Heineken Holding (HEIO) Q1 2026 TU earnings summary

Executive summary

• Achieved solid first quarter with total volume up 1.2% and net revenue up 2.8% year-over-year.

• Premium and global brands drove growth, with Heineken® volume up 6.9% and premium volume up 5.8%.

• Integration of HEINEKEN Costa Rica completed; full disposal of operations in the Democratic Republic of Congo.

Financial highlights

• Net revenue reached €6.7 billion, up 2.8% year-over-year; net revenue per hectolitre increased 3.0%.

• Total consolidated volume decreased by 0.2%, while licensed volume surged 26.1%.

• Currency translation negatively impacted net revenue by €182 million, mainly due to a stronger Euro.

• Price-mix on a constant geographic basis increased 2.9%.

Outlook and guidance

• Full-year operating profit expected to grow in the 2% to 6% range, guidance confirmed.

• Macro-economic environment remains complex, with risks from energy prices and supply shortages.

• Calculated positive translational impact for the full year estimated at €250 million in net revenue.