Heineken NV, the world’s third-biggest brewer, reported sales that advanced less than analysts estimated as weaker demand in Nigeria and across Europe offset gains in Asia and Brazil.

Revenue increased 2 percent, compared with the 2.3 percent median estimate of 13 analysts surveyed by Bloomberg News, the Amsterdam-based company said Wednesday. Beer volume rose 2.2 percent versus the 1.4 percent median estimate. Both figures are reported on a so-called consolidated basis, and exclude acquisitions, disposals and currency swings.

Heineken, which also reiterated its full-year guidance, is anticipating stronger sales and profit in 2015 despite volatility in some emerging markets, where it generates nearly two-thirds of operating profit. The Desperados brewer is regrouping its business around four regions, including a single unit for its struggling European operations, which account for almost half of revenue and just added Slovenia’s biggest brewer in a deal valued at 114 million euros ($122 million.)

“We would describe this as a fairly underwhelming release given the likely boost from Easter and the miss on organic sales growth,” Eamonn Ferry, an analyst at Exane BNP Paribas, said in a note.

Africa, Middle East

Heineken fell 1.3 percent to 74.74 euros at 10:52 a.m. in Amsterdam.

Revenue in Africa and the Middle East declined 1.1 percent on a consolidated basis, less than the 2 percent gain expected by analysts, as consumers in Nigeria pared back spending amid falling oil prices. Sales in central and eastern Europe also dropped as Russia, Belarus and the Czech Republic continued to struggle despite the benefit of an earlier Easter holiday across the region.

Beer volumes in the Asia-Pacific region rose 11 percent, fueled by gains in Vietnam, Cambodia and China. The brewer is bracing for a ban on alcohol sales in Indonesian convenience stores. The Americas posted a 5.9 percent volume gain, paced by Mexico, Brazil and the U.S.

“The volume beat was primarily due to the Americas, buoyed by the Heineken brand in Brazil,” James Edwardes Jones, an analyst at RBC Capital, said in a note. “The Heineken brand performed well, with volumes up 6.2 percent, a solid acceleration from the fourth quarter.”

Heineken gained control of the beer business of Mexico’s Femsa in 2010, giving Femsa a 20 percent interest in the Dutch company. The lockup period on a sale of that stake ends May 1, leading to speculation about the company’s future.