Heineken, the world's second largest brewer, said its operating margin in 2018 would grow below the rate it had guided for between 2014 and 2017.
The Dutch brewer blamed a volatile market environment and an acquisition in Brazil.
The company had a target of increasing its operating margin by 40 basis points per year between 2014 and 2017 and said it expected this margin to increase by 25 basis points in 2018.
In 2017, margins expanded by 14 basis points.
"We expect the environment will continue to be marked by volatility and uncertainty," chief executive Jean-Francois van Boxmeer said in a statement.
Operating profit before one-offs in 2017 came in at €3.76 billion, a gain of 6.2% and in line with the average forecast in a Reuters poll of €3.75 billion.
Heineken said it would pay a dividend of €1.47 per share for its 2017 financial year, a 9.7% increase from the previous payout to shareholders.
The brewer of Tiger and Sol lagers and Strongbow cider said beer volumes increased in all of its business regions in 2017, though growth in its European market was almost flat.
The European performance was impacted by Polish discounters selling smaller volumes and cool summer weather in most of its markets in the second half.
