Carling owner Molson Coors has cut its sales forecast for 2025 after its first quarter performance missed analyst expectations.

For the three months to 31 March 2025, net sales at the beverage company decreased by 11.3% to $2.3bn (£1.7bn). This was below analyst predictions of $2.41bn (£1.8bn), according to figures from financial infrastructure and data provider LSEG.

Molson Coors president and chief executive Gavin Hattersley said the broad effects of the “volatile” macroeconomic environment on the beer industry and its consumers, as well as competitive pressure in its Europe, the Middle East, and Africa, and Asia Pacific regions, impacted the first quarter results.

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“Additionally, in the quarter we saw expected headwinds, namely cycling the prior year’s significant inventory build in the U.S., the discontinuation of our contract brewing arrangements in the Americas, and transition fees related to Fever-Tree,” he explained.

In January, Molson Coors snapped up an 8.5% shareholding in Fever-Tree Drinks in a bid to drive the next stage of growth in the US.

Looking ahead, Hattersley said the group has adjusted its 2025 full year guidance as a result of “uncertainty around the effects of geopolitical events and global trade policy, including the impacts on economic growth, consumer confidence and expectations around inflation”.

The brewing giant now expects a low single-digit decline in net sales on a constant currency basis, compared to its previously forecast low single-digit increase.

Hattersley added: “In this environment, we remain focused on controlling what we can control. We have continued to make progress against our Acceleration Plan. Our core power brands remain healthy. We made a significant step forward in our premiumization initiatives and added meaningful scale to our nonalcoholic operations with our exclusive U.S. partnership with Fever-Tree. Further, we have strong plans for all of our key brands as we enter our peak selling season.

“We are taking actions to help mitigate the short-term challenges in these uncertain times like reducing non-business critical discretionary spend and capital projects while continuing to support the medium and long-term health and growth objectives of the company.”