Heineken Holding (HEIO) Q2 2026 earnings summary

Executive summary

• Delivered quality growth in H1 2026, with volume and robust profit expansion, led by APAC and Africa/Middle East, and recovery in Europe; all five global brands and premium, beyond beer, and LoNo segments outperformed.

• Americas underperformed, but actions are underway to address this.

• Accelerated execution of EverGreen 2030 strategy, focusing on innovation, digital, AI, sustainability, and organizational simplification, including reduction of around 3,000 FTEs.

• Strengthened positions in focus markets, notably Vietnam, India, South Africa, Ethiopia, and through the acquisition of HEINEKEN Costa Rica.

• Strong cash conversion funded acquisitions, higher interim dividends, and share buybacks.

Financial highlights

• Revenue: €17,559 million, up 3.8% year-over-year; net revenue: €14,841 million, up 4.7%.

• Total volume growth of 1.6% year-over-year; consolidated volume up 0.4%.

• Operating profit (beia) increased 6.7% organically to €2,170 million, with margin expanding by 55 bps to 14.6%.

• Net profit (beia) up 10.2% to €1,256 million; diluted EPS (beia) €2.29, up 11.6%.

• Free operating cash flow rose to €1.4 billion, with a 97% cash conversion ratio.

Outlook and guidance

• Reiterated full-year operating profit growth guidance of 2%-6%.

• Variable costs expected to rise low-single-digit per hectoliter; gross savings targeted at the upper end of €400–500 million.

• Effective tax rate expected around 28%; capital expenditure as a percentage of net revenue to be below 8%.

• EPS accretion of 2%-3% from Costa Rica acquisition and DRC disposal; share buyback adds ~2% to EPS.