falls within the range of zero to a mid-single-digit percentage increase.