HEINEKEN HOLDING N.V. REPORTS 2026 HALF YEAR RESULTS
Amsterdam, 5 August 2026
HEINEKEN HOLDING N.V. REPORTS 2026 HALF YEAR RESULTS
Volume growth, robust profit delivery as EverGreen 2030 accelerates
Heineken Holding N.V.'s only activities are holding a participating interest in Heineken N.V., managing or supervising the management of HEINEKEN, and providing services to Heineken N.V.
| IFRS Measures | BEIA Measures | |||||
| (in € million) | Total growth | (in € million) | Organic growth | |||
| Revenue | 17,559 | 3.8% | Revenue (beia) | 17,552 | 2.4% | |
| Net revenue | 14,841 | 4.7% | Net revenue (beia) | 14,834 | 2.7% | |
| Operating profit | 2,126 | 48.4% | Operating profit (beia) | 2,170 | 6.7% | |
| Operating profit margin | 14.3% | 422 bps | Operating profit (beia) margin | 14.6% | 55 bps | |
| Net profit of Heineken Holding N.V. | 568 | 49.8% | Net profit (beia) | 1,256 | 10.2% | |
| Diluted EPS of Heineken Holding N.V. (in €) | 2.05 | 53.0% | Diluted EPS (beia) (in €) | 2.29 | 11.6% | |
| Free operating cash flow | 1,381 | |||||
| Net debt / EBITDA (beia) | 2.6x |
Unless stated otherwise, all comments and figures in this announcement are unaudited and refer to BEIA metrics. Growth in absolute terms, %, or bps indicate organic growth, except for Diluted EPS (beia) which is calculated on a constant currency basis.
Growth: Global and local power brands in focus markets driving growth
- Total volume increased 1.6%, accelerating in Q2; consolidated volume grew 0.4%, and licensed volume up 23.2%.
- All five global brands delivered growth, with Heineken® volume up 5.3% and Tiger returning to volume growth.
- Priority segments delivered superior volume growth: premium grew 6%, beyond beer up 8%, LoNo 12% higher.
- Net revenue growth of 2.7%, expanding in all regions. Net revenue per hectolitre up 2.3%.
- Strong delivery from focus markets in APAC and AME, softer in the Americas. Sound recovery in Europe.
- In over two-thirds of our markets, we gained or held share.
- Marketing and selling expenses at 10.1% of net revenue, increasing slightly.
Profitability: Margin expansion supported by productivity
- Operating profit grew 6.7% with operating profit margin expanding 55 bps to 14.6%.
- Diluted Earnings per Share (EPS) of €2.29, up 11.6% (2025: €2.08).
- Reduced FTEs by c. 3,000 in the first half, materially advancing the planned organisational changes.
- Gross savings on track at the top end of the €400–500 million range, with strong net savings conversion.
Capital Efficiency: Strong cash flow delivery
- Free Operating Cash Flow of €1.4 billion, translating into a cash conversion ratio of 97%.
- Second tranche of the €1.5 billion share buyback programme on track.
- Interim Dividend of €0.76 per share, in line with HEINEKEN's dividend policy.
Progressing with pace on EverGreen 2030 priorities
- Innovation accelerated, with 40+ focused pilots supported by HEINEKEN's global R&D centre and a faster pilot-and-scale model.
- Stepped-up productivity through operating model simplification, implementing Multi-Market Organisations, a focused strategic Head Office transformation, agile supply chain networks, and HEINEKEN Business Services expansion.
- HEINEKEN strengthened its footprint through HEINEKEN Costa Rica integration and solid progress to exit or fix resolve markets.
- Reiterating FY2026 operating profit growth guidance of 2% to 6%.
ENQUIRIES
| Media Heineken Holding N.V. | ||
| Kees Jongsma | ||
| Tel. +31-6-54798253 | ||
| E-mail: cjongsma@spj.nl | ||
| Media | Investors | |
| Christiaan Prins | Tristan van Strien | |
| Director of Global Communication | Global Director of Investor Relations | |
| Marlous den Bieman | Lennart Scholtus / Isabelle van Rongen | |
| Head of Media | Investor Relations Managers | |
| E-mail: pressoffice@heineken.com | E-mail: investors@heineken.com | |
| Tel: +31-20-5239355 | Tel: +31-20-5239590 |
CONFERENCE CALL DETAILS
HEINEKEN will host an analyst and investor conference call in relation to its 2026 Half Year results today at 10:00 CET/ 9:00 BST. This call will also be accessible for Heineken Holding N.V. shareholders. The call will be audio cast live via the website: www.theheinekencompany.com. An audio replay service will also be made available after the conference call at the above web address. Analysts and investors can dial-in using the following telephone numbers: United Kingdom (Local): 020 3936 2999 Netherlands (Local): 085 888 7233 USA: 1 646 233 4753
For the full list of dial in numbers, please refer to the following link: Global Dial-In Numbers Participation password for all countries: 607304
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