Amsterdam, 5 August 2026
HEINEKEN N.V. REPORTS 2026 HALF YEAR RESULTS
Volume growth, robust profit delivery as EverGreen 2030 accelerates
| 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 | 1,125 | 51.2% | Net profit (beia) | 1,256 | 10.2% | |||||
| Diluted EPS (in €) | 2.05 | 54.1% | 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 our dividend policy.
Progressing with pace on EverGreen 2030 priorities
- Innovation accelerated, with 40+ focused pilots supported by our 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.
- Strengthened our 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%.
Harold van den Broek, CFO and member of the Executive Board, commented:
"During the first half of 2026, we accelerated the execution of EverGreen 2030. We delivered volume growth and robust operating profit expansion, with all five global brands in growth and good momentum in our premium and beyond beer portfolios. This performance reflects the quality of our growth, the resilience of our advantaged footprint, and our ability to adapt and execute in a dynamic environment. We took further significant steps to boost productivity and build future fit capabilities, ensuring we drive further growth efficiently. We are confident in our strategy and progress, yet remain prudent given ongoing macroeconomic and geopolitical uncertainty. We reiterate our full-year operating profit growth guidance of 2% to 6%.
We look forward to welcoming Rafa Oliveira as Chief Executive Officer on 1 October as we continue to deliver on EverGreen 2030 in the pursuit of sustainable value creation for all our stakeholders."
ENQUIRIES
| 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/ 09:00 BST. The call will be audio cast live via the company’s 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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