Heineken (HEIA) Q2 2026 earnings summary

Executive summary

• Achieved 2.7% organic net revenue growth to €14.8bn and 6.7% organic operating profit growth to €2.2bn, with margin up 55bps to 14.6%, driven by global and local power brands, focus markets, and innovation.

• Strong performance in APAC and Africa & Middle East, recovery in Europe, and softer results in the Americas, as EverGreen 2030 strategy execution accelerated.

• Maintained prudent outlook amid macroeconomic and geopolitical uncertainty, reiterating full-year operating profit growth guidance of 2%-6%.

• Advanced organizational simplification and FTE reduction as part of productivity and digital transformation initiatives.

Financial highlights

• Net revenue grew 2.7% organically to €14.8bn, with total volume up 1.6%, Heineken® volume up 5.3%, and net revenue per hectoliter up 2.3% year-over-year.

• Operating profit increased 6.7% organically to €2.2bn, with margin expanding 55bps to 14.6%.

• Net profit up 10.2% organically to €1.26bn; diluted EPS €2.29, up 11.6% constant currency.

• Free operating cash flow rose to €1.38bn, with a 97% cash conversion ratio, driven by improved working capital and lower CapEx.

• Interim dividend proposed at €0.76 per share, payout ratio updated to 30%-50% of net profit.

Outlook and guidance

• Reiterated full-year operating profit growth guidance of 2%-6%, expecting variable costs to rise low single-digit per hectoliter.

• Effective tax rate expected around 28%-29.7%; currency translation expected slightly favorable.

• EPS accretion of 2%-3% expected from Costa Rica acquisition and DRC disposal, plus 2% from share buyback.

• Capex expected below 8% of net revenue; gross savings at upper end of €400–500m range.