Beer shares, including Anheuser-Busch Inbev SA ( BUD ) , Ambev S.A ( ABEV ). and Molson Coors Beverage Company ( TAP/A ) , are trading lower Monday following a weak earnings report from Heineken Holding N.V. ( HKHHF )

What Happened: Heineken its half-year results, showing revenue of €17.82 billion ($19.29 billion) and operating profit of €1.54 billion. Despite achieving organic growth in beer volume and Heineken volume, Heineken’s net profit was impacted by non-cash impairments, leading to a net loss of €48 million. The outlook for the full year has been updated, with operating profit expected to grow organically by 4% to 8%.

Upcoming Earnings:

Anheuser-Busch Inbev ( BUD ) is set to report second-quarter earnings on August 1st before market open, with an estimated EPS of 87 cents and estimated revenue of $15.56 billion.

Ambev S.A. ( ABEV ) will also report second-quarter earnings on August 1st before market open, with an estimated EPS of 3 cents and estimated revenue of $3.71 billion.

Molson Coors Beverage Company ( TAP/A ) is scheduled to report second-quarter earnings on August 6th before market open, with an estimated EPS of $1.68 and estimated revenue of $3.18 billion.

Why It Matters: The weak performance of Heineken has had a ripple effect across the beer industry. With upcoming earnings reports from other major beer companies, the market is cautious about the potential for similar disappointing results.

Price Action:

Anheuser-Busch Inbev ( BUD ) shares are down 2.31% at $59.96.

Ambev S.A. ( ABEV ) shares are flat at $2.11.

Molson Coors Beverage Company ( TAP/A ) shares are down 2.10% at $53.19.