Mahou, Heineken y Damm aceleran su diversificación

Three major beer companies in Spain - Mahou San Miguel, Heineken, and Damm - are accelerating their diversification efforts as they face a significant challenge that is forcing the sector to change its business model: the decline in alcohol consumption. The four giants in the Spanish market (Mahou San Miguel, Heineken, Hijos de Rivera, and Damm) reported slightly lower joint sales compared to the previous year in the 2025 fiscal year, while their combined profits dropped by 23% to 457 million euros.

The combined revenue of the four market leaders stood at 5,872 million euros last year, a 0.13% decrease, marking the second consecutive year of declining sales after a strong growth period following the pandemic.

Mahou San Miguel saw a 1.9% decline in sales to 1,895 million euros, while Heineken's revenue dropped by 1.3% to 1,022 million euros. Damm's sales decreased by 0.8% to 2,010 million euros. However, Hijos de Rivera, the group that owns Estrella Galicia, stands out as the exception. The company's sales grew by 6.7% to 945 million euros due to its expansion plan, both nationally and internationally.

This growth has helped the company increase its market share at competitors' expense. In terms of profits, the downward trend is more pronounced. Mahou San Miguel reported a profit of 100.3 million euros in 2025, a 12.6% decrease; Damm reduced its profits by 11% to 155 million; and Heineken saw a drop of more than 50% to 91.7 million euros, after tripling its non-recurring profit the previous year.

Hijos de Rivera once again proved to be an exception, increasing its profit by 16% to 110 million euros, recovering from the previous year's decline of 11% due to investments in its new factory in Morón (Arteixo), inaugurated in 2025.

In total, the four major beer companies reported joint profits of 457 million euros in 2025, a 23% decrease from the previous year. Amidst the effort to diversify their portfolio and increase business in other non-alcoholic beverages, the giants are exploring new categories such as alcohol-free malt beverages and low-alcohol products.

Mahou San Miguel is interested in gaining a stronger presence in these areas, while Heineken has increased its launches in this segment with brands like Cruzcampo and Ladrón de Manzana. Damm has recently added Nestea to its portfolio and aims to boost its market share outside Spain. According to David Rodríguez, Client Service Director of Worldpanel by Numerator, beer is losing its prominence as consumers become increasingly health-conscious and convenience-oriented.

The alcoholic beverage market in Spain is undergoing a transformation driven by new consumer priorities, with water, sparkling water, soft drinks, and other non-alcoholic drinks gaining popularity. The key opportunity lies in recovering adult consumers during their traditional consumption moments while consolidating the growth of low-alcohol beer as a means to rejuvenate the sector and adapt to the market's evolving trends.